After months of legal wrangling and refusals to co-operate with the regulators, the major high street banks have finally relented in their campaign to avoid PPI compensation payouts.
With Lloyds and Barclays both announcing they will pull out of legal action in recent days, the BBA had no choice but to confirm it will not be appealing the recent rejection of its judicial review. According to their own estimates, this means the banks could be set to pay out up to £3.2bn in compensation for mis-selling PPI products. But how did the industry react? Natalie Ceeney, chief ombudsman, Financial Ombudsman Service "It's very good news that the banks will not be appealing the High Court's clear-cut judgment, which endorsed the ombudsman's and the FSA's approach to PP...
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