Commenting on the UK banking industry's decision not to appeal against the recent High Court ruling

Published:

09/05/2011

Topic:

Press Release,Loans

Commenting on the UK banking industry's decision not to appeal against the recent High Court ruling on the mis-selling of payment protection insurance (PPI), Kevin Mountford, head of banking at moneysupermarket.com said:

"This is a welcome move from the banking industry and is a major victory for the thousands of potential claimants who were mis-sold PPI on loans or cards. With the banks now prepared to deal with this issue, customers can now move forward, get in touch with their providers and start to recoup some of the money they unfairly lost.

"The mis-selling of PPI has been a huge problem for the industry over the past few years and its reputation has suffered massively as a result. The way some providers sold PPI to their customers has resulted in thousands of cases where consumers have been sold unsuitable products. However, it's worth remembering that when sold properly, payment protection insurance is an important product that protects those consumers unable to cover their loan or credit card repayments.

"PPI policies have been an important revenue stream for the banks in the past and whilst it's great to see the industry held accountable for its mistakes, the fear is that British consumers will end up picking up the bill and we may see the end of 'free banking' as providers seek to recover their losses through other channels."

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