Hundreds of thousands of bank customers who have had their complaints against payment protection insurance (PPI) companies turned down will soon find out if they are in line for compensation.
At 10am on Wednesday morning a crucial high court ruling will decide whether banks must examine old cases that claim customers were mis-sold the controversial form of loan cover.
About 6.5m PPI policies are sold each year, but since mid-2007 there has been a flood of complaints about policies sold when they were not needed.
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Less than a week after taking a £3.2bn hit for the mis-selling of loan insurance, Lloyds Banking Group finally has some good news; it was named “Bank of the Year” today.
The award was in recognition of the the bank’s support for the commercial sector, where it is lending quite generously to small business and corporates.
Banks, insurers and investment firms will be liable to pay out £50,000 more in compensation to wronged consumers from next year.
The Financial Services Authority has increased the amount that can be awarded by the Financial Ombudsman in redress to wronged consumers from £100,000 to £150,000.
The announcement comes days after the FSA fined Bank of Scotland £3.5m for poor customer complaints handling practises.
This is the first time that the compensation sum has been revised since the limit was set in 2001, and comes as the Financial Ombudsman, which acts as a mediator between businesses and clients in dispute, has attracted more attention than ever for its role in the fight between banks and customers over controversial payment protection insurance policies.
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Given the statistics on the fattening of America, there’s little reason to wonder why many people are anxious to loose a few pounds. Two-thirds of Americans are overweight or obese, including 17 percent of women and 11 percent of women who are severely obese, according to the National Institutes of Health.
Numerous studies have shown links between obesity and health risks, and new research by the National Cancer Institute shows that healthy adults who have never smoked face a higher risk of death if they are simply overweight. Overweight is defined as having a body mass index of 25 to 29.9; obese is a BMI of 30 to 30.4, and severely obese is a BMI of 35 and over. B
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When it comes to choosing a life insurance policy, term life insurance is more inexpensive compared to whole life. There are a lot of various schools of thought regarding what’s best, but it is a fact that term policy cost less. Continue reading to find out the differences between your two policies.
Whole life insurance policies are more expensive simply because, in addition to offering passing away benefits, some of every repayment is actually put into a savings account. This particular money accumulates with time, along with a whole life policy build up a significant quantity in the savings part alone. Read more…
New research from RAC Home Insurance, part of the Aviva group, suggests that almost a quarter of homeowners automatically renew their home insurance with their existing provider, rather than shopping around to find a better deal.
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