Loan Insurance High Court
Published / Last Updated on 19/04/2011
Loan Insurance High Court.
The High Court is to expected to rule today regarding retrospective compensation for the mis-selling of Payment Protection Insurance (PPI). The Financial Services Authority (FSA) has been challenged by UK banks over retrospective compensation.
The banking industry has been accused of mis-selling PPI policies to people that were unaware of what they were paying for or did not need, or on which they could not claim. The judicial review, which was heard in January refers to new FSA rules that require firms to review past sales, which could lead to £2.7bn compensation being paid to 2.75 million people.