Tag Archives: Change

Banking

How Can The Banking Industry Change The Negative Public Perception Of Them?

Banks and building societies have never had an easy time from the public. People are very quick to share their negative opinions with anyone who will listen and a quick search on the internet will show many positive and negative reviews of exactly the same bank. However, recent years have seen more scandals than normal. Banks have continually underperformed, chief executives have been handed huge bonuses regardless of performance, Northern Rock had to be rescued from the brink of collapse and a whole country even went bankrupt.

The Office of Fair Trading found that banks were overcharging customers with their bank charges. A large investigation took place, new charges were introduced and it opened up the chance for customers to claim back their bank charges. This scandal really rocked the reputation of the banking industry. Following on from this, payment protection insurance (PPI) was investigated after a rise in complaints from customers. Following an initial investigation, the Competition Commissioner revealed that very few claims were actually paid out. This led to a more in depth investigation which has resulted in the PPI claims situation we see now that has again rocked the banking industry.

The mis selling of PPI was on such a large scale that it really has shown the lenders in a bad light. PPI compensation claims are reaching into tens of millions of pounds and there are still many more PPI Refunds to be processed. PPI policies were so profitable for the financial institutions that many payment protection insurance policies were sold aggressively or using underhand tactics to secure a sale. This has caused a flood of PPI Refund requests and has enforced the perception that lenders only have their own interests at heart and will do anything to generate their profits.

The Ombudsman and Financial Services Authority have dealt with both the bank charges and PPI compensation scandals. In both situations they have had to encourage the banking industry to pay out for valid PPI refund claims when they have dragged their heels. In both situations, the lending industry has tried to gain court rulings to avoid paying out on cases. This led to public criticism of banks appearing to duck their responsibilities.

With PPI refund figures set to rise over the next few months, banks have got a large task ahead of them proving that they are dealing with problems and addressing customers’ needs. Transparency of current policies is needed so that banks can improve their image.

Nik Jones is a professional PPI Advisor at PPI Refund. For any type of PPI refund or PPI claims, call for free on 0800 044 5196.

Finance

Personal Finance Tips That Will Change Your Life

Neglecting your personal finances will get you into trouble in the future. These tips will help you get your personal finances in order.

Even the small things you pay attention to can aid in building up your financial status. Making coffee at home instead of stopping at the local coffee shop can add up to a big savings. This simple change can save you several dollars every week. Instead of driving your own car to work, take the bus. You may be able to save quite a bit of money with this change. This money accumulates and it can go towards retirement or any investment that you may be interested in. You will benefit much more from this than from a cup of coffee!

Once you get to a position where you are actually getting ahead, don’t use this as an excuse to fall back into bad habits. Try to stick to your budget and do not let yourself suffer.

Try making presents instead of buying them. This can lower your visits to stores and save you hundreds during the holidays. Your goal here is to reduce the cost of gifts and increase what you have left in savings after the holidays.

Understanding what compounding interest is, will help younger people get a good handle on their finances. Get yourself a good savings account and set aside a portion of your earnings.

Losing a home can be devastating. To improve your finances, look into a place where the rent or payments are cheaper. You don’t want to go through eviction because you can’t afford your housing. It may be wiser to take action now to save money.

If you buy things you do not need, then a sale is not a sale. Groceries go bad relatively quickly and buying more than you can realistically use is foolish. Use common sense and take advantage of bargains, but don’t go overboard.

There are coupons on line not found in stores or newspapers, so routinely hunting them is a good idea. Taking advantage of opportunities like on line coupons is a good habit to have for those wanting to maintain the best personal finances they can.

If you can’t balance your checkbook on a regular basis, you can use high-tech options on line. There are many programs and websites that take a lot of the drudgery and repetition out of doing it by hand. In addition, these programs will add up interest, cash flows and give you some advice about budgeting.

If you cook at home and refrain from eating out, you can save money and improve your finances. For instance, a meal that costs thirty dollars for one person at a restaurant may only cost half as much to feed a whole family at home. All of those savings will add up rather quickly. It will be more money to order out than to cook at home.

Budgeting your money can seem difficult at times, but if you learn the proper steps, it doesn’t have to be an ordeal. Do your research and talk to a financial adviser to get well-informed. The ideas you just learned can help you keep your finances in order.

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