An extra £350 million for PPI puts CYBG in the red

PPI puts CY BG in the red

CYBG – the former Clydesdale-Yorkshire Bank – has slipped £95 million into the red after announcing a £350 million increased provision for mis-sold PPI.

The new facility brings the total the bank has set aside so far to £2.49 billion.  They have received 420,000 PPI claims up to March 31st and the new cash is expected to cover 110,000 new claims before the claims deadline of August 29th next year.Read More


Barclays is third bank to raise PPI provision

FCA advert campaign

Barclays has become the third UK high street bank to increase its PPI provision within a week.

The announcement of a £400 million increase in the amount of money set aside to pay future successful PPI claims follows the £350 million announced by CYBG (the former Clydesdale and Yorkshire Bank) and the £90 million increase by Lloyds Banking Group (LBG).Read More


Lloyds adds another £90 million for PPI

Lloyds adds another £90 million for PPI

Lloyds Banking Group (LBG) has added another £90 million to its PPI provision as the number of new PPI claims continues to rise.

The latest increase comes on top of more than £18 billion it has set aside to pay successful claims since January 2011 – more than half of the overall total paid out by the finance sector so far.Read More


PPI payouts hit £30 billion and complaints hits four year high


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


Risk of more heavy fines and sanctions over PPI, claim

Risk of more heavy fines and sanctions over PPI, claim

Britain’s financial services industry runs the risk of more heavy fines and sanctions over their handling of PPI complaints claims an expert who helps banks to engage with their customers.

Tim Dimond-Brown works for GMC software who help banks communicate better with their clients. He said: “The final deadline for PPI claims and the effects of the Plevin ruling put the financial services industry at risk of heavy fines and sanctions if organisations do not communicate with customers in the right way.”Read More


Virgin pull out of Co-op Bank sale

Virgin pull out of Co-op Bank sale

Virgin Money has become the latest potential buyer to pull out of the Co-operative Bank sale.

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CYBG add another £150 million for PPI

CYBG add another £150 million for PPI

CYBG – the former Clydesdale Yorkshire Bank – has added a further £150 million to its PPI compensation provision, but has warned that it may not be enough to cover the final bill.

The bank was created when its parent company – National Australia Bank (NAB) – decided to divest itself of its UK business.  However, as part of the deal there is an indemnity clause which means CYBG will only be responsible for 9.7% of the increase. The rest will be paid by NAB.Read More


FCA sees record number of complaints

FCA sees record number of complaints

Britain’s financial watchdog has reported a record 3.04 million complaints in the second half of 2016.

Claims for mis-sold PPI were still the largest group, accounting for 29% of the overall total.Read More


Co-op Bank takeover still on

Co-op Bank takeover still on

Takeover talks are continuing for the troubled Co-operative Bank and a number of new bidders have entered the auction process.

The sale was thrown into doubt last week when the Co-operative Group slashed the value of its 20% holding in the Manchester based lender to zero.Read More