The placeholder featured image.

A landmark judgment has been delivered today in the long-running battle between the British Bankers Association and the Financial Services Authority over the mis-selling of Payment Protection Insurance. 

Victory for the FSA means that as many as three million people may be due compensation after having been mis-sold PPI in the past.  It is believed that the ruling could lead to Banks paying out up to £2.7billion in compensation. 

PPI is meant to repay loans or credit cards, when people become unemployed or fall ill.  Whilst it is a useful insurance when sold correctly, in many cases it was added to loans without any discussion, with payment often being insisted on up-front.  And whilst members of the public paid for insurance they did not want or need, Banks generated huge profits, with PPI often costing thousands of pounds. 

In January 2011 the Banks took the FSA to Court, as they argued that current rules about how PPI should be sold could not be applied retrospectively and that people who were sold PPI prior to 2005 should not now be able to claim compensation.  In his ruling on 20thApril 2011, Mr Justice Ousely found against the Banks on all counts. 

Joanne Carroll, Manager of the PPI Department at Davis Blank Furniss commented This ruling means that as many as three million people may be due compensation after having been mis-sold PPI in the past and it could now cost the banks billions in compensation. We all know our financial institutions are under pressure – especially after the last few turbulent years – but that shouldn’t mean their balance sheets take precedence over what’s fair and just for the general public. Today’s judgement reflects that and is a complete victory for the FSA and the public alike. It should also act as a warning for the future.  I would urge anyone who has had a loan or credit card in the past to check whether or not it included PPI, as now is the time to pursue a complaint if you feel it was mis-sold.’

 The British Bankers Association has until 10 May 2011 to appeal the High Court ruling.

For more information, or if you wish to make a PPI mis-selling complaint, please contact:

 Joanne Carroll (Joanne.Carroll@dbf-law.co.uk)

Testimonials

Read what our clients have to say...

View All

Excellent experience start to finish – always very responsive to any queries and the turnaround on the property I was buying was very quick, even in the busy time leading up to stamp duty deadline. Jenny was always very helpful and went above and beyond to close on a short timescale.

Ben Armitage

“Very approachable, practical solutions to problems, but most of all very responsive which I personally think is very important because if you need help, you need it quickly, or at least to know someone is looking at it for you”.

Joanne Rowe, Finance Director, Greater Manchester Chamber

“Always able to contact, very approachable, friendly and professional”

Nives Feely, JAM Recruitment

“I believe I have been able to establish a professional working relationship with everyone I have come into contact. Importantly, I sense the relationships which have been established give me the confidence that I can make contact with Davis Blank Furniss at any time and on any matter. I would also like to express my thanks to the very impressive “gatekeepers” who work in reception, not only for making me very welcome, but also for their professionalism”

Bill Pryke, CEO, Chartered Institution of Civil Engineering Surveyors

“Thank you for your efficient and friendly help throughout this process. We have had it easy but your approach has been part of that”.

Robert Amsbury (Conveyancing Client)

“I would like to take this opportunity to thank you personally for the ongoing support and assistance the firm has offered to our parents over the years. I hope also that we may be able to call on you if necessary in the future.”

Valerie Fisher (Probate Client)

“Jo always provides great service, understands our needs and delivers on her promises. Our needs are relatively simple but the complexity arises out of the volume of work and short time frames, Jo always delivers.”

Peter Fernandez, Corporate Director at Royal Bank of Scotland

“A big thank you to all who dealt with my wife’s claim… We would not hesitate to recommend Davis Blank Furniss to anyone that may be in a situation like we have been…”

Anon (Personal Injury client)

“Before putting my case in Kirsty (Morbey)’s capable hands I’ve met a couple of other solicitors. None of them listen to me as intently as Kirsty and showed me as much empathy and understanding as she did. Simultaneously she was able to look at my case from legal perspective, explain all the options and follow each of our meetings with written summary of the discussed matters (in timely manner). Her advice was invaluable and led me to successfully ending the case matter (hopeful for good). I’m forever grateful for he work and would definitely recommend her to anyone looking for reliable, knowledgeable and committed solicitor”.

Anon (Family client)
5 star service

Our Manchester office is rated 5 stars on Google