Banks begin court challenge to payment protection insurance rules
The British Bankers' Association is launching a judicial review against the Financial Services Authority and the Financial Ombudsman Service over regulations that came into force in December. The rules aim to ensure consumers are treated fairly, both when they buy payment protection insurance and when they complain about being mis-sold the cover.
To ensure people understand what they are buying, providers will have to talk potential customers through the key features of a policy, rather than just provide them with a document giving the information.