Tag: banking news

FDIC Calls for Review of US Bank Deposit Insurance System

G. Turner
Deposit insurance - US Flag - US dollars

The process is launching fresh debate over whether an expansion of government protections is appropriate. The Federal Deposit Insurance Corp. (FDIC) has published a comprehensive overview of the federal system this week, sparking debate once again regarding the need – or lack thereof – for additional government protections on bank deposits. The overview is also taking another look at how much additional coverage might be required. This review represents the third report the FDIC has published since the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this year.…

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Insurance news from Lloyds shows that mis-sold loan policies will cost $1.6 billion more

Julie Campbell
Financial Lyme Disease Insurance News

The scandal will now have cost the company approximately £5.3 billion. Lloyds Banking Group has just released their latest insurance news statement regarding the mis-sold loan policy compensation, which now involves an additional $1.6 billion (£1 billion), bringing the total amount of these payouts up to £5.3 billion, which has yanked its numbers downwards to result in a third quarter loss. However, the largest retail bank in the U.K. is still optimistic and is encouraging customers to remain that way. Lloyds has released a positive message regarding the decreasing losses…

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Barclays sets aside funds to deal with insurance news controversy

S.Vagus
life insurance news Barclays Bank

Barclays continually caught in scandal Major British bank Barclays has announced that it will be setting aside approximately $1.1 billion in funds to mitigate the financial impact of its inappropriate sale of insurance to consumers. Earlier this year, Barclays was steeped in a rate-rigging scandal that damaged the company’s reputation. In the wake of this insurance news scandal, the bank purchased nearly $1.7 billion worth of payment protection insurance for its employees. Now, the company is setting aside funds in case it receives more claims concerning inappropriate sales of insurance…

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Insurance news is good for thousands of customers in Ireland

Julie Campbell
Insurance News

Sizeable refunds are now being issued for policies that had been mis-sold. Thousands of Irish policyholders are applauding the great insurance news that has just been released, stating that refunds of up to €3,000 each are being issued to compensate for the massive scandal among the major banks. The Central Bank has required them to find out how many payment protection policies had been mis-sold. The scandal was vast enough that the Central Bank also went on to specifically name six of the lending institutions that had taken part in…

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