Rejection of call by banks for judicial review over PPI

The Financial Services Authority (FSA) was not constrained by the existence of statutory powers in s404 of the Financial Services and Markets Act (FSMA) 2000 from using other powers to deal with what it perceived to be the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of s404 itself nor its role as part of the overall regulatory framework could warrant the implication in it of a restriction on all other powers merely because the circumstances warranting the operation of a s404 scheme were satisfied.