From the category archives:
185,000 previously rejected complaints against mis-sold payment protection insurance (PPI) are to be re-opened under new guidance from the City Watchdog.
The FSA will ask sellers of PPI to write to all holders of policies bought since 2007 in order to give them a chance to complain and potentially have their money refunded.
The reason behind this [...]
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Alistair Darling has proposed tougher new reforms to the financial system specifically targeting UK banks. Stricter regulations will be introduced with a view to giving the customer much greater consumer protection.
In a statement to the House of Commons, Alistair Darling said the financial system needed to ensure robust regulation, and banks and financial institutions should [...]
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Payment Protection insurance (PPI) is often mis-sold as a result of greedy financial services looking to make an easy and tidy profit. PPI is usually sold by financial institutions such as banks, money lenders, car finance companies, Credit Card companies and the like. PPI has been a profitable business for some time now and only [...]
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The City watchdog have announced that firms which mis-sell financial products to consumers and individuals guilty of insider trading are to face a hard new crackdown which could lead to serious fines.
The Financial Services Authority (FSA) wants penalties to be linked to the companies income, with up to 20% of their income from the products [...]
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The Financial Ombudsman Service, which adjudicates on consumer complaints, says on average it processes complaints within six months. However this is not always the case, for Elizabeth and Keith Birbeck their mortgage endowment mis-selling claim has taken almost 5 years for a conclusion to be reached.
Nationwide Building Society was forced to make a payment of [...]
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In 2006 The Consumer Action Group received a detailed complaint accusing Black Horse Finance of mis-selling Payment Protection Insurance (PPI).
The main allegation regarding the mis-selling of PPI was that Black Horse offered the client two entirely separate interest rates at the point of sale for the same loan. If the loan was taken with [...]
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