A £31 million lawsuit over who is responsible for paying out successful PPI claims is holding up decisions on complaints.
11:25 am Mis-selling
Half a million cheated out of PPI compensation by FOS?
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
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
£31 million lawsuit over unpaid PPI delaying decisions
A £31 million lawsuit over who is responsible for paying out successful PPI claims is holding up decisions on complaints.
Insurance giant AXA is suing Genworth for £31 million, claiming it failed to pay up for PPI mis-selling losses.
SUCCESS STORY – “I thought the fees were reasonable for the amount of work done”
With a two-year-old son and another child on the way, conveyancing lawyer Stephen Thomas just didn’t have the time to make his own PPI claim and came to Gladstone Brookes to help him out.
“I know I could have done it myself, but I just couldn’t find the time and I thought the fees were reasonable for the amount of work done.”
SUCCESS STORY – They added the PPI without my knowledge
As a former financial advisor Roger Weaver was almost certain he didn’t have PPI on any of his personal finance agreements.
He said: “I didn’t believe in it and never sold it to my clients so I was highly unlikely to take it on myself. I actually checked with Barclaycard myself and they said I didn’t have any.”
RBS agrees another $125 million US payout
Royal Bank Of Scotland (RBS) has agreed another $125 million payout in America for the mis-selling of mortgage-backed securities.
The payment of £92.5 million will be made to two large California pension funds who claimed their members lost millions of dollars in the sale of the securities which were at the heart of the 2008 financial crisis in America.Read More
Millions in PPI payouts could go unpaid
Millions of pounds in PPI payouts could go unpaid because the consumers either have no idea money is owed to them or haven’t bothered to make a claim against their lender.
A new survey of nearly 900 people has revealed 80% have no idea that the deadline for making PPI claims is just over a year from now.Read More