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Banks lose last-ditch fight on payment protection complaints

FSA - Financial Services Authority

The Financial Services Authority (FSA) welcomes the High Court’s dismissal of the British Bankers’ Association’s (BBA) and Nemo Personal Finance Limited’s (Nemo) legal challenge to payment protection insurance (PPI) measures, "Our primary aim has always been to get proper redress, once and for all, for those with genuine complaints. We believe this decision signals the end of years of poor complaint handling and will trigger a dramatic improvement in the way customers are treated when complaining. There have been more than 1.5 million complaints made about PPI since 2005. On average, firms have rejected around 60% of the complaints made to them, but some rejected almost all of them. However, the vast majority of complaints referred to the Financial Ombudsman Service are found in the consumer’s favour.”

Income protection insurance news: 25 April 2011

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