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Latest Finance News related to PPI

Norfolk emerges as dating fraud hotspot in regional scam standings image
Source : Guardian [Read Article] Thursday 15th of June 2017 11:01:53 PM
....4. Dyfed-Powys was also a hotspot for reported fake services fraud, the organisation found, involving people who had been conned into paying an upfront fee for services that did not exist, such as falsely offering to make a PPI claim. ...
Britons are sitting on too much debt without a financial safety net image
Source : Daily Express [Read Article] Sunday 28th of May 2017 12:01:00 AM
....A type of cover known as income protection pays an earnings replacement, which continues for as long as you are ill, or until your retirement, if you do not recover. Do not confuse it with payment protection insurance (PPI), an inferior cover that was mis-sold by the banks. ...
Lloyds should give the backslapping a rest after sale of government stake | Nils Pratley image
.... It would be churlish not to acknowledge that Lloyds was indeed in a mess and in danger of a relapse before Horta-Osório arrived in 2011. Then he faced the stiff challenge of getting through the tide of compensation claims for his predecessors’ PPI sins. ...
Lloyds claims taxpayers have made £900m profit from bailout image
Source : Guardian [Read Article] Wednesday 17th of May 2017 07:37:15 AM
....While the takeover of HBOS is often blamed for the enlarged bank’s problems, Lloyds’ finance director, George Culmer, said the mis-selling of payment protection insurance was also a major issue that required action “right across the bank”. Finalising the bill for that PPI scandal – which has already topped £17bn – and paying compensation to victims of the HBOS Reading scandal are among the issues facing Lloyds. ...
Share sale returns Lloyds to private sector image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:54:38 PM
.... About 57,000 jobs have been cut at Lloyds as it returned to profitability. The EU also forced the bank to sell 600 branches due to competition rules and £17bn was set aside to fund PPI misselling - the biggest bill for any of the banks caught up in the scandal. ...
Final taxpayer shares in Lloyds Banking Group to be sold off image
Source : Guardian [Read Article] Sunday 14th of May 2017 02:28:48 PM
.... Lloyds still has a 25% share of current accounts, 22% of retail deposits and 21% of the mortgage market, largely through Halifax. The recovery of Lloyds has also been held back by a bill of more than £17bn to compensate customers missold payment protection insurance (PPI) – about half the industry’s total. ...
Keurboom Communications fined record £400,000 over nuisance calls image
Source : Guardian [Read Article] Thursday 11th of May 2017 07:42:52 AM
....The ICO was unable to fine the company’s director, Gregory Rudd, but the government is set to introduce a law allowing the watchdog to fine the bosses of nuisance call firms. The calls from Keurboom related to schemes including road traffic accident claims and PPI compensation. ...
Nuisance call firm Keurboom hit with record fine image
Source : BBC [Read Article] Wednesday 10th of May 2017 11:41:22 PM
....A cold-calling firm has been fined a record £400,000 by the Information Commissioner's Office (ICO) for making almost 100 million nuisance calls. Keurboom Communications called people, sometimes at night, to see if they were eligible for road-accident or PPI compensation, the ICO said. ...
Taylor Wimpey apologises in leasehold dispute image
Source : BBC [Read Article] Thursday 27th of April 2017 10:45:30 AM
.... . MPs have described the situation as a "national scandal" and the "PPI of the house building industry". ...
Lloyds Bank's profits rise despite 'challenging' times image
Source : BBC [Read Article] Thursday 27th of April 2017 06:33:36 AM
....Mr Augar told the BBC: "This time last year they had to disclose a horrible loss due to volatility in their own bond prices. "There's none of that this year, [but] they still had to make another provision for about half a billion pounds for sins of the past, PPI [payment protection insurance] and things like that. ...
Lloyds profits double to £1.3bn despite PPI and fraud payouts image
Source : Guardian [Read Article] Thursday 27th of April 2017 06:33:22 AM
.... The bank has set aside £100m for the fraud, for which six people were jailed in February after a jury was told how they spent the proceeds on superyachts and sex parties. The bank had previously warned it would take another £350m provision to cover the cost of PPI mis-selling, taking its total hit for this scandal to more than £17bn. ...
Brexit, PPI and high cost credit are top priorities for City watchdog image
Source : Guardian [Read Article] Tuesday 18th of April 2017 05:32:29 PM
.... “Firms will need to assess the impact that a changed relationship with Europe and any changes to the regulatory regime will have on their business models,” the FCA said. As well as supporting the government’s withdrawal from the EU, the FCA listed a number of other priorities for the coming year including alerting customers to the August 2019 deadline to lodge claims for payment protection insurance (PPI), protecting vulnerable customers, continuing to scrutinise high cost credit and looking at the way people save for pensions. ...
Financial Conduct Authority concerned over personal debt image
Source : BBC [Read Article] Tuesday 18th of April 2017 09:09:54 AM
....The FCA is launching its mission statement for this financial year. The 36-page document has considerable focus on personal finances - including plans to protect vulnerable customers, a study of long-term savings, and the completion of compensation for the mis-selling of payment protection insurance (PPI). ...
Lloyds Banking Group sets aside an extra £350m for PPI image
Source : BBC [Read Article] Friday 10th of March 2017 02:05:39 PM
. Lloyds Banking Group has set aside a further £350m to cover claims for mis-sold payment protection insurance (PPI). ...
Just one in five complaints about potential mis-sold PPI  made so far image
Source : Guardian [Read Article] Thursday 2nd of March 2017 05:36:47 PM
....The cut-off of 29 August 2019 provoked an outcry from consumer groups, but will be welcome news for UK banks, which have set aside more than £40bn to cover compensation payments and other costs relating to Britain’s biggest mis-selling scandal . The Financial Conduct Authority also revealed that it now estimates that 52m to 64m PPI policies were sold to around 30m consumers between 1990 and 2010. ...
PPI claims deadline is announced image
Source : BBC [Read Article] Thursday 2nd of March 2017 07:21:58 AM
Payday loans complaints rise 22% despite FCA clampdown image
Source : Guardian [Read Article] Tuesday 28th of February 2017 06:01:20 AM
....Payment protection insurance continues to be the most complained-about product, with just over 78,000 complaints – making up more than half of the total. However, the 3,000 or so PPI complaints the ombudsman service typically receives in a week is down from a high of 12,000. ...
PPI still dominates financial ombudsman's in-tray image
Source : BBC [Read Article] Tuesday 28th of February 2017 12:14:54 AM
. Unresolved complaints about the mis-selling of payment protection insurance (PPI) still dominate the in-tray of the Financial Ombudsman Service. ...
Fraud case and falling share price take shine off Lloyds’s farewell to taxpayer image
....6p average price paid for them, means Hammond can now sell off the remaining stake at prices below break-even. “If you turn the clock back two years, there was a period when the market thought that Lloyds did not have any more PPI [payment protection insurance compensation to make provision for] and that it [the bank] was going to grow. ...
Can credit unions finally provide a truly ethical current account? image
Source : Guardian [Read Article] Saturday 21st of January 2017 06:59:28 AM
. Billions of pounds of taxpayer cash pumped in, PPI mis-selling, investing in fossil fuels or dodgy regimes, money laundering, Libor rigging, tax avoidance, excessive executive pay… the list of scandals involving banks goes on and on. ...
New BT service could end nuisance phone calls image
Source : Guardian [Read Article] Monday 16th of January 2017 09:41:56 AM
....It uses live call data analysed by BT’s centre in Oswestry, Shropshire, to identify rogue numbers – typically those that make enormous numbers of calls – by adding them to a centrally held blacklist of numbers. BT said recent data showed that it could divert up to 15m calls a week from personal accident claims and PPI companies alone. ...
Lost billions image
Source : BBC [Read Article] Sunday 1st of January 2017 04:13:54 AM
....While the industry watchdog, the Financial Conduct Authority, holds data on the success of compensation schemes in reaching those entitled to payouts, it does not publish all of it. One of the biggest unknowns is the number of people affected by mis-sold payment protection insurance (PPI), and the amount they should receive. ...
Housebuilders must halt leasehold sale of new houses, says minister image
Source : Guardian [Read Article] Tuesday 20th of December 2016 05:16:06 PM
....Major housebuilders such as Taylor Wimpey and Persimmon may be forced to spend millions compensating home buyers locked into unfair leasehold contracts, following a warning by housing minister Gavin Barwell. Amid accusations in the House of Commons of “the PPI scandal of the property sector”, Barwell ordered developers to halt future sales of leasehold houses or face government action next year. ...
Lloyds snaps up MBNA for £1.9bn image
Source : Guardian [Read Article] Tuesday 20th of December 2016 08:10:43 AM
.... Lloyds had been battling against US private equity group Cerberus, HSBC and Santander UK for the operation. A firewall against claims for payment protection insurance (PPI) was thought to be crucial in securing the deal. ...
Lloyds Bank buys MBNA credit card firm for £1.9bn image
Source : BBC [Read Article] Tuesday 20th of December 2016 07:29:36 AM
....The deal is expected to be completed in the first half of 2017. The price paid by Lloyds assumes £240m to cover claims for mis-selling payment protection insurance (PPI). ...
Banks could face more PPI payouts as FCA delays deadline decision image
Source : Guardian [Read Article] Friday 9th of December 2016 10:44:26 AM
....Banks might have to pay out more in compensation to victims of the £40bn payment protection insurance scandal after the financial regulator delayed a decision on setting a deadline for complaints. The Financial Conduct Authority said in August it was considering a mid-2019 cutoff for PPI claims and would decide before the end of 2016. ...
State pension to rise by 2.5% in April 2017 image
Source : Guardian [Read Article] Tuesday 29th of November 2016 12:01:33 AM
.... Without changes to the state pension age, which will mean from 2028 it can only be claimed at age 67, the cost would have been another 0. 3% of GDP the PPI said. ...
Clydesdale Bank posts first annual profit in five years image
Source : BBC [Read Article] Tuesday 22nd of November 2016 01:22:14 PM
....25% in August - would put pressure on its interest margins, which would be only partially offset by the Bank of England's low-cost funding scheme for lenders. The bank reported it had not increased cash set aside for payment protection insurance (PPI) compensation, despite the recent move to put back the deadline for claims by a year. ...
HSBC calls for Theresa May to clarify status of EU nationals image
Source : Guardian [Read Article] Monday 7th of November 2016 12:01:55 PM
....6bn of pre-tax profits – compared with $19. 7bn a year ago – were lower because of the loss on the sale of its Brazilian operation and a $500m hit for compensation payments for customers in the UK, largely the result of payment protection insurance (PPI) mis-selling. ...
Royal Bank of Scotland sees more losses in third quarter image
Source : BBC [Read Article] Friday 28th of October 2016 06:38:50 AM
.... But that was flattered by proceeds from the sale of US bank Citizens. Unlike Lloyds and Barclays earlier this week, RBS has made no new provision for costs arising from mis-selling of Payment Protection Insurance (PPI). ...
Barclays shares lift FTSE 100 index image
Source : BBC [Read Article] Thursday 27th of October 2016 08:05:49 AM
....Shares in Barclays were the best performer on the FTSE 100 after the bank reported a rise in third-quarter profits, boosted by a strong performance in its investment banking business. It also set aside a further £600m to cover PPI mis-selling claims. ...
Barclays sets aside another £600m for PPI claims image
Source : BBC [Read Article] Thursday 27th of October 2016 07:34:52 AM
. Barclays has set aside an extra £600m to meet claims for mis-selling of payment protection insurance (PPI). ...
Emerging markets boost Banco Santander image
Source : BBC [Read Article] Wednesday 26th of October 2016 12:02:51 PM
...." . The additional £30m provision for PPI mis-selling in the third quarter means that in the first nine months of this year, Santander has set aside £397m for compensation and related costs. ...
Lloyds sets aside extra £1bn for PPI mis-selling image
Source : BBC [Read Article] Wednesday 26th of October 2016 08:45:11 AM
FTSE 100 lower as mining shares slide image
Source : BBC [Read Article] Wednesday 26th of October 2016 08:36:04 AM
....Lloyds shares recovered from early losses following its latest results. The bank reported a fall in third-quarter profits and said it had set aside a further £1bn to cover PPI mis-selling claims. ...
HEALTH insurance could be the PROTECTION we need the most image
Source : Daily Express [Read Article] Sunday 2nd of October 2016 02:28:00 PM
....”. Income protection should not be confused with the inferior payment protection insurance (PPI), which was heavily mis-sold by the banks in the UK’s biggest-ever financial services scandal. ...
Payday loan complaints more than triple but PPI still dominates customer grievances image
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REVEALED: Which banks are getting most complaints from YOU? image
Source : Daily Express [Read Article] Tuesday 6th of September 2016 04:16:00 PM
....There were a whopping 22,241 new cases lodged against the lender, and a further 22,090 made against the Bank of Scotland, which is part of the same group. Payment protection insurance (PPI) were the subject of the bulk of complaints with Lloyds receiving 16,626 and Bank of Scotland receiving 17,358. ...
Financial Ombudsman still receiving thousands of PPI complaints image
Source : Guardian [Read Article] Tuesday 6th of September 2016 11:56:28 AM
....The £37bn bill for payment protection insurance mis-selling by Britain’s banks is likely to escalate further after the Financial Ombudsman revealed that it continues to be inundated with complaints. In the first half of 2016, the number of PPI cases taken on by the Financial Ombudsman was 91,381, only slightly down on the 92,667 in the previous period. ...
Payday loan complaints more than triple image
Source : BBC [Read Article] Monday 5th of September 2016 11:10:14 PM
. Payday loan complaints have risen sharply but the list of gripes about financial products is still dominated by payment protection insurance (PPI). ...
Nuisance calls: Which? says company bosses should be liable image
Source : BBC [Read Article] Sunday 28th of August 2016 12:31:25 AM
.... . Last year, one claims management company in south Wales made 40 million nuisance calls about PPI claims, and had its licence suspended. ...
Co-operative Bank warns of Brexit impact image
Source : BBC [Read Article] Thursday 18th of August 2016 06:35:49 AM
....It has set aside another £33. 5m for payment protection insurance (PPI) compensation after the Financial Conduct Authority proposed a later-than-expected deadline for claims. ...
Fuel prices push up UK inflation rate to 0.6% image
Source : BBC [Read Article] Tuesday 16th of August 2016 08:37:00 AM
.... . "There is no obvious impact on today's consumer prices figures following the EU referendum result, though the Producer Prices Index (PPI) suggests the fall in the exchange rate is beginning to push up import price faced by manufacturers," said Mike Prestwood, head of prices at the ONS. ...
Survival guide to PPI  image
Source : Independent [Read Article] Sunday 7th of August 2016 07:32:00 PM
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New phone service aims to protect elderly from nuisance calls and scams image
Source : Guardian [Read Article] Saturday 6th of August 2016 06:01:25 AM
.... But any call from an unknown number is answered by the receptionist. Scammers are sent packing, PPI calls are banished and “Microsoft” engineers wanting access to your computer are barred. ...
RBS blames legacy issues for £2bn loss image
Source : BBC [Read Article] Friday 5th of August 2016 06:31:02 AM
.... . The legacy issues include mis-selling payment protection insurance (PPI) to customers and litigation related to a £12bn rights issue in 2008 during the financial crisis. ...
Growth in new UK car sales slows in July image
Source : Guardian [Read Article] Thursday 4th of August 2016 10:03:57 AM
....6m cars were sold last year. Mark Fulthorpe, a car market analyst with IHS Markit, said consumers had been spending much more than normal over recent years fuelled in part by one-off factors such as PPI insurance payouts. ...
PPI claims - all you need to know about the mis-selling scandal image
Source : Guardian [Read Article] Tuesday 2nd of August 2016 12:32:07 PM
. The City regulator, the Financial Conduct Authority, has announced a June 2019 deadline for customers to make claims for the mis-selling of payment protection insurance (PPI). ...
Mis-sold PPI: Claim before THIS date or you could miss out, says regulator  image
Source : Daily Express [Read Article] Tuesday 2nd of August 2016 11:24:00 AM
....A marketing campaign funded by banks is expected to be launched next year to raise awareness for the deadline to claim. FCA chief executive Andrew Bailey said: "Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity. ...
PPI claim deadline proposed for June 2019 image
Source : BBC [Read Article] Tuesday 2nd of August 2016 07:30:43 AM
. The Financial Conduct Authority (FCA) wants to set a June 2019 deadline for people to make claims over mis-sold payment protection insurance (PPI). ...

All PPI claims should be submitted by June 2019, says FCA
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Source : Telegraph [Read Article] Tuesday 2nd of August 2016 06:48:56 AM
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Barclays' profits slump as PPI returns to haunt bosses
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Source : Telegraph [Read Article] Friday 29th of July 2016 08:43:45 AM
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Barclays adds £400m to PPI payments as profits fall image
Source : BBC [Read Article] Friday 29th of July 2016 07:35:54 AM
. Profits at Barclays fell by 21% in the first half of the year as the bank set aside a further £400m to compensate customers mis-sold payment protection insurance (PPI). ...
Lloyds cuts a further 3,000 jobs and doubles branch closure plan image
....2bn. The profits rise was largely due to a sharp drop-off in payment protection insurance (PPI) compensation payouts, which dented previous profits. ...
Let people take state pension early or they'll risk missing it, says thinktank image
....”. John Adams, the PPI’s senior policy analyst and author of the briefing paper, said: “With increasing life expectancies in the UK, it is understandable that the government might wish to increase state pension age, but care should be taken to recognise the impact on people who may be unable to continue in work, for example, as a result of health issues or caring responsibilities. ...

Insurance scandal: Up to three million shoppers could get compensation over 'rip-off' warranties 
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....One in three consumers who have bought warranties on household items may have been mis-sold them and could be in line for compensation, according to City watchdogs. In a  scandal which has echoes of payment protection insurance (PPI) mis-selling, the Financial Conduct Authority (FCA) has found "serious and widespread" issues with insurance policies being sold to shoppers in stores and garages. ...

Munich shooting: How Friday's deadly attacked unfolded
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Source : Telegraph [Read Article] Friday 22nd of July 2016 09:00:00 PM
....In news that contradicts the Munich police:. BAVARIAN BROADCASTER BR SAYS SIX PEOPLE DEAD AND MANY INJURED IN MUNICH SHOOTING IN SHOPPING CENTRE, NO ADDITIONAL SITES. ...

Munich shooting: Gunman targeted children outside McDonald's restaurant in shopping centre rampage as terrorism strikes Germany 
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....In news that contradicts the Munich police:. BAVARIAN BROADCASTER BR SAYS SIX PEOPLE DEAD AND MANY INJURED IN MUNICH SHOOTING IN SHOPPING CENTRE, NO ADDITIONAL SITES. ...
Lloyds share sale could happen in Autumn, say experts image
Source : Daily Express [Read Article] Friday 3rd of June 2016 03:43:00 PM
.... Mr Mould said: “The bank must therefore build a reputation as a reliable dividend payer and that it is becoming on old-fashioned, low-risk, utility-style bank. “To do this, it needs to keep a lid on PPI and any other claims for misbehaviour, manage bad loans and impairments as best it can and hope the UK housing and mortgage markets remain healthy. ...
City news: Supermarkets, Chrysalis records, Halfords and CT Capital image
Source : Daily Express [Read Article] Thursday 2nd of June 2016 10:18:00 AM
....THE parent company of a group of lenders and loan brokers has been fined £2. 36million for “serious failings” in the way it handled payment protection insurance (PPI) complaints. ...
It’s H for hot air at Halfords image
Source : Guardian [Read Article] Sunday 29th of May 2016 08:00:01 AM
.... Earlier this month Jenkins appeared at a House of Commons event when he revisited his favoured theme of “turning values into value”. What rarely gets mentioned is that before Jenkins became a crusading chief executive of Barclays, he had been in the driving seat of the high-street part of that bank as it merrily sold payment protection insurance (PPI) to people who never needed it or could have claimed on it. ...
Credit complaints almost double as the Financial Ombudsman reveals list of trouble spots image
....  . However ones concerning payment protection insurance (PPI) still topped the overall list of financial problems plaguing the public. ...
Pension plan complaints jump 25 per cent as customers baffled by deals image
Source : Daily Express [Read Article] Thursday 26th of May 2016 03:09:00 PM
.... Consumer campaign group Which? said the huge amounts of complaints showed the system for redress has not worked. Alex Neill, director of policy and campaigns, said: “The huge number of PPI complaints still going to the ombudsman is yet more evidence that the systems the regulator and banks have put in place have not worked. ...
Payday loan complaints to financial ombudsman nearly triple in a year image
Source : Guardian [Read Article] Thursday 26th of May 2016 06:01:03 AM
....The number of consumers unhappy about fee-charging packaged current accounts has also soared, with complaints now running at more than 120 a day. In its annual review covering the 2015-16 financial year, the Financial Ombudsman Service said payment protection insurance (PPI) remained the most complained-about financial product. ...
Clydesdale Bank hit by £450m of new PPI charges image
Source : Guardian [Read Article] Tuesday 24th of May 2016 08:37:49 AM
. The cost of payment protection insurance (PPI) payouts continues to hang over Clydesdale Bank after it announced a £450m charge for the mis-selling scandal in its first results as a stock market-listed company. ...
PPI scandal: 'serious risks' of more mis-selling in financial services market image
....There are “serious risks” of further mis-selling scandals erupting in the financial services industry and stronger action is needed to tackle problems with the culture of firms, MPs have warned. Related: Consumer watchdog warns against 2018 deadline for PPI claims. ...
Osborne’s fairy godmother can’t make debts vanish forever image
Source : Guardian [Read Article] Sunday 8th of May 2016 08:00:02 AM
.... Osborne has also benefited from the £53bn extracted from the banks since 2010. This money is the punishment for the PPI rip-off scandal, the foreign exchange fixing scam, the Libor interest rate racket and the recklessness that meant banks needed to be punished for nearly going bust in 2008. ...
A tough gig for Sainsbury’s Coupe image
Source : Guardian [Read Article] Sunday 1st of May 2016 08:00:50 AM
....“In the past, banks were too aggressive, too self-serving and too focused on the short term, and these events have led to trust in the industry sinking to an all-time low,” the publicity material for the event bills him as saying – and it’s hard to quibble with any of that. Still, before Jenkins was a crusading chief executive of Barclays, he had been in the driving seat of the high-street part of that bank as it merrily sold payment protection insurance (PPI) to people who never needed it or could have claimed on it. ...
Barclays writes to PPI customers to apologise for failing to send statements image
....Barclays has written to 10,000 customers with payment protection insurance to apologise after it failed to send them annual statements telling them how much they were spending on their policies and outlining their rights to cancel them. In 2011, the Competition Commission ordered lenders to provide an annual account of their PPI following a two-year inquiry that found serious competition problems in the market. ...

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