Lenders paid out £570.5 million compensation in April to victims of payment protection insurance (PPI) mis-selling, the Financial Services Authority (FSA) announced today.
Banks will be forced to ring-fence savers' cash from their risky casino-style investment arms to protect deposits and avoid a run like that which brought down Northern Rock in 2007.
MoneySavingExpert.com, consumer lobby group Which? and the British Bankers' Association have today written a joint letter to the Justice Secretary demanding tougher regulation of claims management firms.
Lloyds Banking Group has said "sorry" for flogging worthless payment protection insurance (PPI) policies and promised a catalogue of measures to provide compensation for victims, in yet another sign of capitulation by banks.
A record number of consumers complained about mis-sold payment protection insurance (PPI) during the past financial year, despite the banks' attempt to block reclaiming.
Consumers received a massive boost this morning as the banks' trade body pulled out of legal action to stop the multi-billion pound payout of payment protection insurance (PPI) compensation to mis-selling victims.
9 May 2011
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