Barclays and Lloyds Banking Group reveal PPI balance sheet hit September 9, 2019 Two of Britain’s biggest banks warned of billion-pound costs from a rush of claims for mis-sold payment protection insurance (PPI) today. Barclays revealed after trading closed tonight that it was facing costs of up to £1.6bn following a bigger-than-expected stampede of complaints in the run-up to the 29 August deadline. Read more: How did banks [...]
Watchdog urges consumers to make PPI claims as deadline looms August 22, 2019 The Financial Conduct Authority (FCA) is urging consumers not to leave making PPI claims to the last minute ahead of next week’s deadline. Figures released by the FCA show a total of £340.4m was paid to consumers who had complained about being mis-sold PPI in June, taking the total paid out since 2011 to £36bn. [...]
Shop Direct gets £75m injection from Barclay brothers as it looks to plug PPI funding hole November 13, 2019 Shop Direct has been given a £75m equity injection from its parent company as it looks to plug a funding gap from the cost of recent payment protection insurance (PPI) complaints. The online retailer owned by the billionaire Barclay brothers said today that £75m will be invested by way of an equity injection before the [...]
Surge in PPI claims could cost RBS an extra £900m September 4, 2019 Royal Bank of Scotland (RBS) has warned that an unprecedented number of PPI claims in the run up to the August deadline could cost it up to an extra £900m. Read more: Banks buckle under the strain of PPI claims RBS expects to take an additional charge of between £600m and £900m relating to the [...]
Financial Ombudsman Service branded ‘unfit for purpose’ March 31, 2021 The Financial Ombudsman Service (FOS) is “unfit for purpose” and needs “major reform”, according to a damning new report published by think tank the Institute of Economic Affairs (IEA). The IEA said the FOS is “failing to delivery on its primary objectives of ‘providing fair and reasonable resolution of disputes at speed’”, the think tank [...]
Lloyds suspends share buyback as PPI costs rise to £1.8bn September 9, 2019 Lloyds Banking Group has warned its costs relating to mis-sold payment protection insurance (PPI) could hit an additional £1.8bn after a rush of claims before the 29 August deadline. The bank had previously forecast costs of just under £1.1bn, based on a claims rate of 190,000 per week. Read more: Tesco sells mortgage arm to [...]
Lloyds Banking Group profit slumps 97 per cent after £1.8bn PPI hit October 31, 2019 Lloyds Banking Group narrowly avoided tipping into the red this morning after taking a major third-quarter dent from the mis-selling of payment protection insurance (PPI). The lender’s pre-tax profits were reduced to £50m, falling 97 per cent from the same period last year after setting aside £1.8bn for PPI provisions. Read more: UK banking sector [...]
Banks braced for rise in PPI costs after surge of last-minute claims September 5, 2019 Britain’s banking sector is bracing itself for a multi-billion pound balance sheet backlash from a worse-than-expected rush of payment protection insurance (PPI) complaints that were lodged late last month. Some of the country’s largest banks are facing huge costs following a stampede of consumers making claims for mis-sold PPI in the run-up to the August [...]
PPI costs account for over half of all conduct and litigation charges at UK banks September 16, 2019 Costs from the mis-selling of payment protection insurance (PPI) has accounted for more than half of all litigation and conduct charges faced by Britain’s biggest banks in recent years. Moody’s Investors Service has said that PPI was the largest single source of conduct and litigation charges from 2011 to the first half of 2019, as [...]
Watchdog opens door to PPI deadline reprieve as customers battle technical issues August 28, 2019 The regulator responsible for overseeing PPI claims has hinted that providers could extend tomorrow’s deadline if technical difficulties prevent customers from complaining about mis-sold policies. Consumers have to lodge claims with the provider that sold them the PPI policy, but people have complained of being unable to make claims with providers due to problems with [...]