FSA Clarifies PPI Guidelines After Banking Challenge
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The U.K.’s Financial Services Authority clarified rules on how to treat consumer complaints about payment protection insurance in response to a judicial review sought by the British Bankers’ Association.
The regulator’s initial guidelines “may have been misinterpreted,” the FSA said in a statement on its website today. The BBA sought a judicial review in October, complaining that there was “insufficient legal clarity,” about the rules.