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.
A surprise decision by the Court Of Appeal in London means Mastercard will have to face the threat of £14 billion in compensation claims which it thought it had escaped two years ago.
Former Which? executive director Richard Lloyd has been appointed to lead the review into the operations of the Financial Ombudsman Service (FOS).
Mr Lloyd, currently vice chairman of the Money and Mental Health Policy Institute, will take over his new duties immediately and is expected to produce his report by the end of June.Read More
Despite a £42 million PPI claims deadline consumer awareness campaign running for six months, nearly half the people in the UK still have no idea of the date or even know that a deadline exists.
An undercover operation by the Channel 4 “Dispatches” programme claims to have uncovered evidence that up to half a million people may have been cheated of a PPI payout by the Financial Ombudsman Service (FOS)
The shock allegation was aired in a special programme aired on March 12th and claimed some staff were so poorly trained they had to Google the name of the financial products they were investigating.Read More
Claims for mis-sold PPI against Barclays Bank soared by 16% in 2017.
Total claims received have now topped 2.1 million – 300,000 up on the previous year – and the bank has paid out a total of £7.6 billion in compensation for successful PPI claims.Read More