Payment protection insurance (PPI)
Ombudsman reports 51% increase in PPI complaints
Complaints to the Financial Ombudsman Service about payment protection insurance increased year on year by 51%, and accounted for 60% of all new cases in 2011/2012.
Post Broking Supplement: The big issues for brokers
With the British Insurance Brokers' Association conference looming, brokers are warming up for the networking event of the year and their best opportunity to thrash out market issues. Post caught up with some of the biggest hitting national players to…
HSBC admits a further £290m in PPI costs
Bank HSBC has revealed it has set aside a further $468m (£290m) for payment protection insurance misselling claims in its Q1 accounts (Q1 2011: $440m).
PPI problems continue to dog RBS
Bailed out bank RBS has confirmed that it was forced to set aside £125m in its Q1 accounts for additional payment protection insurance misselling payments.
RBS set to bolster PPI fund by £125m
Royal Bank of Scotland is to announce on Friday that it will set aside a further £125m to cover compensation for mis-sold payment protection insurance, according to Reuters.
Lloyds Bank makes further PPI payments of £375m
Lloyds Bank has announced that its payment protection insurance misselling has cost it a further £375m.
Barclays sets aside £300m more for PPI
Barclays Bank has announced an interim statutory loss before tax of £475m (2011: £1,655m profit), including an additional provision of £300m for payment protection insurance redress.
MoJ launches investigation into CMCs
According to the Financial Times, the Ministry of Justice has launched an investigation into claims management companies following a surge of invalid compensation claims filed on behalf of consumers allegedly mis-sold personal protection insurance.
Direct Line vows to improve amid soaring industry complaints
Direct Line Group has promised to build on the momentum it created in cutting customer complaints by 16% in the second half of 2011, despite FSA figures showing a 49% rise in the number of general insurance grievances.
Application fraud: prevention is better than cure
The industry is beginning to tackle fraud at the application stage, effectively stopping fraud from taking place before a claim can be lodged
Ethics: Entering the moral maze
The insurance industry has a poor public perception, many believing that firms put short-term profit above long-term customer satisfaction.
FSA publishes guidance on PPI redress
The Financial Services Authority has published proposed guidance for firms that sold payment protection insurance and are beginning to contact customers who may have been mis-sold a policy but have yet to complain.
Justice minister to act over PPI CMCs
The justice minister, Lord McNally, pictured, has agreed to meet consumer groups over on-going concerns about claims management firms ripping off customers mis-sold payment protection insurance.
Lloyds bank puts £3.2bn price tag on PPI
Lloyds Banking Group has reported insurance premium income of £8170m (2010: £8148m) with claims of £6041m (2010: £19 088m) but said payment protection insurance provision had cost it £3.2bn.
Barclays general insurance complaints soar
Barclays has reported an increase in general insurance complaints, from 38 187 in the first half of 2010 compared to 73 692 for the same period in 2011.
Lloyds bank reclaims bonuses over PPI
Lloyds Banking Group is to become the first bank to strip directors of their bonuses because of the payment protection insurance mis-selling scandal, according to The Telegraph.
The PPI party
Payment protection is a dirty term in the UK while it thrives on the Continent Jakki May finds out why.
Jubilee says regulators thwart better PPI
Jubilee says insurers are being put off creating payment protection insurance products because of uncertainty following reviews by regulators.
PPI complaints soar
The Financial Ombudsman Service latest figures show that Payment Protection Insurance complaints for the final three months of last year reached 30 301.
Solicitors reminded of responsibilities in PPI cases
Solicitors have been reminded of their responsibilities by the Solicitors Regulation Authority when canvassing for clients that want help with claiming for mis-sold payment protection insurance.
45% of all FOS cases brought by CMCs
Claims management companies accounted for 45% of cases taken to the Financial Ombudsman Service last year, according to a report by the government’s financial watchdog the National Audit Office.
News analysis: Ombudsman moves to end ‘one size fits all’ fees for mass complaints
FOS consultation proposes supplementary fees to tackle record PPI complaints workload.
FOS to set £350 surcharge for mis-sold PPI
The Financial Ombudsman Service has published its proposed plans and budget for the next financial year.
Interview - Edward Fitzmaurice: Broking promises
With Hastings Direct on the cusp of becoming a top five broker and securing its one millionth customer, 2012 could be a landmark year for chief executive Edward Fitzmaurice