Banks

Half of complaints made about mis-sold PPI by claims management companies (CMCs) between April and June were on behalf of customers who never had the product in the first place, according to Lloyds Banking Group.

Four of Britain's top five banks are reportedly set to take another £1 billion hit for mis-selling payment protection insurance – bringing the industry total to nearly £8 billion.

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.

Lloyds Banking Group is to sell 632 branches to the Co-operative Group in a deal worth up to £750 million.

Ulster Bank says 99% of its balances and payments are now up to date as the crisis which has engulfed huge numbers of its 1.9 million customers is nearly over.

Current accounts are to fall under the microscope of a consumer watchdog after the Office of Fair Trading (OFT) today launched a review of the market, aimed at improving competition and ensuring banks pay more attention to their customers.

Labour leader Ed Miliband says the big five banks should sell up to 1,000 more branches to increase competition.

Farepak campaigners are reportedly set to press the firm's bank for another £10 million in compensation for customers hit by the collapse of the Christmas hamper business.

A number of RBS and NatWest customers have complained of loan payments being taken out twice, leaving their accounts short of cash which may trigger overdraft charges.

Some of Britain's biggest banks are facing a hefty compensation bill today after the City watchdog found "serious failings" in the sale of complex financial products to small businesses.