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RBS loses UK appeal over payment protection insurance commissions

( October 5, 2023, 12:00 GMT | Official Statement) -- MLex Summary: Royal Bank of Scotland has lost a UK appeal over commissions that were charged to two customers who were sold Payment Protection Insurance. The Supreme Court upheld an earlier decision that the bank, part of NatWest, must repay all the money paid by one of them for PPI while the case of the second continues. The former customers were not told when they took out PPI at the time of applying for a new credit card that most of the money they paid did not go to the insurer, but rather to RBS as a commission. The ruling effectively extends the limitation period for such claims, potentially opening the door to more PPI claims against banks.Judgment attached. ...

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