From the Editor: Will bank PPI defeat help consumers?

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).

Katrina Lloyd
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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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