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Barclays Bank agree to settle payment protection insurance claims
Barclays Bank has said it is going to pay out compensation to every customer who has made a claim with them against mis-sold PPI before 20th April.
Banks claw back bonuses to cover PPI claims
In order to cover the huge payouts banks are facing to cover their mis sold PPI policies, many leading banks are considering whether to invoke claw back powers on executives involved in the PPI mis-selling scandal.
Lloyds Banking Group consider bonus reclaim after £3.2bn PPI provision
After provisioning a massive £3.2bn for compensation against mis sold PPI Claims from its customers – Lloyds Banking Group are now considering reclaiming some of this debt back by clawing back the bonuses awarded to executives.
Lloyds Banking Group Surprise £3.2bn Provision to Cover PPI Claims
Lloyds Banking Group surprised the rest of the UK high street banks and the BBA after making a dramatic U-turn and provisioning a massive £3.2bn to cover any compensation claims.
BBA lose Payment Protection Insurance judicial review
The British Bankers’ Association (BBA) have just lost a judicial review to stop more compensation payouts of mis-sold PPI claims.
PPI claims: Welcome Financial Services declared in default by FSCS
The FSCS (Financial Services Compensation Scheme) has declared that WFSL (Welcome Financial Services Limited) is in default after it admitted that it could not pay compensation claims linked to PPI (payment protection insurance) sales. Policy holders that were sold PPI on or after the 14th January 2005 are encouraged to find out if they are eligible to claim.
FSA warns banks not to delay PPI complaints
Banks have recently being putting PPI (payment protection insurance) complaint claims on hold while a judicial review has being taken place to investigate the FSA legislation. The banks are often citing this as a lawful and legitimate reason not to pay out any compensation, or even take on new claims or continue with existing.
Payment Protection Insurance definition
Payment Protection Insurance (PPI) is generally sold with credit cards and loans to cover the consumer of the financial burden in case they are unable to repay due to accident, sickness or unexpected unemployment. PPI is also sold with mortgages, and covers for similar insurance. It can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection.
Financial Ombudsman definition
The financial ombudsman service is an independent statutory body established by parliament as a financial expert to settle individual complaints between consumers and any businesses providing financial services. It is a free service used where the consumers are unable to resolve by issues on their own.
Over the past 2 years the mis-selling of Payment Protection Insurance (PPI) has been highlighted in the media by various consumer groups and watch dogs. This has given the PPI industry a bad name resulting in many banks removing PPI as an option for their loans and credit agreements. But not having PPI could mean you may lose out, especially in an unstable economy.