The British Bankers’ Association has revealed it is not to appeal the recent decision on its payment protection insurance (PPI) judicial review.
This news follows Lloyds Banking Group’s unilateral move last week to set aside £3 billion for PPI redress purposes.
In a statement, the BBA said: “The BBA on behalf of its members judicially reviewed the FSA and the FOS regarding the retrospective elements in the proposed FSA rules for handling PPI complaints. The judgement was handed down on 20 April 2011 and found in favour of FSA and the FOS. The BBA was given until 10 May 2011 to appeal.
