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Thousands of consumers to get PPI refunds

Thousands of consumers look set to get PPI refunds after the British Banker's Association said it will not be appealing the high court ruling over the mis-selling of payment protection insurance.

The high court recently upheld the Financial Services Authority's instruction to banks to repay payment protection insurance policies that were mis-sold.

Commenting on this announcement was Gillian Guy, chief executive of the Citizens Advice Bureau.

She said: "The banks have decided to do the right thing in accepting that they must compensate the huge number of customers who were mis-sold PPI policies.

"It's now up to the banks to deal with claims quickly and thoroughly. The onus should be on them to contact all those affected rather than wait for customers to make a claim."

This news follows the announcement made by Lloyds, which revealed it would not be appealing against the high court ruling over PPI.

It is estimated that Lloyds will have to pay out £3.2 billion in PPI refunds.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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