Lloyds, Virgin Money and Direct Line cuts hundreds of jobs

Lloyds, Virgin Money and Direct Line to cut hundreds of jobs

Just a week after announcing a 26% drop in profits, Lloyds Banking Group (LBG) has announced it is shedding the equivalent of 780 full time jobs across its branch network.

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PPI News – Lloyds PPI bill of £2.45 billion ‘significantly impacted’ profits

Lloyds PPI bill of £2.45 billion ‘significantly impacted’ profits

The additional provision of £2.45 billion for PPI complaints in 2018 ‘significantly impacted’ the profits of Lloyds Banking Group (LBG) according to chairman Lord Blackwell.

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PPI News – Lloyds add a massive £½ billion for PPI

Lloyds add a massive £½ billion for PPI

With just a month to go before the PPI deadline Lloyds Banking Group (LBG) has added a massive £½ billion to its PPI provision to take the total it has set aside to over £2 billion.

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Barclays is third bank to raise PPI provision

FCA advert campaign

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

Lloyds adds another £90 million for PPI

Lloyds Banking Group (LBG) has added another £90 million to its PPI provision as the number of new PPI claims continues to rise.

The latest increase comes on top of more than £18 billion it has set aside to pay successful claims since January 2011 – more than half of the overall total paid out by the finance sector so far.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

CYBG sets aside another £350 million for PPI

CYBG – the former Clydesdale and Yorkshire Bank – says it has just set aside another £350 million to handle tens of thousands of unexpected PPI claims.

The banking group revealed the increase after claims surged by 59,000 in the six months to March 31st.  It also said it expected another 110,000 before the PPI claims deadline on August 29th next year.Read More

Lloyds Banking Group to close 49 more branches

Lloyds Banking Group (LBG) has announced the closure of 49 more branches – 41 with Lloyds and the remaining eight with Halifax – with 1,230 jobs affected.

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Is FOS solely to blame for PPI backlog?

Is FOS entirely to blame

The Channel 4 Dispatches programme highlighted major problems with the handling of financial appeal cases by the Financial Ombudsman Service (FOS), alleging poorly trained staff making wrong decisions on appeals and favouring the banks above the consumer.

After an undercover reporter infiltrated FOS’s training programme and found some staff had to Google a financial product after being asked to make an appeal judgement on a case.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