(1) So the coalition inherited a market with too few competitors, a confusing plethora of tariffs and consumer trust damaged by doorstep misselling.
(2) The regulator is keen to avoid a re-run of the payment protection insurance misselling scandal which, while on a much larger scale, was delayed for years while the banks argued with the FSA in the courts.
(3) RBS has also set aside £3.2bn for misselling customers payment protection insurance.
(4) 3.30pm BST Myners cited the Co-op's PPI misselling compensation as another sign that it wasn't being run properly.
(5) Consumers will also be given the right for the first time to take "class action" suits – common in the US – through the courts in cases of large-scale wrongdoing such as endowment misselling or personal pensions.
(6) From the start of this year, the bank has changed the way it pays the staff in its retail division to remove the link between sales and bonuses, with a view to cutting misselling bills.
(7) If the man from the Pru did that I would take him to court and sue him for pension misselling.
(8) Ofgem is also investigating Scottish Power, Scottish and Southern Energy, EDF Energy and npower for misselling and is carrying out two investigations into Scottish Power for potentially misleading marketing and the difference between its standard credit and direct debit tariffs.
(9) Friday's announcement by the FSA about interest rate swap misselling follows a two-month review during which 100 customers came forward to complain about their treatment by the banks, which sold 28,000 of these products intended to help protect against interest rate movements during a 10-year period.
(10) In its latest update, it has set aside £295m for compensation for missold loans, including £33m to cover claims for payment protection insurance misselling.
(11) Over the five years to 2015, Barclays, HSBC and the bailed-out Lloyds Banking Group and Royal Bank of Scotland have together incurred costs of £55.8bn to cover so-called conduct and litigation issues, after being penalised for rigging Libor and foreign exchange markets, and having to compensate customers for misselling payment protection insurance .
(12) The Financial Conduct Authority (FCA) stunned the industry on Tuesday by proposing a deadline of June 2019, rather than the spring 2018 cutoff it had suggested in October in a move intended to draw a line under the costliest ever misselling scandal.
(13) The bank – one of the highest dividend payers in the FTSE 100 – said that the government's bank levy on its balance sheet had cut its dividend by $0.05 per share as it had cost $904m last year, while it had set aside another $395m for misselling payment protection insurance and products to small businesses.
(14) In other news, Barclays has set aside another £1bn to cover the cost of misselling products to its customers.
(15) The Australian bank issued a profits warning in October because of the mounting cost of provisions for compensation over PPI and the misselling of interest-rate swaps - complex financial products designed to protect buyers against sharp movements in interest rates.
(16) The fine is a joint record for a retail-related offence, on a par with the one slapped on HSBC last December for misselling investments to eldery customers.
(17) Echoing the remarks of regulators, Walker said that "in principle" he agreed that customers should pay as it might prevent misselling of financial products.
(18) These included possible further provisions for payment protection insurance mis-selling, misselling interest swaps to small businesses and the sale of mortgage bonds in the run-up to the financial crisis.
(19) He also wondered whether the extra £465m provision for misselling payment protection insurance - included in RBS's £3bn figure - could have an impact on Lloyds Banking Group, which has already incurred an £8bn bill for the scandal.
(20) But I guess it'll be less hassle than cleaning up Fred Goodwin's mess, being lambasted by the media over the Libor scandal and PPI misselling, and apologising for RBS's tech problems.
Misset
Definition:
(v. t.) To set pr place wrongly.
Example Sentences:
(1) Enzyme I of the phosphoenolpyruvate: sugar phosphotransferase system of Escherichia coli has been reported to contain one phosphorylation site per dimer and thus operates by either a half of the sites or a flip-flop mechanism [Misset, O., & Robillard, G. T. (1982) Biochemistry 21, 3136-3142; Hoving, T., ten Hoeve-Duurkens, R., & Robillard, G. T. (1984) Biochemistry 23, 4335-4340].
(2) Previously we have reported the characterization of the gene for the glycosomal enzyme [Michels, P. A. M., Poliszczak, A., Osinga, K. A., Misset, O., Van Beeumen, J., Wierenga, R. K., Borst, P. & Opperdoes, F. R. (1986) EMBO J.