Banks and FSA wrangle over new measures for PPI customers
The banking sector has locked legal horns with the Financial Services Authority (FSA) over the handling of payment protection insurance (PPI) claims.
The British Bankers' Association (BBA) has filed papers with the High Court seeking a judicial review on the decision by the watchdog and Financial Ombudsman Service (FOS) to introduce a new set of PPI customer protection measures.
In a statement, the association said: "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. No one wants to go to court but the law needs to be clear."
The FSA has warned it
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