At the time of writing, the banks are mulling whether to mount an appeal after they lost their judicial review against an FSA ruling on payment protection insurance (PPI).
It is a major blow for the banks with some estimates saying the ruling could lead to a huge £4.5bn bill as they will now have to contact all past PPI customers and invite them to complain if they thought they had been mis-sold the products. It is unlikely there will be much sympathy for the banks though as the PPI mis-selling scandal has had a hugely damaging impact on the reputation of the financial services sector as a whole. There have been more than 1.5m complaints made about PPI since the FSA took over regulation of the plans in 2005. According to the FSA, on average firms have r...
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