Category:
News Update

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 deadline, which has been set… 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 the commission amount was fair…. 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 customers who have had their… 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 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 »