Payment Protection Insurance

The FSA has issued guidance on how banks should communicate with customers over PPI

FSA sets out how banks should contact customers mis-sold PPI

In a new development in the payment protection insurance saga, the Financial Services Authority (FSA) has issued guidelines on what letters sent to customers should contain.

George Culmer could get up to £6m at Lloyds

New Lloyds finance chief Culmer lands £6m pay deal

The row over bankers’ pay has flared up again after part state owned bank Lloyds awarded its new finance director a package worth up to £6 million a year.

FOS: Complaints lower in second half of 2011

Financial complaints fall but Lloyds still tops gripes table

Consumer complaints about financial institutions have fallen by a third in the past six months, according to data from the Financial Ombudsman Service.

Lloyds Bank is expected to announce a £4bn loss for 2011

Lloyds Bank set to post £4bn loss for 2011

Lloyds Bank is expected to post a loss of £4bn when it announces its financial results for 2011 tomorrow due in part to a £3.2bn bill for Payment Protection Insurance compensation.

£7.6 billion has been set aside for PPI claims

PPI compensation payouts reach £1.9bn

Britain’s banks paid out £1.9 billion in compensation last year for the mis-selling of payment protection insurance, latest FSA figures reveal.

RBS and Barclays shun clawbacks of senior staff bonuses

Pressure on Horta-Osorio as RBS and Barclays shun clawbacks

RBS and Barclays do not expect senior staff to repay bonuses awarded whilst PPI selling went on but Lloyds boss Antonio Horta-Osorio is under pressure to repay some of the signing-on award he received when he joined Lloyds.

Llloyds is to claw back elements of bonuses previously paid to senior staff

Lloyds Bank claws back bonuses from top staff who mis-sold PPI

Lloyds Banking Group has announced that ten top executives will have to repay part of bonuses previously awarded as a penalty for the mis-selling of payment protection insurance (PPI).

Barclays may use banker bonus funds to pay PPI fine

Barclays may use banker bonus funds to pay PPI fine

Bonuses could be cut at Barclays in order pay a fine levied on the organisation.

Consumers who have received a PPI refund may be liable to tax on the interest element

Tax due on interest payments on PPI claims, says HMRC

Speaking to the BBC, a spokesman from HMRC has said that tax is payable on the eight per cent interest repaid to PPI claimants, netting the government millions of pounds.

Llloyds Banking Group made a loss of £3.9 billion in the first nine months of 2011

Lloyds posts financial loss of £3.9 bln due to PPI claims

Lloyds Banking Group has reported a loss of £3.9 billion for the first nine months of 2011, in part due to having to pay out £3.2 billion in settling PPI claims.


5 Common Questions When Making PPI Claims

PPI (otherwise known as Payment Protection Insurance) has been mis sold to millions of people throughout the UK who are often unaware that they could be entitled to claim back thousands. Below are the five most common questions people have when deciding whether or not to make PPI claims.

Lloyds Bank topped the list for PPI complaints

Banks taking longer to settle PPI claims

UK banks have been criticised for taking longer to pay customers wrongly sold payment protection insurance (PPI) even though the banks have admitted liability.

Lloyds has posted a loss of £3.3 billion in the first half of the year

Lloyds announces £3.3bn loss

A bill of £3.2 billion to pay customer compensation over mis-sold payment protection insurance has left Lloyds with a first-half loss of £3.3 billion.

Santander has set aside €620 million for potential PPi claims

Santander makes €620 million PPI provision for UK business

Spanish banking giant, Santander has followed the lead of other banks such as Lloyds and Barclays in making a provision against potential claims over mis-selling of payment protection insurance (PPI) in the UK.

Lloyds bank has set aside over £3billion for PPI claims

Which? warns PPI claimants against using claims companies

Which? has warned consumers applying for compensation over the mis-selling of payment protection insurance (PPI) to avoid using claims management companies or they may lose 25 per cent of their compensation.

Banks drop PPI appeal

Banks drop PPI appeal

Admission of defeat by banks on PPI ruling is a victory for personal finance consumers, according to comparison site

The FSA has won a court judgement on PPI

FSA wins PPI ruling against banks

The Financial Services Authority (FSA) has won a ruling in a judicial review against the British Bankers Association (BBA) over the miss-selling of payment protection insurance (PPI).

Barclays Bank received more than 250,000 complaints in the final six months of 2010

FSA reveals Barclays Bank receives most complaints

The Financial Services Authority (FSA) has released data showing that nearly 1 million complaints were received about UK banks in the final six months of 2010 and Barclays received the most.

PPI failings on car insurance force Swinton to issue refunds

Swinton forced to refund 350,000 PPI customers

Swinton Insurance has been fined £770,000 for "deliberate breaches" of rules over the sale of payment protection insurance (PPI) and ordered to refund 350,000 customers.

Barclays pushes to keep sale of PPI

Barclays wins PPI sale appeal as watchdog must rethink ban

Barclays has won an appeal that could lead the lender to maintain the sale of payment protection insurance (PPI) alongside loans.

PPI storm continues with Barclays facing £100m hit from ban

PPI ban will cost Barclays £160m

The ban on the sale of payment protection insurance (PPI) will cost Barclays as much as £160 million.

Complaints for PPI rise to 750 a week

PPI: Over 90% chance of complaint success

Complaints data released by the Financial Ombudsman Service (FOS) show high levels of payment protection insurance (PPI) complaints are found in favour of consumers.

Low loan rates hid high PPI costs

PPI customers are 'exploited'

Banks have exploited their customers with excessive premiums on payments protection insurance (PPI) policies, according to a new study.

Barclays is challenging the point of sale ban on PPI

Barclays to challenge PPI ruling

Barclays is set to challenge the Competition Commission's ruling on payment protection insurance (PPI) in court today.

PPI: Cover that comes with a bad history

Payment Protection Insurance: Waste of money or essential protection?

Ask anyone with loans or mortgages for their opinion on payment protection insurance (PPI) and you are likely to be met with a sharp intake of breath.

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