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Three UK banks hit with new LIBOR allegations

Three UK banks hit with new LIBOR allegations

Three of Britain’s biggest banks have been hit by what is potentially the biggest LIBOR lawsuit to date by the US government.

The Federal Deposit Insurance Corporation (FDIC) has alleged that Lloyds Banking Group (LBG), Barclays and Royal Bank Of Scotland (RBS) played a part in the collapse of 39 US banks worth more than $400 billion.Read More


What is PPI and why could it be important to you?

What is PPI and why could it be important to you?

The initials PPI have become part of the British way of life in recent years with millions of people claiming billions of pounds because it was mis-sold to them.

But why could it be important to you? Surely after so much advertising and publicity everyone who could make a claim has already done so?Read More


How many PPI claims remain to be made?

How many PPI claims remain to be made?

As the UK’s financial regulator adds last minute touches to a £42 million advertising campaign on the PPI claims deadline, how many more mis-selling claims will the banks have to face until the final curtain?

A total of £27.4 billion has already been paid out on around 18.4 million claims, with the banks setting aside a further £10 billion to pay future claims.Read More


Just 5% of bailout left to be recovered

Just 5% of bailout left to be recovered

New figures show that just 5% of the huge cost of the UK’s bailout of the country’s financial system in 2008 remains to be recovered.

A total of £1.13 trillion was paid out by the Labour government to rescue the British financial industry and keep them going through the credit crunch and recession which followed the crash.Read More


Co-op adds £9.2 million for PPI, but losses fall

Co-op adds £9.2 million for PPI, but losses fall

The Co-operative Bank has become the latest lender to boost its PPI provision in the face of expected increased claims prompted by the PPI deadline, but its losses have narrowed to £135.2 million for the first half of the year.

The bank, which was bailed out for the second time by a consortium of hedge funds in June, added £9.2 million to pay future successful PPI claims after experiencing an increase in the expected number of claims following confirmation of the Financial Conduct Authority (FCA) deadline of August 29th 2019.Read More


Darling says ‘alarm bells are ringing’ for the UK

Darling says ‘alarm bells are ringing’ for the UK

Alistair Darling, Britain’s Chancellor of the Exchequer when the financial crash exploded the British economy, has become the latest voice to warn about the rising level of UK consumer debt.

Lord Darling was speaking on the 10th anniversary of the 2007 crash which led to the Labour government spending billions of pounds to rescue Britain’s banks.Read More


Starting gun about to fire for PPI claims rush

Starting gun about to fire for PPI claims rush

As latest figures reveal Britain’s banks have paid out another £260 million for mis-sold PPI and the UK’s top banks add more than £1.6 billion to their payment pot in just one week, the starting gun is about to be fired on the rush to make a claim before the deadline in August 2019.

This month the Financial Conduct Authority (FCA) will pull the trigger on a £42 million consumer awareness advertising campaign designed to ensure anyone who believes they may have a valid claim makes it before the deadline runs out on August 29th 2019.Read More


HSBC now third bank to set aside £ millions more for PPI

HSBC now third bank to set aside £ millions more for PPI

HSBC has become the third High Street bank to set aside millions of pounds more to pay future successful PPI claims.

The world’s largest bank has set aside an extra £228 million in its half year figures bringing the total new provision for PPI mis-selling in just one week to more than £1.6 billion.Read More


Barclays see 32% rise in PPI claims

Barclays add £700 million for PPI

Barclays has added another £700 million to its PPI compensation pot after experiencing a 32% increase in claims over the last six months.

The bank said £2.1 billion of the £9.1 billion already set aside remained unspent by June this year, but the increasing volume of claims since the announcement of the PPI claims deadline has led it to revise its figures.Read More


Lloyds add over £1 billion to PPI pot in six months

Lloyds £1 billion for PPI

Lloyds Banking Group (LBG) have added £1.05 billion to their PPI provision in just six months and admitted even that may not be enough.

The increase takes their overall provision for paying out successful PPI claims to £18.075 billion.Read More



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