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Found 39 results

  1. Energy supplier SSE has confirmed that it will pay out around £1.5m in compensation to customers after an investigation uncovered mis-selling. Alistair Phillips-Davies, deputy chief executive of SSE, told the Energy and Climate Change Committee yesterday (16 April) that the firm has already paid out to around 400 customers in the two weeks since Ofgem’s penalty announcement. An investigation by the regulator found failures “at all stages of SSE’s sales processes” during a three-year period from October 2009 and fined the company £10.5m earlier this month. But Phillips-Davies said that it will compensate fully those customers that were mis-sold energy contracts from 30 September 2008, after chairman of the committee Tim Yeo asked whether he could dispute that tariffs were mis-sold from this date. Ofgem revealed that 23,000 customers were left disadvantaged by some of the sales practices at the energy supplier. Phillips-Davies said that SSE had written to 10% of its customer base to make them aware of the period of mis-selling at the company and that the average compensation figure being paid to customers is between £65 and £70 each. He added: “As a company we have always sought to hold the highest standards in respect of dealing with our customers.” In its sales guarantee document on its website, SSE stated that it has taken more than 12,000 calls from customers since 3 April 2013, and that it had a team of 150 customer service advisors to handle those customers who believe they have a claim. SSE has set aside £5m in a redress fund to cover mis-selling compensation claims. Link: http://www.credittoday.co.uk/article/15079/online-news/energy-firm-to-pay-1.5m-redress-for-mis-selling
  2. A bankrupt stockbroker who defrauded £316m from people has been ordered to pay a nominal £1 fee. Nicholas Levene, 48, was jailed for 13 years after he admitted a Ponzi scheme which brought millions into his bank accounts between April 2005 and September 2009. Levene, from Barnet, north London, took investors' money to buy shares on their behalf but spent it on luxury cars and yachts. His assets are being investigated. He filed for bankruptcy in October 2009. 'Nominal sum' Levene admitted 12 counts of fraud, one count of false accounting and one of obtaining a money transfer by deception. The amount attributed to his false accounting was £32,352,027. But with his customers' lost profits, the amount reached a total of £101,685,406. At Southwark Crown Court Judge Martin Beddoe said: "It seems to me entirely pragmatic that his assets are seized by the trustee in bankruptcy. "As there is nothing available, I direct that he should pay the nominal sum of £1 within seven days." Levene, who was not in court, has admitted defrauding a series of business people including Sir Brian Souter and his sister Ann Gloag, the founders of the Stagecoach bus and rail group, and Richard Caring, owner of The Ivy and Le Caprice restaurants in London's West End. Investigators found evidence of round-the-world trips, yacht hire and top hotel stays in Australia, South Africa and Israel. More: http://www.bbc.co.uk/news/uk-england-london-21927450
  3. Do I have to pay more than £1 pcm?
  4. HSBC has reported a £13.7bn pre-tax profit for 2012 as the bank was hit by further misselling provisions of £1.5bn and its £1.2bn fine from US regulators last year The bank saw profits fall 5.5 per cent last year, down from £14.4bn in 2011. The bank has set aside an extra £1.5bn in 2012 to cover compensation payments for the misselling of financial products, including £1.1bn to cover costs related to the misselling of payment protection insurance and £397m to cover costs relating to the misselling of interest-rate swaps. In total, HSBC has set aside £1.6bn to settle PPI-related claims. HSBC also had to pay a £1.2bn fine from US regulators last year to settle a money-laundering inquiry. Total group revenue fell 5.6 per cent from £72.8bn to £68.3bn. The group’s core tier 1 capital ratio increased from 10.1 per cent in 2011 to 12.3 per cent in 2012. HSBC’s European division made a £2.3bn loss in 2012, due to a £2.7bn write down in its own debt. The previous year it made a £3bn profit. In the UK, the bank lent £16.4bn to mortgage customers in 2012, up 24 per cent on the £13.2bn lent in 2011 and £4bn more than its original commitment of £15bn of new mortgage lending in 2012. The bank approved £19bn in total in 2012. The bank had a 12 per cent share of the UK mortgage market as at the end of 2012, up from 10 per cent a year earlier. Group chief executive Stuart Gulliver says: “Although reported pre-tax profit fell by 6 per cent to US$20.6bn [£13.7bn] in 2012, underlying profit, which includes the impact of fines and penalties and UK customer redress provisions totalling US$4.3bn, grew by 18 per cent. This was primarily due to revenue growth, notably in global banking and markets and commercial banking, and lower loan impairment charges in North America. We regard this as a good performance.” Link: http://www.mortgagestrategy.co.uk/latest-news/hsbc-posts-137bn-profit-but-sets-aside-extra-15bn-for-misselling/1067038.article
  5. http://uk.finance.yahoo.com/news/two-million-drivers-may-face-141603133.html
  6. The Financial Services Authority (FSA) has fined mortgage lender Cheshire Mortgage Corporation £1.2m for failing to treat customers fairly when collecting arrears. The Cheadle-based company was forced to pay up £1.225m for failures across its mortgage sales and arrears processes and two directors have been banned. Cheshire’s chief executive Henry Moser has been fined £70,000 and has agreed to step down from his role within three to six months. Andrew Lawton, the firm’s compliance director, has been fined £13,500 and banned from holding a significant influence function. The FSA has also forced Cheshire to pay out around £2m to nearly 2,000 customers in compensation. An investigation into the mortgage lender, which provided loans to customers with poor credit histories, found that when Cheshire transferred customers in arrears to Monarch Recoveries for debt recovery, they were charged £150. This charge was made despite the fact that Monarch Recoveries was despite an in-house company. The FSA also found that Cheshire did not always make a reasonable effort to reach an agreement with customers in arrears over methods of payment. The regulator also said that Cheshire did not always properly assess the affordability of mortgages by, for example, challenging a customer’s declared income. These failures occurred in the sale of mortgages and arrears handling from October 2004 to the end of 2009. The FSA said the company failed to treat some of its customers fairly when they fell into arrears; was unable to always demonstrate that mortgages it sold were affordable; and did not always communicate properly with customers. Chief executive Moser has been “disciplined” for failing to spot these problems and put them right. The lender overcharged some customers in arrears and applied arrears charges inconsistently and unfairly. Customers were also sometimes notified of charges after they had been incurred. Moser, as chief executive, was ultimately responsible for the actions and compliance of the company, but he failed to ensure the firm was being properly managed so that problems would be identified and remedied. Lawton was aware of certain poor practices taking place at the firm but failed to put them right and demonstrated a lack of competence and capability in his role as a compliance director. Tracey McDermott, director of enforcement at the FSA, said: “The company’s lacklustre approach to regulation, combined with very poor practices in collecting arrears, meant that some customers already worried about being able to pay back their mortgages were put under undue pressure, and sometimes ended up paying more than they should. “The failings of Moser, Lawton and Cheshire Mortgage Corporation were serious and let down a vulnerable group of consumers. Where firms and individuals fail to comply with our rules and treat customers fairly they should expect to be held to account.” Link: http://www.credittoday.co.uk/article/14657/online-news/fsa-fines-mortgage-lender-1.2m-as-2000-customers-compensated
  7. E.ON has been forced to stump up £1.7million by energy regulator Ofgem after it admitted overcharging customers following price rises and incorrectly imposing exit fees when they decided to leave. The energy firm is refunding £1.4million to 94,000 customers who were affected by the errors – the pay-outs will only amount to an average of £15 each. It has also agreed to pay £300,000 to a fund that works to maximise the income of older people run by Age UK. The gas and electricity supplier said a computer error had occurred on its systems after price rises in 2008 and 2011, which led to some customers being overcharged or incorrectly slapped with exit fees. Read more: http://www.dailymail.co.uk/money/bills/article-2239137/E-ON-fined-1-7million-overcharging-100-000-customers-energy-bills.html#ixzz2DXbCYnBa
  8. Watchdog slams UBS's computer systems which allowed 'junior trader' to take risky trades Kweku Adoboli, 32, jailed last week for seven years Court heard how trader 'was a gamble away from destroying bank' Read more: http://www.dailymail.co.uk/news/article-2238520/UBS-fined-30million-seriously-defective-controls-allowed-rogue-trader-gamble-away-1-4billion.html#ixzz2DKXzjnev
  9. http://news.sky.com/story/993842/dentist-jailed-for-1-4m-nhs-fraud
  10. I have been a loyal customer of orange since the beginning in the early 1990’s and until the beginning of this had been happy with the service that Orange provide. However, I am now left both frustrated and angry at the way I am being treated. In February of this year I received a bill which included an additional £183.25 of additional data charges. This was somewhat of a surprise as I had been on a tariff that did not incur such charges. However, when contacting orange I was made aware that my tariff/plan had changed (without this being highlighted to me) and that due to this Orange would a) refund most of these charges and b) change my additional data charges to avoid this in future, alongside a SMS alert I would receive when exceeding my data allowance. Today I have received a bill for £1,133.42 (almost 10 times my average bill) and this details £843.60 of additional data charges! They tell me as they refunded excess charges of £183 in march that they cannot do it again and dispute that they told me that I would be covered by their SMS alter service as it apparently it does not exist! Ibelieve that Orange have a duty of care to customers to advise of such abnormal usage patterns (particularly as I am advise this is over several days) To add further insult, Orange have offered me a 3GB larger data bundle going forward as Orange say I am continuing to use unexplainablelarge amounts of data, yet this cannot be charged at the same rateretrospectively for the past 30 days. A charge of £30 compared with £843.60 isblatantly disingenuous. I have today cancelled my Direct Debit with Orange and have made a payment to cover all other costs associated with mylatest bill. At the end of my call at around 10AM this morning with Orange when I asked for the operators full name and extension she also insistedthat she provide her contact details by SMS, to date this SMS has not beenreceived! I Have today written to Olaf Swantee about this. Anybody have any similar stories? Note: In the latest billing period I have in no way used by handset for any additional ‘heavy browsing’ and I suspect a fault with the handset (as I can see data usage meter now rising when the phone is idle with no apps running, something Orange have disputed despite me having the handset in my possession to verify this). Good to see these Forums, great idea and thanks in advance folks!
  11. More news about them today here: http://www.staffordshirenewsletter.co.uk/News/Rugeley-couple-in-18million-debt-[problem]-had-no-magic-formula-20092012.htm
  12. Jury sworn in at start of trial expected to last eight weeks at Southwark crown court. A jury was sworn in at Southwark crown court on Monday to hear the case of Kweku Adoboli, a City trader who is accused of causing £1.4bn of losses for his former employer, the Swiss bank UBS. Adoboli, 32, from Whitechapel, east London, attended the court in a dark suit and red tie at the start of his trial for two counts of fraud and two counts of false accounting. Arrested a year ago after the bank announced the losses, Adoboli denies the charges, which are to be heard in a trial that is expected to last eight weeks. Two of the charges allege false accounting, claiming he falsified records of exchange traded funds (ETFs) – complex financial instruments – between October 2008 and December 2009 and then between January 2010 and September 2011. The third charge alleges he committed fraud between January 2011 and September 2011 while working as a senior trader in global synthetic equities. The fourth charge, of fraud, relates to activity between 1 October 2008 and 31 December 2010. Link: http://www.guardian.co.uk/business/2012/sep/10/city-trader-kweku-adoboli-court-ubs
  13. Reading the advice about non-priority debts and what you should offer those creditors... it says, You cannot split your surplus, between credit cards, and then pay a loan.. (basically).. however, what do you do in the case of a joint loan?
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