Monthly Archives: April 2012

Barclays in hot water with shareholders over PPI

(30 April 2012) In light of the wrongful selling of payment protection insurance (PPI) by Barclays bank, for which the institution is now paying a high price by compensating victims, shareholders are not happy with its pay policies – which include handing out millions of pounds in bonuses to senior staff. Chief executive Bob Diamond Continue Reading...

PPI claims are good news for bank employment

(27 April 2012) Bank employment numbers rocketed in the first quarter of 2012, it has been revealed – largely due to taking on extra staff to deal with processing the cases of payment protection insurance (PPI) scam victims who want to claim mis sold PPI compensation. PPI was sold to people alongside products such as Continue Reading...

PPI scandal motivates industry changes

(23 April 2012) As a result of the payment protection insurance (PPI) crisis, which has seen millions of people fall victim to banks selling them inappropriate cover – and thereafter submit compensation claims to get their money back – the financial industry has started to amend the way it deals with such products. PPI was Continue Reading...

PPI laws changed as claims continue

(20 April 2012) This month has seen the introduction of new rules governing the sale of payment protection insurance (PPI), as the deluge of complaints generated by its mis-selling shows no sign of slowing down. PPI was sold alongside products such as mortgages, loans and credit cards with the aim of protecting the customer in Continue Reading...

Financial Ombudsman Service braces for PPI onslaught

(13 April 2012) The Financial Ombudsman Service (FOS) has announced its preparations for a period in which a huge volume of complaints about payment protection insurance (PPI) is expected, including setting its total budget for 2012/13, introducing a supplementary PPI case fee and considering whether to increase the number of free PPI cases they will Continue Reading...

Barclays receives most complaints in PPI backlash

(11 April 2012) Complaints generated by the mis-selling of payment protection insurance (PPI) by financial institutions have been particularly bad news for leading bank Barclays, which is topping statistics representing dissatisfied customers and expects to require an increased fund to deal with compensation payouts. The Financial Services Authority (FSA) has confirmed that in the second Continue Reading...

Banking complaints rise, with PPI a major factor

(10 April 2012) Between June and December of 2011, financial complaints rose by 21 per cent compared with the first half of the year – largely spurred on by concerns about payment protection insurance (PPI). The data, released by the Financial Services Authority (FSA), shows that banks and other financial organisations were receiving complaints from Continue Reading...