The UK’s biggest banks are bracing themselves for another £2bn on their PPI bill October 18, 2016 Britain's largest banks are set to add billions to their collective bill for payment protection insurance (PPI) mis-selling in the next two weeks. According to Sky News, executives at Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays are in the process of finalising top-up provisions, amounting to around £2bn in total – due to be [...]
From law changes to Lloyds: How the PPI scandal has developed over time October 26, 2016 Lloyds Banking Group today revealed it had put an additional £1bn aside to cover payment protection insurance (PPI) claims it predicted would come its way over the next few years. Here's how we got to today's announcement: 2005: There had been various murmurs from the media that all was not right in the world of PPI selling [...]
Barclays profits boosted for third quarter but PPI rears its ugly head again October 27, 2016 Barclays has today revealed its profits soared during the third quarter of its year, but its year to date is lagging behind 2015. The figures The banking giant announced statutory pre-tax profits of £837m for the three months to September, up 35 per cent from the £619m it revealed for the same period last year. [...]
Revealed: The seven best-value stocks to watch in 2018, according to Canaccord Genuity January 9, 2018 Despite a rocky 2017 which saw a number of lawsuits come to a head, Lloyds Banking Group has been named one of the most promising stocks to watch this year by Canaccord Genuity Wealth Management. Based on the value of the stocks at the moment and their potential to generate strong returns over the next [...]
Lloyds Banking Group shares recover as profits slide and it puts £1bn aside for PPI claims October 26, 2016 Lloyds shares recovered from a drop this morning, after the bank revealed profits tumbled during its third quarter – and it set more money aside to cover payment protection insurance (PPI) claims. The figures Statutory pre-tax profits dropped to £811m for the three months to September, down 15 per cent from £958m the year before. Net interest income also [...]
Banks’ share prices dip after FCA announces PPI deadline August 2, 2016 UK bank stocks dipped in early trading today, after the City watchdog announced that it was pushing back its deadline for payment protection insurance (PPI) complaints. The Financial Conduct Authority (FCA) said it plans to set a cut-off point for PPI claims that will fall by the end of June 2019 at the latest. Previously, banks had been [...]
Financial watchdog to set deadline for PPI complaints before the end of June 2019 August 2, 2016 The financial regulator today said it was moving forward with proposals for a payment protection insurance (PPI) complaints deadline, as it looks to draw a line under the costliest financial scandal ever to hit the UK's banks. The Financial Conduct Authority (FCA) last year proposed a deadline of spring 2018, however today the watchdog said a deadline [...]
Big four UK banks on the mend after racking up £66bn of charges in six years, says S&P Global report June 8, 2017 The UK’s big four banking groups have racked up £66bn of conduct and litigation charges in the last six years, a new report out today has estimated. But analysts at S&P Global Ratings expect 2016 will “prove to be the last year in which charges remain at the outsized levels we have seen recently”. The [...]
CYBG: PPI pushes on for the UK’s latest challenger bank May 24, 2016 Clydesdale Yorkshire Bank, one of the UK's latest challengers after it was spun-off by National Australia Bank earlier this year, said net interest margin rose in the six months to the end of March – but it reiterated that PPI is still taking its toll. Read more: Public hungry for challenger banks, research finds The figures [...]