Payment protection insurance (PPI)
Lloyds Banking Group accused of cutting PPI compensation
Lloyds Banking Group has been accused of cutting the level of compensation awarded to around 25% of payment protection insurance claimants.
Allianz to pay Argos-parent £11m for warranty products
Allianz is to pay Argos-owner Home Retail Group £11m under a profit share agreement relating to the run-off of warranty insurance policies.
PPI issue far from being sorted, according to FOS
Payment protection insurance complaints made up 76% of all complaints referred to the Financial Ombudsman Service in the second half of 2013.
PPI claims 'yet to peak' warns FSCS boss
Claims numbers for payment protection insurance are yet to reach their zenith according to the head of the Financial Services Compensation Scheme.
Insurers faced 300 fewer Ombudsman complaints last quarter
Latest figures from the financial ombudsman show complaints relating to general insurance products, excluding payment protection cover, dropping to 6141 for the three months to 31 Dec.
RBS reserves additional £465m for PPI claims
Royal Bank of Scotland has reserved £465m for further claims of mis-sold payment protection insurance after instances failed to decline as expected.
FOS unveils 20% budget cut
The Financial Ombudsman has said it will need to recover 20% less from financial businesses to support its budget in the 2014/2015 year, compared with the previous twelve months.
Lloyds Banking Group firms hit with £28m FCA fine
The Financial Conduct Authority has fined Lloyds TSB Bank and Bank of Scotland, both part of Lloyds Banking Group more than £28m for serious sales incentive failings including protection products.
Ceeney exits FOS having helped watchdog triple in size
Chief ombudsman Natalie Ceeney is departing the Financial Ombudsman Service following almost four years in which she has helped the watchdog to triple in size.
Whiplash: Choosing the right path
Several ideas have been suggested to alleviate insurers’ whiplash woes – but which method represents the best solution for all parties?
Ombudsman data shows insurance complaints up 4.6%
Consumer complaints for general insurance products reached almost 6500 in the quarter ending 30 September according to data published by the Financial Ombudsman Authority.
Co-op Bank hikes PPI provisions by £105m
The Co-operative Bank has said that cost relating to the mis-selling of payment protection insurance may be up to £105m higher than expected.
General insurance second only to PPI in H1 2013 FCA complaints
Payment protection insurance and other insurance products were the two most complained about products categories in the first half of 2013, according to the Financial Conduct Authority.
Claims management: Crackdown
Do new measures aimed at snuffing out poor practice by claims management companies go far enough?
PPI investigation uncovers serious complaints handling issues
The Financial Conduct Authority has referred an unnamed firm to its enforcement division following an investigation into payment protection insurance, which found serious problems with complaint handling decisions and communications to customers at the…
Ombudsman reveals 15% spike in complaints
The Financial Ombudsman Service has revealed a 15% increase in the number of complaints received between 1 January and 30 June when compared with 2012 figures.
Citizens Advice wants end to cold calling
Citizens Advice has called for cold calling by financial services firms to be banned after new research revealed 32 million British adults have received unwanted contact about claiming for mis-sold payment protection insurance.
PPI complaints falling but Ombudsman warns against complacency
The number of complaints being lodged over the mis-selling of payment protection insurance may have peaked, the Financial Ombudsman Service said this week.
NFDA meets MP Evans about claims management companies
The National Franchised Dealers Association has aired its concerns about claims management companies’ behaviour in light of payment protection insurance mis-selling scandal to the chair of the All Party Parliamentary Group for Insurance and Financial…
Barclays ends PPI complaints handling contract with Deloitte
Around 300 staff employed by Deloitte to handle payment protection insurance claims for Barclaycard were told their contracts would finish a month earlier than scheduled, The Times reported.
PPI CMCs come under scrutiny
The Ministry of Justice is holding a summit today to discuss the “predatory” conduct of claims management companies offering payment protection insurance claims management.
Customers paying for FSCS levies on brokers via ‘administration’ charges
Contributions to compensation scheme putting strain on brokers’ profitability.
Payment Protection Insurance: Paying the price
With payment protection insurance complaints putting a seemingly never-ending financial strain on the industry, can the product ever bounce back?