Nationwide reveals PPI hit of up to £50m as it becomes latest victim of claims rush September 13, 2019 Nationwide has become the latest company to reveal a hefty charge for mis-sold payment protection insurance (PPI) amid a surge in last-minute claims. Read more: N Brown shares drop after it reveals £20m to £30m PPI provision The building society today said it has set aside a provision of between £20m and £50m, in addition [...]
N Brown shares drop after it reveals £20m to £30m PPI provision September 12, 2019 Shares in British retailer N Brown have fallen 5.5 per cent this morning after it said it would have to set aside £20m to £30m more to cover claims about mis-sold payment protection insurance (PPI). Read more: Barclays and Lloyds Bank reveal PPI balance sheet hit The plus-size clothes retailer, which has cricketer Freddie Flintoff [...]
FCA tries to take consumers back to the nineties ahead of PPI deadline July 29, 2019 The animatronic head of Arnold Schwarzenegger and the eight-time world memory champion have been enlisted by the Financial Conduct Authority (FCA) to help consumers remember if they were mis-sold Payment Protection Insurance (PPI). With a month to go before the deadline for making PPI complaints to providers, the FCA has launched a campaign that aims [...]
CYBG share price plunges after warning of potential £450m hit from PPI September 5, 2019 CYBG’s share price crashed by nearly 20 per cent in early morning trading, as investors reacted to the bank’s news last night that it would take a £300m-£450m hit from payment protection insurance (PPI) costs. Clydesdale Bank, which also owns the Yorkshire Bank and Virgin Money brands, revealed yesterday evening that it expects to increase [...]
The lacklustre FCA is in desperate need of regulatory oversight September 18, 2020 It is unlikely that Juvenal, the first century Roman poet, had the Financial Conduct Authority in mind when he famously asked: “Who guards the guards?” A slew of depressingly similar scandals have, however, brought the question of regulatory oversight into sharp relief. Indeed, such has been the extent of the FCA’s negligence and downright incompetence [...]
Web3 will co-exist with centralised aggregators like Facebook, Twitter, YouTube et al September 8, 2022 Dr Chris Kacher explains how he believes Web3 will allow property to smoothly transition across centralised platforms.
Lloyds Banking Group misses profit targets as £650m PPI provisions weigh heavy July 31, 2019 Lloyds Banking Group has undershot analyst profit expectations for the first half, with a £650m provision for payment protection insurance (PPI) pay outs denting its earnings. The bank posted pre-tax profit of £2.9bn, falling short of the analyst consensus of £3.45bn. Read more: Lloyds to pay £140m to settle Standard Life Aberdeen row The bank [...]
Concerns grow over impact of energy prices and supply chain issues on profit margins October 11, 2021 Even though European markets closed lower on Friday, they still managed to finish the week higher, as did US markets, after what was a rather disappointing US jobs report, as martkets look forward to a week that sees US earnings season get underway in earnest, and where guidance is likely to be just as important [...]
Markets today: Weaker start for Europe as investors focus on inflation November 18, 2020 After the vaccine inspired rally on Monday, a slightly more tempered market followed on Tuesday as the continued rise in virus cases started to experience a bit more cut through in the face of some disappointing US economic data. It is slowly becoming apparent that the economic damage being caused by subdued consumer activity is [...]
Total paid out for mis-sold PPI more than £35bn as deadline for claims approaches June 17, 2019 The Financial Conduct Authority (FCA) has today warned consumers the deadline for complaints about mis-sold payment protection insurance (PPI) is in two months. According to figures released today, the FCA has had more than 3.9m users access the PPI website and 44,000 calls to their contact centre. The FCA has enlisted the help of celebrities [...]