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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RBS unveils pre-tax loss of £1.26 billion
The Royal Bank of Scotland (RBS) unveiled a pre-tax loss of £1.26 billion in the third quarter, compared to a £2 billion profit during the same period last year.
RBS said it also had a third quarter net loss of £1.38 billion.
PPI scandal costs Royal Bank of Scotland £1.7 billion
The Royal Bank of Scotland (RBS) has revealed an additional £400 million charge to cover the cost of mis-sold payment protection insurance (PPI) claims, bringing the total bill to £1.7 billion.
RBS also said the cost of its recent IT glitch had risen by £50 million to £175 million.
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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.
Read the full storyFSA vows to get 'a fair deal for customers'
Today Martin Wheatley, of the Financial Services Authority, is vowing to get a fair deal for banking customers by eliminating incentive schemes, which the FSA believes can lead to mis-selling.
MW: our report found most incentive schemes are likely to drive people to mis-sell in order to receive a bonus #fairdealforconsumers
From @FSAconsumerinfo on Twitter:MW: one of the worst examples saw a system where the first 21 staff to reach a sales target earned a £10,000 bonus #fairdealforconsumers
From @FSAconsumerinfo on Twitter:MW: we are now starting a programme of work to reduce these risks, which the FCA will take forward #fairdealforconsumers
From @FSAconsumerinfo on Twitter: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.
Read the full storyLloyds reveals lower-than-expected profits
Taxpayer-backed Lloyds Banking Group has revealed lower-than-expected profits after it took an additional £375 million hit to cover payment protection insurance (PPI) claims.
The 40 per cent state-owned bank has now set aside nearly £3.8 billion to deal with PPI compensation after a recent increase in the volume of claims.
Lloyds, which warned that the final cost of the PPI mis-selling scandal may change, revealed pre-tax profits of £288 million for the three months to March 31, compared with £316 million in the previous quarter and City expectations of £500 million.
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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.
Read the full storyLetters to PPI victims must be 'jargon free'
Millions of letters to be sent today to victims of mis-sold payment protection insurance (PPI) must be written in jargon-free English. The Financial Standards Authority (FSA) ruled that the language used in letters to victims must be plain and jargon free.
Because response rates to these kind of letters have been historically low, Martin Wheatley, FSA managing director, has urged recipients to read them carefully:
If you receive a letter, it's important to consider your PPI purchase carefully and if you feel you have been a victim of poor practice - please do respond to the firm.
Insurance compensation plans to be revealed
Millions of people who have been mis-sold payment protection insurance (PPI) will find out today whether they are entitled to compensation. Companies that sold the insurance will send between four and 12 million letters to victims, advising them about possible compensation.