AIMS Review

04/02/2013

More funds allocated
Britain's biggest financial institutions are poised to add hundreds of millions of pounds more to their collective bill for wrongly-selling Disbursement Shield Protection (DISBURSEMENT SHIELD PROTECTION ) in the coming weeks even as they accelerate efforts to persuade the rules creator to impose it is the time on compensations. I understand from senior financial institution executives that the major creditors could add more than £1bn in aggregate to the industry's tab for DISBURSEMENT SHIELD PROTECTION when they report full-year results during the next six weeks. The figures are still being there and so represent preliminary estimates only. But if borne out, the figure would take the bill for the four largest UK financial institutions to beyond £11bn, further cementing its status as one of the biggest British wrongly-selling scandals ever.

14/01/2013

Is this next PPI Scandal?

The next possible banking scandal could be Bank Account Fees
Millions of UK bank customers may have been overcharged yet again by the banks for fee -charging on current accounts.

Nearly 33% of customers that have a packaged account that can cost up to 300 pounds a year do not use the associated benefits such as travel insurance and mobile phone insurance and also car breakdown policies,
Here we go again

http://www.dailymail.co.uk/news/article-2261973/Bank-account-fees-PPI-scandal.html

Around a third of customers with a packaged account, which cost up to £300 a year, fails to use benefits such as travel insurance, mobile phone cover and breakdown policies that come as part of the deal.

05/01/2013

Co-op bank fined £113,300 for stalling over PPI claims
Cash and bank account details UK banks have already put aside more than £12bn to cover PPI mis-selling claims
Continue reading the main story
Related Stories

Lloyds PPI bill up another £1bn
Q&A: PPI claims - how high could they go?
Barclays sets aside more PPI cash

The Co-op bank has been fined £113,300 by the Financial Services Authority for delaying complaints about Payment Protection Insurance (PPI).

The bank put 1,629 complaints on hold in the first half of 2011, while the banking industry was in the High Court challenging the FSA's new PPI rules.

The FSA warned the banking industry at the time that complaints should be dealt with as normal.

The Co-op admitted that its procedures had "fallen short".

The bank had wrongly put the complaints to one side until the court case was lost.

Tracey McDermott, the FSA's director of enforcement and financial crime, said: "The FSA made it clear that firms must continue to process complaints where possible during the judicial review and we warned that enforcement action could be taken if this was not done.

Despite this warning Co-op put in place a policy that was likely to lead to complaints not being dealt with properly during the legal proceedings.

"While nobody suffered any financial loss, Co-op's actions meant that a significant number of people had the resolution of their valid complaints delayed for no good reason," she added.

25/12/2012

Wishing everyone a very happy Christmas and a great new year

24/12/2012

Banking reform: What has changed since the crisis?
The banking system was saved from collapse by billions of pounds of taxpayers' money, which in turn led to anger that the public was having to bail out bankers, who were perceived as risk-taking and "greedy".

People wanted to see bosses held to account and a system introduced which would ensure this could not happen again.

So what has actually changed?

Banks came under fire from taxpayers, shareholders and regulators over their pay policies, with bumper bonuses seen as "reward for failure".

In December 2010, European regulators announced tough restrictions on the bonuses that banks can pay their staff.

The rules meant that bankers could receive only 20-30% of their bonuses in immediate cash.

The guidelines required banks to defer 40-60% of bonuses for three to five years and pay 50% of bonuses in shares (rather than cash), set a maximum bonus level as a percentage of an individual's basic pay, and publish pay details for "senior management and risk takers".

Regulators have also encouraged banks to "claw back" pay - reclaiming compensation if an individual's performance is later not deemed worthy of the pay.

Several banks have said they have done this or are considering doing so. Lloyds has cut £2m from bonuses paid to 13 executives, including former chief executive Eric Daniels, for the bank's mis-selling of payment protection insurance (PPI).

JP Morgan has said it will claw back as much remuneration as possible from the individuals deemed responsible for losses of $5.8bn (£3.7bn) from trading in complex financial derivatives. This would amount to about two years' worth of pay for each individual.

23/12/2012

FOS increases staff by 25% after PPI claims surge

FOS

The Financial Ombudsman Service has increased its staff numbers by 25 per cent over the last year under the weight of payment protection insurance misselling with plans to keep hiring if complaints continue at current levels.

In the last year it has recruited 500 more staff to deal exclusively with PPI claims, bringing its total workforce to 2,500.

A FOS spokeswoman says: “If we continue to receive PPI claims at the same volume we are seeing then it is not unrealistic that at the some point in the next year we can upsize again.

In its ombudsman news, FOS chief executive Natalie Ceeney says it has “scaled up significantly” to keep pace with demand.

She says: “We’ve now received half a million complaints in total about PPI – and so far this year we’ve handled double the number of cases that we had geared up to receive, following public consultation last year.

“Whatever happens, clearly PPI – on top of a growing caseload in other areas – will present us with some major challenges for some time to come.”

Ceeney adds: “We deal with many cases which should already have been sorted out by financial businesses. It is therefore disappointing that we have had to expand so significantly – and our growth is itself an illustration of some of the problems in the industry.”

22/12/2012

Claims for mis-sold payment insurance are costing banks time as well as cash

Bill for costliest mis-selling scandal to top £12bn as 34m policies are linked to loans

Money
Payment protection insurance

Claims for mis-sold payment insurance are costing banks time as well as cash

Bill for costliest mis-selling scandal to top £12bn as 34m policies are linked to loans

Share 21
inShare10
Email

Jill Treanor
Jill Treanor
The Guardian, Friday 16 November 2012 20.17 GMT

Barclays PPI claims handlers in Poole, Dorset
Barclays PPI claims handlers in Poole, Dorset. Photograph: Adrian Sherratt

The agent in the Barclays call centre had scrutinised the claims form submitted by a customer who took out a loan in 2002 and started to conclude that the bank was going to have to pay compensation for missold payment protection insurance (PPI).

The customer had a job with an employer that provided sick pay, likely to make PPI an unnecessary expense. A quick cross check with her current account showed the regular payments from her employer, confirming the agent's decision to uphold her claim.

But even such a seemingly straightforward decision can take an agent in the Poole processing centre up to an hour. More complicated claims, so-called "rollies" where customers have lots of different loans, can take hours to work through, even before any calculation of the amount to be paid out – that work is carried out in India.

Barclays now has 3,400 staff in eight centres in Britain and two in India tackling claims for PPI, officially the most complained about product in history. It is also the costliest mis-selling scandal ever; the big banks face bills topping £12bn – a sum that seems destined to rise as an estimated 34m policies have been sold since 2001.

22/12/2012

CBI boss John Cridland calls for PPI payouts deadline
A business leader has called for a line to be drawn under the response to the mis-selling of payment protection insurance (PPI).

John Cridland, the director general of the CBI, said that a deadline should be set for the end of legal claims for compensation.

PPI was widely mis-sold to applicants for loans, credit cards or mortgages.

Generally, these customers have six years from the moment they were mis-sold the insurance to make a claim.

Or customers can still make a claim during the three years after they became aware that they might have a case, even if the sale was more than six years ago.

However, writing in The Times newspaper, Mr Cridland said that the level of publicity about PPI mis-selling meant that everyone who might have been mis-sold PPI would now be aware they could make a claim.

"I firmly believe we now need to draw a line under PPI," he wrote.

"Such a move could be reinforced by the Financial Services Authority declaring that the point at which consumer awareness of PPI mis-selling is widely known has now legally been reached."

08/11/2012

http://www.aimsreview.com/prd-reclaim.html, Aimsreview can help assist with your PPI Claim. Aimsreview has helped thousands of customers in the uk with PPI c...

08/11/2012