Lloyds banking group has been fined £28 million for dodgy sales practices
The banking group gave bonuses to staff who sold unsuitable products and pressurised others
Last year the regulator that was in charge at the time, the Financial Services Authority, investigated over 20 banks over their sales practices. It described the result as ‘not pretty’ (you can read my article about the FSA investigation into sales practices). This time the new regulator the FCA has fined Lloyds banking group £28 million for mis-selling investments and insurance products designed to pay out if you’re too ill to work.
Equitable Life compensation; are you entitled to it and how do you claim?
Some victims of the Equitable Life scandal have received much less compensation than the amount they lost
Over ten years after Equitable Life closed for business almost a million policyholders will be paid £1 billion in compensation between them. So far around £700 million in compensation has been paid. While some people will get compensated in full, others will only receive around 22% of the amount they lost. Older policyholders were the first to be paid, although it could be a long wait for younger investors in Equitable Life to find out what they will get.
Not happy with your financial provider? Complain to the Financial Ombudsman Service - it's free
If you're not happy with the way your bank, insurer or pension company has dealt with your complaint, you can use the free service.
What do you do if your bank or insurance company treats you unfairly? Probably you’d ring them up or write them a letter setting out why you’re unhappy. But what happens if they ignore your complaint or you don’t get the answer that you think you deserve? You can complain to the free Financial Ombudsman Service. And last year (2012) two million people got in touch with it.