“The Financial Services Authority was not contrained by the existence of statutory powers in section 404 of the Financial Services and Markets Act 2000 from using other powers to deal with what it perceived as the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of section 404 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 section 404 scheme were satisfied.”
WLR Daily, 20th April 2011
Source: www.iclr.co.uk
Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
