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New figures released by the Financial Conduct Authority (FCA) show that, more than a decade after the first warnings were sounded about the PPI scandal, more than 3.3 million consumers made a new complaint in 2018.
5:22 pm Financial Conduct Authority (FCA)
FCA threatens action against insurers who overcharge
Britain’s financial watchdog has warned insurers about over-charging and selling inappropriate products as it tightens the rules on the way insurance is sold in the UK.
FCA fines Carphone Warehouse £29 million
The Financial Conduct Authority (FCA) has fined Carphone Warehouse £29 million for mis-selling mobile phone insurance.
FCA: £300 million overcharging on PCP car deals
Britain’s financial watchdog says car dealers and finance companies are working together to overcharge car buyers by more than £1,000 a deal.
FCA to ban “Rip-off” overdraft fees
Britain’s financial regulator – the Financial Conduct Authority (FCA) – has announced proposals to ban ‘rip-off’ fees for unarranged overdrafts in a crackdown on the way banks levy their charges.
FCA orders firms to re-open 150,000 cases
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.
An extra £350 million for PPI puts CYBG 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
Could PPI claims be underpaid by £14 billion?
A group of lawyers is claiming that consumers could end up being underpaid by £14 billion if the nation’s banks follow PPI guidelines set by the financial regulator.
Barclays is third bank to raise PPI provision
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
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