British Banks Lose Judicial Review
Written by Aneela Akbar on 09 May 2011« Return to Reading Room
Things are looking up for consumers after the British Bankers Association failed to put a stop to the strict measures put in place by the Financial Authority Service in relation to bankers dealing with consumer regarding financial advice. The UK banks have lost judicial review on the miss-selling of Payment Protection Insurance and are now made to contact victims of this scandal even if they have not made a complaint.
Since 2005 the banks have received an outrageous number of 1.5 million complaints over 50% of which have been ignored or rejected. The ruling by the courts means that the banks are under strict duties to comply with the FSA and deal with each and every complaint they are faced with.
A spokesperson of the FSA said "The FSA has not put a waiver in place so firms must continue to deal with complaints where possible. Failure to do so may result in enforcement action."
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