Barclays is third bank to raise PPI provision

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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


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


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


£840 million for HSBC PPI in 2017

£840 million for HSBC PPI in 2017

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.

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PPI complaints rocket 24% in six months

PPI complaints rocket 24% in six months

The number of new PPI claims has surged by almost a quarter in the last six months, according to figures just released.

The Financial Conduct Authority (FCA) says the number of new PPI complaints has jumped to its highest level for three years and the rise started even before they confirmed the August 2019 deadline for new claims.Read More


Banks still wrongly rejecting half of PPI claims

Banks still wrongly rejecting half of PPI claims

As the PPI claims deadline adverts start to hit the airwaves news has just been released that the banks are still wrongly rejecting more than half of the claims made to them.

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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


PPI deadline consultation costs FCA £473,000

PPI deadline consultation costs FCA £473,000

The consultation on the timing and implementation of the PPI claims deadline has cost the country’s financial watchdog £473,000, it has been revealed.

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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