Britain’s financial regulator says its review into the mis-selling of PPI should be completed by the end of the summer.
The Financial Conduct Authority (FCA) announced the review in January amid concerns that UK lenders were unfairly rejecting claims or, in some cases, not paying successful clients the full amount of compensation they were due.Read More
Barclays has been hit with a record £1.5 billion fine for their part in the manipulation of the world’s foreign exchange rates (FOREX).
The scandal is so serious that the fines were announced by US Attorney General Loretta Lynch who said that Barclays and the others banks involved had harmed ‘countless consumers, investors and institutions around the world.’Read More
PPI claims still make up two thirds of the total workload of the Financial Ombudsman Service (FOS) and more than 60% of the claims have been unfairly rejected by the banks.
Figures in the FOS annual report show that, while complaints about PPI had halved in volume from the previous record year, they still received just under 205,000. After investigation FOS ruled that 62% of the cases had been wrongly rejected and ordered that compensation be paid to consumers.Read More
Rumours are circulating of secret talks between Britain’s banks and the Treasury to try to keep HSBC and other big financial institutions in the UK.
Senior City figures are said to be in negotiation with the Treasury and the Bank Of England to ‘water down’ proposed new banking laws to split the retail and investment arms of the big banks.Read More
Lloyds could be back in private hands within a year, the bank’s chairman has told its shareholders.
Lord Blackwell told the annual meeting in Edinburgh that he was optimistic that the bank could be completely re-privatised within 12 months.Read More
As the Financial Conduct Authority (FCA) announce UK banks have now paid out £18.8 billion for mis-sold PPI, one bank boss is warning the scandal is going to ‘drag on’ for some time yet.
The latest FCA figures shown that Britain’s banks paid out another £361 million in February to successful PPI claimants, maintaining the average of £⅓ billion a month over the last year.Read More
Royal Bank Of Scotland (RBS) could be facing ‘substantial damages’ after an American court ruled it had engaged in an ‘enormous deception’ selling mortgage-backed securities in the US.
Two of Britain’s biggest banks are expected to plead guilty to charges that they conspired to manipulate FOREX – the foreign exchange rate – and it will cost them billions of pounds in fines from UK and US regulators.
Barclays and Royal Bank Of Scotland (RBS) are among a number of institutions which have been under investigation since 2013 for manipulating international currency benchmarks.Read More
Lloyds Banking Group (LBG) and Royal Bank Of Scotland (RBS) were both bailed out by the British government at the height of the financial crisis in 2008, but the fortunes of the two banks have differed widely since then.
The bailout figure for Lloyds was £20 billion which gave the British taxpayer a 43.4% stake in the bank. The figure for RBS was more than double at £45.8 billion which bought the government an 81% stake.Read More
Newsagent Alan Bennett was delighted when he received more than £25,700± in compensation for mis-sold PPI after claiming with Gladstone Brookes.
“I was really surprised at how much I got back,” he said. “It’s like winning the pools or the lottery.”
But the money didn’t come from where he expected it to.
Said Alan: “I’ve been in business from more than 20 years and throughout that time my partner and I took out quite a lot of loans with a number of different banks. We had a few credit cards going as well.
“I couldn’t be sure, but I thought we might have taken PPI on at least some of them, so I decided to call Gladstone Brookes to see if they could help me find out. They made the claims for me and every one of them came back negative!”
Then came the big surprise – a string of PPI payouts on loans from his personal Lloyds bank account, adding up to £25,764.01±!
“I couldn’t believe it,” said Alan. “I’ve been with the bank 47 years and unbeknown to me I had been paying PPI on a whole series of loan agreements.
“If Gladstone Brookes hadn’t checked them out for me I would have been none the wiser. The service has been fantastic – really good. I was kept up to date the whole way through,” he added.