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Recent News
Barclays hints at higher PPI liability
Barclays has hinted that it might need to increase its £1bn provision for mis-selling of payment protection insurance after a surge in claims during March.
Just three weeks after publishing its annual report, the bank has been forced to insert a new statement in its regulatory filings in the US to admit that the pace of claims by customers has risen.
“Subsequent to the approval of the 2011 financial statements on 7 March 2012, Barclays has observed an increase in PPI complaint volumes in recent weeks. It is too soon to determine whether this increase may have a material impact,” the bank said in the filing for US regulators.
PPI grievances drive 21% surge in complaints against Barclays
BARCLAYS was again named the most complained about bank in the UK yesterday by the Financial Services Authority.
The lender attracted 281,000 complaints in the second half of 2011, up from 251,000 in the first half, as total complaints against the financial services sector rose by 21 per cent to more than two million.
Although Barclays was the worst single performer, the complaints made to Lloyds Banking Group as a whole, including its HBOS and Halifax brands, outnumbered those to Barclays.
PPI scandal continues to fuel bank complaints
Banking giants Barclays (BARC.L) and Lloyds (LLOY.L) have once again topped the City regulator’s customer complaints table.
Every six months the Financial Services Authority (FSA) pulls together complaints figures for all the banks and publishes them on its website – today it revealed figures for the second half of 2011.
Barclays still attracts the most complaints
During the last six months of 2011 it received 282,899 new complaints from its customers, of which almost half were about mis-sold payment protection insurance (PPI).
The figures showed that total complaints about financial firms rose by 21pc during the period compared to the same six months the previous year. This sharp rise in complaints was driven the growing number of complaints about PPI. Complaints about this controversial insurance, which was routinely sold by banks alongside loans and credit cards, rose by 85pc over this period to just under one million new complaints, according to the FSA data.
Strained FOS levies PPI fee
The Financial Ombudsman Service (FOS) will levy a PPI case fee as it shows the strain of high volumes of claims and has confirmed it will freeze its £191 million budget for the third year running.
The FOS said it had received ‘unprecedented’ volumes of complaints relating to the sale of personal protection insurance (PPI), accounting for 50% of all FOS cases expected in 2012.
It said it will bring in a special PPI case fee of £350 but will review it position next year.