Recent News


Do you need Payment Protection Insurance?

We all might have heard about Payment Protection Insurance (PPI) and how it has been mis-sold to many customers, whom have now been rightly compensated.

When coming to purchase a PPI policy, there tends to be strict limits on when you can make a claim, so you need to be sure that it fits your needs before you buy.

Here we have some information regarding all aspects of PPI.

Posted on Thu 29 May 2014


UK financial mis-selling was caused by short term bank bonus goals

A pay scheme expert has predicted that the spate of mis-selling scandals in the UK was caused by the banks’ bonus scheme being tied to only short term goals.

The principle incentives strategist for the independent company Xactly, Erik Charles told International Business Times UK that it was not surprising that a number of banks found out that their staff had mis-sold thousands of financial products to customers, because the incentive schemes they put in place encouraged it.

 

Posted on Fri 23 May 2014


As consumer complaints hit a record high, PPI still dominates

The Financial Ombudsman Service (FOS) received a record number of complaints last year, with almost four fifths of the total amount relating solely to Payment Protection Insurance (PPI).

The FOS is an independent service that handles disputes between lenders and individuals when a decision cannot be made. They commented that a record total of 2.3m inquiries, which is the equivalent of 40,000 a week, in the 2013 tax year.

Posted on Wed 21 May 2014


So, how did PPI unfold?

The debacle surrounding the mis-selling of Payment Protection Insurance (PPI) is thought to be one of the costliest scandals in financial history.

It has attracted widespread media attention, provoked outrage from customers and has shaken the financial industry, but how did it all start and what do the next couple of years hold?

Posted on Tue 20 May 2014


£21.5bn set aside by banks to cover the cost of fines

Britain’s big four banks, Barclays, Lloyds Banking Group, HSBC and Royal Bank of Scotland had been forced to set aside £21.5bn to cover fines and customer redress in 2013, according to research published on Wednesday.

Calculated by the London School of Economics, the figure comes on top of nearly £25bn of conduct costs incurred by the four, since the banking crisis in 2008. The sums illustrate the scale of the problem the industry faces in trying to clean up its reputation.

Posted on Mon 19 May 2014