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Recent News
Over £1.2 billion paid in PPI compensation for first quarter of 2013
More than £1.2 billion pounds of compensation was paid to consumers for their mis-sold Payment Protection Insurance (PPI) policies in the first three months of 2013, according to the Financial Conduct Authority.
The first quarter of 2013 saw a steady number of successful PPI claims completed in favour of consumers, with £439.3 million, £409 million and £375.9 million paid out in January, February, and March respectively.
PPI compensation paid reached £9.3 billion
The total amount of compensation paid out to consumers that were mis-sold Payment Protection Insurance is over £9 billion, according to the Financial Conduct Authority (FCA).
So far, more than £13 billion has been set aside to refund consumers who were mis-sold the insurance cover, of which around £4 billion remains unclaimed. The figures from the FCA show that a total of £9.3 billion has been paid out in Payment Protection Insurance (PPI) compensation, with around £850 million being paid out in the first two months of 2013 - PPI compensation for January was £439.3 million and £409 million in February.
HSBC try to cut costs by $3bn by shedding further 14,000 jobs
Despite posting profits of over £8bn in the first three months of the year, Britain’s largest bank has announced it could cut up to 14,000 jobs over the next three years.
In an update on strategy to investors, the report indicated that cost-cutting measures would be taken by the bank in an effort to reduce its annual cost-case by upto $3bn.
The move comes on top of a reduction in staff members at the bank of more than 34,000 in three years.
Lloyds Banking Group’s £2 billion profits revealed
Lloyds Banking Group has revealed £2 billion in profits for the first quarter of 2013. The 39% tax-payer owned bank also confirmed they would not be adding further funds to their payment protection insurance (PPI) compensation pot.
Although Lloyds currently has the largest compensation pot for mis-sold PPI, the group has announced they will not be adding any more money this year to the amount set aside for compensating customers - which currently totals around £6.7 billion.
FCA warns of ‘Interest-only’ Mortgages
The City watchdog – the Financial Conduct Authority (FCA) – has prompted mortgage providers to assess whether their ‘interest-only’ customers can afford to repay their home loan when the policy matures after a revealing study of mortgages sold over the past 20 years.
The research showed that of the 2.6 million people who currently have an ‘interest-only’ mortgage, almost half of them have not considered their ability to repay the loan when the policy matures, potentially leading many into an average short-fall of over £70,000.