Q&A: What now for payment protection insurance?
- Published
A huge number of new compensation claims could now build up
In April 2011, the UK's banks lost an attempt to thwart new regulations on how they should sell payment protection insurance (PPI).
Crucially, the rules laid down how the banks should deal with past cases of potential mis-selling of PPI, which will lead to an extra compensation bill running into billions of pounds.
The High Court heard a judicial review brought principally by the British Bankers' Association (BBA) against the recently updated rules of the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS).
The judges rejected the BBA's arguments that the rules were unfair because they were retrospective.
So, what happens now?
Who was first to cave in?
Who has followed?
How much compensation will there be?
How many people will all this involve?
How much compensation are individuals likely to receive?
So, what should I do if I think I was mis-sold PPI?
What will the FOS do?
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