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Financial Conduct Authority Starts Work

The start of the new financial year has seen a major change in the regulation of the financial sector, with the Financial Services Authority being wound down and replaced by three new bodies: the Financial Conduct Authority (FCA), the Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA).

The two new regulators will take on the responsibilities held by their predecessor, but will have greater legal powers to target those who fall foul. Whereas the FSA oversaw the whole of the financial industry, responsibilities will be shared between the new bodies, with the FCA overseeing the conduct of banks and other financial institutions, while the FPC and PRA will sit within the Bank of England, working to ensure banks are financially stable. The changes are the result of an overhaul of the system set up by the Labour government in 1997

The FCA has promised changes in the way it deals with consumer finance issues, such as reclaiming PPI. The previous regulator, the FSA, received criticism over its handling of the PPI scandal, as well as other recent financial wrongdoings, and it is hoped the FCA will give consumers greater protection against something similar happening again by being more aware of the banks’ actions and responding sooner. The body will also oversee financial services companies, including those offering pay-day loans.

The FCA’s legal powers will include the ability to ban financial products it feels are “inherently flawed” or are “in serious danger of being sold to the wrong customers”. That will mean a product will not be sold during the time it takes to make a permanent decision on its suitability. The regulator will also look to have more direct contact with banking bosses, rather than their lawyers, so problems can be identified and remedied more quickly.

Regarding a possible deadline for PPI claims, the new regulator appears to have a similar view to its predecessor, in that it will only agree if it is of benefit to everyone involved, particularly the consumer.

The FCA’s chairman, Martin Wheatley says: “We've said we're happy to listen to a proposal if a proposal can meet the banks' needs of bringing a date forward, but meet consumers' needs of making sure that they know about the potential claim.”

He also says the body will look to have more engagement which consumer groups like Which? And Money Saving Expert.

The FCA will have 2,800 staff and a budget of £432m a year.



Have You Been Contacted By Rogue PPI Texts?

The chances are that you have.

After a study by consumer group, Which?, found that seventy per cent of people in Britain had been contacted by cold-calling companies encouraging people to try and claim for mis-sold PPI and personal injuries.

Now, Which? have called on Government officials to tackle the no-win no-fee firms who are making millions of unwanted calls and texts every year. Seven out of 10 members of the public who may not even be eligible for reclaiming mis-sold financial products are being contacted, sometimes several times a day, from companies claiming to be able to help.

The statistics have been gathered over just a three month period, showing the scale and severity of the nuisance contacts.

Due to the exceptionally high volume of calls being made there is rarely, if ever, a human on the other end of the phone. Instead, a simple automated voice message stating that there is money to be claimed back on your financial products – such as loans, mortgages and credit cards – greets you and encourages you to contact the company to start your claim.

Who Receives Calls and Texts?

Even people who have never taken out any financial products receive the calls, which is one of the main reasons Which? are determined to help clamp down on irritating cold calls.

Sometimes, these calls can be from bogus firms who claim to be able to help you with your financial claims, but instead scam you out of cash vouchers

Which? have suggested that the best way to not receive any messages is to never opt-in, or always opt-out of, third party marketing opportunities. You should also never respond to a cold call or text, as this will alert the firm that your phone is in use, and they will continually contact you regarding their service.

The PPI scandal has already cost the banks billions of pounds, and is forecast to cost the banking industry somewhere in the region of £25bn.

Here at Consumer Finance Claims we don’t see any benefit of cold calling people, so the impetus is on the client to contact us regarding any case they think they have for reclaiming mis-sold payment protection insurance.



Banks Having Second Thoughts o...

Much of the talk regarding PPI claims in recent months has been the possibility of a deadline being implemented. Such a deadline would mean people who were mis-sold PPI would have until a certain date to reclaim their money. Once the deadline passes, they would no longer be able to claim.

The banks have been keen to see a deadline put in place, partly to give themselves closure on the scandal and allow them to...

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PPI: Everything You Need To Kn...

Payment Protection Insurance (PPI) is an additional cover for financial products that, in theory, should help you manage your repayments should you be unable to keep up with your payment plan due to not being able to work through sickness, injury or unemployment.

However, lots of people are ineligible for PPI because of their employment status. Those who are self-employed, unemployed, retired, working on tempo...

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Sharp Rise in Ombudsman PPI Cl...

PPI claims rose dramatically in the second half of 2012, the Financial Ombudsman Service (FOS) has revealed. The level of complaints has soared to such an extent that the service is taking on almost 2,000 new cases a day.

211,855 new PPI complaints were received in the second half of the year, compared to 86,000 in the previous six months. The total number of PPI complaints made to the FOS surpassed 600,000 by...

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Lloyds Banking Group Complaint...

 

Lloyds Banking Group have racked up almost 1.4 million complaints about payment protection insurance (PPI) during 2012. 

Over the last six months of 2012, Lloyds was contacted 658,289 times regarding mis-sold PPI by its customers.

Even though the number of complaints from the second half of last year is astronomically high, the number is still almost 70,000 less than the first six mon...

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Lloyds Fined Over PPI Compensa...

Lloyds Banking Group has been fined £4.3m by the Financial Services Authority (FSA) for delaying PPI compensation payouts. The industry watchdog found more than 140,000 customers who were due compensation from Lloyds between May 2011 and March 2012 were not paid within 28 days, as promised by the bank. That figure equates to almost a quarter of successful claims against Lloyds during that period.

Under FSA rules, compen...

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PPI Claims Continue as Rogue F...

 

Claims for refunds on payment protection insurance (PPI) policies have continued throughout the banking sector, but it hasn’t always been a happy experience for consumers.

More than 10,000 people complained to the Ministry of Justice’s specialist claims management unit between 2011 and 2012 regarding poor customer service, poor practice and misleading marketing leading to 103 PPI ...

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Ex-Lloyds Boss Apologises Over...

The former head of Lloyds’ retail division has apologised for the bank’s mis-selling of PPI.

Helen Weir, who was in charge of the retail division between 2008 and 2010 told the Parliamentary Commission on Banking Standards she regretted the breakdown in trust between consumers and banks and the damage the scandal had done to the relationship with the Financial Services Authority (FSA).

M...

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A Nearing Deadline for PPI Cla...

 

A rough deadline for the end of Payment Protection Insurance (PPI) claims has been suggested by the British Bankers Association (BBA) as the summer of 2014.

The BBA is and Financial Services Authority are currently negotiating a cut-off date for consumers to claim back any mis-sold PPI they received when taking out a loan, credit card, mortgage or similar financial product.

In return f...

Click to read more




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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!