UK insurance case: Banks lobby to avert new wave of payouts

London

BRITAIN'S largest banks are lobbying regulators to stop a court ruling from sparking a new wave of redress for improperly sold insurance, people familiar with the matter said, payments that may cost tens of billions of pounds.

The British Bankers' Association (BBA), which represents lenders including Lloyds Banking Group plc and Barclays plc, asked the markets watchdog to publicly say the ruling, known as the Plevin case, won't set a fresh precedent for wrongly sold payment protection insurance (PPI), said the people.