Menu
31/08/2011
Exclusive: Credit Firms Pay Back £215M
People with credit cards and loans who had complained about expensive payment protection plans have claimed £215m back from disingenuous firms this year.
In a 4ni.co.uk exclusive, damien Whinnery writes that the Financial Services Authority (FSA) published details on Wednesday of the amount of redress paid by firms during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI).
The data shows that 16 firms, representing 92% of PPI complaints received in the first half of 2011, have paid a total of £215million in redress between January and June 2011 inclusive.
In May and June alone, following the dismissal of the industry's legal challenge to the FSA and the Financial Ombudsman Service, £102m was paid out.
The FSA has also created a step by step video guide featuring its head of consumer affairs, Chris Pond, explaining the process of how to complain to financial services providers, which can be viewed here.
Margaret Cole, interim managing director of the FSA's conduct business unit, said: "The treatment of PPI complainants has left an indelible stain on the financial industry’s record. By releasing these figures we're providing a useful measure of firms’ progress that can be tracked on an ongoing basis.
"We remain 100 per cent committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firms’ progress to ensure this is done properly. Where we find that this not to be the case, we are not afraid to take tough action."
(DW/BMcC)
In a 4ni.co.uk exclusive, damien Whinnery writes that the Financial Services Authority (FSA) published details on Wednesday of the amount of redress paid by firms during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI).
The data shows that 16 firms, representing 92% of PPI complaints received in the first half of 2011, have paid a total of £215million in redress between January and June 2011 inclusive.
In May and June alone, following the dismissal of the industry's legal challenge to the FSA and the Financial Ombudsman Service, £102m was paid out.
The FSA has also created a step by step video guide featuring its head of consumer affairs, Chris Pond, explaining the process of how to complain to financial services providers, which can be viewed here.
Margaret Cole, interim managing director of the FSA's conduct business unit, said: "The treatment of PPI complainants has left an indelible stain on the financial industry’s record. By releasing these figures we're providing a useful measure of firms’ progress that can be tracked on an ongoing basis.
"We remain 100 per cent committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firms’ progress to ensure this is done properly. Where we find that this not to be the case, we are not afraid to take tough action."
(DW/BMcC)
Related UK National News Stories
Click here for the latest headlines.
19 January 2012
Direct Line & Churchill Fined £2M For 'Tampering'
High profile insurers, Direct Line and Churchill, have both been fined a total of £2.17 million after found to have been tampering with their complaints files. The Financial Services Authority (FSA) said it was imposing the fine for failure by the companies to conduct their businesses with "due skill, care and diligence".
Direct Line & Churchill Fined £2M For 'Tampering'
High profile insurers, Direct Line and Churchill, have both been fined a total of £2.17 million after found to have been tampering with their complaints files. The Financial Services Authority (FSA) said it was imposing the fine for failure by the companies to conduct their businesses with "due skill, care and diligence".
19 August 2014
New Data Shows Women Hit By 'Mid-Life Pay Crisis'
Female managers over 40 years old are earning 35% less than men, according to new data by the Chartered Management Institute (CMI) and XpertHR. To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more.
New Data Shows Women Hit By 'Mid-Life Pay Crisis'
Female managers over 40 years old are earning 35% less than men, according to new data by the Chartered Management Institute (CMI) and XpertHR. To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more.
01 September 2011
Commission On Minimum Wage Visit
Two Low Pay Commissioners are to visit London next week on a fact-finding visit about the National Minimum Wage. The visit is one of a number of planned trips the Low Pay Commission is making around the UK during 2011 to "gather information on how the minimum wage is operating".
Commission On Minimum Wage Visit
Two Low Pay Commissioners are to visit London next week on a fact-finding visit about the National Minimum Wage. The visit is one of a number of planned trips the Low Pay Commission is making around the UK during 2011 to "gather information on how the minimum wage is operating".
26 September 2008
Funding Boost Of £455m For Equal Pay Claims
Funding of £455m will be awarded to councils in England to allow back payments relating to thousands of equal pay claims from women workers. In a move to speed up long-term commitments to achieving equal pay for all council workers, local government minister John Healey gave the go-ahead to 34 councils to raise the money through capitlisation.
Funding Boost Of £455m For Equal Pay Claims
Funding of £455m will be awarded to councils in England to allow back payments relating to thousands of equal pay claims from women workers. In a move to speed up long-term commitments to achieving equal pay for all council workers, local government minister John Healey gave the go-ahead to 34 councils to raise the money through capitlisation.
27 February 2006
Report highlights gender pay gap in the UK
Women are still being paid less than men, thirty years after the introduction of equal pay legislation, a new report has found. The government-commissioned "Shaping a Fairer Future" report from the Women and Work Commission found that women are earning 17% less than men. This was "bad for women and bad for Britain", the report said.
Report highlights gender pay gap in the UK
Women are still being paid less than men, thirty years after the introduction of equal pay legislation, a new report has found. The government-commissioned "Shaping a Fairer Future" report from the Women and Work Commission found that women are earning 17% less than men. This was "bad for women and bad for Britain", the report said.
-
Northern Ireland WeatherToday:A dry day with long spells of sunshine for most, however eastern coasts will see rather more in the way of cloud at times, with just the risk of an odd light morning shower. Mainly light northerly winds. Maximum temperature 13 °C.Tonight:A fine end to the day with some evening sunshine. It remains dry overnight with a touch of frost possible in places, although cloud is expected to increase towards dawn. Minimum temperature 0 °C.
