Category Archives: News

The IBFSA calls for greater scrutiny of cases referred to the Financial Service Ombudsman [“FOS”]. The recent Financial Conduct Authority [“FCA”] financial penalty (£117,430,600) levied against Lloyds Bank Group highlights the fact that genuine Payment Protection Insurance [“PPI”] claims are Read more…

Regulators have never shirked their responsibilities in respect of holding banks to account when they fail to treat customers who complain fairly. The Financial Conduct Authority [FCA] predecessor (the Financial Services Authority [FSA]) first showed it was serious in these Read more…

The recent release of the Financial Ombudsman Service [FOS] complaints data for the period ending 31 December 2014 shows a mixed set of results. No wonder the Financial Conduct Authority [FCA] announced last month that it was to “gather evidence Read more…

This time last year, the press were reporting a National Australia Bank turnaround of the Clydesdale Bank. Even the BBC headlined the story as “Clydesdale Bank completes turnaround ahead of schedule”. At the time, the stories showed that the Glasgow-based Read more…

Those who focus on press release headlines will, no doubt, be relieved that the recent Financial Conduct Authority [FCA] complaint data showed an overall reduction in complaints by 5%. Of course, any reduction is welcome, but the figures show that Read more…

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…