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


Five former Lloyds executives facing trial over HBOS

Five former Lloyds executives facing trial over HBOS

Five former Lloyds TSB executives – including chairman Sir Victor Blank and chief executive Eric Daniels – are facing a £350 million trial over the ill-fated rescue of HBOS at the height of the financial crisis.

The bank is being sued by the Lloyds/HBOS Shareholder Action Group, which represents around 6,000 former Lloyds TSB shareholders.  They are claiming the bank misled them about the £12 billion HBOS takeover.Read More


MPs recommend FCA break-up

FCA in special measures

Some of Britain’s most influential MPs have recommended the break-up of the ‘overloaded’ Financial Conduct Authority (FCA).

In a strongly worded special report into the collapse of HBOS during the financial crisis, the Treasury Select Committee calls for the FCA to separate out its enforcement division to make a third regulatory body alongside the FCA and the Prudential Regulation Authority (PRA) department of the Bank Of England.Read More


New boss at the FCA

New FCA boss

Britain’s financial watchdog has a new boss – former head of the Bank Of England’s Prudential Regulation Authority, Andrew Bailey.

He takes over the post at the head of the Financial Conduct Authority (FCA) from interim chief executive Tracey McDermott who is leaving the regulator for pastures new.Read More


FCA fine firm £2.36 million for PPI failures

FCA PPI fine

CT Capital has become the latest UK finance company to be fined by the Financial Conduct Authority (FCA) for failures in the way it has handled PPI claims from consumers.

The firm is the parent company of a group of lenders and loan brokers.  The FCA issued a £2.36 million fine because it said some consumers had missed out on PPI compensation through mistakes in the way their claims were investigated.Read More


The Great PPI Scandal

Billions already paid

Sometimes it can seem PPI has been with us for the last hundred years.

Hundreds of thousands …. millions of words have been written about it and the rogue trading of the cold callers who have blighted our lives have turned it into a dirty word.Read More


Acting FCA boss to leave in July

Leaving in July

Acting chief executive of the Financial Conduct Authority (FCA), Tracey McDermott, is to leave the regulator in July when new boss Andrew Bailey takes over.

Ms McDermott has been with the UK’s financial regulator since 2001 – first with the Financial Services Authority (FSA), where she held various roles, and then with the FCA when the new body took over supervising the UK’s financial stability in April 2014.Read More


Which? warns of the dangers in a PPI deadline

deadline-warning

Consumer champion Which? has come out strongly against the imposition of a deadline for PPI complaints as suggested by the Financial Conduct Authority (FCA).

They believe the potential two year time limit on future PPI complaints ‘will set a dangerous precedent’ and result in banks having little incentive to pay out compensation swiftly and directly to consumers in future mis-selling scandals.Read More


World on brink of new financial crisis

The world is on the brink of another financial collapse

The world stands on the brink of a new financial crisis claims Lord King, former governor of the Bank Of England.

The next crash is coming ‘sooner rather than later’, he claims, because the world’s regulators have failed in their attempts to reform the global financial system since the 2008 meltdown.Read More


Is the PPI nightmare over for the banks?

Is the PPI nightmare over for the banks

Is the PPI nightmare over for the banks with the announcement of the proposed claims deadline?

It’s the question on many people’s lips and the simple answer is – no, it’s only just beginning.Read More