So far, Lenders have paid out more than £36 billion to customers who complained about the way they were sold PPI, as reported by the Regulator.
Following an influx of complaints both on the PPI deadline day and in the weeks leading up to it, Lenders are said to be assessing costs with some expected to announce fresh provisions to cover the volume of complaints received…. Read More »
Lloyds Banking Group announced in its Half-Year Results that it had set aside £460m (including Administration costs) for Payment Protection Insurance (PPI) claims.
This significant increase brought Lloyds’ PPI provision to £2.0bn (including Administration costs) and its total bill for PPI mis-selling is reported to stand at £19.2bn (including Administration costs).
Lloyds expect to receive 13,000 PPI complaints per week until the 29 August 2019 deadline,… Read More »
Since August 2017, lenders have been required to follow guidance from the Financial Conduct Authority (FCA) surrounding a court ruling known as Plevin when dealing with claims for PPI – regardless of whether the policy was deemed to have been mis-sold or not. The guidance set out that lenders should also consider if a commission had been paid out of the PPI premiums and whether the commission amount was fair…. Read More »
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.
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…. Read More »
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 banks and building societies in compensation for the mis-sold insurance…. Read More »
Reports suggest that customers who took out store cards in the last 40years ‘may have unknowingly bought payment protection insurance (PPI)’.
According to the Financial Times:
“Experts believe few customers have complained about store cards, either because they are unaware they were sold the insurance or are unsure where to file the complaint.”
It is believed that store card PPI was so easily taken out because cards were offered at the till during a quick sale or because customers did not tick an opt-out box when completing the application form…. Read More »
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 market integrity…. Read More »
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…. Read More »
The Financial Conduct Authority (FCA) is said to have ‘caved in’ to the banks over Payment Protection Insurance (PPI) as they stick to their call for a 2 year deadline for new claims.
According to The Times this is against the view of the FCAs own experts as it commented:
“The shift – revealed in internal documents – is the latest example of the FCA softening its stance with banks and comes after a public row this year over its decision to scrap a review of banks’ conduct.”
The newspaper also reported that:
“In private communications its experts had warned that the move would be inadequate and did not comply with its rules about how to treat customers fairly.”
Alex Neill,… Read More »
The Financial Conduct Authority (FCA) reports that since January 2011, £24.2 billion has been paid out to customers who were mis-sold payment protection insurance (PPI).
Despite media reports that claims for PPI are coming to an end, the figure for March 2016 (£456.40m) was in fact the largest monthly payout since October 2013. Year on year 2016 has the second highest payout volume for quarter 1 with £1,257.90m compared to £1,380.10m in 2012 – see graph below…. Read More »