UK banks could face new multibillion-pound claims after PPI ruling
Court ruling over mis-selling may allow cases that have been rejected to be reconsidered
Britain’s banks face the threat of a huge new PPI bill that could add billions of pounds to the £30bn already paid out in compensation, following a court ruling lauded by claims management companies as “hugely significant”.
The case opens the door to a renewed claims bonanza as it suggests that even if the PPI policy was not mis-sold, the buyer may still be able to reclaim because the scale of the commissions paid were excessively high.
Source: The Guardian