View more on these topics

PPI redress bill hits £9.3bn

FCA logo original size

The total redress bill so far for missold payment protection insurance has hit £9.3bn, figures from the Financial Conduct Authority reveal.

FCA figures published today show firms paid out £409m in February to compensate customers who were missold PPI, following a payout of £439.3m in January.

The level of redress is drawn from 24 firms that made up 96 per cent of complaints about PPI sales last year.

FCA complaints data published this week showed there was a total of 3,422,384 complaints were made about financial services firms between July and December last year. Of these, PPI accounted for 2,170,537 complaints.



Pru says misselling fears hold back simplified advice

Prudential UK and Europe deputy chief executive Barry O’Dwyer says firms are not offering simplified advice services because of future misselling fears. Speaking at the Lansons Communications Future of Financial Services conference yesterday, O’Dwyer said regulatory uncertainty is stopping progress. O’Dwyer was responding to a question from the Citizens Advice Bureau which called for a […]

CML: FTB lending at five-year high

The number of first-time buyers in the first two months of the year was at its highest level since 2008, according to figures released today by the Council of Mortgage Lenders. A total of 16,400 loans were advanced to FTBs in February, up 3.1 per cent on the 15,900 advances made in January and 17.1 […]

Saffron drops postcode restrictions on 95% LTV FTB deal

Saffron Building Society has dropped the geographical restrictions on its 95 per cent loan-to-value first-time buyer mortgage. Previously, the deal was restricted to properties located in the East of England but now the building society has opened it up to mortgage brokers throughout England and Wales. Saffron head of mortgages Peter Izard says: “We are […]


Barclays tops FCA complaints data

Barclays was the most complained about financial services firm between July and December last year, and upheld 44 per cent of the complaints against it over the same period. Data from the Financial Conduct Authority, published today, reveals the bank received a total of 414,302 complaints in the second half of last year, down 6 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm