Fresh complaints about the mis-selling of payment protection insurance (PPI) continue to dominate the workload of the Financial Ombudsman Service.
The ombudsman received an extra 43,000 PPI complaints between July and September 2016 after banks rejected their customers’ claims for compensation.
More than half of the PPI complaints during the quarter – 57% – continued to be upheld in favour of the customers. Further proof of continued failings to investigate consumers complaints fairly. Call today to begin your FREE* check.
Barclays Bank have announced that they have added a further £600m to pay compensation for mis-sold Payment Protection Insurance. This takes the total set aside by Barclays Bank for PPI mis-selling complaints to £8.5bn. Call today to being you FREE* check.
Lloyds Bank have added an additional £1bn to the total PPI mis-selling provision. This now takes their total set aside to £17bn meaning the overall total set aside by UK banks & lenders for PPI complaints is in excess of £35bn. Meaning the PPI scandal is far from over! Call today to begin your FREE check*
Tax payer backed bank The Royal Bank of Scotland have announced an additional £450m has been added to their total mis-sold PPI provision.
Barclays Bank Plc have announced an additional £450m is to be added to their total provision for mis-sold PPI complaints.
The Financial Conduct Authority (FCA) revealed recently that there could be a deadline put on PPI claims, in order to draw a line under the mis-selling issue. Customers could be forced to make their claims by early 2018, following the news that the financial industry has called on the FCA to put a time limit on the claims. It is argued that this time limit will help rebuild public trust.
The parent company of a group of loan brokers has been fined £2.36m for the way it dealt with complaints about payment protection insurance (PPI). The Financial Conduct Authority, the City watchdog, said that CT Capital’s failures meant some people missed out on PPI compensation. CT Capital was the parent company of a group of lenders and loan brokers, together known as the CT Group. From January 2005 to October 2008, the CT Group sold 31,591 PPI policies, receiving a net figure of about £63m in commission as a result. CT Capital was responsible for handling PPI complaints on behalf of the CT Group. The FCA said that between May 2011 and November 2013, during which time it handled 6,669 PPI complaints, CT Capital failed to deal with claims appropriately, which resulted in customers missing out on redress payments to which they were entitled.
The FCA is set to back calls from the banks for a two-year deadline on bringing claims for mis-sold payment protection insurance despite warnings from its own staff. The Times reports internal FCA documents which suggest a shift in thinking at the regulator which supports the introduction of a cut-off date for PPI complaints. In October, the FCA argued the current open-ended approach to complaints means consumers who intended to complain have not yet got around to doing so.
Are you ready for the latest equivalent of the PPI claim? The latest mis-selling scandal is the mis-selling of PCP car finance deals, according to the National Association of Commercial Finance Brokers (NACFB). They have said that lawyers have started to look at dealers and finance firms, to see if customers have been sufficiently informed about the higher interest rates for PCPs, and the like. With around a million cars being sold on PCP deals last year alone, if there’s any deception found, this could be huge for the car industry, and indeed, very profitable for claims companies. If it is found that drivers have been poorly informed, or even deliberately mislead about PCP deals, there could be a lot of compensation flying around in the coming months.
Total Payment Protection Insurance provision set aside by UK banks and lenders reaches £29.5bn and shows no signs of slowing.