HSBC is the only major highstreet bank to publicly defend the British Bankers’ Association for its handling of the failed judicial review against the FSA and the Financial Ombudsmnan Service over PPI complaints.
Last week, Lloyds Banking Group announced it was to break ranks with the BBA and other members to pay out up to £3.2bn of PPI compensation before the trade body had decided whether it was to appear the recent High Court decision to reject its judicial review against the FSA and FOS over PPI redress.
Barclays followed suit, setting aside £1bn in compensation. The BBA then released a statement on Monday morning suggesting it was not going to appeal the High Court ruling.
Money Marketing contacted RBS, Barclays, Santander and Lloyds to comment on the BBA’s handling of the review and the appeal process but all four refused to comment.
However, HSBC, which has set aside £268m for PPI redress, issued a staunch defence of the trade body.
A HSBC spokesman says: “It is difficult to get consensus among all the players in any industry.
“Each bank has its own views and they have to be woven into an industry agreement. With that backdrop, the BBA did very well and we certainly have no complaints about how the judicial review was handled.”
He also defended Knight, saying: “Very few people would have done as good a job as Angela. I find it surprising there is any discontent.”