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


Could PPI claims be underpaid by £14 billion?

Could PPI claims be underpaid by £14 billion?

A group of lawyers is claiming that consumers could end up being underpaid by £14 billion if the nation’s banks follow PPI guidelines set by the financial regulator.

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Don’t get caught by an early PPI deadline

Are you one of the millions of people whose PPI deadline is due to run out before the official date of August 29th 2019?

Are you one of the millions of people whose PPI deadline is due to run out before the official date of August 29th 2019?

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The clock is ticking

The clock is ticking

An animatronic Arnie Schwarzenegger is the star of the campaign

The PPI deadline clock is now officially ticking with the unveiling of the first advert in the £42 million consumer awareness campaign starring the voice of Terminator Arnie Schwarzenegger.

The campaign is important news for the millions of people still eligible to make a claim for the mis-selling of PPI who have still not done so.Read More


How much more is owed in PPI compensation?

How much more?

As the total bill for PPI mis-selling breaks £27 billion, commentators are starting to ask how much more will have to be paid out before the PPI claims deadline in August 2019?

Payment protection insurance was mis-sold on an industrial scale for more than two decades before the first alarm bells started to ring in the mid-NoughtiesRead More


Risk of more heavy fines and sanctions over PPI, claim

Risk of more heavy fines and sanctions over PPI, claim

Britain’s financial services industry runs the risk of more heavy fines and sanctions over their handling of PPI complaints claims an expert who helps banks to engage with their customers.

Tim Dimond-Brown works for GMC software who help banks communicate better with their clients. He said: “The final deadline for PPI claims and the effects of the Plevin ruling put the financial services industry at risk of heavy fines and sanctions if organisations do not communicate with customers in the right way.”Read More


FOS still get 600+ PPI complaints a day

FOS still get 600+ PPI complaints a day

Britain’s Financial Ombudsman Service (FOS) is still getting more than 600 complaints every working day about mis-sold PPI more than a decade after the scandal first came to light.

In its annual report, the service reveals it received 168,769 new PPI complaints in 2016/17.  This was more than 10 years after the Citizens Advice super complaint to the Office of Fair Trading in September 2005 gave us the first inkling of the scope of what has become one of Britain’s biggest ever financial mis-selling scandals.Read More


CYBG add another £150 million for PPI

CYBG add another £150 million for PPI

CYBG – the former Clydesdale Yorkshire Bank – has added a further £150 million to its PPI compensation provision, but has warned that it may not be enough to cover the final bill.

The bank was created when its parent company – National Australia Bank (NAB) – decided to divest itself of its UK business.  However, as part of the deal there is an indemnity clause which means CYBG will only be responsible for 9.7% of the increase. The rest will be paid by NAB.Read More


Lloyds confirms £350 million extra for PPI

Lloyds confirms £350 million extra for PPI

Lloyds Banking Group (LBG) has confirmed it has added another £350 million to its PPI compensation pot when it announced its 2017 first quarter performance figures.

In its review of its financial performance, the bank says the increase was ordered after the Financial Conduct Authority (FCA) pushed back the PPI deadline date to August 29th 2019.Read More


Lloyds add yet another £350 million for PPI

Lloyds add yet another £350 million for PPI

Lloyds Banking Group (LBG) has added yet another £350 million to its £17 billion provision for mis-sold PPI.

The bank – which has set aside the lion’s share of the £40 billion compensation fund set up by the UK banking industry – said the new money was in response to the confirmation of the PPI claims deadline as August 2019, two months later than they had previously calculated.Read More