The British Bankers' Association (BBA) will not appeal the High Court judgement on the mis-selling of payment protection insurance (PPI).
The BBA said: "In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal.
The BBA had until 10 May to appeal the ruling, which said that banks must accept compensation claims from people who were mis-sold a PPI policy before the end of last year.
A BBA spokesman said the body planned to contest the retrospective ruling through non-legal routes.
Barclays announced today that it has set aside 1bn to settle its outstanding PPI claims.
The news follows Lloyds Banking Group's announcement last week that it would settle its outstanding PPI claims.
There have been more than 1.5 million complaints made about PPI since the FSA took over regulation of it in 2005.
No comments yet