Category:
News Update

27 Nov 17

Monthly PPI Pay-outs remain high in 2017

Payment Protection Insurance (PPI) remains to be the most complained about financial product, making up a third of the total 3.32million complaints in the first half of 2017.   Pay-outs The latest figures from the Financial Conduct Authority (FCA) show that £271.5 million was paid out in August to customers who complained about the way they were sold PPI, the largest monthly pay-out so far this year. This takes the… Read More »

17 Nov 17

Clydesdale & Yorkshire Bank set aside an extra £403m for PPI claims

Clydesdale Bank’s parent company, Clydesdale Yorkshire Banking Group (CYBG), has announced it is setting aside an extra £403m (including Administration costs) for mis-sold Payment Protection Insurance (PPI) claims. The Financial Conduct Authority (FCA) has recently launched a £42m PPI TV advertisement campaign to raise awareness of the mis-selling of PPI and the reclaim deadline. This has resulted in an increase in PPI claims being made, meaning banks are having to… Read More »

25 Oct 17

PPI Complaints rise 24% in six months

Payment Protection Insurance (PPI) continues to be the most complained about financial product, accounting for a third of all complaints recorded by firms in the first half of 2017. The Financial Conduct Authority (FCA) announced that the total number of PPI complaints increased by 24% in the first half of the year. According to BBC News: “PPI complaints totalled 1.11million, compared with 899,000 in the second half of 2016.” The… Read More »

18 Oct 17

Are you one of the 5.5 million who face an earlier PPI claim deadline?

The Financial Conduct Authority (FCA) has recently launched a £42million advertising campaign, warning consumers to make a Payment Protection Insurance (PPI) complaint before the August 2019 deadline. The advertisement is warning consumers not to delay in making a complaint if they believe they were mis-sold PPI. PPI has grown to be one of the biggest financial scandals ever seen in the UK with over £27.9 billion already paid out by… Read More »

30 Jul 17

Barclays and Lloyds both set aside an extra £700 million for PPI payouts

Both Lloyds and Barclays have announced that they have set aside an additional £700 million each to cover the cost of mis-selling Payment Protection Insurance (PPI) (including Administration costs). The total amount set aside by Lloyds stands at £18bn (including Administration costs) with them having increased provisions 17 times so far. The additional sum brings Barclays’ total bill to £9.1bn (including Administration costs), and according to their interim results for… Read More »

31 Mar 17

PPI Claims deadline is announced

The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019, for making new Payment Protection Insurance (PPI) complaints. The deadline is aimed to prompt customers to make a decision on whether they want to make a complaint or not. Andrew Bailey, Chief Executive of the FCA said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take… Read More »

6 Jan 17

FCA Delays statement on deadline for PPI claims as total bill tops £25 billion

The Financial Conduct Authority (FCA) has delayed setting a deadline date for making PPI complaints, with a decision now expected to be announced in the first quarter of 2017. The original deadline proposed by the FCA was June 2019 and reports suggest this date could now be pushed back by a few months. Reuters commented: “FCA Chief Executive Andrew Bailey said the watchdog has received a ‘complete array’ of feedback… Read More »

8 Nov 16

Proposed PPI Deadline Update

It is widely reported that the Financial Conduct Authority (FCA) propose to set a deadline of June 2019 for consumers to make a claim for mis-sold Payment Protection Insurance (PPI). The FCA issued its proposals in August and in a press release its Chief Executive, Andrew Bailey, said: “Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and… Read More »

2 Aug 16

The Claims Guys has helped customers claim back over £364million!

To date, The Claims Guys (TCG) has helped customers to claim back over £364million for mis-sold Payment Protection Insurance (PPI). It is widely reported that the volume of claims submitted for mis-sold PPI will start to slow but it is not a trend seen at TCG. We continue to help our customers claim back the money they are owed and we’re currently processing around 25,000 claims a week. We can… Read More »

28 Jul 15

FOS Receives 4,000 PPI Complaints per week

It has emerged this week that the Financial Ombudsman Service (FOS) received 4,000 payment protection insurance (PPI) complaints every week during April to June of 2015. The figure has emerged as part of a statement released by FOS on Tuesday 21st July, in which they published a snapshot of complaint figures for the first quarter of the 2015-2016 financial year. Chief Ombudsman, Caroline Wayman, sent out an email statement, announcing… Read More »

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