Record amount of PPI claims made to the Ombudsman

Complaint formA massive 86% of all complaints made to the Financial Ombudsman Service (FOS), in the last six months, were regarding Payment Protection Insurance (PPI). Banks, as well as the Ombudsman service, have been handling complaints for PPI mis-selling for a number of years now, but despite this the number of complaints is still at a record high. The FOS handles cases where the complainant and the seller of the PPI product, cannot reach a satisfactory resolution to the case; over a quarter ...

Taxman targets buy to let investors

Red and White target with three arrowThe taxman is targeting people who have sold properties without declaring the profit and who have therefore avoided paying the tax due. Her Majesties Revenue & Customs (HMRC) has launched ‘The Property Sales’ campaign, targeted at investors who have sold properties for a profit, either in the UK or abroad, but who have not declared the sale and have so far avoided paying the necessary tax. With the exception of an individual’s main residence, any property sold for a profit ...

High-Definition Illustration of Retirement

Guest Blog: Barnett Waddingham High-Definition Illustration of RetirementAndy Leggett, Head of Business Development at Barnett Waddingham, writes for Investment Sense: When you first start planning for retirement, ideally at the very first opportunity in your working life, it can seem a daunting task and the target can seem so far away that it’s difficult to visualise ever getting there. Bad golfers everywhere will know the feeling: it’s the same one you get standing on the tee of a particularly long and tricky par 5. It’s not an ...

PPI compensation leads to tax concerns

Financial experts are becoming increasingly concerned that recipients of PPI (Payment Protection Insurance) compensation are underpaying tax. PPI compensation PPI compensation has made huge headlines over the past couple of years, with many of the UK's major banks paying billions in compensation to people who were wrongly sold the insurance. Last year UK banks paid out £1.9 billion in compensation and the total bill is expected to be above £5 billion. There are generally two parts to the payout, compensation and in some cases interest on the compensation amount. The average payout is £3,000 and whilst the compensation, which forms the largest proportion of ...