Blog Category: PPI
PPI compensation breaks the £33 billion barrier
The total amount of compensation paid for the mis-selling of PPI by Britain’s financial industry has broken the £33 billion barrier.
Britain’s ‘bad bank’ has set aside another £44.1 million to pay out future successful PPI claims.
Payouts continue to rise
Latest PPI figures released by the Financial Conduct Authority (FCA) revealed that lenders have paid £32.9 billion between January 2011 and September of this year.
A £150 million increase in its PPI compensation provision has pushed high street banking group CYBG into a £145 million loss on the year.
With less than a year to go before the PPI deadline the consumer awareness campaign does not appear to be reaching all of its intended targets.
The Financial Conduct Authority (FCA) has ordered financial firms to contact 150,000 people with previously rejected claims to say they can make a new complaint about non-disclosure of commission.
Lloyds Banking Group (LBG) – Britain’s biggest high street lender – is planning to axe 6,240 jobs as part of a £3 billion restructure, but will then create 8,240 new posts to run a newly digitised operation.
With just weeks to go before Santa brings the happiness of Christmas to families all over the country, Britain’s banks are pumping £1/3 billion a month back into the economy and helping parents buy bigger and better gifts for their children.
The number of complaints for the mis-selling of PPI has shot up to its highest level in more than four years according to new figures from the Financial Conduct Authority (FCA).