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Barclays offers 10,000 refunds for PPI breach

Letters offer PPI refund

Barclays Bank has written to 10,000 customers offering them a refund of their PPI premiums plus 8% interest.

The customers’ had not received annual statements informing them of their right to cancel the policy, breaching an order by the Competition and Markets Authority (CMA).Read More


Unite union attacks Lloyds for job losses and branch closures

Branch closures and job losses

Union officials have condemned Lloyds bank for plans to axe 625 jobs, close 21 branches and transfer IT work to India as part of its on-going cost-cutting exercise.

Regional officer John Morgan-Evans said: “Unite has made it clear that ‘efficiency’ cannot simply mean axing more jobs while expecting the same work to fall on fewer shoulders.”Read More


UK banks face another £20 billion in fines and compensation

Another £20 billion for UK banks

Britain’s high street banks face another £20 billion in fines and compensation payments over the next two years claims a new report by credit ratings agency Standard & Poor’s.

The report by analysts at the agency says our four biggest banks – Lloyds, Barclays, HSBC and Royal Bank Of Scotland (RBS) – have already incurred £55.8 billion in fines and costs since 2011.Read More


CHARITY OF THE MONTH – Endometriosis UK

charity of the month

Nicola (right) presents the cheque to Clair Scrimshaw from Endometriosis UK

Charity of the month for April is Endometriosis UK, nominated by Nicola Simpson, and it was Nicola who handed over the cheque for £651 to the charity’s NW Regional Development Officer, Clair Scrimshaw.

Said Nicola: “I nominated them because I suffer from the condition which has no known cure and can be very painful and debilitating.Read More


PPI payouts jump by more than £100 million in a month

PPI payouts jump by mofe than £100 million in a sigle month

New figures released by the Financial Conduct Authority (FCA) show that PPI payouts for successful claims have jumped by more than £100 million in a single month.

In February consumers received £423.9 million in compensation – £112.1 million more than was paid out in January.Read More


Brexit is the biggest threat to UK financial stability – Carney

Carney warns on Brexit threat

The governor of the Bank Of England has warned that a possible Brexit from the EU is the biggest threat to the UK’s financial stability.

Mark Carney told a House Of Lords committee that a vote to leave the EU in the June referendum might result in ‘an extended period of uncertainty’ for Britain’s economic outlook.Read More


Brexit will push up mortgage rates – Osborne

Brexit will push up mortgage rates

A British exit from the EU following the June referendum will raise borrowing costs for home-owners and buyers alike, claims Chancellor George Osborne.

He has said households would ‘pay the price’ of a Brexit in the form of higher mortgage rates as lenders reacted to financial instability.Read More


Acting FCA boss to leave in July

Leaving in July

Acting chief executive of the Financial Conduct Authority (FCA), Tracey McDermott, is to leave the regulator in July when new boss Andrew Bailey takes over.

Ms McDermott has been with the UK’s financial regulator since 2001 – first with the Financial Services Authority (FSA), where she held various roles, and then with the FCA when the new body took over supervising the UK’s financial stability in April 2014.Read More


Pressure on UK banks ‘at an all time high’

KPMG banking report

Pressure on Britain’s banks is ‘at an all time high’, claims a new report by KPMG.

Their latest banking report says banks’ profits have slumped by 40% in the last year while revenues showed little sign of growth.Read More


Which? warns of the dangers in a PPI deadline

Which warns about PPI deadline

Consumer champion Which? has come out strongly against the imposition of a deadline for PPI complaints as suggested by the Financial Conduct Authority (FCA).

They believe the two year time limit on future PPI complaints ‘will set a dangerous precedent’ and result in banks having little incentive to pay out compensation swiftly and directly to consumers in future mis-selling scandals.Read More



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