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News Tag: mis-sold

August 5, 2011

RBS H1 profits hit by Greek crisis and PPI costs

by Kay Mitchell
The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a loss. RBS lent money ...

August 2, 2011

Barclays profits fall, cuts jobs

by Kay Mitchell
Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with the bank’s performance, despite describing the economic environment as ...

April 20, 2011

UK banks in mass payout for mis-selling PPI

by Kay Mitchell
UK banks in mass payout for mis-selling PPI
UK banks are set to lose billions following a High Court ruling over Payment Protection Insurance (PPI). The controversial insurance has been a hot topic for sometime now and the Financial Services Authority introduced a review of the insurance after millions of policies were mis-sold and thousands of complaints were received. Under a PPI policy, an agreed sum of money is paid ...

December 16, 2010

Norwich & Peterborough confirms merger interest

by Kay Mitchell
Norwich & Peterborough Building Society (N&P) has today confirmed it has received an approach about a possible merger. The building society, which is Britain’s tenth largest, said it had received "a number of expressions of interest," as well as the possibility for the injection of fresh capital. In a statement, the firm said: "Like other responsible organisations, the board continually keeps under ...

March 10, 2010

FSA delays PPI reforms

by Kay Mitchell
The Financial Services Authority (FSA), has announced a delay on its plans to reform the Payment Protection Insurance (PPI) market. The City Watchdog said its consultation will be delayed by six weeks due to a heavy amount of criticism from the financial industry. Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of ...

March 25, 2009

Mortgage mis-selling case could impact on repossession

by Gill Montia
Mortgage mis-selling case could impact on repossession
The Guardian has reported on a case in which the Financial Ombudsman Service (FOS) has ruled that a previous homeowner, whose property has been repossessed by their lender, was mis-sold their mortgage in the first place. According to the newspaper, the ruling could set a precedent that would prevent repossession where it can be shown that a mortgage has been mis-sold. The ...

August 13, 2008

87% of Brits mis-sold endowment policies

by Kay Mitchell
87% of Brits mis-sold endowment policies
Research from Fairinvestment.co.uk has established that 87% of British homeowners believe they were sold an endowment policy under false pretences. During the 1980s and 1990s, endowment policies were a popular choice for homeowners and it is believed that over 10 million mortgage endowment policies were sold in the UK during the period. Endowments were primarily taken out as a savings vehicle ...

May 29, 2008

People still being mis-sold payment protection insurance

by Kay Mitchell
A report, which is due to be published next month, reveals that 2 million customers have been sold potentially worthless payment protection insurance (PPI). The policies cover monthly payments for goods, services or loans during illness and redundancy. Over the last 5 years, 6 million have signed up for the deals but the Office of Fair Trading, the Competition Commission and ...