The BBA (British Bankers’ Association) representing the banks and financial companies (insurance firms and companies) moved to the High court because they considered the guidelines of FOS and FSA regarding the PPI affair as unlawful and unfair. Most definitely a legal blunder – they knew they had done wrong.
As to be expected, the decision was not taken in the favor of the BBA (British Bankers’ Association). The banks all across the United Kingdom lost the case and the conclusion was given in favor of the FSA and FOS. According to the High Court the guidelines or the rules and regulations stipulated by the FSA and FOS was not unfair at all.
In the words of the FSA (Financial Service Authority) and FOS (Financial Ombudsman Service) the banks and financial companies have to adhere to the principles and rules and regulations while selling PPI policies. Furthermore it also stated that all old mis-sold policy holders have to be compensated.
The Judicial Review that was forwarded by the British Bankers’ Association was in the favor of the customers. The BBA accepted the decision of the High Court and decided not to appeal again in higher court.
With the Judicial Review coming favor of the customers meant that the banks and the financial companies have to compensate to millions of customers who have been mis-sold PPI policies. In fact the law also says that even if a customer has not complained about his or her mis-sold PPI policy he is entitled to get his compensation amount too.
The banks had no option to delay the compensation process. But then if the banks or financial companies don’t take any action or you aren’t satisfied with the result after 8 weeks of your complaint, you have the option to contact the FOS (Financial Ombudsman Service) that will look into the matter and help you get your compensation if you have a case.