June 7, 2013

Total PPI Compensation Payout Now at £9.3 Billion

The Financial Conduct Authority estimates that the total compensation awarded by the financial industry to individuals have now reached a total of £9.3 billion. This year, a further £409 million was paid to consumers by April. The FCA continues to update the total amount of PPI compensation given to customers.

According to the FCA, Barclays is the bank that customers mostly complain about with 414,302 grievances. However, it is Lloyds that has the biggest share of the PPI compensation package. The banking group has paid £5.4 billion in total for compensation to customers. However, in terms of customer services, Lloyds only had 348,386 complaints.

According to the Financial Ombudsman, they are receiving at least 2,000 claims on a daily basis, with almost 86% of the PPI claims they receive favouring the customers. Chief Ombudsman Natalie Ceeney points out that banks might have a system that favours their compensation provision amounts rather than fair customer services. Reports about banks “tightening their PPI claims criteria” had Ceeney report the issue to the Financial Conduct Authority.

Ceeney also estimates that there might be no shortage of PPI compensation complaints this year. The FOS estimates that there might still be a remaining 40 million PPI claims in the country waiting to be filed and to receive compensation.

June 4, 2013

Crowdfunding: The New Boutique Shop?

Category: Internet — Tags: , , , , , , , – admin @ 12:29 am

I’ve been around the Internet for so long to say that today it is not just a highway of information, but also a means to an end. As people meet like-minded individuals and form communities based on their personal interests, they can also attract other like-minded people to support their projects if people become compelled enough through crowdfunding

As the term implies, crowdfunding is allowing people to donate to your projects if they feel compelled enough to do so. However, once you crowdfund your projects, you have to ensure that you comply with everything that you wrote down in your proposal, such as making the product or service free upon completion or providing additional free items depending on the amount of pledge the donor gave.

Crowdfunding gave way for many filmmakers, game designers and musicians to create projects independent of the influence of “big bodies” in corporations and governments. It has allowed them to make not a commodity, but something that is made out of passion. Certainly, crowdfunding items are similar to custom boutique shop items, except that the quantity is determined and all work is customized.

Many boutique shops themselves are making use of crowdfunding to provide resources to new projects, making it certain that the modern day boutique shops could be found and supported through the Internet.