Still complaining and PPI complaints still rising
Bombarded with texts? Frustrated by cold calls? You might, like many people have frankly had enough of claims management companies.
Death of the banking salesmen?
Martin Wheatley, of the Financial Services Authority, is to call time on the era where banks made pots of cash from commission.
Customers to be informed of possible compensation
Banks who ripped off millions of people selling worthless insurance policies must now make amends. ITV News Chris Choi reports.
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FSA: Lloyds PPI redress system fell below standard
– Tracey McDermott, the FSA’s director of enforcement and financial crimeThe industry let customers down badly in relation to the sale of PPI. The significant volume of complaints is a product of LBG’s own failings and the least customers can now expect is that redress, when it is due, will be paid promptly.
In short, LBG’s PPI redress payment systems fell well below the standard the FSA expects, and the size of this fine reflects how seriously we view these breaches. All regulated firms must treat those who complain fairly and that includes paying redress promptly when it is due.
Lloyds fined over late PPI compensation payments
Lloyds Banking Group was fined £4.3 million by the City watchdog today after up to 140,000 customers had their payment protection insurance compensation payments delayed.
The customers were not paid redress within 28 days of receiving a decision letter and almost 9,000 had to wait more than six months for their compensation, the Financial Services Authority said.
The failings relate to Lloyds TSB Bank, Lloyds TSB Scotland and Bank of Scotland, leading to a total fine of £4.3 million.
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Lloyds Banking Group fined £4.3million by watchdog
Lloyds Banking Group has been fined £4.3 million by the City watchdog for failings that resulted in up to 140,000 customers receiving delayed payment protection insurance redress.
FSCS: 'Claims companies take a sizeable chunk'
In 2012, double the number of people made claims from failed PPI firms, compared to the previous year, research has found.
– Mark Neale, chief executive of FSCSClaims management companies take a sizeable chunk of any payout. Consumers who make a claim directly to FSCS keep every penny of their compensation.
Some people may prefer to use a claims management company, but it is important that they understand the charges from the outset and are happy to pay them.
Nearly 20,000 submitted PPI claims from failed firms
Figures released today have shown that the number of people making claims for mis-sold payment protection insurance (PPI) from firms which have gone bust, has almost doubled year-on-year.
According to the Financial Services Compensation Scheme (FSCS), nearly 20,000 people submitted claims in 2012, compared to more than 10,000 in the previous year.
The findings come after the Financial Ombudsman Service (FOS), reported that it handled 11,000 complaints a week about PPI mis-selling, in the last three months of 2012.
The service resolves disputes between people and financial services firms,
Barclays provides extra £400m for interest rate swaps
The extra £1 billion set aside by Barclays for mis-selling of products comprises £600 million for PPI compensation and £400 million for interest rate swaps for small businesses.
Read ITV News Business Editor Laura Kuenssberg's blog on interest rate swaps.
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Barclays increase PPI compensation funds
Barclays is to increase provisions to provide compensation for the mis-selling of payment protection insurance and interest rate swap products sold to small and medium-sized businesses by another £1 billion.
FSA considers banks' time limit request for PPI claims
by Laura Kuenssberg - Business EditorThe Financial Services Authority has said they will consider the request from banks to place a time limit on Payment Protection Insurance (PPI) claims:
Our key priority is to ensure consumers are protected, so the FSA Board would need to be convinced that any proposals would be in the interests of consumers.
– FSAWe have had initial discussions and are prepared to consider the merits of this and other options.
A key consideration will be the potential to get compensation to more consumers, more quickly.
However, no changes to existing FSA, or future Financial Conduct Authority (FCA), rules would take place without a full public consultation.
They do not sound convinced!
PPI scandal costs 'Big Four' lenders over £10 billion
The Royal Bank of Scotland's announcement that mis-sold payment protection insurance (PPI) claims have cost the taxpayer-backed bank £1.7 billion has taken the total bill for Britain's "Big Four" lenders to more than £10 billion.
Yesterday, Lloyds Banking Group set aside another £1 billion to cover PPI claims, bringing the total to £5.3 billion, while Barclays announced an additional £700 million, giving it a total of £2 billion.
HSBC is forecast to post a more modest provision next week.
Hester: RBS working 'very hard to stand still'
Stephen Hester, RBS Group chief executive, said the Royal Bank of Scotland is "having to work very hard to stand still", adding, "We aspire to achieve much more".
Mr Hester said in the bank's interim management statement:
The extraordinary challenges which RBS faced following the financial crisis are being worked through successfully.
Beneath these headlines our people have been working hard at supporting our customers and rebuilding the capabilities of the core business, the future RBS that is emerging from our work.
In doing this we face the same strong economic and regulatory challenges as other banks and are having to work very hard to stand still in the face of these challenges.
We aspire to achieve much more; in short, to be running a really good RBS.