Consumer affairs

Every household is being ripped off to the tune of £430 a year by banks, insurance and other financial service companies, according to a report.

A new campaign calling on banks to put customers first has been launched today by consumer group Which?.

A whopping £512 million was paid out to victims of payment protection insurance (PPI) mis-selling in July, the latest figures from the Financial Services Authority (FSA) reveal.

The City watchdog has announced a crackdown on inducements to bank staff that encourage mis-selling.

Banks, building societies and credit card providers are making it easier to reclaim payment protection insurance (PPI), following a campaign by MoneySavingExpert.com and consumer group Which?. However, there is still more work to do.

HSBC has taken a further £341.6 million hit to cover mis-sold payment protection insurance (PPI), it has been announced today.

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.