Kate Briscoe co-founder of Legal Beagles appeared on Radio 4’s Moneybox today with Paul Lewis to discuss the FCA’s record 28 million pound fine against the Lloyds Banking Group.
Kate Briscoe is a Consumer Litigator for Quality Solicitors Howlett Clarke in Brighton
She co-founded LegalBEAGLES in May 2007.
Many UK banking customers are waking up to yet another banking scandal this week. Lloyds Banking Group, already the UK’s consistently most complained about bank has been hit with the fine due to aggressive pressure selling tactics employed between 2010 and 2012.
700,000 customers were sold investment and protection products that they simply did not need. Yet only 12,000 of these are currently likely to receive an automatic refund as they were handled by staff who have already been identified for miss-selling.
This is very worrying as it is clear there was an unpleasant sales culture in residence at Lloyds long before the admitted period. I believe many more than 12,000 will be entitled to redress. Read More
A rundown of those top 10 financial products you don’t really need:
- Extended warranties
- Charity credit cards
- Gift cards or vouchers
- Healthcare cash plans
- ID fraud protection policies
- Expensive tracker funds
- Structured deposit schemes
- Over 50s insurance plans
- Paid-for debt management
- Card protection
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Notice of Undertaking
esure Insurance Limited
esure Insurance Limited has agreed to change two of the terms and conditions in its home insurance and car insurance policies. esure has given us an undertaking1 in relation to its cancellation terms. This is because we had concerns that the terms were likely to be unfair under the Unfair Terms in Consumer Contracts Regulations 1999 (the Regulations); we felt that the terms gave the firm too much discretion to cancel a customer’s insurance policy.
esure has also acknowledged that its automatic renewal terms were unclear.
Last year Watchdog showed that Britain’s biggest Pay Day Loans company, Wonga, were taking money from the accounts of people who weren’t their customers. At that time, we knew of about 40 cases but Wonga assured us that this was only a minor problem and that they were doing everything they could to tackle it. But the complaints kept coming – since then we’ve heard from over 350 people who claim their accounts have been raided for loans they didn’t take out.BBC One – Watchdog – Wonga.Com: Victims of ID Theft continue to rise.
A repentant Barclays bank has promised to review its overdraft fees and charges in the wake of mounting complaints and dissatisfaction from current account customers.
The bank’s head of retail promised the action as part of a major overhaul over that he claims will rid itself of ‘any sins of the past’.
Barclays has hit the headlines on several occasions in recent weeks – and rarely for the right reasons. Last week a consumer survey found that it was the least liked and trusted of 70 banks and building societies in the UK.
Read more: http://www.thisismoney.co.uk/money/saving/article-2429890/Barclays-review-overdraft-charges-services-seeks-rid-sins-past.html#ixzz2fjdkb9lT
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Barclays to review overdraft charges and other services as it seeks to rid itself of 'sins of past' | This is Money.