Consumers received a massive boost this morning as the banks' trade body pulled out of legal action to stop the multi-billion pound payout of payment protection insurance (PPI) compensation to mis-selling victims.
Banks have lifted their unilateral hold on complaints about the mis-selling of payment protection insurance (PPI) following their crushing defeat in the key judicial review.
Lloyds Banking Group has admitted defeat and is pulling out of legal action to stop the multi-billion pound payout of payment protection insurance (PPI) compensation to mis-selling victims.
Halifax/Bank of Scotland (Hbos) is revamping the way it charges interest on credit cards which will initially see price cuts for many but with the likelihood they will soar in future.
British banks should ring-fence their retail businesses from investment banking operations to protect savers' deposits under proposals outlined by the Independent Commission on Banking (ICB) today.
11 April 2011
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