An extra £350 million for PPI puts CYBG in the red

PPI puts CY BG in the red

CYBG – the former Clydesdale-Yorkshire Bank – has slipped £95 million into the red after announcing a £350 million increased provision for mis-sold PPI.

The new facility brings the total the bank has set aside so far to £2.49 billion.  They have received 420,000 PPI claims up to March 31st and the new cash is expected to cover 110,000 new claims before the claims deadline of August 29th next year.Read More


Arnie is failing to get the message over

Arnie's advert is not working

Despite a £42 million PPI claims deadline consumer awareness campaign running for six months, nearly half the people in the UK still have no idea of the date or even know that a deadline exists.

A survey of more than 2,000 adults across the country by Populus on behalf of the Professional Financial Claims Association (PFCA) has shown that while thousands of people have been submitting claims for mis-sold PPI since the campaign started there are still many thousands who have not.Read More


PPI payouts hit £30 billion and complaints hits four year high

{PPI payout breaks £30 billion barrier

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


FOS agrees terms for investigation

FOS grees investigation terms

The Financial Ombudsman Service (FOS) has agreed terms with MPs for a full independent review into the way FOS carries out its business.

The review was called for after a Channel 4 ‘Dispatches’ programme alleged that consumers had not been treated fairly when their appeals against rejections were investigated.Read More


Arnie’s back in new FCA ad warning about the PPI deadline

Arnold Schwarzenegger Terminator

Arnie is back in the new FCA advert. Credit: Glynsimages2013 / Shutterstock.com

Terminator Arnie Schwarzenegger is back with a new warning about the PPI claims deadline.

Following emergency heart surgery last week, the Hollywood star is about to burst back onto British TV screens with a second warning to consumers that they must make any claim for potentially mis-sold PPI before April 29th next year.Read More


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


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


Should the PPI deadline be extended?

Is the FCA campaign raising enough awareness?

There are calls for the PPI claims deadline of August 2019 to be extended after a survey of more than  2,000 people revealed that half of them didn’t even know the deadline existed.

Despite the Financial Conduct Authority (FCA) launching a £42 million nationwide multi-media consumer awareness campaign six months ago, four out of five of those surveyed couldn’t correctly identify the correct date of August 29th 2019.Read More


Barclays PPI claims 16% up in 2017

More PPI

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


£840 million for HSBC PPI in 2017

HSBC PPI provision

HSBC added an extra £840 million to its PPI compensation pot in 2017 in anticipation of a flood of new claims following the announcement of the PPI claims deadline.

The bank is the first of the big four high street lenders to reveal its annual figures and the new cash brought its overall provision to £3.65 billion, of which £2.79 billion has already been spent.Read More