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.... The low deposits on PCP deals are a big attraction to people with only small savings. Some analysts have calculated that the average payout on a complaint about payment protection insurance is enough to provide a deposit and several monthly payments on a new car under most PCP deals. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 12:50:45 PM
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Latest Finance News related to Payment Protection Insurance

What you need to know about car loans image
Source : Guardian [Read Article] Tuesday 19th of September 2017 12:50:45 PM
.... The low deposits on PCP deals are a big attraction to people with only small savings. Some analysts have calculated that the average payout on a complaint about payment protection insurance is enough to provide a deposit and several monthly payments on a new car under most PCP deals. ...
Hasta la vista, PPI! Schwarzenegger fronts FCA's £42m campaign image
Source : Guardian [Read Article] Tuesday 29th of August 2017 04:25:34 PM
. The UK’s financial watchdog is to launch a £42m campaign featuring a model of the Terminator star, Arnold Schwarzenegger, to raise awareness of the deadline for making complaints about payment protection insurance. ...
How to reclaim mis-sold PPI for free image
Source : Guardian [Read Article] Friday 25th of August 2017 10:21:29 AM
Banks brace for rush of PPI claims as £42m TV ad campaign begins image
Source : Guardian [Read Article] Friday 25th of August 2017 10:21:14 AM
. Britain’s banks are bracing themselves for a new wave of compensation claims likely to be sparked by a £42m advertising campaign urging customers to complain about their payment protection insurance policies. ...
World's biggest banks face £264bn bill for poor conduct image
Source : Guardian [Read Article] Monday 14th of August 2017 05:28:32 PM
....That residential mortgage bond securitisation mis-selling scandal is responsible for £66bn of the costs incurred during the five-year period and the single largest factor, according to the foundation. The payment protection insurance scandal, which is the main reason Lloyds Banking Group is in the list, caused the banks to set aside £27bn during the period. ...
HSBC chief sounds alarm over financial regulation and Brexit image
Source : Guardian [Read Article] Monday 31st of July 2017 07:02:10 AM
.... The investigation by DoJ, which has already reached settlements with eight other banks, is nearing completion, it added. In the UK, HSBC’s results included a $300m hit for the payment protection insurance scandal. ...
AstraZeneca boss Pascal Soriot's 'pivotal' year is turning out horribly | Nils Pratley image
....The state is no longer a shareholder, but some things never change at Lloyds Banking Group. There’s always another provision for past mis-selling of payment protection insurance, or PPI. ...
Lloyds takes fresh £1bn hit from PPI compensation claims image
Source : Guardian [Read Article] Thursday 27th of July 2017 08:29:53 AM
....Lloyds Banking Group has taken a fresh £1. 6bn hit in the first six months of the year to cope with a new wave of claims from consumers missold payment protection insurance and to rectify treatment of mistreated mortgage customers. ...
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 claims taxpayers have made £900m profit from bailout image
Source : Guardian [Read Article] Wednesday 17th of May 2017 07:37:15 AM
.... Thanks to the hard work of everyone at Lloyds, we’ve turned the group around,” he said. 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”. ...
Lloyds reaches landmark as government sells final shares image
Source : Guardian [Read Article] Tuesday 16th of May 2017 04:45:44 PM
....6bn cost of borrowing the bailout funds, the bank’s chief executive, António Horta-Osório, told last week’s annual general meeting that the government would make at least £500m from its investment in Lloyds. The chief executive will now face questions about whether he intends to stay on at the bank, which he joined in 2011 and immediately started to tackle the payment protection insurance mis-selling scandal which has cost Lloyds more than £17bn. ...
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. ...
HSBC spends more on fighting financial crime as profits fall by 19% image
Source : Guardian [Read Article] Thursday 4th of May 2017 05:55:16 AM
....6bn, a $1bn share buyback and attempts to cut costs from a business that has operations in 70 countries and more than 235,000 staff. There was also a $210m provision to pay compensation for payment protection insurance, taking the total cost of the scandal for HSBC to $5. ...
Barclays chief admits he 'made a mistake' over whistleblowing case image
Source : Guardian [Read Article] Friday 28th of April 2017 08:27:59 AM
.... Barclays is fighting this penalty which has been put on hold while the SFO investigation continues. Morzaria said he hoped the provisions for payment protection insurance would be sufficient, despite an increase in complaints since March. ...
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
. Profits at Lloyds Banking Group more than doubled in the first three months of the year, despite another hit for payment protection insurance mis-selling and the cost of compensating customers for fraud in the HBOS Reading branch. ...
Santander chief warns on 'changeable' UK economy image
Source : BBC [Read Article] Wednesday 26th of April 2017 10:31:49 AM
Lloyds: Taxpayers get all their money back after rescue image
Source : BBC [Read Article] Friday 21st of April 2017 05:01:52 PM
.... . In February, Lloyds reported its highest annual profit in a decade, helped by a reduction in payment protection insurance provisions. ...
Lloyds bank bailout repaid in full, says Philip Hammond image
Source : Guardian [Read Article] Friday 21st of April 2017 05:00:20 PM
....Both banks will publish their results next week for the first three months of 2017. Lloyds has already admitted it will have to take a fresh £350m hit for the payment protection insurance mis-selling scandal – taking its total bill to more than £17bn. ...
Virgin Money chief: 'I have battled with mental health all my life' image
Source : Guardian [Read Article] Thursday 20th of April 2017 04:15:42 PM
.... But she quit in 2006, blaming the culture at the Edinburgh-based bank and returned to the core Virgin business. At RBS she claims she raised the alarm about accounting issues, the sale of payment protection insurance, and rejected attempts to package up mortgages in the style of securitisations which were later to be the undoing of Northern Rock, the bank that was nationalised in 2008. ...
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). ...
Co-op Bank warns of more branch closures as it reports £477m loss image
Source : Guardian [Read Article] Thursday 9th of March 2017 11:25:19 AM
....The losses this year were, in part, caused by the continued restructuring sparked by the deal with Britannia in 2009. There was another £36m provision for payment protection insurance mis-selling, an £82m hit for a mortgage outsourcing deal with Capita and a knock caused by the cut in interest rates by the Bank of England following the vote for Brexit. ...
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
. Britain’s financial watchdog has admitted that only one in five potential complaints about mis-sold payment protection insurance had been made so far, as it set a final deadline of August 2019 for filing claims. ...
PPI claims deadline is announced image
Source : BBC [Read Article] Thursday 2nd of March 2017 07:21:58 AM
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. ...
Co-op Bank faces struggle to find owner with ethics – and deep pockets image
Source : Guardian [Read Article] Saturday 18th of February 2017 04:00:05 PM
.... Coleman’s predecessor, Niall Booker, was criticised for his multimillion-pound pay deals; Coleman’s is yet to be disclosed. The bank has also been hit by a £660m bill to compensate customers for mis-selling payment protection insurance. ...
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. ...
Don’t throw your money on home emergency and key cover insurance – Patrick Collinson image
.... Key cover, rather than £10-£20, should be £1-£2 extra on your car insurance. The trouble with these insurances is that they smell a bit like payment protection insurance. ...
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. ...
Lloyds's MBNA deal: good for the bank, bad for competition | Nils Pratley image
Source : Guardian [Read Article] Wednesday 21st of December 2016 12:01:02 AM
....This cheerful interpretation is not to be sniffed at. Lloyds has taken £17bn in provisions for mis-sold payment protection insurance since 2011, sold most of its operations outside the UK, demerged TSB and cut costs. ...
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. ...
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. ...
Five minute guide to putting paid to the pension scammers image
Source : Daily Express [Read Article] Sunday 6th of November 2016 12:01:00 AM
....WRONG CALL . One in five of us receives a cold call every single day, insurer Axa says, mostly from claims management companies encouraging a claim for mis-sold payment protection insurance or for a whiplash injury. ...
Shunt these useless train ticket insurance policies into the sidings image
Source : Guardian [Read Article] Saturday 5th of November 2016 06:59:40 AM
.... And her experience when she tried to claim tells you everything you need to know about these policies. The most extraordinary aspect of the payment protection insurance saga was not just that it was scandalously overpriced (which it was), but that even after charging ludicrous amounts, and paying vast commissions to the banks, the insurers did their best to avoid making payouts. ...
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). ...
Lloyds sets aside extra £1bn for PPI mis-selling image
Source : BBC [Read Article] Wednesday 26th of October 2016 08:45:11 AM
Nuisance call bosses to face £500,000 fines image
Source : BBC [Read Article] Sunday 23rd of October 2016 01:17:31 AM
....Consumer group Which? said it was a "massive victory". Companies offering to help to reclaim mis-sold payment protection insurance or with accident claims are behind some of the most common nuisance calls. ...
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. ...
Setback for RBS in sale of 315 branches image
Source : BBC [Read Article] Tuesday 20th of September 2016 08:13:32 PM
....The sale also comes at a time when banks are reducing the size of their branch networks as more customers are banking online. Last month RBS reported a $2bn loss for the first six months of the year, which it blamed on past issues, including the mis-selling of payment protection insurance. ...
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. ...
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). ...
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. ...
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. ...
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). ...
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). ...
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. ...

Insurance scandal: Up to three million shoppers could get compensation over 'rip-off' warranties 
 image
....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. ...
Argos to pay store card customers £30million in compensation image
Source : Daily Express [Read Article] Friday 10th of June 2016 11:06:00 AM
.... . The group had put by £17million in full-year results to the end of February to cover charges, including the store card payment errors and redress for mis-selling of payment protection insurance. ...
Argos sales boom fuelled by top-end TVs and tablets image
Source : Guardian [Read Article] Thursday 9th of June 2016 09:21:04 AM
.... Walden said: “It is not a material matter for the business” but he recognised that “for each customer it matters”. In February, the company took a £17m charge to cover compensation payments to customers, mainly for payment protection insurance. ...
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. ...
M&S to turn off music in stores following customer feedback image
Source : Guardian [Read Article] Wednesday 1st of June 2016 09:53:28 AM
....5% to £488. 8m due to one-off costs of more than £200m, including about £50m from payment protection insurance mis-selling at M&S Bank. ...
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. ...
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. ...
Mortgage boom for Nationwide image
Source : Daily Express [Read Article] Wednesday 25th of May 2016 07:17:00 AM
....3billion as losses on bad loans fell by 71 per cent to £73million. Provisons, mainly relating to payment protection insurance mis-selling, were £127million. ...
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. ...
Co-op bank says bonus rules could mean higher salaries and costs image
Source : Guardian [Read Article] Friday 20th of May 2016 02:46:43 PM
....“To remain competitive and to enable the attraction and retention of employees, the bank will need to change its remuneration structure and this is likely to increase costs,” the Co-op bank said. The bank, bailed out in 2013 by the hedge funds that owned its bonds, said in April that a string of charges for conduct matters such as payment protection insurance and prolonged low interest rates would mean it would take a year longer than expected to reach the goals set by the Bank of England’s Prudential Regulation Authority. ...
PPI scandal: 'serious risks' of more mis-selling in financial services market image
....Related: Consumer watchdog warns against 2018 deadline for PPI claims. The public accounts committee (PAC) also said it was a “failure of the system of regulation and redress” that claims management firms have made up to £5bn from PPI (payment protection insurance) payouts – the equivalent of £1 in every £4 recuperated. ...
Leicester won the league but the bookies were far from beaten image
Source : Guardian [Read Article] Tuesday 3rd of May 2016 06:22:26 PM
....It is a modern banking rarity, at least for HSBC: a quarter without a single charge for what the industry euphemistically calls “legacy” issues. There was nothing for US litigation, market shenanigans or even that old favourite, payment protection insurance. ...
Leicester won the league but the bookies were far from beaten image
Source : Guardian [Read Article] Tuesday 3rd of May 2016 06:22:26 PM
....It is a modern banking rarity, at least for HSBC: a quarter without a single charge for what the industry euphemistically calls “legacy” issues. There was nothing for US litigation, market shenanigans or even that old favourite, payment protection insurance. ...
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. ...
How the car industry trumped banking for sociopathic corporate behaviour | Karel Williams image
. Since the financial crisis of 2008, we have had multiple scandals about banks and bankers behaving badly – from the misselling of payment protection insurance and interest-rate hedges, to the rigging of Libor and foreign exchange rates, and corporate collusion in money laundering. ...
How the car industry trumped banking for sociopathic corporate behaviour | Karel Williams image
. Since the financial crisis of 2008, we have had multiple scandals about banks and bankers behaving badly – from the misselling of payment protection insurance and interest-rate hedges, to the rigging of Libor and foreign exchange rates, and corporate collusion in money laundering. ...

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