Bombarded with texts? Frustrated by cold calls? You might, like many people have frankly had enough of claims management companies.
Martin Wheatley, of the Financial Services Authority, is to call time on the era where banks made pots of cash from commission.
Banks who ripped off millions of people selling worthless insurance policies must now make amends. ITV News Chris Choi reports.
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.
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.
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.
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.
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
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
MW: we are now starting a programme of work to reduce these risks, which the FCA will take forward #fairdealforconsumers
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.
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.