Watchdog slaps Lloyds with legal demands over PPI failures October 4, 2018 The UK’s competition watchdog has handed Lloyds legal directions after the lender failed to meet its obligations around managing accounts with payment protection insurance (PPI), the policy at the centre of a huge mis-selling scandal. The Competition and Markets Authority (CMA) has called on the lender to “put effective systems and procedures in place” after it [...]
Thousands could have PPI claims retried after FCA issues new guidelines November 7, 2018 UK banks could be forced to write to around 150,000 customers who may have been mis-sold payment protection insurance (PPI) as next year’s deadline to claim compensation looms. The Financial Conduct Authority said it is proposing the new rules so that customers who have complained unsuccessfully will know they have a second chance. Customers will [...]
Serious Fraud Office looking at Lloyds Bank and KPMG claims March 8, 2020 The Serious Fraud Office (SFO) is reportedly examining allegations that Lloyds Banking Group and KPMG drove a property group into administration by saddling it with fees. Fraud office investigators have been interviewing witnesses over claims the Angel Group was deliberately driven into liquidation, the Telegraph reported. According to the report, the SFO has not launched [...]
FTSE 100 staggers as Lloyds and Shell profits tumble October 31, 2019 The FTSE 100 dropped sharply this morning as Lloyds and Shell weighed down London’s blue-chip index, which headed for its biggest fall since 2 October. The index fell roughly one per cent to 7,254 points, with the DAX and the CAC both down 0.7 per cent. Shell’s share price fell nearly 3.8 per cent to [...]
PPI scandal turning ‘portions of Britain into fraudsters’, Barclays boss claims September 23, 2018 The PPI scandal has turned “portions of Britain” into fraudsters, Barclays chairman John McFarlane has claimed. McFarlane, said it was “inconceivable” that all the payment protection insurance mis-selling claims that had helped fuel a “flat-screen television” buying spree were genuine. He also accused the government of being complicit in the weakening of the banks by [...]
Arnold Schwarzenegger ad campaign drives PPI payments to £3.7bn in 10 months October 24, 2018 A total of £3.7bn has been paid out relating to wrongfully sold payment protection insurance (PPI) since the City watchdog launched a campaign featuring an animatronic Arnold Schwarzenegger head to increase consumer action. Since the campaign started at the beginning of this year, 4m checking enquiries were made with monthly volumes up 40 per cent on [...]
Lloyds faces fresh police probe over fraud claims March 1, 2020 Lloyds Bank is reportedly facing a fresh police investigation over allegations of fraud against small business. The Sunday Telegraph first reported that Avon and Somerset Police are investigating allegations made against the bank by property investor Kashif Shabir. Shabir lost his business after Lloyds foreclosed on his loans and appointed a receiver to sell his [...]
Shop Direct swings to a loss as rising costs and PPI claims hit profits September 19, 2018 Littlewoods owner Shop Direct has moved into the red in the last 12 months, as rising construction costs for new distribution centres and mounting PPI mis-selling claims mount up for the online retailer. Pre-tax losses hit £24.7m in the year leading up to the end of June 2018, compared with profits before tax of £24.9m [...]
Shop Direct swings to a loss as rising costs and PPI claims hit profits September 19, 2018 Littlewoods owner Shop Direct has moved into the red in the last 12 months, as rising construction costs for new distribution centres and mounting PPI mis-selling claims mount up for the online retailer. Pre-tax losses hit £24.7m in the year leading up to the end of June 2018, compared with profits before tax of £24.9m [...]
Co-op owners sound out potential buyers December 18, 2019 The hedge fund owners of the Co-op Bank are reportedly on the hunt for potential buyers. Two-and-a-half years after the lender was rescued from collapse, the US investors which took control of the Co-op have started holding talks with possible bidders, according to Sky News. The broadcaster cited sources as saying that several British retail [...]