With just months to go before the PPI claims deadline on August 29th Britain’s banks are still paying out and average of more than £⅓ billion a month in compensation to successful claimants.
An FCA Spokesman said that so far approximately 12 million consumers had made successful claims on 24 million policies. Another four million claims were rejected.
£ billions for millions
No-one knows how much PPI compensation remains to be claimed before the deadline kicks in but in an interview with Reuters press agency Megan Butler, director of supervision at the FCA said: “There were 64 million of these policies sold.
This is industrialised mis-selling. As far as we can tell there are likely to be millions of people who may be owed thousands of pounds.”
She would not speculate on what the upper limit of the total payout might be other than to say it will be ‘material’.
However, Britain’s banks have laid their plans to potentially pay out billions more in compensation.
Lloyds Banking Group still had £1.968 billion unspent at the end of June 2018 with Barclays having £1,1 billion at the4 end of September.
Royal Bank Of Scotland (RBS) announced they had £800 million unused at the same time and other lenders had their own PPI provision.
A very merry festive period
Gladstone Brookes has reclaimed over £1 billion± for our clients since 2007, among the most recent being some special Christmas and New Year ‘presents’ with the top five payouts for December all over £30,000 and totalling £1,88,897.
A Merseyside saleswoman topped the list with £43,502 paid on a single claim for a Debenhams store card.
Next came a West Midlands company director who received £42,283 on successful claims for Barclays loans and a Barclaycard.
An East Sussex pensioner received £36,801 from seven claims against Lloyds and Barclays for loans and credit cards plus one on a Barclaycard.
A part-time cleaner from Essex received £33,932 for her claims on a Barclaycard and Capital One credit card.
Finally, a catering assistant from London received £32,368 for claims on three Lloyds credit cards.
12 Charities of Christmas
True to our charitable ethos we held a special 12 Charities of Christmas competition in which we invited charities from Merseyside, Cheshire and Greater Manchester to nominate themselves for a share of a £5,000 prize.
We had 83 entries from which 12 charities were drawn at random. Supporters were then asked to vote for them via a special web page to identify the top two.
Winners of the £2,500 top prize were Warrington Wolves Foundation with 8,128 votes, aided by re-Tweets from Australian born radio and TV presenter Adam Hills who also happens to be a disabled rugby player with the Wolves.
Sean Briscoe of the Foundation said: “We are very grateful to Gladstone Brookes for their generosity and when we heard we had won the top prize we decided to spread it around a little and shared some of it with the nine runners up, donating £100 to each of them.”
Second place and £1,500 went to one of the smallest charities in the draw – The Francesca Bimpson Trust, dedicated to the memory of three-year-old Francesca who was killed in an arson attack on her home in 2008.
Recipient of the special £1,000 Judges Prize was Warrington Disability Partnership and the nine runners-up each receiving £100 from the Wolves Foundation were Royal Manchester Children’s Hospital, Alder Hey Children’s Hospital and charity, HCPT 194, The Isabella Trust, Carla Lane Animals In Need, Maggie’s Oldham, Bootle 3rd Scouts, Merseyside Dogs Home and The John Paul Project.
Santander fined £32.8 million over ‘flawed’ bereavement services
Britain’s financial regulator has fined Santander £32.8 million for failings in its ‘flawed’ probate and bereavement services.
The Financial Conduct Authority (FCA) says that between 2013 and 2016 the bank did not transfer £183 million in funds to more than 40,400 customers when they should have done so.
Santander UK chief executive Nathan Bostock apologised, saying: “Santander is very sorry for the impact these failings have had on the families and beneficiaries affected. We accept the FCA’s findings and have fully cooperated with their investigation.
Cold call loophole finally closed with £½ million fines
Directors of firms who cold call consumers now face fines of up to £½ million under new rules from the Information Commissioner’s Office.
A ban on cold calls came into effect in September, but until now directors whose firms were closed down were able to avoid fines by declaring bankruptcy and then starting up again under a new name.
The new rules apply specifically to directors and levy personal fines.