Financial Conduct Authority
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FSA welcomes the BBA and Nemo's decision to accept the High Court's PPI judgment
The Financial Services Authority (FSA) welcomes the decision by the British Bankers' Association (BBA) and Nemo Personal Finance (Nemo) to accept the High Court's dismissal of their legal challenge to the FSA's payment protection insurance (PPI) measures.
Banks must now get on with handling all PPI complaints and paying redress where appropriate - the FSA stands ready to work with them on the practical implications of this.
Today signals the end of years of poor PPI complaint handling and will trigger a dramatic improvement in the way customers are treated when making complaints. There have been more than 1.5 million complaints made about PPI since the FSA took over regulation of PPI in 2005.
Notes to editors
The FSA’s new complaint handling measures were published in Policy Statement 10/12 in August last year. They took effect on December 1 2010.
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.