BBA brings judical review
The BBA said in a statement:
"The British Bankers' Association regrets that today it has had to file papers with the high court asking for some decisions made by the Financial Services Authority and the Financial Ombudsman Service to be judicially reviewed. This relates to the proposed new rules that are due to be implemented at the end of this year on handling payment protection insurance complaints.
"It has unfortunately been necessary to do this because there is insufficient legal clarity about what the FSA and FOS is proposing in this area. Everyone's actions must be assessed on the basis of a proper understanding of the relevant law and regulation and this procedure will bring this about
"We will continue to explore all opportunities for dialogue with the FSA to resolve the industry’s concerns. No one wants to go to court but the law needs to be clear. We hope to get this resolved as quickly as possible."
For further information, please contact:
BBA Press Office: 020 7216 8989
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