MSE News: PPI payouts top £7 billion

Former_MSE_Helen · 21 November 2012 at 4:23PM

"A whopping £516 million was paid out to victims of PPI mis-selling in September..."

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PPI payouts top £7 billion

JuicyJesus · 21 November 2012 at 6:50PM

There has been a huge jump in compensation payouts for PPI, which covers loan or credit card payments when people cannot work, since the British Bankers' Association trade body ended a legal battle in May 2011 which attempted to block the FSA's rules on compensation.

Not entirely true. The BBA didn't want the FSA to be able to apply current standards to sales which happened when weaker standards existed, essentially changing goalposts. Not even just changing goalposts - changing goalposts after the ball has hit the back of the net.

Alpine_Star · 22 November 2012 at 6:12AM

JuicyJesus wrote: »

Not entirely true. The BBA didn't want the FSA to be able to apply current standards to sales which happened when weaker standards existed, essentially changing goalposts. Not even just changing goalposts - changing goalposts after the ball has hit the back of the net.

Well that was the BBA's argument but of course the court held that the goal posts weren't changed at all and that is why the BBA's challenge ended in abject failure in every respect.

MSE News: PPI payouts top £7 billion

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