Nick Baxter is an Independent Retail Banking Consultant (focusing on credit risk, compliance and consumer products)”; he has an intimate understanding of financial law and compliance. He was a member of the Mortgage Code Compliance Board (MCCB) Advisory Group and its disciplinary Committee up until the FSA took over in 2004. Nick has also given advice to European Commissioners, lenders, trade associations and consumer groups, in Brussels on the European code of lending practice.
The Financial Conduct Authority [FCA] has issued the results of a thematic review into banks fair treatment of customers when calculating the redress due in respect of Payment Protection Insurance [PPI]. As a direct result of the review, banks, credit Read more…
The national and specialist financial press are awash with the most recent Financial Conduct Authority [FCA] fine, this time against The Royal Bank of Scotland [RBS] and NatWest, in the sum £14,474,600 (which would have exceeded £20 million had the Read more…
It was widely report in the press at the weekend that millions of pounds is to be spent on improving Wi-Fi on commuter trains across England and Wales. The total investment was suggested to be around £90m. And where is Read more…
The Financial Ombudsman Service [FOS] annual report for the 12 month period ending 31 March 2014, is not for the faint hearted; it is 179 pages long and rammed full of detailed analysis and statistics. A review of the report Read more…
The long awaited report by the former CBI chief Sir Richard Lambert into banking standards has been released today. It will be no shock to those who are connected with the banking industry that he has recommended a radical programme Read more…
The Financial Conduct Authority [FCA] has recently released consumer complaints data which shows 2,479,029 new complaints were opened against financial services firms between July and December 2013. This clearly shows that huge numbers of consumers are still unhappy with the Read more…
The Financial Conduct Authority [FCA] has announced that it has fined Santander UK Plc £12,377,800 after the regulator uncovered serious failings in the way it offered financial advice. In their press release, the FCA state that “The failings took place Read more…
Monthly figures collated from members of the IBFSA show that the use of alternative redress is levelling off. However, although the use of alternative redress may have reduced from the heights of the second quarter of last year, the detail Read more…
The Financial Ombudsman Service [FOS] has just released the latest six-monthly complaints data (relating to the period 1 July and 31 December 2013) in respect of individual financial businesses – including the high street banks and biggest insurers. The data Read more…
For as long as I can remember, the Claims Management Regulator [CMR] has been the subject of claims in the media that it does not have the capacity, expertise or resource to be able to properly regulate CMCs. The claims Read more…
Another bank pre-result announcement (we have to wait another 10 days for the full detail) and yet another hike in the provision for Payment Protection Insurance [PPI] mis-selling! This time it’s the turn of Lloyds Banking Group [LBG] to up Read more…
At this time each year, the Financial Ombudsman Service [FOS] issues an annual plan and budget consultation document. This year is no exception and the most recent consultation document is shown on the FOS website at https://www.financial-ombudsman.org.uk/publications/2014-ourplans.pdf. This covers the Read more…
The Financial Conduct Authority [FCA] recently tweeted, “@TheFCA: We also don’t believe it’s fair for banks, insurers, lenders etc. to profit from people making a complaint #costlycalls”. We agree and so, it appears, do other organisations who lobby on behalf Read more…
Justice Minister Shailesh Vara MP has announced that complaints from consumers relating to the practices of claims management companies will be transferred from the Claim Management Regulator [CMR] to the Legal Ombudsman. The change came when a late amendment to Read more…
It’s another bad day in the sorry history of bank mis-selling. This time, a record fine of £28,038,844 has been dished out to Lloyds Banking Group firms for serious sales incentive failings. How did we get to the position where Read more…
It is the week for Financial Conduct Authority [FCA] warnings! Firstly, we saw the FCA issue a “Dear Chief Executive” letter, generally seen as a warning shot across the bow, setting out its position on mortgage lenders requests to change Read more…
The Financial Conduct Authority [FCA] today issued a “Dear Chief Executive” letter, generally seen as a warning shot across the bow, setting out their position on mortgage lenders requests to change mortgage contracts, including Standard Variable Rates [SVR] and Tracker Read more…
The Claims Management Regulator [CMR] today announced that it is seeking new powers to impose financial penalties on non-compliant Claims Management Companies [CMCs]. It is proposed that amendments are made to the Compensation Act 2006 to give the Secretary of Read more…
Financial claim watchers were eagerly awaiting the quarter 3 interim results of Lloyds Banking Group [LBG] to see if Payment Protection Insurance [PPI] claims had turned a corner. As it happens the results give some mixed messages. Looking for positives, Read more…
The Financial Conduct Authority [FCA] has recently released its comprehensive complaint data for the first half of 2013. Not surprisingly there are both positive and negatives in the information. The positives The FCA press release shows that each of the Read more…
High profile SIPPs case just the tip of the iceberg
Could mis-selling annuities be a bigger scandal than PPI?
Banks Still Breaking PPI RulesThe members of the Professional Financial Claims Association wish to set professional standards for member firms...
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