PPI Complaints Compensation Still a Huge Issue [27th Sep 2012]
The latest figures from the Financial Services Authority have shown that 62% of the complaints received about banks related to the PPI mis-selling scandal. Overall complaints rose by 59% during the first half of 2012 compared to the second half of 2011 to more than 3.5 million. This means that banks and other financial institutions received almost 20,000 complaints each day during the period. Banks have employed extra staff to cover the volume of complaints they are receiving especially for PPI issues and the resultant claims for compensation. Lloyds bank has 1000 staff in this role alone. Compensation for PPI complaints have amounted to £3.2bn over the first six months of this year and the scandal has now become the largest in monetary terms ever according to Peter Vicary-Smith from the consumer group Which? In terms of all complaints, the banking group with the most was Barclays with 422,000 complaints during the six month period. Complaints which were not about PPI were made up of banking product complaints and concerns about credit cards, loans and savings accounts. There were fewer complaints about current accounts during the time period. Related Stories: Complaints about banks up 59%, Says FSA - www.bbc.co.uk Complaints to financial services firms grew by 59% - www.bloomberg.com Lawyers for The News of the World owners News International have argued that they should not be expected to offer damages over and above the compensation they are already giving the victims of phone hacking. Lawyers acting on behalf of the victims are asking for extra damages ahead of a a civil trial which is expected to take place next year. It has been pointed out by News International lawyers that there is no precedent for this type of extra remuneration and that it is clear that victims do not believe that the company made a decision to allow phone hacking because it would mean more profits for them. The lawyers simply point out that this action could lead to a longer and more expensive court case. The number of claimants who have sought compensation is now close to 300 and 155 of these are seeking civil damages. The current hearing is the ninth held this year and a second wave of claims is expected next year. Related Stories: Phone hacking claims against News International near 300 - www.guardian.co.uk News international tries to limit payouts - www.ft.com Amnesty International and Greenpeace have hit out at transport company Trafigura who dumped toxic waste along the Ivory coast and are asking what compensation will be paid to those who were made ill from it. And whether the UK government needs to investigate what happened. The Dutch company has a London office and claims that it paid to have the waste dumped legally after deciding it was too expensive to have the waste treated in the Netherlands. They say that it was not dangerous. However a new report from the environment campaigners has pointed out that their three year investigation shows that the chemical waste was left untreated on rubbish sites and led to people being hospitalised. Kumi Naidoo from Greenpeace has commented that the company was able to take advantage of legal loopholes and that it had devastating consequences. An out of court settlement has already been made to various claimants before the case came to trial in 2009 and the company has also been found guilty of concealing the nature of the waste. Related Stories: Amnesty and Greenpeace in Trafigura investigation call - www.bbc.co.uk Britain urged to investigate Trafigura scandal - www.businessweek.com Trafigura lessons have not been learned warns report - www.guardian.co.uk The England and Wales Cricket Board (ECB) could face a £1 million compensation claim from international cricketer Kevin Pietersen due to unfair dismissal and breach of contract allegations. The cricketer has been informed that he could make the claim if his contract with the ECB is not renewed at the end of this month. Pietersen has been contracted by the ECB for six years, making him a fully legal employee in the eyes of the law. This means that if his contract is not renewed he could claim unfair dismissal. If there were a reason to not renew such as an injury or a lack of performance, Pietersen would be unlikely to win, however it is thought that any decision to not sign will be due to disciplinary reasons which could be disputed. He has already been left out of international matches this year and he has been accused of unpredictable behaviour. He was recently found guilty of sending provocative text messages to South African team members which could be a breach of contract. It is not yet known what the ECB will decide to do. Related Stories: ECB facing £1m legal threat over Kevin Pietersen - www.telegraph.co.uk Prospect of £1m Pietersen lawsuit - www.independent.ie  |
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