The Financial Ombudsman Service revealed a record high of 327,035 complaints for the first half of 2013. The latest report shows that 266,228, 86% of all new complaints made were regarding mis-sold PPI (Payment Protection Insurance). The four big banks account for over £15bn of the total £17.9bn provision set aside for PPI mis-selling […]

The latest saga regarding Payment Protection Insurance (PPI) found new problems with complaint handling procedures by many financial firms. The Financial Conduct Authority’s (FCA) latest report shows two thirds of the 18 companies spot checked have been handling PPI complaints unfairly, leaving just six to be delivering fair outcomes. The companies in question were mid-sized […]

Lloyds Banking Group has reportedly been fined up to £4.3 million by the City watchdog today it was revealed. Approximately 140,000 Lloyds TSB customers have had their payment protection insurance (PPI) compensation payments delayed. The customers were not paid redress within 28 days of receiving a decision letter and almost 9,000 had to wait more than six months […]

The FSA found failings in approximately 40 per cent of telephone sales of credit card PPI made by Egg between January 2005 and December 2007. Egg sold PPI either when receiving a customer services call, or when making a sales call to a new customer. When Egg customers said they did not want PPI on […]