Cursory Payout for Payday Lender Claimants

It seems the lessons of Wonga have not been learned by UK regulators and politicians, as yet another failed payday lender - WageDay Advance, has announced details of their compensation arrangements. As reported by BBC News: Borrowers mis-sold payday loans by a lender which later collapsed will receive less than 6% of the compensation they are owed.WageDay Advance went into administration in...

Banks Questioned Over Sales Tactics

A number of banks are having to undertake internal reviews after their tactics during the current coronavirus pandemic was questioned by the regulator, the FCA. According to a report in the Financial Times: Banks in the UK are investigating whether they pressured corporate clients into giving them extra business in return for loans, after the country’s financial...

Are you due an insurance premium refund?

As the continuing effects of the coronavirus pandemic makes day-to-day life a different prospect than it was a few months ago, the financial services regulator, the FCA, have now looked at how consumers might be due refunds on their insurance products. This is of course directly as a result of many consumers owning products that they currently do not want or need, or that are simply useless -...

Six Million Claims as Deadline Loomed

We recently wrote about the effect of the PPI deadline on claims and timelines, and we wanted to again make you aware of the volume of complaints that were made as the deadline approached. As reported in The Times: A jump in claims for mis-sold payment protection insurance policies sent complaints to financial services firms surging to more than six million during the second half of last...
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Metro Bank Breaks the Rules

Challenger banks were hailed as the new start in the banking world after the financial crash, but it seems it has become easy for them to slip into the culture of established lenders. As reported in Moneywise, Metro Bank has been caught by regulators breaching overdraft rules. As Moneywise reports: Some 130,000 customers will get a refund from Metro Bank after it failed to tell them about...

90% of PPI was mis-sold

The Financial Conduct Authority (FCA) has published a report into the PPI deadline and their actions leading up to it. As the BBC News website reports the figures are staggering. According to the BBC News report: Payment protection insurance (PPI) was mis-sold to nine out of 10 people who complained about their policy in final months before a compensation deadline.PPI was designed to cover loan...

Banks offer Support to Vulnerable Customers

As the Covid-19 crisis continues to disrupt life and the economy in unprecedented ways, consumers up and down the country are increasingly becoming concerned about their personal finances. Some banks are already outlining ways in which they are seeking to help their most vulnerable customers. As reported this week in the Express and Star, Lloyds Banking Group have made some changes. The article...

Banks Act in Wake of Backlash

These are fast changing times, and the story we published earlier this morning has already been overtaken by events. There has been further movement in respect of overdraft charges and interest rates, and this has been succinctly covered by the team over at Money Saving Expert. They have reported that: Lloyds, Halifax and Bank of Scotland are to offer £300 interest-free overdraft buffer as...

Banks cash in with new overdraft charges

As we reported back in early February In just over a week, many of the UK's most financially disadvantaged consumers could potentially see a massive extra burden to deal with in the form of increased overdraft charges. At a time when the economy is under immense pressure, and millions of us up and down the country are worried about our personal finances, our jobs and our incomes, the FCA have as...

PPI Claimants Still Waiting

The FCA imposed a PPI deadline on the 29th August 2019. FCA rules said banks had around 8 weeks to respond and make a decision - right? Well, yes, but has that happened ? No. The city regulator, the FCA, has allowed the major lenders to ignore the rules and take as long as they want to deal with consumer PPI claims. This seems to come as a surprise to Which? who this week bemoaned the fact that...