Tag: payment protection insurance

Customer complaints down at Barclays

Customer complaints down at Barclays

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 [...]

August 25, 2011 | 0 Comments More
RBS H1 profits hit by Greek crisis and PPI costs

RBS H1 profits hit by Greek crisis and PPI costs

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 [...]

August 5, 2011 | 0 Comments More
Lloyds Banking Group profits lower on PPI costs

Lloyds Banking Group profits lower on PPI costs

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 [...]

August 4, 2011 | 0 Comments More
Barclays profits fall, cuts jobs

Barclays profits fall, cuts jobs

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 [...]

August 2, 2011 | 0 Comments More
Santander H1 profits lower on PPI costs

Santander H1 profits lower on PPI costs

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 [...]

July 27, 2011 | 0 Comments More
Barclays will pay compensation over PPI claims

Barclays will pay compensation over PPI claims

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 [...]

June 13, 2011 | 0 Comments More
Banks abandon PPI legal battle

Banks abandon PPI legal battle

May 9, 2011 | 0 Comments More
UK banks in mass payout for mis-selling PPI

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, [...]

April 20, 2011 | 2 Comments More
Financial complaints rise in second half

Financial complaints rise in second half

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 [...]

February 28, 2011 | 0 Comments More
Lloyds sees rise in complaints

Lloyds sees rise in complaints

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 [...]

February 24, 2011 | 0 Comments More
Lloyds confirms it will cease selling PPI

Lloyds confirms it will cease selling PPI

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 & [...]

July 27, 2010 | 0 Comments More
FOS sees rise in PPI complaints

FOS sees rise in PPI complaints

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, [...]

May 19, 2010 | 0 Comments More
Competition Commission step nearer to banning PPI

Competition Commission step nearer to banning PPI

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 [...]

May 16, 2010 | 0 Comments More
FSA delays PPI reforms

FSA delays PPI reforms

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 [...]

March 10, 2010 | 0 Comments More
Banks to stop selling single premium PPI

Banks to stop selling single premium PPI

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 [...]

January 20, 2009 | 1 Comment More
Financial ruin for one third of unemployed

Financial ruin for one third of unemployed

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 [...]

December 18, 2008 | 0 Comments More
Record fine for A&L for mis-selling PPI

Record fine for A&L for mis-selling PPI

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 [...]

October 7, 2008 | 0 Comments More