Barclays is still only half way through processing the massive spike of PPI complaints received in the run-up to the claim’s deadline in August last year.
Blog Category: Banks
The Financial Ombudsman Service (FOS)has been receiving an average 3,500 new PPI complaints a week in the wake of the claims deadline of August last year.
The total compensation paid for PPI mis-selling has broken the £37 billion barrier.
Gladstone Brookes started the year strongly with the top 20 PPI compensation payouts totalling more than £617,000.
Britain’s high street banks are being asked to explain how they calculated their new 40% overdraft rates by the country’s financial watchdog.
Virgin Money has declared a £139 million loss on the year after being hit with a deluge of PPI claims.
The Lloyds Banking Group (LBG) has joined the 40% overdraft club, but some customers could be charged as much as 49.9% when their account goes into the red.
Successful PPI claimants could be owed a £350 million rebate from the taxman because they may have paid income tax twice on their compensation.
Challenger bank TSB is to open a dedicated IT centre as part of its drive towards digital banking.
Santander has become the latest bank to set a single overdraft rate of 40%.