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The Financial Ombudsman Service is predicting an 18% rise in complaints over this year.
he statistic is indicative that the public feels the banks are systematically cheating them with their excessive bank charges, compulsory payment protection insurance, APR hikes, non payouts on life and critical illness insurance and unfair loan agreements.
The FOS told the Tax Incentives [...]
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Out-Law.Com have reported that the Financial Services Authority (FSA) imposed a record £27.3m in fines in 2008/9, compared to an annual average of £14 million in the previous five years
The regulator also tripled the number of senior managers under investigation during the year, fining four of them a total of over £200,000. This follows the [...]
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The Royal Bank of Scotland has been accused of training its staff to mislead customers to prevent them from cancelling their Payment Protection Insurance (PPI) policies. The allegations come from a whistleblower within the bank’s ‘customer loyalty team’, who recently detailed claims of the abuse to the Financial Services Authority.
The whistleblower claims that staff [...]
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Watchdog issues alert to customers over low settlement offers.
Customers who reclaim mis-sold loan insurance from banks and other lenders are being warned not to accept "gesture" payments worth a fraction of their potential payout.
Nine out of 10 Payment Protection Insurance (PPI) mis-selling claims rejected by lenders are now being upheld by consumer watchdog the [...]
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