Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Barclays Bank has been experiencing increasing levels of complaints over Payment Protection Insurance since the beginning of the year. Between January and June it saw the number of complaints rise by 93% and this is not expected to decrease any time soon.
Since the banks lost their legal battle over PPI rules in April, the number of complaints has increased dramatically. This time last year Barclays had received 38,000 complaints over insurance compared with 73,000 this year which is nearly double.
The bank has stated that it predicts this number will have increased further by the end of the year. It said it is dedicating a lot of hard work towards resolving the complaints promptly and making sure those who have been waiting for a resolution the longest are dealt with first.
Similarly, Lloyds TSB has also revealed that the number of complaints it received in the first half of 210 was less than half the amount it received between January and June this year.
Barclays has allocated around £1B for PPI repayments to those who claim they have been mis sold the insurance and vowed that all complainants would be reimbursed without question before 20th April.  PPI is deemed as being mis sold if lenders did not ask for it or felt that they must take it out if they were to successful in their loan application. It seems that a lot of the PPI was automatically added to loans without lenders knowledge and in a lot of instances; individuals who tried to make a claim on the insurance do to being unable to work as a result of redundancy or ill health were unsuccessful due to the conditions of the policy.
The challenge from the High Court against the banks accused of mis selling the insurance resulted in a loss for many of the banks who are now having to pay out billions of pounds in compensation.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.