Financial Regulatory Forum

COLUMN: British bankers give up payment-protection appeal – the implications

By Adam Samuel, Thomson Reuters Accelus contributor. The opinions expressed are his own.

LONDON, May 13 (Thomson Reuters Accelus) – The British Bankers’ Association left it until the day before the last available one to appeal against its defeat in the Administrative Court, to throw in the towel in its payment protection insurance judicial review application.

Having lost on every point in front of Mr Justice Ouseley, the BBA’s undignified judicial review challenge to both the Financial Services Authority and the Financial Ombudsman Service’s material on PPI complaint handling is over.

By leaving the decision so late, the BBA managed to embarrass the Royal Bank of Scotland board, which seemed to suggest the day before that Lloyds TSB’s decision not to back an appeal made no difference to its fellow government-owned competitor. It will have annoyed both regulator and ombudsman to have been left hanging on in this way.

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Impact analysis: UK outline of new approach to financial regulation

By Susannah Hammond

LONDON, Feb. 24 (Complinet) -The British Treasury’s latest proposal for reshaping financial regulation, published last week, has given more detail to the plans set out in an outline last summer. The fundamental shape of the new bodies now looks to have been finalized, but many fine points on how the new approach will actually function in practical, operational and cultural terms are still under consideration.

Following is a discussion of the major elements of the consultation, “A new approach to financial regulation: building a stronger system,” and how they may affect the UK financial industry:

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