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. People seeking compensation over mis-sold payment protection insurance (PPI) will have to make their claims before 29 August 2019. ... [Read full article on BBC ]
Thursday 2nd of March 2017 07:21:58 AM
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. Lloyds Banking Group has set aside a further £350m to cover claims for mis-sold payment protection insurance (PPI). ... [Read full article on BBC ]
Friday 10th of March 2017 02:05:39 PM
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. 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. ... [Read full article on Guardian ]
Thursday 2nd of March 2017 05:36:47 PM
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....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. ... [Read full article on Guardian ]
Thursday 9th of March 2017 11:25:19 AM
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Latest Finance News related to Payment Protection Insurance

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. ...
Cost-cutting pays off for resurgent Lloyds image
Source : Daily Express [Read Article] Thursday 28th of April 2016 10:30:00 PM
....” . Lloyds took a £115million charge to cover “retail conduct matters”, but there was no further provision against claims for payment protection insurance misselling, for which it has so far set aside £16billion. ...
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. ...
Shire and Weir bosses feel sting of investor ire as pay revolts widen image
Source : Guardian [Read Article] Thursday 28th of April 2016 01:38:02 PM
....”. As the Barclays AGM drew to a close, the Competition and Markets Authority revealed the bank had 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. ...
Lloyds Banking Group reveals surge in buy-to-let lending image
Source : Guardian [Read Article] Thursday 28th of April 2016 08:58:38 AM
.... The bad debt charge was down 6% to £149m. However, there was no new provision for payment protection insurance selling, a scandal which has so far cost the banking industry more than £30bn, and £16bn at Lloyds. ...
Barclays confirms interest in Africa arm as profits slump by 25% image
Source : Guardian [Read Article] Wednesday 27th of April 2016 07:30:03 AM
....He has said it could take up to two years to dispose of the African stake but the possibility of a faster than expected disposal sparked questions from analysts about whether the dividend cut could be rethought. A year ago the bank’s profits were knocked by £1bn of charges in anticipation of fines for rigging foreign exchange markets and more payouts for payment protection insurance. ...
UK's big four banks face £19bn in compensation, fines and legal costs image
Source : Guardian [Read Article] Tuesday 26th of April 2016 04:18:29 PM
....Over the five years to 2015, Barclays, HSBC and the bailed-out Lloyds Banking Group and Royal Bank of Scotland have together incurred costs of £55. 8bn to cover so-called conduct and litigation issues, after being penalised for rigging Libor and foreign exchange markets, and having to compensate customers for misselling payment protection insurance. ...
Fines rocket to £2m for nuisance calls companies image
Source : Guardian [Read Article] Monday 25th of April 2016 06:31:24 PM
.... The companies fined so far have been responsible for 55m nuisance calls, more than 1m text messages and hundreds of thousands of emails. The fines range from a £5,000 penalty issued to David Lammy, the Labour MP, who made recorded calls as part of an election campaign, to a record £350,000 fine for a company that made 40m illegal calls trying to sell payment protection insurance. ...
Consumer watchdog warns against 2018 deadline for PPI claims image
Source : Guardian [Read Article] Tuesday 12th of April 2016 11:01:39 PM
. The City regulator’s plan to set a 2018 deadline for payment protection insurance claims is “ill-judged” and would set a dangerous precedent, according to consumer body Which?. ...
Co-op bank stake written down by group image
Source : Guardian [Read Article] Monday 11th of April 2016 10:28:57 AM
....The Co-op Group’s annual report published last week showed that the value of the stake had been cut by 17% during the year. “The reduction in the investment value reflects the market conditions that have impacted the banking sector, pushing down share prices, in particular, the longer than expected low interest rate environment and increased payment protection insurance (PPI) provisions,” the annual report stated. ...
Misconduct 'has cost UK's banks £53bn over 15 years' image
Source : Guardian [Read Article] Monday 11th of April 2016 10:07:13 AM
....Persistent misconduct and an aggressive sales culture has cost the UK’s banks and building societies £53bn in fines, compensation and legal fees over the past 15 years. According to research published on Monday the cost of the payment protection insurance (PPI) misselling scandal has reached £37. ...
Shared parental leave is suffering teething problems image
Source : Guardian [Read Article] Monday 4th of April 2016 11:01:19 PM
.... The Equal Pay Act was passed more than four decades ago and the latest official figures still put the gender pay gap at more than 9%. Mis-sold payment protection insurance policies have turned out to be a lucrative form of savings account. ...
Losses of Co-operative bank more than double to £610m image
Source : Daily Express [Read Article] Saturday 2nd of April 2016 12:01:00 AM
....7million including extra provisions of £71. 8million for payment protection insurance mis-selling. ...
Co-op Bank chairman defends Niall Booker's £4m pay after loss image
Source : Guardian [Read Article] Friday 1st of April 2016 10:26:41 AM
....The chairman of the Co-operative Bank has defended his chief executive’s pay package after Niall Booker was handed almost £4m for a year in which losses more than doubled to £611m. The bank’s pre-tax loss for 2015 widened from £264m a year earlier as it suffered £121m in losses on unwanted assets and costs for compensating customers mis-sold payment protection insurance (PPI) and consumer loans rose by more than £100m. ...
Losses more than double at Co-op Bank image
Source : BBC [Read Article] Friday 1st of April 2016 06:57:12 AM
....Co-operative Bank's annual pre-tax losses have more than doubled to £610m, up from £264m in 2014. Conduct and legal risk charges increased to £193m, because of higher provisions for the mis-selling of payment protection insurance. ...
Banks 'must do more to serve customers' image
Source : BBC [Read Article] Friday 11th of March 2016 09:59:28 PM
....It pointed to the success of such a project in the Netherlands. The panel argued that the legal duty would result in less need for intervention from regulators, prevent further mis-selling such as that seen in the payment protection insurance (PPI) scandal, and speed up the culture of change in banks. ...
Source : Reuters [Read Article] Thursday 3rd of March 2016 07:46:11 AM
....Britain's public spending watchdog, the National Audit Office (NAO), said this month the FCA could not be confident that its approach to tackling mis-selling was effective or represented value for money. The NAO said banks have paid over 22 billion pounds ($31 billion) in compensation for mis-sold payment protection insurance or PPI. ...
Barclays profits tumble slashing dividends in HALF for investors image
Source : Daily Express [Read Article] Tuesday 1st of March 2016 11:11:00 AM
....4billion in 2015, as it took another £1. 45bn hit for payment protection insurance (PPI) mis-selling. ...
Barclays shares fall 7% on results image
Source : BBC [Read Article] Tuesday 1st of March 2016 07:36:01 AM
RBS pays chief executive Ross McEwan £3.8m as it reports £2bn loss image
Source : Guardian [Read Article] Friday 26th of February 2016 07:34:49 AM
....The bank’s full-year results for 2015 follow its admission last month that it was on track to report its eighth consecutive year of losses because of a £2. 5bn hit to profits for a string of problems, including having to pay compensation for payment protection insurance mis-selling. ...
RBS shares slide as losses continue image
Source : BBC [Read Article] Friday 26th of February 2016 07:30:36 AM
....Some in the City are now whispering - perhaps RBS would be worth more to us all if it were broken up and sold bit by bit. Among the conduct and litigation issues RBS has put aside £600m to pay claims for the mis-selling of payment protection insurance in the UK. ...
PPI payouts knock down Lloyds profits but boost British shoppers image
Source : Guardian [Read Article] Thursday 25th of February 2016 06:48:17 PM
....It is difficult to remember a year when the British consumer was forced to cope without the proceeds from a mis-selling scandal. The payment protection insurance (PPI) scandal has proved to be the most lucrative, punishing banks with fines of £22. ...

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