Payment Protection Insurance

Financial Ombudsman receives record PPI claims

Six out of every 10 cases handled by the Financial Ombudsman Service in the past year were about the sale of payment protection insurance (PPI).

Lloyds boss attacks 'fraudulent' PPI claims

Lloyds slams PPI claims process as RBS sets aside extra £125m

Lloyds banking Group says that the "harvesting" tactics adopted by claim management companies is unfair and wastes time and money on claims from people who were never customers.

Lloyds makes extra £375m provision for PPI claims

Lloyds Banking Group has set aside an additional £375 million to cover further payment protection insurance (PPI) compensation claims.

Barclays is to raise its provisions for PPI compensation by £300 million

Barclays raises PPI provision by £300m

Barclays has raised its provisions to compensate customers mis-sold payment protection insurance (PPI) by £300 million and RBS is likely to follow suit.

A commitment to help consumers was agreed at the PPI summit, organisers claim

PPI summit agrees commitment to help consumers

The summit organised by Which? and MoneySavingExpert.com to help consumers make their own claims for PPI compensation will raise awareness and save people money, it is hoped.

Spotlight on fees charged by claims companies

One in four consumers 'unaware of PPI claims fees'

A quarter of consumers claiming for mis-sold payment protection insurance (PPI) did not know that the companies acting for them take a fee, new research reveals.

Consumer groups are launching a campaign to encourage people mis-sold PPI to claim themselves

DIY PPI claim campaign launched by consumer groups

Consumer groups are to launch a campaign to encourage people mis-sold payment protection insurance to manage their own claims and avoid paying up to 25% to claims management companies.

Banking sector 'set for further jobs cuts'

Further job losses expected in banking sector

The UK’s five biggest banks are to cut more jobs after profits were hammered by PPI claims, the euro debt crisis and higher regulatory costs, a report reveals.

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

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.