Banks batten down the hatches as Plevin decision nears

Banks batten down the hatches as Plevin decision nears

Britain’s high street banks are battening down the hatches as they wait for regulators to decide how hard the Plevin case on PPI mis-selling is going to hit them.

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FOS still getting more than 3,600 new PPI complaints a week

FOS still getting more than 3,600 new PPI complaints a week

The Financial Ombudsman Service (FOS) is still receiving more than 3,600 new PPI complaints every week, according to figures released today.

But they are just the claims appealed by consumers after being rejected by the banks.  Many thousands more are successful and are paid out each week.Read More


Did the government and banks exert pressure on the FCA over mis-selling?

Newsnight claim

A BBC investigation claims the government and banks have both exerted pressure on the UK’s financial regulator to sidestep millions of pounds of compensation for mis-sold interest rate hedging products.

The Newsnight programme says it believes that the Treasury tried to put pressure on the Financial Conduct Authority (FCA) over concerns about how much the mis-selling of interest rate hedging (IRH) products could cost the British banking industry.Read More


MPs will investigate delays into HBOS report

MPs will investigate delays into HBOS report

MPs from the Commons Treasury Select Committee (TSC) are set to investigate the continuing delays into the publishing of the report on the £20.5 billion collapse of Halifax/Bank Of Scotland (HBOS) seven years ago.

The report was commissioned in 2012, but has been repeatedly delayed.Read More


FCA chief ousted by Chancellor

FCA chief ousted by Chancellor

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), has been ousted by Chancellor George Osborne.

News outlets are claiming Mr Wheatley resigned after learning Mr Osborne would not be renewing his contract when it came up for renewal in March next year.Read More


PPI compensation breaks the £20 billion barrier

PPI compensation breaks the £20 billion barrier

Compensation for one of the UK’s biggest ever mis-selling scandals has just broken the £20 billion barrier.

The Financial Conduct Authority (FCA) has confirmed that an additional £390.4 million was paid out for successful PPI claims in May.Read More


Record £117 million fine for Lloyds over PPI

Record £117 million fine for Lloyds over PPI

Lloyds Banking Group (LBG) has been fined a record £117 million by the UK financial regulator for mis-handling PPI complaints – five times more than the previous record.

The bank has also agreed to either review or automatically uphold 1.2 million previously rejected claims which could be worth hundreds of millions of pounds to consumers.Read More


Lloyds to be hit with record fine for PPI failings

 

Lloyds biggest PPI fine ever

News is emerging that Lloyds Banking Group (LBG) is about to be hit by the UK’s biggest ever fine for mishandling the investigation of PPI complaints – possibly more than £100 million

The Financial Conduct Authority (FCA) have refused to comment at this stage or confirm the amount involved, but it is believed the fine will dwarf the previous record fine of £20.7 million handed out to the Clydesdale Bank in April.Read More


PPI compensation hits £18.5 billion

PPI compensation hits £18.5 billion

The total of PPI compensation paid out since January 2011 has reached £18.5 billion with the biggest monthly payout in over 13 months.

Figures just released by the Financial Conduct Authority (FCA) show that Britain’s banks paid out a total of £424.5 million in  January – the highest monthly total since November 2013 when they paid out £425 million.Read More


Why are UK banks still getting their PPI sums wrong?

ppi graph 1

£18 billion paid out since Jan 2011 – and still counting!

Unless you’ve been living on the dark side of the moon or been stuck in the wilds of the Australian outback for the last six years, you will be well aware of the multi-billion pound scandal surrounding the mis-selling of PPI by Britain’s leading banks.

The sheer scale of the thing is immense, with a total of £18 billion pounds already paid out to successful clients.  That figure makes it the biggest financial mis-selling disaster the UK has ever seen, but the question has to be asked – why are our top high street banks still getting their PPI sums wrong?Read More