A record £730.5 million was paid out to victims of payment protection insurance (PPI) mis-selling by lenders in May, the Financial Services Authority (FSA) announced today.
The City regulator has admitted mistakes over payment protection insurance (PPI) mis-selling by failing to spot just how profitable the product was for banks.
A new savings account provider offering high interest is NOT protected by any compensation scheme, which means if it went bust savers would be likely to lose their cash.
The Royal Bank of Scotland crisis is now into its ninth day and could last into next week, though the group claims it has solved most of the problems for its 17 million beleaguered customers.
Workers are increasingly turning to payday loans firms because their wages run out before the end of the month, creating a "debt disease" which is spreading rapidly across the country, a new report has warned.
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.