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Responding to the latest figures on financial complaints from the Financial Ombudsman Service, Richard Lloyd, Which? executive director said: “The shockingly high uphold rates on PPI claims exposes just how shoddy the complaints handling is at some of the major high street banks. “Despite their claims, banks are failing to clean up their act. The Financial Conduct […]
Today’s announcement from Lloyds Banking Group of an extra £500 million provision for mis-sold Payment Protection Insurance (PPI) now takes total PPI provisions across all banks to a staggering £18.8 billion – more than double the cost of the Olympic Games (£8.9 billion). Total Lloyds PPI provisions now total £7.275 billion. There has been a noticeable […]
Which? executive director, Richard Lloyd said: “More information to help consumers avoid rogue claims management companies is welcome but much tougher action is needed to clean up an industry riddled with poor practice. “We want to see people in charge of claims firms properly held to account for bad behaviour – this means hefty fines, licences being revoked […]
Which? launches a new campaign calling time on nuisance calls and texts, as we find that in the last three months seven in 10 people (70%) received unsolicited calls and four in ten (40%) an unwanted text. We want more to be done to stop consumers receiving unsolicited calls and texts. We’re calling on all […]
Which? executive director Richard Lloyd said: “Lloyds’ latest increase in provision for Payment Protection Insurance (PPI) compensation takes the total amount set aside by the banks to a whopping £15.6 billion, making PPI the biggest financial mis-selling scandal of all time. After a year of scandals the banks should be doing all they can to win back […]
Which? executive director Richard Lloyd said: “Banks must deal with complaints quickly and fairly and help consumers claim back the compensation they are rightly due without hassle. We want to see the Financial Services Authority continue to take action against any firm dragging its feet settling complaints. Banks need to proactively contact PPI customers without delay.” If you […]
In response to the Financial Services Authority confirming it has been approached by the British Bankers’ Association to discuss the potential for introducing a time limit for Payment Protection Insurance (PPI) complaints, Which? chief executive Peter Vicary-Smith said: “Payment Protection Insurance (PPI) is now the biggest financial mis-selling scandal of all time and the first […]
Which? has called the banks to account in an article in The Times today. Which? executive director, Richard Lloyd said: “Bank customers could be forgiven for starting the New Year half-expecting a new era of consumer-friendly financial services. Hardly a day goes by without a senior industry figure saying banking needs to change. But our […]
Now £13bn set aside by the banks, making Payment Protection Insurance (PPI) the biggest mis-selling scandal of all time, but provisions could still run out in a matter of months. HSBC have today announced a further £220 million provision for re-paying mis-sold PPI, taking the total amount set aside by the banks to a whopping £13 billion. […]