Latest News

6 Jul 16

Has the FCA given in to banks over PPI deadline?

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… Read More »

4 Jul 16

Monthly PPI payouts remain high in 2016

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… Read More »

4 Nov 15

FCA plans could result in PPI Claims Deadline as early as 2018

The Financial Conduct Authority (FCA) revealed recently that there could be a deadline put on PPI claims, in order to draw a line under the mis-selling issue. Customers could be forced to make their claims by early 2018, following the news that the financial industry has called on the FCA to put a time limit on the claims. It is argued that this time limit will help rebuild public trust… Read More »

10 Aug 15

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 »

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 »

28 Jul 15

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 »

8 Jun 15

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 »

29 May 15

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 »

8 May 15

A sum of £26 billion set aside for mis-sold PPI Costs

The cost of Payment Protection Insurance (PPI) for the whole banking sector is estimated to reach £26 billion. The Daily Express reported that: “The big five high-street banks mentioned above (Santander, HSBC, Lloyds, RBS, and Barclays) are understood to have allocated more than £24 billion* to compensate victims of insurance mis-selling last year.” The total bill, for the whole banking sector, is expected to hit £26 billion after all the… Read More »

7 Jan 15

Mis-sold PPI damages lender reputation for a new generation…

A joint study by Cass business school and think tank New City Agenda estimates that damaged lender reputation is set to hit the next generation. The study suggests that the rising number of mis-sold Payment Protection Insurance (PPI) claims – a misdemeanour that has so far cost British Banks £27bn – is to blame. The report goes on to say that this mis-selling was largely due to an ‘aggressive sales… Read More »