Barclays has improved its customer service, with new complaints down 9% in the first half of 2011, compared with the previous six-month period, to 251,563. However, in the general insurance and protection category, volumes increased 25% to 73,692 with payment protection insurance (PPI) complaints leading the surge. The bank expects PPI volumes to be even [...]
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 [...]
Banking giant Lloyds Banking Group has today said its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold [...]
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 [...]
Spanish banking giant Santander has today revealed its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and [...]
Banking giant Barclays has today announced it will pay compensation to customers who were mis-sold payment protection insurance (PPI). The bank said it will reimburse those who made a complaint before 20 April the total value of all premiums plus 8% interest. It highlighted that it was the first bank to pay out PPI compensation [...]
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, [...]
The Financial Ombudsman Service (FOS) has today said complaints rose in the second half 2010. According to the FOS, it received 97,237 new complaints between 1 July and 31 December – a rise of 15% compared with the first half of 2010. This list only covers those complaints which required mediation. Lloyds Banking Group, which [...]
Lloyds Banking Group, which is 43% owned by the taxpayer, has revealed a rise in customer complaints in the second half of 2010. The banking giant, which runs the Halifax and Bank of Scotland, received 329,761 complaints in the six month period - a 14% rise compared with the same period a year earlier. According [...]
Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & [...]
The Financial Ombudsman Service (FOS) said it dealt with a total of 925,095 queries from consumers in the last financial year - a 46% increase on the previous financial year. However, it said it resolved a record number of disputes (166,321) and in 50% of these cases, consumers were awarded compensation. It did highlight, though, [...]
The Competition Commission is pressing ahead with its proposal to ban the sale of the controversial payment protection insurance (PPI). Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of the payment due on your mortgage or loan if you are unable to [...]
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 [...]
Several High Street banks are to cease selling single premium payment protection insurance (PPI) with their unsecured personal loans. Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest will be opting out of the controversial market for single premium PPI by the end of this month. The Financial Services Authority (FSA) has welcomed [...]
Almost one in three people in the UK would end up in financial disaster within two months if they faced unemployment. In a new survey by MoneyExpert.com, 30% of respondents admitted that losing their job would leave them unable to make repayments on their mortgage and other debts within two months. Half of these people [...]
The Financial Services Authority (FSA) has given Alliance & Leicester (A&L) a record fine of £7 million for mis-selling payment protection insurance (PPI). The FSA found that the bank had trained its staff to put pressure on customers who questioned the inclusion of optional PPI in a loan. During the period January 2005 to December [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
US exports surge, Obama unveils jobs plan
The Commerce Department has revealed US exports hit an all-time high in July, while imports fell. According to official figures, exports surged 3.8% to $178 billion (£111 billion) after two months of declines. The rise in exports was attributed to strong overseas sales of manufactured goods, particularly to countries in Central and South America. Meanwhile, [...]
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