Ex-serviceman David Fields knew deep down that he had been mis-sold PPI, but never made a claim because he didn’t have the paperwork to prove it.
Said David: “When we moved home the last time, we had a massive clear-out and all the paperwork was destroyed at that time. I had a strong feeling that we had been mis-sold PPI in the past, but had no way of proving it.”Read More
New laws designed to outlaw nuisance marketing calls and texts are to be brought in within weeks says Culture Secretary Sajid Javid.
The new rules will drastically lower the threshold of what is considered to be a spam call or text and will give the Information Commissioners Office the power to fine firms caught breaking the rules up to £½ million.Read More
Lloyds Banking Group (LBG) has confirmed it is to slash 9,000 jobs, close 150 high street branches and set aside an extra £900 million to pay future successful PPI complaints.
The PPI provision is double what industry insiders had expected and means the bank has increased its PPI provision by £3.3 billion in 2014 alone. There was £1.8 billion in February, a further £600 million in July and now almost a billion more in the third quarter of the year.Read More
Both HSBC and Santander have boosted their PPI claims provision in their half year figures just announced.
HSBC set aside a total of £139 million for UK customer redress – £115 million for future successful PPI claims and the remainder for poor investment advice and interest rate swaps. Santander’s PPI figure was £65 million.Read More
Lloyds are offering free shares to small investors when their TSB brand is floated on the Stock Market next month.
Small investors will get one free share for every 20 they buy up to a value of £2,000 and hold for a year after the flotation.Read More
The troubled Co-op Bank has announced it will be issuing £400 million in shares to fund redress for a wide range of products including mis-sold PPI, reducing the Co-operative Group’s share of the bank to just 20%.
The bank also announced that its chairman, Richard Pym, will be stepping down at the end of the year and that “The board will undertake a full and rigorous process to find a replacement.”Read More