Co-Operative Bank, which is a lender located in Britain, is increasing its mis-sold payment protection insurance, or PPI, compensation pot by 100 million pounds. Revisions have been made on the redress payouts. Co-Op Bank released a statement saying that the amount needed to boost its balance sheet will not be affected by the extra compensation provisions.
The Co-Op Bank is actually one of the smallest lenders in the United Kingdom. It has a 1.5 million share of the current account market and 6.5 million customers. Even though it is small, the Co-Op Bank is a household name in Britain. The wider group includes funeral services, supermarkets and pharmacies.
After the financial turn last year, the bank experienced big losses on commercial property. In order to avoid government bailout, the bank is undergoing major re-construction. In June 2013, the bank’s debt rating was reduced to junk status by Moody’s. The bank’s debt rating was slashed because there were concerns raised about Co-Op Bank having a black hole on its balance sheet.
The bank has responded to the downgrade and has acknowledged that its capital system needs to be strengthened because of the economic downturn. Additional regulatory requirements are also getting ready to be introduced.
Later In June, the Co-Op Bank said that the debt would have to be converted into shares by the Bondholders before it would add 1.5 billion pounds of capital. They would also have to keep a majority stake before the bank can be floated on the stock market.
Co-Op Bank’s New Members
Barry Tootell is the former CEO of the bank. He decided to step down after the very bad rating’s agency assessment. Nail Booker, who is a former HSBC banker, is the new leader. Richard Pym is the new chairman. He runs the government’s bailed out banking division. Richard Pennybrook is the new finance director for the Co-Op Group. He is also the finance director of Morrisons, which is a supermarket chain.
The Payment Protection Mis-Selling Scandal
So far, banks have set aside 16 billion pounds in order to compensate people who have been mis-sold PPI. This has become one of the most expensive consumer scandals in Britain’s history. Payment protection plan, or PPI was designed to ensure that a person’s loan payments would be covered if he or she were to become unemployed, ill or injured. However, millions of people have been complaining about it. They have stated that they did not need or want that policy.
The PPI scandal received the most complains from January 2013 to June 2013 according to data taken by the Financial Conduct Authority. It is estimated that 1,786,626 complaints were made during this period. Sixty-one percent of those complaints were about PPI.
PPI Claims News
LLoyds TSB PPI Claims Information
At Lloyds TSB we are committed to making it as easy as possible to resolve your complaint. We’d like to discuss the details of your case with you directly so your concerns can be resolved as quickly as possible. You can write to us at Lloyds TSB, PPI Customer Services, BX1 1LT or call us on 0845 601 2683 (lines open 8am to 6pm, Monday to Friday and 9am to 2pm Saturday)
PPI Claims are falling according to regulator
Complaints about PPI Claims have fallen for the first time in three years according to the Financial Conduct Authority (FCA). In the 1st half of 2013 1.8 million PPI complaints were recieved compared to 2.2 million PPI complaints recieved in the previous 6 month.
However reports like these need to be questioned based on figures reported previously from the FCA within the 1st half of the year. FCA reports which seem to contradict these new findings such as the monthly PPI claims payout figures indicate PPI claims rising OR that claims are increasing in value
PPI Claims – Leicester, UK
Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of payment protection Insurance (PPI) products by the banks in Leicester. We are happy to review these PPI products and to claim compensation for our clients where appropriate.
We will work with you to ensure that you get the correct PPI settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling. We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.
PPI Claims On Your Barclaycard: How to Claim & FAQ’s
Understand how to make a claim on PPI, otherwise known as Payment Protection Insurance and the process involved should you wish to reclaim PPI on your Barclaycard.
Maple Leaf Financial has over 10yrs experience in dealing with PPI claims. If you have any problems making a PPI Claim on your Barclaycard, we are here to assist you. We include information below on
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
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