The FSA has welcomed the decision by the British Bankers’ Association (BBA) not to press ahead with a legal challenge of its new payment protection insurance redress measures.

The BBA announced earlier today that it would not be appealing against the High Court’s move to dismiss its judicial review of the FSA’s recently introduced guidelines on dealing with PPI mis-selling cases. “This is a good move and we welcome it,” said a spokesman.

The BBA’s move follows announcements by Barclays and Lloyds that they do not support the appeal.

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