RBS sets aside another £400 million for mis-sold PPI

RBS sets aside another £400 million for mis-sold PPI

Royal Bank Of Scotland (RBS) has set aside another £400 million to pay out future successful PPI claims – just part of the £3.5 billion loss announced in their annual figures.

The PPI provision is included in the £2.2 billion the bank has set aside for ‘litigation and conduct costs’.  It also includes £320 million related to the bank’s involvement in the rigging of foreign exchange markets.Read More


MP opposes Lloyds boss mega bonus

MP opposes Lloyds boss mega bonus

Influential MP John Mann has attacked plans to pay Lloyds Banking Group (LBG) chief executive Antonio Horta-Orsorio a £7 million mega bonus.

The bonus award is being made against a background of other major activity for LBG – an application to the Prudential Regulation Authority (PRA) to be allowed to pay shareholders a dividend for the first time since the crash of 2008 and the expected announcement that the bank will have to make another multi-million pound provision for mis-sold PPI.Read More


RBS facing mega fine over mis-selling scandal

RBS facing mega fine over mis-selling scandal

Royal Bank OF Scotland (RBS) is facing a mega fine of up to £5 billion for its part in yet another financial mis-selling scandal.

Shares in the bank fell by 1.5% on the first trading day of the New Year after news of the possible scale of the fines became public.Read More


SUCCESS STORY – Amber gets the wedding of her dreams

kissing gate

Amber Arnold and Toby Miller had been together for eight years and were working hard towards getting their dream wedding.

Everything seemed to be going well.  Amber got a promotion in her job and they finally got their first house.  Toby was approaching his final qualification to become a civil engineer and everything seemed set fair.Read More


Competition watchdog to investigate big four banks

Competition watchdog to investigate big four banks

Britain’s big four banks are being investigated by the Competition and Markets Authority (CMA) who are accused of controlling 77% of the country’s 65 million personal accounts but failing to offer good service and competition.

Consumer affairs editor Sean Poulter of the Daily Mail says the investigation will challenge the ‘stranglehold’ the banks have over personal accounts while offering ‘poor service and rip-off deals’.Read More


SUCCESS STORY – I had no paperwork, but GB won the day for me anyway!

elderly couple

Ex-serviceman David Fields knew deep down that he had been mis-sold PPI, but never made a claim because he didn’t have the paperwork to prove it.

Said David: “When we moved home the last time, we had a massive clear-out and all the paperwork was destroyed at that time.  I had a strong feeling that we had been mis-sold PPI in the past, but had no way of proving it.”Read More


GB backs new crackdown on nuisance cold calling

GB backs new crackdown on nuisance cold calling

New laws designed to outlaw nuisance marketing calls and texts are to be brought in within weeks says Culture Secretary Sajid Javid.

The new rules will drastically lower the threshold of what is considered to be a spam call or text and will give the Information Commissioners Office the power to fine firms caught breaking the rules up to £½ million.Read More


Lloyds to slash jobs, close branches and set aside another £900 m for PPI

Lloyds to slash jobs, close branches and set aside another £900 m for PPI

Lloyds Banking Group (LBG) has confirmed it is to slash 9,000 jobs, close 150 high street branches and set aside an extra £900 million to pay future successful PPI complaints.

The PPI provision is double what industry insiders had expected and means the bank has increased its PPI provision by £3.3 billion in 2014 alone.  There was £1.8 billion in February, a further £600 million in July and now almost a billion more in the third quarter of the year.Read More


Massive increase in PPI provision for Clydesdale

Massive increase in PPI provision for Clydesdale

Clydesdale Bank has just announced a massive increase in its provision for the cost of repaying mis-sold PPI.

The bank’s owner – National Australia Bank – announced it had set aside £75 million in August, but since then the Financial Conduct Authority (FCA) has ordered all UK banks to re-examine 2.5 million past cases because it wasn’t satisfied the all complaints had been treated fairly.Read More


HSBC and Santander boost PPI claims provision

HSBC and Santander boost PPI claims provision

Both HSBC and Santander have boosted their PPI claims provision in their half year figures just announced.

HSBC set aside a total of £139 million for UK customer redress – £115 million for future successful PPI claims and the remainder for poor investment advice and interest rate swaps. Santander’s PPI figure was £65 million.Read More