New Year’s Resolution 2018

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Have you checked if you are entitled to refund of PPI yet? If not make this the New Year’s Resolution that is not forgotten as you may be entitled to compensation.

The highest recorded pay-out was £104,500 from Barclaycard! This was an exceptional case with the customer having records dating back to 1989!

Banks are only required to keep records for six years so don’t expect a monster pay-out like this!

Payment Protection Insurance policies have been sold alongside Loans, credit cards, mortgages, car loans and catalogue accounts. The vast majority have been misold and you could be due a complete refund plus all the associated interest. this could add up to a substantial amount of money.

The Financial Conduct Authority has put in place a deadline for making a claim – 29th August 2019 so you have about 20 months in which to start your claim.

Don’t let the banks keep your money, contact us today on 01942 619911 or by email at info@compiclaims.com and we will be please to advise and assist you with your claim.

Remember it costs nothing to check if you are owed anything and you don’t even have to have any records as we can find out if your claim is valid.

So if you only make one resolution in the new year make it this one!


PPI Claim Now!

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The PPI deadline has now been set for the 29th of August 2019. It may seem a long way off but it will come around sooner than you expect so don’t delay and act now as we are still processing claims on your behalf!

If you were took out a loan from a bank or building society with ‘payment protection’ as a condition of acceptance you could be entitled to have your money refunded.

It doesn’t matter if you cannot remember the exact details of the loan. Contact our office on 01942 619911 or fill in the call back request on our website (www.compiclaims.com), answer a few simple questions and we will do the rest.

We will keep you advised about the progress of your claim and if it turns out that you don’t have a claim it will cost you nothing!

A few minutes of your time could reward you with a large sum of money, in 2015 Santander paid out nearly £25,000 in a PPI compensation claim it had previously thrown out. If you have had a previous claim turned down it may be worthwhile starting a new claim and we can advise you how to proceed.


Poor Financial Advice

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Is your financial investment not providing you with the returns that you were advised to expect by your bank?

Mis-selling means that you were given unsuitable advice, the risks were not explained to you or you were not given the information you needed, and ended up with a product that isn’t right for you.

The person who advises you to buy must recommend something suitable for your needs, and explain properly what it can and can’t do.

They should make sure you know the risks. If they don’t do this, you might be able to claim compensation.

Financial services must be sold to you in a manner that is “fair, clear and not misleading”. (Source: Financial Conduct Authority (FCA))

You may have been mis-sold if-

  • You weren’t advised about the risk involved.
  • You weren’t told how your money would be invested.
  • The product didn’t suit your attitude to risks that you discussed with your advisor.

For you to be covered by the scheme for mis-selling your adviser must have been authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA).

Even if the company that advised you has gone out of business you may still be able to make a claim.

If you think that you have been wrongly advised contact us today 01942 619911 or by email at info@compiclaims.com and one of our members of staff will advise you if you have a claim for compensation and get things started for you.


PPI, Act Now

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With a little less than 2 years left in which to claim back mis-sold PPI act now!

When I took out my first bank loan I was told that I couldn’t have it unless I took out the payment protection policy and not understanding what my legal options were, I agreed to take it out!

This practise was not unusual so why did banks and building societies press their customers to take out these unwanted policies? It would appear that the member of staff was given a bonus for each policy that was taken out so there was a real incentive for them to insist that customer agreed to take them!

The banks and building societies were not alone in this practise as many high street electrical suppliers were also similarly ‘encouraged’ to take out unnecessary extended warranties!

However the banks have accepted that they were wrong to pursue these practises and have been repaying their customers for the mis-sold policies.

Do you remember taking out payment protection that you didn’t need or hadn’t been fully explained to you? If so contact Compi Claims today on 01942 619911 or by email at info@compiclaims.com and we can advise you what your options are.

Remember by not acting now you are still letting the banks win!


Bank of England believes Brexit could cost 75,000 finance jobs

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The Bank of England believes that up to 75,000 jobs could be lost in financial services following Britain’s departure from the European Union.

I understand senior figures at the Bank are using the number as a “reasonable scenario”, particularly if there is no specific UK-EU financial services deal.

The number could change depending on the UK’s post-Brexit trading relationship with the EU.

But the bank still expects substantial job losses.

Many jobs will move to the continent.

The Bank of England has asked banks and other financial institutions, such as hedge funds, to provide it with contingency plans in the event of Britain trading with the EU under World Trade Organisation rules – what some have described as a “hard Brexit”.

That would mean banks based in the UK losing special passporting rights to operate across the EU.

The EU could also impose other “locations specific” regulations such as where trading in trillions of pounds worth of euro-denominated financial insurance products has to be based.

That could mean trading jobs moving to Paris or Frankfurt.

There have been a number of studies on the potential employment impact of Brexit.

A poll of more than 100 finance firms by Reuters suggested the number of job losses would be just below 10,000 in the “few years” following Brexit.

I understand the bank believes the 10,000 jobs figure is likely on “day one” of Brexit if there is no deal.

The Brussels-based think tank, Bruegel, said that over time 30,000 jobs could move to the continent or be lost as London’s financial sector shrinks.

And Xavier Rolet, the chief executive of the London Stock Exchange, has suggested that over 200,000 jobs could go.

The bank believes that is too high, and its scenario over the next three-to-five years is much closer to the 2016 study by Oliver Wyman, a management consultancy which has often been quoted by banking lobby groups assessing the impact of Brexit.

Their report suggested between 65,000 and 75,000 job losses.

The study said that up to 40,000 jobs could be lost directly from financial services, with a further 30-40,000 going in associated activities such as legal work and professional services.

The report also argued that there could be opportunities from Brexit, such as developing bespoke financial services for emerging market economies across the Middle East and Asia including China and India.

Even if 75,000 jobs do go, London would still be by far the largest financial centre in Europe with over one million people employed in financial services in the capital and across the rest of Britain.

And the UK would still enjoy a healthy trade surplus in financial services with the rest of the EU worth many tens of billions of pounds.

Many also believe there will be a positive outcome to the EU negotiations as the City supports many governments and businesses on the continent in raising funds and executing global deals.

Those companies and firms would want to keep a close relationship with the UK and its well-developed global markets capacity.

Before the referendum, many banks suggested that they may move thousands of jobs.

But since then announcements have been more modest.

JP Morgan said it might have to move 4,000 jobs, but since the referendum has cut that number to around 1,000.

The Swiss bank, UBS, said it may move as few as 250 jobs after initially planning to relocate as many as 1,000.

And the chief executive of Barclays, Jess Staley, said that Brexit was no more complicated than setting up a holding company in America, which the bank was obliged to do in 2016.

More recently Lloyd Blankfein, the chief executive of Goldman Sachs, has tweeted that he will be spending “a lot more time” in Frankfurt despite the American bank building a large new HQ in London.


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