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 »
The Claims Guys have helped customers claim back £600million†!
To date, The Claims Guys (TCG) has helped customers to Claim back over £600million† for mis-sold Payment Protection Insurance (PPI). We are currently processing around 20,000 Claims a week. Our largest customers Claim to date is £87,983† and the highest Total Claim(s) value for another customer is £274,381†. †Figures shown before any applicable Income Tax is deducted – calculated up to 31 October 2017
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 »
Lloyds PPI Bill Jumps Even Further
Lloyds Banking Group has revealed that its total bill for mis-sold payment protection insurance (including Administration costs), will jump a further £1.4 billion as the lender announced additional provisions during the first half of 2015. The figures were released on 31st July as part of the half year results. This brings Lloyds’ total PPI bill (including Administration costs) to £13.4 billion, which is the highest of any British bank. The additional PPI… Read More »
Complaints regarding Packaged Bank Accounts are on the rise
The number of complaints made to the Financial Ombudsman Service (FOS) about Packaged Bank Accounts (PBAs) has increased 278% in the past year, illustrating a rising issue in the sector. From March 2014 to March 2015, 21,348 complaints were made about PBAs and many more customers are beginning to question whether they were mis-sold the accounts in the first place. The founder of MoneySavingExpert.com, Martin Lewis, stated that PBAs are… Read More »
Lloyds fined a record £117m for unfair handling of mis-sold PPI Complaints
Lloyds Banking Group has been fined £117m, the largest retail banking penalty ever imposed by the Financial Conduct Authority (FCA). The FCA led an investigation into Lloyds’ complaint handling procedures carried out between March 2012 and May 2013. During this period, Lloyds handled over 2.3m PPI complaints, and 37% of these were dismissed, with customers wrongly told that their case had been ‘fully investigated’ when this was not the case…. Read More »
Legal ruling set to create a new wave of PPI complaints
A landmark legal decision by the Supreme Court has led to the City watchdog’s consideration of new rules for Payment Protection Insurance (PPI) Claims. The decision came from the case Plevin vs Paragon Personal Finance in which Susan Plevin, a 59 year old college lecturer, was charged an upfront premium of £5,780 on a loan of £39,870. It was uncovered that 71.8% of this premium was commission, with Paragon taking… Read More »