The total amount paid in PPI compensation has broken the £30 billion barrier and the number of PPI claims has rocketed to a four year high.
The Financial Conduct Authority (FCA) has revealed the level of PPI claims has soared by 40% since the Arnie Schwarzenegger adverts urging consumers to ‘Do It Now!’ started bringing the forthcoming PPI claims deadline to public notice.Read More
The Channel 4 Dispatches programme highlighted major problems with the handling of financial appeal cases by the Financial Ombudsman Service (FOS), alleging poorly trained staff making wrong decisions on appeals and favouring the banks above the consumer.
After an undercover reporter infiltrated FOS’s training programme and found some staff had to Google a financial product after being asked to make an appeal judgement on a case.Read More
Finance experts are speculating that the PCP method of buying cars could develop into ‘the next PPI scandal’ because buyers were not made fully aware of the financial implications of the deals.
PCP stands for personal contract purchase and has replaced hire purchase as the most popular way of buying a new car.
Visitors to the Mobile World Congress technology show in Barcelona have had a demonstration of what could become the credit card of the future.
Called the Smart Wallet Card, it is actually several cards in one which can be switched out by the card holder.Read More
A £31 million lawsuit over who is responsible for paying out successful PPI claims is holding up decisions on complaints.
Insurance giant AXA is suing Genworth for £31 million, claiming it failed to pay up for PPI mis-selling losses.
Barclays wins first round of £1.1 billion credit card battle
Barclays Bank has won the first round of a legal battle with an American credit card company which is suing it for £1.1 billion.
The complex case involves a PPI mis-selling style of payment break products and who should be responsible for paying the compensation.Read More
As Britain’s high street banks start to gear up for the publication of their annual figures, analysts have started to speculate that millions of pounds will have to be added to be added to their PPI compensation pots.
February is the month when the big four banks – Lloyds, Barclays, Royal Bank Of Scotland (RBS) and HSBC reveal how their forward planning for dealing with future PPI claims has worked.Read More
The Bank Of England has warned that interest rate rises could come sooner and be higher than expected.
For the time being the Monetary Policy Committee (MPC) has agreed to leave the rate unchanged at 0.5%, but said that rates would need to rise ‘earlier’ and by a ‘somewhat greater extent’ than they thought at their last review in November.Read More
Lloyds Banking Group (LBG) has announced the axing of more than 900 jobs in the latest phase of its shake-up across the business.
The government plans to give away up to £330 million locked in dormant bank accounts to a range of good causes, including helping consumers with problem debt.
The charity bank raid was launched by ministers to recover cash lodged in dormant accounts from both banks and building societies across the country. The money is collected by The Reclaim Fund and handed over for distribution.Read More