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Lloyds fined £28m for ‘sell or be demoted’ incentive plan Lloyds Banking Group has been fined a record £28m by the Financial Conduct Authority for putting staff under so much pressure to sell some even bought the products to save themselves from the axe. The FCA said that incentive schemes created a “culture of mis-selling” between 2010 […]
Barclays increases PPI and swaps mis-selling provisions Barclays has increased the provisions to cover two mis-selling scandals by another £1bn. It relates to the mis-selling of interest rate hedging products sold to small firms, and payment protection insurance (PPI) schemes. Following a review, the bank said total provisions for the scandal involving interest rate swaps […]
Lloyds and Halifax mis-selling: who will get compensation?
Those who bought Isas and insurance from Lloyds TSB, Bank of Scotland or Halifax between 2010 and 2012 could be in line for compensation. Thousands of customers could be in line for compensation after Lloyds Banking Group was hit with a record fine for pressuring staff to sell products that customers didn’t need or […]
135,000 families face endowment shortfall
by CLARE KITCHEN, Daily Mail One of the big banks yesterday admitted that most of its endowment mortgage holders face a bill for thousands of pounds when their policies mature. Lloyds TSB said its policies are performing so badly that half of the 270,000 it has sold are at serious risk of leaving owners […]
The FSCS Got It Wrong!
When a successful financial claim is filed against a firm but the firm is unable or likely to be unable to compensate the customer, The Financial Services Compensation Scheme (FSCS) can step in and pay the customer on their behalf. This is a free service to consumers and since 2001, the FSCS have paid out […]