PPI News – CMA forces Paymentshield to pay £380,000 for PPI breaches

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.

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Mastercard to face £14 billion compensation threat again

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.

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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

Former Which? boss to head FOS review

Independent review into FOS

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

PPI Deadline – Is Arnie failing to get the message over?

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.

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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

Half a million cheated out of PPI compensation by FOS?

Half a million lost out?

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

PPI payouts edge closer to £30 billion

ew FCA figures

Latest figures released by the Financial Conduct Authority (FCA) shows the amount paid by Britain’s banks fore mis-sold PPI is now £29.6 billion.

PPI claims compensation has become one of the biggest financial scandals ever seen in the UK and pressure is growing from some commentators for the regulator to put back the claims deadline scheduled for August next year.Read More

RBS sets aside £175 million for PPI in 2017

Announcing its first profit for a decade, Royal Bank Of Scotland (RBS) revealed it could have been even higher had it not had to set aside £175 million for PPI compensation and a further £714 million for mortgage-backed securities in America.

Chief executive Ross McEwan called it ‘a symbolic moment’ when he announced the £752 million profit compared to a £6.95 billion loss for the year before.Read More

Barclays PPI claims 16% up in 2017

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