Payment protection insurance (PPI)
FOS reveals PPI complaints halved in H2 2011
The Financial Ombudsman Service (FOS) received a total of 106,193 complaints between 1 July and 31 December 2011, and figures show that Barclays Bank was by far the biggest culprit in terms of payment protection insurance (PPI) complaints.
Lloyds Bank losses hit £3.5bn after PPI mis-selling
Lloyds Bank has confirmed that it made a loss of £3.54bn in 2011 the vast majority of which it attributed to the mis-selling of payment protection insurance (PPI).
Barclays' general insurance complaints double
Barclays has reported an increase in general insurance complaints, from 59,003 in the second half of 2010 to 122,992 in the second half of 2011.
PPI payouts hit new monthly high
Customers received £441m in payment protection insurance (PPI) payouts in December 2011, figures from the Financial Services Authority (FSA) have revealed.
Lloyds Bank claws back directors' bonuses due to PPI scandal
Lloyds Banking Group is to strip five directors of their bonuses, totalling over £1m, as a penalty for their role in the payment protection insurance (PPI) mis-selling scandal, the Daily Telegraph has reported.
So long, brave new dawn
The FSA is looking for nearly £580m in fees from the industry in its final year of existence, a 15% increase on the previous year.
FSCS spent nearly £400m on management expenses last year
The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.
Jubilee calls for clarification on PPI
Jubilee has called upon government and regulator to address the uncertainty surrounding regulation of payment protection insurance (PPI) in order to let the industry grow.
PPI complaints soar by 57%
The Financial Ombudsman Services (FOS) has revealed that the number of payment protection insurance (PPI) cases it received increased to 30,301 in the final three months of 2011.
Brokers urged to respond to FSA consultation on PPI
Brokers have been urged to respond to the joint investigation into payment protection products by the Office of Fair Trading and Financial Services Authority (FSA) and respond accordingly.
FOS to introduce £350 PPI surcharge
The Financial Ombudsman Service (FOS) has revealed plans to introduce a supplementary case fee of £350 from April 2012 for firms that have more than 25 payment protection insurance (PPI) complaints.
Voice of the broker
Lord Turner’s views on the regulation of the market will undermine the future of the broking industry, says Ashwin Mistry
FOS mulls budget expansion as PPI claims hit record high
The Financial Ombudsman Service (FOS) has warned that the rate of payment protection insurance (PPI) claims has climbed “steeply” to over 3,000 a week.
Regulators issue draft guidance on PPI products
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have declared they are working together to prevent the problems with payment protection insurance (PPI) happening again in a new generation of products.
Insurance Age blog: Faking your own death
A whole month since my first blog. By now of course I've gained enough expertise to rant and rave about all manner of things insurance-related, which is particularly impressive to my friends and relatives who have all recently discovered how glamorous…
FSA scrutinises banks' bundling of insurance products
The Financial Services Authority (FSA) has made a host of proposals to change the way that insurance is sold when bundled into bank accounts.
Ombudsman reports sharp drop in PPI complaints
The Financial Ombudsman Service (FOS) has revealed a 66% drop in payment protection insurance (PPI) complaints in its quarterly complaints report.
Wilmslow PPI claims to be accepted by FSCS
Wilmslow Financial Services, a broker specialising in payment protection insurance (PPI), has officially been declared in default.
Add-ons: the next PPI scandal?
OFT’s call for evidence on ancillary products in private motor could uncover wide-spread mis-selling
Complaints about general insurance increase
The Financial Services Authority (FSA) has published the aggregate complaints figures for the first half of 2011.
Which? hits out at claims management companies over PPI
Which? has slammed claims management companies (CMCs) for providing “all too common” misleading advice, unfair contract terms and a lack of transparency about fees after an investigation into payment protection insurance (PPI).
FOS names and shames PPI providers
The Financial Ombudsman Service (FOS) has named the providers of payment protection insurance (PPI) cases as it announced that complaints more than doubled to 98,632 in the first six months of 2011 compared to the second half of 2010.
PPI complaints soar to new high
The Financial Ombudsman Service (FOS) has revealed it handled 98,632 new complaint cases for payment protection insurance (PPI) in the first six months of 2011, more than double the total of 46,275 in the previous half year.
The 10 most stupid insurance decisions
What are the 10 biggest bloopers committed by the industry? Tony Cornell gives us his top 10 insurance calamities