Underlying profit up but Lloyds sees a loss after extra £750m for PPI October 29, 2013 Lloyds Banking Group has announced that its underlying profit increased by 136 per cent to £4,426m in the first nine months of 2013. But a £750m additional legacy payment for PPI sees the lender report a £440m profit before tax loss in the three months to 30 September (versus a £151m loss for the same [...]
A dozen mid-sized lenders failing on PPI redress claims September 25, 2013 MID-SIZED finance firms are making mistakes most of the time when they reject PPI compensation claims, according to a watchdog review published yesterday. One firm’s processes are so bad the City regulator has referred it to its enforcement division, which could see it punished. The Financial Conduct Authority reviewed 18 medium-sized firms like banks and [...]
Banks blasted by watchdog on PPI claim failure September 10, 2013 BRITAIN’S biggest banks face more fines and punishments for failing to deal with payment protection insurance (PPI) claims effectively, Financial Conduct Authority head Martin Wheatley told MPs yesterday. For some banks up to 97 per cent of claims they rejected were later found to be valid by the ombudsman. “It is outrageous this is still [...]
Complaints against financial services companies drop by 15 per cent April 9, 2014 The Financial Conduct Authority has announced that 2,479,029 complaints were opened against financial service firms between July and December 2013. That's down 15 per cent from the 2,911,154 complaints reported in the previous six month period. PPI claims saw the greatest number of claims, with 1,390,756 opened during the period. That number is down 22 [...]
Barclays still most complained about bank, yet gripes decrease April 9, 2014 BARCLAYS Bank saw the highest number of complaints to the Financial Conduct Authority between July and December 2013, figures showed yesterday. Overall, the bank notched up 309,494 complaints – which was down 17 per cent compared to last year, followed by Lloyds Bank with 256,656, which was a decline of one per cent. The FCA [...]
What the other papers say this morning – 20 May 2014 May 19, 2014 FINANCIAL TIMES EU banks face debt sale clampdown European regulators are seeking to clamp down on the sale of debt by banks to their own retail customers, amid fears savers do not realise the risks posed by such assets. The European Banking Authority is concerned about the sale of bank debt that could be bailed [...]
PPI drives bank complaints to a new record high September 3, 2013 PAYMENT protection insurance (PPI) complaints have jumped to a new record high, the Financial Ombudsman Service said yesterday. However, the tide has showed some signs of slowing, with banks like Barclays recording a fall in the number of referrals to the official agency. Total financial complaints jumped to 327,035 in the six months from January [...]
Co-op Bank PPI bill set to go higher as it sets aside further £100m for conduct costs October 21, 2013 The troubled Co-operative Bank has made a reassessment of its expected future conduct costs, and has increased its provisions by £100-105m accordingly (release). That money should cover the "future costs of PPI redress, arrears charges and the processing of certain mortgage interest 'first payments'". Banks have so far set aside £16bn to deal with PPI [...]
Bank complaints dive as scandals come to an end March 3, 2014 COMPLAINTS about PPI mis-selling have begun to fall, at long last reducing the number of cases sent to the Financial Ombudsman Service, the agency said today. A total of 248,801 cases were referred to the FOS in the second half of 2013, down 24 per cent on the first half. PPI complaints made up around three-quarters [...]
Retail investors to get TSB stake by end of June May 1, 2014 LLOYDS will sell a chunk of as much as 40 per cent of spun-off bank TSB by the end of June, the state-backed bank revealed yesterday. Retail investors will be able to buy shares through brokers as part of the sale, as well as institutional investors. The final terms of the sale are being arranged [...]