Lloyds - Judicial Review U Turn

Reports are surfacing suggesting Lloyds do not intend to participate in the Judicial Review action with the British Banking Association.

This is a massive U-turn from their position in October 2010 when they made positive declarations that they would not be processing complaints until the Judicial Review was decided.

Although, Judge Ouseley had found in favour of the FSA / FOS on the 20th April, the BBA and its members were still considering whether to appeal the decision. They have until the 10th May to do so, but this new stance from Lloyds may be a decisive indicator of what the banking industry intend to do.

Mr Horta-Osório (the new chief exec at Lloyds) has made it clear that they no longer intended to participate in the industry-wide action. "We will not be participating in the BBA review,". He went on to say that "It is the sensible, prudent and right thing to do, we believe it draws a line under this issue,". He added it provided "certainty" for customers and was "in the long-term stability" for the business. The statement goes a long way to try to position Lloyds well away from its previous mandate and will only benefit consumers.

It will be interesting to see whether this statement affects the rest of the industry, but this goes some way to allowing the victims of PPI mis-selling to finally recoup their losses.

If you think you have been mis-sold PPI, please get in touch with us at www.ppireturn.co.uk