Tens of thousands of UK motorists could be owed compensation for mis-sold car finance loans known as personal contract plans (PCP) after a two year investigation found some motorists were paying £1,100 over the odds on their finance.
Blog Category: Banking
Britain’s Competition and Markets Authority (CMA) has forced Paymentshield to pay £380,000 compensation to hundreds of customers for breaches of PPI rules with further payments expected in the near future.
Six months after the PPI claims deadline on August 27th last year more than half of claimants have still had no decision on their complaint.
Pre-tax losses for the Co-operative Bank widened to £152.1 million from £140.7 million after the bank took a hit of £62.5 million for mis-sold PPI over the last year.
Just a week after announcing a 26% drop in profits, Lloyds Banking Group (LBG) has announced it is shedding the equivalent of 780 full time jobs across its branch network.
The additional provision of £2.45 billion for PPI complaints in 2018 ‘significantly impacted’ the profits of Lloyds Banking Group (LBG) according to chairman Lord Blackwell.
Announcing a drop in profits of 33%, HSBC is to axe 35,000 jobs globally and is still processing tens of thousands of PPI claims.
Royal Bank Of Scotland Group (RBS) is to change its name to NatWest later this year.
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.
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.