News – PFCA

High profile SIPPs case just the tip of the iceberg

Mike Birkett — Thu, 16 Jan 2020 02:08:50 +0000

The much publicised SIPPs mis-selling case against Berkeley Burke is just the tip of the iceberg in this new twist in UK financial mis-selling and could set the scene for a flood of future claims. The firm had been involved Read more…

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Could mis-selling annuities be a bigger scandal than PPI?

Mike Birkett — Fri, 10 Jan 2020 01:10:58 +0000

As two giant insurance companies are fined millions of pounds by regulators some finance experts are starting to speculate that the mis-selling of annuities could end up being an even bigger scandal than PPI. Before pension freedoms were introduced in Read more…

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Banks Still Breaking PPI Rules

Mike Birkett — Fri, 20 Dec 2019 00:45:25 +0000

Britain’s banks are still breaking PPI rules even after the deadline for making claims on mis-sold policies has passed. The UK’s largest building society has been ordered to pay £2 million to more than 7,000 customers for breaches of PPI Read more…

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Pre-deadline claim surge driven by CMCs?

Mike Birkett — Mon, 09 Dec 2019 12:07:51 +0000

After reading numerous statements from the UK banking industry you could be forgiven for believing that the pre-deadline surge in claims was all the fault of claims management companies (CMC). However, It wasn’t all down to the CMCs, the FCA’s Read more…

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Wonga – Government legislation required to protect consumers

Nick Baxter — Mon, 03 Sep 2018 13:30:05 +0000

Now that the payday lender Wonga has confirmed that it has filed for administration and appointed Insolvency Practitioners from Grant Thornton as administrators, the main unresolved issue is the ongoing fair treatment of its customers. The administrators are reported to Read more…

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FCA: PPI deadline advertising campaign not reaching those that matter?

Nick Baxter — Tue, 31 Jul 2018 13:28:38 +0000

There is just over a year before the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] complaint deadline comes into force on 29 August 2019. With so little time left to claim it is right that rational analysis of the Read more…

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Manchester County Court overrides FCA Logic

Nick Baxter — Mon, 23 Jul 2018 13:14:47 +0000

Doran v Paragon Personal Finance The Financial Conduct Authority [FCA] was clear when it issued its final rules and guidance in respect of Payment Protection Insurance [PPI] complaints [policy statement PS17/3] that it did not “seek to usurp the prerogative Read more…

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FCA rules consultation [CP18/15] for Claims Management Companies

Nick Baxter — Wed, 13 Jun 2018 13:13:30 +0000

FCA – “many CMCs help to secure redress for consumers” The Financial Conduct Authority [FCA] has recently issued a consultation paper [CP18/15] in respect of its draft rules for Claims Management Companies [CMCs]. This consultation sets out its plans for Read more…

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£70bn PPI redress still to repay – an independent survey reveals awareness

Nick Baxter — Wed, 25 Apr 2018 13:01:53 +0000

Much has been written about the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] complaint deadline since the claim guillotine was announced. The deadline was always short, but the time available to submit a claim is fast disappearing – it Read more…

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FOS Complaint Data – A waste of resources, costs, delay and stress!

Nick Baxter — Tue, 27 Mar 2018 14:11:24 +0000

Today the Financial Ombudsman Service [FOS] published its complaint data for the six-month period to 31 December 2017. The data features complaint numbers about banks, insurance companies and other financial businesses received by the ombudsman service. There are some positive Read more…

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The question @commonstreasury didn’t ask

Nick Baxter — Wed, 21 Mar 2018 15:34:34 +0000

“An elephant in the room”! The fallout from the Channel 4 Dispatches undercover Financial Ombudsman Service [FOS] report is still having far reaching implications which include; suggestions that 500,000 claims will need to be reassessed, calls for a judge-led public Read more…

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The FOS – Is it time for a judge-led inquiry?

Nick Baxter — Tue, 13 Mar 2018 14:42:44 +0000

It is not often that a television programme about the financial service industry results in my mobile going into overdrive with messages from non-industry friends. That is, however, what happened during and after the Channel 4 Dispatches programme aired on Read more…

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Commentators and Consumers call for PPI deadline extension

Nick Baxter — Mon, 05 Mar 2018 16:59:11 +0000

Commentators are beginning to suggest that the ‘Arnie’ campaign is failing and the deadline should be extended until the banks have repaid to consumers an agreed total amount (based on comprehensive research into the final bill – likely to be Read more…

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FCA PPI deadline – Arnie campaign responsible for increasing bank provisions.

Nick Baxter — Tue, 27 Feb 2018 12:47:58 +0000

The business newspaper City AM ran a story with the headline, “The Terminator delivers £3bn hit to big banks as PPI costs continue to rise”. The headline refers to the Financial Conduct Authority [FCA] PPI deadline awareness campaign that features Read more…

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FCA PPI deadline – Will consumers be fully compensated?

Nick Baxter — Tue, 23 Jan 2018 15:20:12 +0000

As we approach the 6 month point in the Financial Conduct Authority [FCA] 2 year Payment Protection Insurance [PPI] deadline, it is useful to look back to see if the FCA campaign featuring Arnie Schwarzenegger has made any difference to Read more…

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John Goodfellow • PFCA Founder Member Director Thank you!

PFCA Team — Fri, 17 Nov 2017 14:41:02 +0000

Firstly, the members and directors of the PFCA offer their thoughts to the family of John Goodfellow following the sad news he had ‘passed away’ at the weekend. John was a Founder Member, director of the PFCA and played a Read more…

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Thank you! appeared first on PFCA.

Bank’s PPI provisions were expected to rise – surprise results!

Nick Baxter — Tue, 31 Oct 2017 13:46:15 +0000

Last week saw the major banks announcing their third quarter 2017 results. Many different groups eagerly await these updates; regulators, investors, shareholders and the press. The headlines of the past few years were dominated by the increasing Payment Protection Insurance Read more…

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FCA PPI Deadline – Nearly half of GB adults are unaware!

Nick Baxter — Wed, 25 Oct 2017 13:01:57 +0000

How will £100bn be repaid in time? Within the financial service world, the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] claims deadline is big news. It’s not surprising; the decision was subject to a number of consultations and legal Read more…

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PPI FOS complaint data shows 5 major firms still over 75%

Nick Baxter — Fri, 22 Sep 2017 03:00:38 +0000

The six-monthly release of the Financial Ombudsman Service [‘FOS’] complaints data have just been issued and this data includes information to the end of June 2017. The information shared by FOS shows that while many firms are improving the way Read more…

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Is today the start of the end for PPI claims?

Nick Baxter — Tue, 29 Aug 2017 12:18:25 +0000

Today sees the launch of the Financial Conduct Authority [FCA] two-year marketing campaign which is intended to bring an end to Payment Protection Insurance [PPI] claims by 29 August 2019. The FCA campaign must deliver a lot, but will it? Read more…

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