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Author Archives: Nick Baxter

Nick Baxter is an Independent Retail Banking Consultant (focusing on credit risk, compliance and consumer products)”; he has an intimate understanding of financial law and compliance. He was a member of the Mortgage Code Compliance Board (MCCB) Advisory Group and its disciplinary Committee up until the FSA took over in 2004. Nick has also given advice to European Commissioners, lenders, trade associations and consumer groups, in Brussels on the European code of lending practice.


Now that the payday lender Wonga has confirmed that it has filed for administration and appointed Insolvency Practitioners from Grant Thornton as administrators, the main unresolved issue is the ongoing fair treatment of its customers. The administrators are reported to Read more…


There is just over a year before the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] complaint deadline comes into force on 29 August 2019. With so little time left to claim it is right that rational analysis of the Read more…


Doran v Paragon Personal Finance The Financial Conduct Authority [FCA] was clear when it issued its final rules and guidance in respect of Payment Protection Insurance [PPI] complaints [policy statement PS17/3] that it did not “seek to usurp the prerogative Read more…


FCA – “many CMCs help to secure redress for consumers” The Financial Conduct Authority [FCA] has recently issued a consultation paper [CP18/15] in respect of its draft rules for Claims Management Companies [CMCs]. This consultation sets out its plans for Read more…


Much has been written about the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] complaint deadline since the claim guillotine was announced. The deadline was always short, but the time available to submit a claim is fast disappearing – it Read more…


Today the Financial Ombudsman Service [FOS] published its complaint data for the six-month period to 31 December 2017. The data features complaint numbers about banks, insurance companies and other financial businesses received by the ombudsman service. There are some positive Read more…


“An elephant in the room”! The fallout from the Channel 4 Dispatches undercover Financial Ombudsman Service [FOS] report is still having far reaching implications which include; suggestions that 500,000 claims will need to be reassessed, calls for a judge-led public Read more…


It is not often that a television programme about the financial service industry results in my mobile going into overdrive with messages from non-industry friends. That is, however, what happened during and after the Channel 4 Dispatches programme aired on Read more…


Commentators are beginning to suggest that the ‘Arnie’ campaign is failing and the deadline should be extended until the banks have repaid to consumers an agreed total amount (based on comprehensive research into the final bill – likely to be Read more…


The business newspaper City AM ran a story with the headline, “The Terminator delivers £3bn hit to big banks as PPI costs continue to rise”. The headline refers to the Financial Conduct Authority [FCA] PPI deadline awareness campaign that features Read more…


As we approach the 6 month point in the Financial Conduct Authority [FCA] 2 year Payment Protection Insurance [PPI] deadline, it is useful to look back to see if the FCA campaign featuring Arnie Schwarzenegger has made any difference to Read more…


Last week saw the major banks announcing their third quarter 2017 results. Many different groups eagerly await these updates; regulators, investors, shareholders and the press. The headlines of the past few years were dominated by the increasing Payment Protection Insurance Read more…


How will £100bn be repaid in time? Within the financial service world, the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] claims deadline is big news. It’s not surprising; the decision was subject to a number of consultations and legal Read more…


The six-monthly release of the Financial Ombudsman Service [‘FOS’] complaints data have just been issued and this data includes information to the end of June 2017. The information shared by FOS shows that while many firms are improving the way Read more…


Today sees the launch of the Financial Conduct Authority [FCA] two-year marketing campaign which is intended to bring an end to Payment Protection Insurance [PPI] claims by 29 August 2019. The FCA campaign must deliver a lot, but will it? Read more…


The Claims Management Regulator [CMR] has celebrated its 10th anniversary with a publication titled, “Celebrating 10 years”. The document warranted the subtitle, “Protecting Consumers/Curbing Malpractice”. Regulation under the FCA to come! As it has already been announced that the regulation Read more…


Just as the schools break up, the bank results reporting season begins. Reviewing the volume of media comments in respect of the first bank to announce its results, Lloyds Banking Group [LBG], suggests that anyone who thinks the school holiday Read more…


The Financial Ombudsman Service [FOS] has issued its annual review 2016/2017. This year’s version attracts the catchy title, “fairness in a changing world”. The report always attracts intense scrutiny, in particular from industry observers and consumer champions. These parties are, Read more…


It has been reported in UK based broadsheet newspapers, such as the FT and Telegraph, that Barclays is facing a lawsuit in excess of £1bn for the mis-selling of a payment protection product [PPI] at a subprime credit card business Read more…


A recent article in The Daily Telegraph suggested that the financial claims “multi-billion cash cow” was refocusing from Payment Protection Insurance [PPI] claims to other areas. Although The Daily Telegraph is correct to say that there are many other areas Read more…

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