Victory for Consumers – Payment Protection Insurance

Victory for Consumers – Payment Protection Insurance

The legal battle between the British Bankers’ Association (BBA) and the Financial Services Authority (FSA) has come to an end, with the Judge ruling in favour of the FSA and its consumers on 20th April 2011.

Legal action was commenced in October 2010 by the British Bankers’ Association who demanded a review of the new rules proposed by the FSA and the Financial Ombudsman Service (FOS) for the handling of complaints of mis-sold Payment Protection Insurance. The BBA argued that such rules should not be applicable to sales which took effect before the rules came into practise however, he Judge disagreed with the BBA’s submissions that any of the Principles contradicted the specific rules and decided to rule in favour of the FSA and the FOS.

Although given until 10th May 2011 to appeal this decision, the BBA have stated that “In the interest of providing certainty for their customers…” they did not intend to appeal.

What does this mean for Consumers?

This ruling has opened the door for millions of consumers to achieve a successful refund of their insurance premiums, plus interest. Estimated compensation figures extend into the billions so don’t miss out – you could be spending thousands of pounds unnecessarily, without even realising, when you could be claiming this back.

Contact us today to get your complaint started – we can review your papers for free and advise you whether or not you have a claim. You have nothing to lose by getting in touch as we can undertake these claims on a “no win no fee basis”.

For more information, please visit our Payment Protection Insurance page.

If you think you may have a claim, or for more information on mis-sold Payment Protection Insurance, please contact our Civil Litigation Department or e-mail Tonina@maddersons.co.uk.