Long wait looms for customer compensation if ruling goes to appeal
Share
People who were missold payment protection insurance could be in for a long wait for compensation if the British Bankers’ Association chooses to appeal against the judicial review ruling on payment protection insurance measures.
Dundas & Wilson partner Patrick Brandt says: “There is still a long way to go. assuming the BBA appeals to the Court of Appeal and there is an appeal to the Supreme Court.
“Like the bank charges’ case, this piece of litigation could still go either way.”
Goldsmith Williams partner Simon Cottrell says: “It would appear to many that the BBA’s real motivation in bringing the action in the first place was to deter, put off and delay their customers in making totally justifiable claims for redress. To appeal would be even more unjust.”
The potential amount of PPI redress likely to be paid by firms is estimated to be between £3bn and £5bn.
Financial Services Consumer Panel chair Adam Phillips says it is shameful that banks are not admitting the scale of PPI misselling.
He says: “It would be very disappointing indeed if this litigation marked the beginning of a long drawn out legal dispute. It is time for the banks to stop hiding behind expensive lawyers and to finally give consumers the redress they deserve.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
