Banking Archives | Page 7 of 22 | Gladstone Brookes

Blog Category: Banking


PPI News – Banks hit by more than 10,000 PPI claims a day

Banks hit by more than 10,000 PPI claims a day

Britain’s banks were hit by more than 10,000 new PPI claims a day in the first six months of the year, according to new figures released by the Financial Conduct Authority (FCA).

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PPI News – RBS group to cancel thousands of PPI policies

RBS group to cancel thousands of PPI policies

Royal Bank Of Scotland (RBS), NatWest and Ulster Bank have announced they are going to cancel thousands of customers’ PPI policies at the end of the year.

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PPI News – Tesco Bank sets aside £45 million for PPI

Tesco Bank sets aside £45 million for PPI

Tesco Bank has become the latest lender to boost its PPI provision after the claims deadline passed.

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PPI NEWS UPDATE – SEPTEMBER 2019

PPI NEWS UPDATE – SEPTEMBER 2019

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PPI News – Barclays confirm another £1.4 billion for PPI

Barclays confirm another £1.4 billion for PPI

The day after Royal Bank of Scotland (RBS) announced it was adding £900 million to its PPI compensation pot, Barclays confirmed it has added £1.4 billion to its own redress fund.

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PPI News – HSBC adds £302 million for PPI

HSBC adds £302 million for PPI

HSBC has become the third of the big four UK banks to add millions of pounds to its PPI compensation pot AFTER the claims deadline in August.

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PPI News – Shop Direct’s surprise £241 million PPI provision

Shop Direct’s surprise £241 million PPI provision

Online retailer Shop Direct has shocked its investors with a higher than normal penalty for PPI mis-selling, leading to a huge widening of losses.

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CYBG announces 330 job losses

CYBG announces 330 job losses

Clydesdale Yorkshire Bank (CYBG) has announced 330 redundancies as a direct result of its £1.7 billion merger with Virgin Money last year.

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PPI payouts jump by almost £100 million in a month

PPI payouts jump by almost £100 million in a month

Official figures show that the amount of compensation paid to successful PPI claimants has jumped by almost £100 million in a single month.

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Are we slipping into recession?

Are we slipping into recession?

Just as we seem to be fully recovering from the depths of the recession brought on by the 2008 financial crisis, economists say they’re picking up warning signs that we might be slipping into another.

In the week that Chancellor of The Exchequer Sajid Javid pronounced the end of austerity, a new report called the Purchasing Managers Index suggests the economy may still be in trouble.

Slipping

Economist Chris Williamson said: “The lack of any meaningful growth in the dominant services sector raises the likelihood that the UK economy is slipping into recession.
“The construction and manufacturing sectors also shrunk in August.”

Services

Services account for 80% of the UK’s economy and according to the report they barely expanded in August with a score of 50.8 compared to 51.4 in July.
Any figure above 50 denotes growth, but below 50 means the market is contracting. The overall figure when manufacturing and construction are included is 49.7 – the second contraction in three months.

Negative growth

The contraction between April and June was the first since 2012.
A recession is defined as a period where negative growth is experienced in two or more consecutive quarters.
Mr Williamson commented: “While the current downturn remains only mild overall, the summer’s malaise could intensify as we move into autumn.”

Blamed

The dip is being blamed on Brexit uncertainty and higher business costs.
IHS Markit, who produced the report, say UK firms are hiring and taking on new clients at a slower rate while they try to work out if there will be a ‘no-deal’ Brexit at the end of October.
It said that service-based industries like hotels, restaurants, banks and insurers are having their profit margins squeezed by higher wages, fuel costs and utility bills.

An end to austerity

Chancellor Javid did not seem concerned about the possibility of a recession when he announced £13.8 billion worth of investment across all government departments, claiming he had ‘turned the page on austerity’.
He said: “No department will be cut next year. Every single department has had its budget for day to day spending increased at least in line with inflation. That’s what I mean by the end of austerity.”

Not convinced

But not everyone was convinced the spending spree marked the end of austerity.
Director of the Institute for Fiscal Studies, Paul Johnson, said: “We of course live in a time of extreme economic uncertainty and I think the big risk in saying that austerity is over is that the economy starts to do significantly worse, which it might if we have a no-deal Brexit.

“Then the deficit and debt will start rising and we are in danger of having another dose of austerity to get that over with for a second time.”

Chosen Charity – Motor Neurone Disease

Gemma Edwards had been feeling ill for almost a year with slurred speech and extreme tiredness before she was finally diagnosed with motor neurone disease.

Chosen Charity – Motor Neurone Disease

Gemma Edwards had been feeling ill for almost a year with slurred speech and extreme tiredness before she was finally diagnosed with motor neurone disease.

Chosen charity – Warrington Food Pantry

It’s hard to believe that in 21st Century Britain there are families so strapped for cash that they can’t even afford to put food on the table. Or that they have to rely on the generosity of others just to keep going.

Chosen charity – Warrington Food Pantry

It’s hard to believe that in 21st Century Britain there are families so strapped for cash that they can’t even afford to put food on the table. Or that they have to rely on the generosity of others just to keep going.

Banks are trying to block new PPI claims

A national newspaper is claiming the Britain’s banks are trying to block a wave of new PPI claims.



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