UK banks challenge payment protection insurance rules
Thu, 14 Oct 2010
The UK banking community, with backing from the British Bankers Association, has applied to the High Court for a judicial review of the payment protection insurance (PPI) rules, which were set to come in on 1 December.

These are rules produced by the Financial Services Authority (FSA) in relation to payment protection insurance and more significantly, an industry wide review of past arrangements even if there has been no complaint from the underlying customer.

Many banks are concerned that the proposed changes in PPI, which will allow consumers a cooling off period and the possibility of shopping around for their payment protection insurance, will impact upon their income. It has been suggested that some PPI arrangements were duplicating other protection which many consumers already had in place, something which could have affected their long-term value for consumers.

The British Bankers Association is challenging the legal standing of the proposed rule changes and wants clarity with regards to potential compensation in the future.
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