PPI

Two marketers acting on behalf of claims management companies have been fined £250,000 by the Information Commissioner's Office, in the first case of its kind.

COMPLAINTS

FIVE THINGS

The Financial Services Authority (FSA) is to instruct banks to charge for current accounts, according to a report by consumer group Which?.

The Financial Ombudsman Service (FOS) has rejected calls from industry stakeholders for claims management companies (CMCs) to be charged FOS fees and levies.

Changes could be made to the Financial Ombudsman Service (FOS) board ahead of the industry-wide regulatory upheaval next year.

A decision by HSBC to set aside a further £340m to fund payment protection insurance (PPI) compensation claims has taken the amount banks have now earmarked for PPI mis-selling redress to almost £10bn, a report says.

HSBC has put aside $1.3bn (£830m) in UK customer redress provisions and $700m (£450m) relating to US regulatory and legal issues as it reports $12.7bn in interim pre-tax profit.

The Legal Ombudsman has warned the sector is at risk of dragging down its reputation to the level of the financial services industry through the mis-selling of confusing legal products and services.

The Financial Services Compensation Scheme (FSCS) has reduced the amount of compensation it is planning to collect from AWD Chase De Vere over its sale of Lifemark-backed Keydata investments, the national IFA has said.