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News Update

18 Nov 19

Shop Direct to receive £150m from its parent company to fund PPI pay-outs (including administrative costs)

Online retailer Shop Direct, owner of Very.co.uk and Littlewoods.com, has secured £75m of equity to be paid by the end of November 2019 from parent company Shop Direct Holdings Limited (SDHL).  The Group has confirmed a further investment of £75m “including both equity and debt financing options”i but says this capital is not immediately required. The retailer states “The committed funding available to our parent… Read More »

23 Oct 19

Colleagues at The Claims Guys raised a fantastic £1528.27 for Macmillan in September!

Fundraising activities ranged from cake sales to sponsored leg waxing, raffles to throwing wet sponges at managers, and many others. The Claims Guys staff raise money for a nominated charity every month and have supported Macmillan for a number of years. Macmillan Cancer Support provide physical, financial and emotional support to people living with cancer. See their website for information on the services they provide… Read More »

21 Oct 19

Nationwide to pay £2m in refunds following PPI breaches

More than 7000 Nationwide Building Society customers are due Compensation after the Competition and Markets Authority (CMA) discovered the building society did not inform customers of the cost of their PPI or that they could cancel their policy. The CMA stated that this “meant that people could have been stopped from shopping around effectively or might not have known they were still paying for PPI”…. Read More »

18 Oct 19

Customers facing delays of up to a year in PPI refunds

In line with Complaint handling rules, Lenders have up to eight weeks to respond to a Complaint about mis-sold Payment Protection Insurance (PPI), however some Lenders have advised that customers may have to wait until Summer 2020 for a response. Why the delay? Between the second half of 2018 and the first half of 2019 the number of PPI Complaints jumped by 34% from 1.58… Read More »

20 Sep 19

Over £36 billion paid out for mis-sold PPI (including administrative costs)

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… Read More »

1 Sep 19

The end of PPI, or is it?

The PPI deadline, as set by the Regulator, has been and gone. But, what you may not realise is… consumers may still be able to make a Plevin PPI Claim. As well as compensation for PPI mis-selling, consumers may be owed refunds in cases where their Lender earned a high level of commission from the sale of their PPI policy(ies), which was not made clear… Read More »

31 Aug 18

Lloyds again increase provisions for mis-sold PPI claims

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… Read More »

13 Jul 18

Could UK lenders face new multibillion-pound claims following recent PPI ruling?

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… Read More »

29 Mar 18

The Commission Game Changer

With the deadline for claiming back Payment Protection Insurance (PPI) just over a year away, the Financial Conduct Authority (FCA) have seen a significant increase in PPI payoutsi and enquiries following their TV campaign starring Arnold Schwarzenegger, which was launched 29 August 2017ii, being a fundamental factor. Following on from this spike in growth, legal action by the Supreme Court back in 2014 means that… Read More »

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… Read More »