Latest News

Treasury to sell off remaining B&B mortgages

Government to sell off B&B mortgages

The Treasury are preparing to sell off the remaining Bradford & Bingley mortgages to try to recover the last portion of the £20 billion bailout cost from the financial crash of 2008.

The hope is that the sale will make £4 billion and bring the government close to recouping the full cost of the rescue deal of a decade ago.Read More

PPI payouts hit £30 billion and complaints hits four year high

{PPI payout breaks £30 billion barrier

The total amount paid in PPI compensation has broken the £30 billion barrier and the number of PPI claims has rocketed to a four year high.

The Financial Conduct Authority (FCA) has revealed the level of PPI claims has soared by 40% since the Arnie Schwarzenegger adverts urging consumers to ‘Do It Now!’ started bringing the forthcoming PPI claims deadline to public notice.Read More

CYBG sets aside another £350 million for PPI

Another £350 million for PPI

CYBG – the former Clydesdale and Yorkshire Bank – says it has just set aside another £350 million to handle tens of thousands of unexpected PPI claims.

The banking group revealed the increase after claims surged by 59,000 in the six months to March 31st.  It also said it expected another 110,000 before the PPI claims deadline on August 29th next year.Read More

FOS agrees terms for investigation

FOS grees investigation terms

The Financial Ombudsman Service (FOS) has agreed terms with MPs for a full independent review into the way FOS carries out its business.

The review was called for after a Channel 4 ‘Dispatches’ programme alleged that consumers had not been treated fairly when their appeals against rejections were investigated.Read More

Lloyds Banking Group to close 49 more branches

49 branches to closeLloyds Banking Group (LBG) has announced the closure of 49 more branches – 41 with Lloyds and the remaining eight with Halifax – with 1,230 jobs affected.

The closures are the latest in a continuing series which started back in 2013 when more than 600 were spun off to create the new Trustee Savings Bank – now an independent challenger bank, owned by the Spanish Sabadell Group.Read More

Arnie’s back in new FCA ad warning about the PPI deadline

Arnold Schwarzenegger Terminator

Arnie is back in the new FCA advert. Credit: Glynsimages2013 / Shutterstock.com

Terminator Arnie Schwarzenegger is back with a new warning about the PPI claims deadline.

Following emergency heart surgery last week, the Hollywood star is about to burst back onto British TV screens with a second warning to consumers that they must make any claim for potentially mis-sold PPI before April 29th next year.Read More

Barclays pays $2 billion to settle US mis-selling case

Barclays fined by US DOJ

Barclays has agreed a $2 billion settlement over claims it fraudulently sold sub-prime mortgage-backed securities in America in the lead-up to the financial crisis of 2008.

The bank did not admit liability in the case which alleged it had mis-led investors over the quality of the loans backing the securities.Read More

Is FOS solely to blame for PPI backlog?

Is FOS entirely to blame

The Channel 4 Dispatches programme highlighted major problems with the handling of financial appeal cases by the Financial Ombudsman Service (FOS), alleging poorly trained staff making wrong decisions on appeals and favouring the banks above the consumer.

After an undercover reporter infiltrated FOS’s training programme and found some staff had to Google a financial product after being asked to make an appeal judgement on a case.Read More

Independent review of FOS ‘Dispatches’ claims

dispatches inquiry

An independent review of the Financial Ombudsman Service (FOS) is to examine claims made in the recent Dispatches investigation that some consumers appeals were not dealt with correctly.

But Chief Ombudsman Caroline Waynman has said she is extremely unlikely to re-open any of the cases in question because of ‘strictly limited powers.’Read More

CHARITY OF THE MONTH – The Peace Foundation

Charity of the month

Tony Woolrich (centre) hands over the cheque to Pam Heyburn (left), who made the nomination, and Wendy Parry (right) co-founder of the charity

Charity of the month for March is the Tim Parry Jonathan Ball Peace Foundation – an organisation created in memory of the two Warrington boys who were killed by an IRA bomb left in a rubbish bin in Bridge Street, Warrington, 25 year ago.Read More