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PPI Claims & Compensation in 2014: What You Need to Know

PPI (Payment protection insurance) is a type of insurance that is usually taken out with a home or auto loan or other line of credit. It provides coverage for a borrower in the event they become disabled or unemployed. The premiums may be charged monthly or the entire...

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Ombudsman Receives a 1000 PPI Claims Complaints Per Day

Despite a noticeable drop in PPI complaints for every bank except HSBC and MBNA during the second half of 2013, the Financial Ombudsman Service continues to receive more than 1,000 PPI mis-selling complaints each and every day, newly released figures from the...

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Could Home emergency insurance be the next PPI Scandal

Insurance analysts are suggesting that home emergency insurance policies taken out by consumers could be the next battleground over mis-selling. The news broke this week that HomeServe has been hammered with a fine totaling £30.6 million for failing its customers in a...

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Interest Rate Swaps: Redress, the Banks and Businesses

There were four big banks involved in the investigations surrounding mis selling of interest rate swap products to unsophisticated business customers. The banking institutions that were reviewed by Britain's regulators included Barclays, HSBC, Lloyds and RBS. The...

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FCA Snubs Banks’ Request for PPI Claim Deadline

The PPI claim scandal ravaging the financial world is not going to go away quietly. Banks have been jockeying for a deadline to claims in hopes of cutting loose from their future commitment owed following a rash of mis-sold payment protection insurance. However, their...

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Banks looking to redeploy their PPI Claims Handlers

Banks that hired additional staff to sort out payment protection insurance (PPI) claims are looking for ways to use these people after claims are eventually settled. Banks like the Royal Bank of Scotland (RBS) and Lloyds Banking Group have spend millions to train and...

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Interest Rate Swap misselling has cost Banks £159m reports FCA

With payouts for Britons who were mis-sold interest rate swap products reaching £158.6m in December, Barclays, Lloyd’s, HSBC, and Royal Bank of Scotland have increased their compensation approvals for those affected by the mis-selling of complex financial products,...

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Consumers need Insurance, but what Insurance after “PPI”?

Banks in Britain are still reeling from the legal ruling that forces them to reopen thousands of claims due to the mis-selling of PPI or payment protection insurance and the possibility of paying up to five billion pounds in compensation. This is because the Financial...

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Interest Rate Swap Could Have Twice As Many Victims

The three billion pound loan swap scandal where businesses were mis-sold interest rate swap products by banks has been making headlines for the past couple of months. Now, the Financial Conduct Authority has admitted that more firms have been affected than previously...

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Lloyds Investment Mis-Selling Scandal: FAQs

There are many questions circulating about the recent mis-selling scandal at Lloyds Investments after recent announcements that the banking group has been fined £28 million for the pressure they placed on employees to sell products in order to receive bonuses and...

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FCA fine Lloyds a record £28,038,800 for serious mis-selling

The Financial Conduct Authority (FCA) has fined the Lloyds Banking Group a record fine of £28 million pounds for serious failings in their control over sales incentives schemes. This means that sales staff were under pressure to reach sales targets for fear of...

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Interest Rate Swap Payouts Reach £20m by Banks

The payouts made by the four largest UK banks as compensation for mis-sold interest swap deals has already reached £20 million. According to figures released by the Financial Conduct Authority (FCA), an estimated £3 billion has been earmarked for compensation. In...

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Payment Protection Insurance – The Background of PPI

PPI for a long time was slowly forced upon millions of people across the United Kingdom by lenders, who saw an opportunity to take a little bit more financial commitment to their client’s loan or credit card. Competitive interest rates have pushed lenders into...

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