Independent Banking Advisory Service
Established in 1992
IBAS has never worked for any bank or lender and does not accept money from lenders or Government and is totally independent.
IBAS knowledge has been collated from thousands of IBAS business banking cases over 25 years which provides unique ʻback-upʼ information (which is only available to IBAS) and which we use to assess where to investigate and what will produce the best results.
IBAS is now in it's 26th year helping/guiding those with UK Business Banking disputes and Director's Personal Guarantee business debt claims - IBAS is the only UK non profit organization which provides business banking customers with specialist business banking assistance and specialist business banking guidance and also IBAS specialist business banking investigations.
IBAS business banking dispute negotiating experience has a proven strategy which provides claims and defences for business bank customers. IBAS has excellent banking investigation reputation and has featured on BBC TV, BBC TV News, ITV, Meridian and Sky News and contributed to editorials and articles for the Sunday Times, Times, Daily Mail, Daily Express and Daily Mirror.
Eddy Weatherill comment: Now we can begin to see the absolute enormity of the PPI scandal and also why the banks were so keen to hide how they had 'robbed' their customers by selling PPI when they knew it was being used mainly to feed the bank's profit and otherwise PPI was pretty much useless for the majority of their customers. Such a scam! We knew it would be a big 'issue' because the banks and the FOS resisted the early claims for payment. Just as they did for SWAPS. - 19th October 2016
Payment Protection Insurance (PPI) FAQʼs BBC ONE - Watchdog (* Please Note this page was last edited in November 2012)
Banking giants to add £2bn to PPI bill despite payout slowdown - The quartet of banks - Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland - have already set aside a mammoth sum of more than £30bn for compensating victims of mis-selling and administering claims.
Sources close to the banks conﬁrmed that they would add to their existing PPI provisions ahead of formal conﬁrmation from the City watchdog that a 2019 cut-off point will bring an end to Britain's biggest consumer mis-selling scandal.
The Financial Conduct Authority (FCA) has been conducting a consultation on the so-called timebar exercise, with submissions by interested parties made earlier this month.
The big banks had hoped to have already set aside sufﬁcient funds for PPI mis-selling but have been forced into a rethink because the likely FCA deadline for claims is a year later than anticipated. Lloyds, which had by far the biggest share of PPI policies, has already been forced to fork out more than £16bn over the issue. Analysts at Autonomous Research, which is chaired by the former City Minister Lord Myners, projected last year that banks could face a separate £33bn bill if the Plevin judgement was extended to other ﬁnancial products - Sky News 18.10.16
Eddy Weatherill comment: The FCA is now 'in business' and taken over from the FSA. The FSA was a failure and many have already said the FCA could not do any worse. The FSA was regulator of the banks in a period when too much went wrong in the UK and we will all continue to pay for bankers greed for many years to come. Regulation must now be effective - but it must also be seen to be effective and provide no more 'banking for the boys' clubs and immunity from the law. Fines are not enough. The FCA promises better feedback and better use of 'market' information when it is received by them - which hopefully will prevent any repetition of such blatant cons like PPI and SWAPS. These appeared to IBAS to be more like organized crime operations than professional banking. When IBAS made the Banking Ombudsman (now the Financial Ombudsman Service) aware of such matters (PPI) by submitting cases for investigation - those cases were 'turned away' and not investigated by them. They (PPI) were considered by them as being 'normal' banking practice and so they continued. Many more people were then 'ripped off'. Those 'normal' banking practices, which should not have been allowed to thrive have cost the banking industry compensation in the order of £10b plus (and still not finalized). We also know that many of those defrauded will never be compensated because they will have died/lost their homes/lost their businesses and/or lost the right to make their claim during the time it has taken for the regulators to act. So, whilst we applauded the rather belated action of the FSA, we cannot endorse their inactivity or lack of regulation over many years as financial matters in the UK escalated to become completely out of control. - 10th April 2013
PPI Update: £1.9bn has been paid in compensation to people mis-sold Payment Protection Insurance. The Financial Services Authority (FSA) has revealed that £1.9bn has been paid in compensation to people mis-sold Payment Protection Insurance. PPI was supposed to cover loan repayments if someone lost their job or fell ill, but thousands were mis-sold the policies. Jason Billingham was one of those mis-sold PPI and he told the BBC how difficult he found it to get his money back.
IBAS Comment: But, did he get all his money back? – he says it just appeared in his account – did he know that it was correct? Did he just take the banks word for it? IBAS has seen cases where the money offered by the bank was inaccurate and/or miscalculated and where it took a further two attempts to obtain the correct amount …and months later. The moral is: Do not accept the bank’s first ‘offer’ - unless you have seen the evidence of calculations to prove the offer is correct and properly calculated. You only have the one chance to make sure the bank pay ‘compensation’ or ‘redress’ for what is owed to you on PPI claims. - 25.02.12
PPI the Banking ‘Scam’ that became a Public Relations Disaster - Written by Eddy Weatherill, CEO of IBAS - follows:
The banking industry has abandoned their legal fight over the mis-selling of payment protection insurance (PPI). The BBA, the trade association, representing major banks has said it would not appeal against new rules on mis-selling.
The FSA has won this battle and we should all applaud that victory.
PPI has been a Public Relations disaster for the UK banking industry. IBAS has seen the evidence of banks mis-selling PPI over many years. Bank loans and overdrafts were ‘sold’ with ‘up front’ payments for PPI premiums, without choice – which also meant further interest for the bank on an already costly and non-performing product.
PPI has made incredible profits for banks over a very long period. If bank customers had received good value protection there would not have been this PR disaster. The FSA has estimated that the banks will pay up to £4.5bn to settle tens of thousands of claims. To date Lloyds Banking Group has made a £3.2bn provision for possible claims, Barclays has set aside £1bn to pay compensation and HSBC £269m – so the figure is already above £4bn from just three banks. IBAS expect the true cost to be around £10bn – but that’s assuming compensation will be paid to those to whom it is owed.
However, the banks have resisted all claims so far. Only now when they cannot see another way out of this mess have they admitted their problem with mis-selling PPI and they will now attempt to turn the PR disaster into a PR bonus.
However, banks do not give up money easily or at all and they will diminish or resist PPI claims where they can. Where they cannot resist the claim itself, they will inevitably attempt to diminish the value of that individual claim by applying pressures on the customer and the Financial Ombudsman Service.
Also, where the banks previously refused to commit staff to deal with complaints on PPI they will now ‘refocus’ their activity and employ more staff to ‘fight’ the PPI mis-selling claims. Banks are masters at this process; they manoeuvre and just fight on in a different way.
If you have bank shares no doubt you would applaud such actions - but the banks have resisted changes and cheated customers for too long. They have manipulated the legal system, regulators and successive governments to achieve massive profits, using PPI and other ‘scams’ to increase bank profits, whilst continually ‘ripping-off’ customers.
Banks are greedy and PPI was a perfect vehicle for huge profits – with little risk. But, customers found that many PPI policies never ever paid out, particularly when they urgently needed the ‘cover’ that was sold them. The banks deliberately resisted and mishandled the complaints on PPI, which has been a historical habit.
Only now in 2011 has the bank’s disgraceful conduct been brought to an end. Let’s all hope it is not an end to this process of bank education - but just a beginning.
Written by Eddy Weatherill, CEO of IBAS, The Independent Banking Advisory Service Published in Fresh Outlook 12 th May 2011
The banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI). -The British Bankers' Association, which fought the case, said it would not appeal after losing a court challenge against new rules on mis-selling. Barclays said it had set aside £1bn to pay compensation, and HSBC £269m, while RBS added £850m to the £200m it had already paid or provided for. Last week, Lloyds Banking Group made a £3.2bn provision for possible claims. The FSA has previously estimated that the banks will have to pay up to £4.5bn to settle tens of thousands of claims. That now appears to be an underestimate. The big PPI lesson for banks - 9th May 2011 - BBC News
Note at 21st December 2011: More than £1bn was paid in compensation in the first 10 months of the year to people who were mis-sold payment protection insurance (PPI), financial watchdog figures show.
Independent Banking Advisory Service (IBAS) - launched in 1992 as a specialist unincorporated business banking membership organization assisting bank customers with UK business banking account loan disputes and business banking debt disputes with their bank. Our analysis and investigation of business bank loans, bank accounts, banking contracts, business banking account facilities and banking debt recovery information has been instrumental in our member's success. IBAS business banking dispute negotiating experience and proven strategy provides claims and defences for business bank customers. IBAS has excellent banking investigation reputation and has also featured on BBC TV, BBC TV News, ITV, Meridian and Sky News and in Sunday Times, Times, Daily Mail, Daily Express and Daily Mirror editorials. Last modified: 25th February 2018
Independent Banking Advisory Service (IBAS) - launched in 1992 as a specialist unincorporated business banking membership organization assisting bank customers with UK business banking account loan disputes and business banking debt disputes with their bank. Our analysis and investigation of business bank loans, bank accounts, banking contracts, business banking account facilities and banking debt recovery information has been instrumental in our member's success.
IBAS business banking dispute negotiating experience and proven strategy provides claims and defences for business bank customers. IBAS has excellent banking investigation reputation and has also featured on BBC TV, BBC TV News, ITV, Meridian and Sky News and in Sunday Times, Times, Daily Mail, Daily Express and Daily Mirror editorials.
Last modified: 25th February 2018