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Archive for the ‘Payment Protection Insurance’ Category

PPI claims show first sign of decline

Barclaycard has revealed that they are experiencing a declining number of Payment Protection Insurance (PPI) claims. Whilst missold PPI claims continue to soar in many parts of the financial market, the credit card provider said that the number of new claims had fallen, and that a number of jobs would be shed as a result. Read the full article…

Credit card company sets aside PPI cash

It has been revealed that credit card company MBNA have set aside a hefty sum of £175m to cope with missold Payment Protection Insurance (PPI) claims. It is not only banks that have missold PPI over the past decade, but also credit companies too. With such a high profile company putting aside PPI liabilities, others Read the full article…

FSA and Lloyds clash over dividend request

It has been revealed that the head of Lloyds Banking Group, Antonio Horta-Osorio, has expressed interest in paying out a small dividend from the financial institutions profit. However, with the bank being 40 per cent state owned due to the 2008 government rescue deal, the Financial Services Authority (FSA) has said that the bank must Read the full article…

PPI claims important for family finances

Thousands of people across the UK have heard about Payment Protection Insurance (PPI) and the scandal that currently surrounds it. Over the past decade or so, missold PPI practices have been rife, resulting in many people being sold insurance that they cannot actually use. In 2011, a tribunal ruled that banks must repay people their Read the full article…

Complaints numbers dominated by PPI claims

It has been revealed that complaints numbers in Britain continue to be dominated by missold Payment Protection Insurance (PPI) claims. Statistics for complaints are published every six months, with it now shown that complaints are driving up figures. In 2012, the first half of the year saw 2.5m complaints against protection and general insurance, a Read the full article…

Co-operative reveals hard-sell bonus target ban

It is widely acknowledged by experts that a major contributor towards the missold Payment Protection Insurance (PPI) scandal was the hard-sell targets implemented by financial institutions upon their employees. To meet goals and earn commission, banking staff have had to sell many additional products to customers. Now, the Co-operative Bank has revealed that it has Read the full article…

Which? calls for more PPI funding

Consumer watchdog company Which? has said that banks must increase the Payment Protection Insurance (PPI) liability fund as the current £10bn could run out in months. With missold PPI complaints continuing to soar, money could soon dry up, leaving huge waiting periods for consumers to get hold of the compensation that they are entitled too. Read the full article…

Substantial growth in complaints against financial industry noted

It has been revealed in new Financial Services Authority (FSA) figures that the number of complaints that are being seen by the banking industry has grown by 59 per cent. A large proportion of these complaints directly related to missold Payment Protection Insurance (PPI), showing just how large the scandal has become. In the new Read the full article…

PPI predictions more than double

Missold Payment Protection Insurance (PPI) has become one of the largest financial scandals of all time, and it has now been shown that previous estimations for complaint numbers have already doubled in 2012. During the first half of the year, the Financial Ombudsman Service (FOS) received almost 100,000 missold PPI complaints, with warnings that customer Read the full article…

Eighteen-months left for commission based selling

The Financial Services Authority (FSA) has said that commission based selling must be banned, with managing director, Martin Wheatley, expressed that all misselling must stop with 18 months. The recent missold Payment Protection Insurance (PPI) scandal has cost billions in liability, not to mention the distress to consumers, and the FSA are now to crack Read the full article…