Commenting on the publication of the Annual Review of the Financial Ombudsman Service (FOS) for 2015/16, which was published today (25th May), Simon Evans of the Alliance of Claims Companies said:

PPI mis-selling is back in the news today, as Clydesdale Bank (CYBG) announces a further £450m is being set aside by them to cover the costs of compensating consumers for mis-sold Payment Protection Insurance.

The Public Accounts Committee has today published a report on 'Financial Services mis-selling: regulation and redress', which once again is critical of the role of Claims Management Companies in the Payment Protection Insurance scandal.

Commenting on the report on behalf of the Alliance of Claims Companies, Simon Evans said:

There was an interesting juxtaposition earlier this week as the CEO of the Prudential Regulation Authority, who is also the incoming Chair of the Financial Conduct Authority (FCA), Andrew Bailey, gave a speech outlining the regulator’s perspective on ‘Culture in financial services’ at City Week 2016.

It was reported in The Times at the weekend (1st May 2016) that the Royal Bank of Scotland are seeking to ditch the RBS brand in a move designed to draw a line under the bank’s recent history – which has been characterised by a series of fines, mis-selling scandals, and a government bail-out.