Monthly Archives: June 2013

You are browsing the site archives by month.

UK’s “Big Four” Banks Split over Decision for PPI Claims Deadline

UK’s top banks who have mis sold PPI are split about the decision to reach a PPI claim deadline for 2014 due to consumer group concerns about PPI being sold for a decade. Experts say that the deadline will make banks more infamous to customers.

pound-sterling-money-coins-notes-370x229

UK banks have set aside more than £13 billion in PPI compensation and according to experts, the amount could double by the following year. The Financial Services Authority considered the proposal only if the banks launch a country-wide advertisement campaign to encourage customers to make a PPI claim.

A source indicates that at least one UK bank became sceptical about the decision to reach a deadline. The British Banking Authority continues to hold talks with the FSA regarding a possible deadline to remove the great uncertainty surrounding the PPI scandal.

Consumer group Which? says that the banks have not done well in informing customers about their right to make a PPI claim. CEO Peter Vicary-Smith points out that once banks inform their customers, they have a six-year deadline and this is fair. However, because of their failure to address this task, setting a deadline one year from today is unfair.

According to experts, the uncertainty of the PPI claims scandal is costing the industry billions of pounds in expenses and is slowing down the growth of the economy.

The announcement of the possible deadline brought in an influx of consumer claims and PPI claim form downloads reached high numbers in the last few weeks.

Travel Tips: Practicing Cultural Respect

Sometimes, a country gets a reputation in another tropical or vacation country because the travellers fail to respect certain local customs that locals find offensive or disturbing. It is very important that travellers know a thing or two about cultural respect. Here is a short guide to gauging the local’s culture and giving respect for their local communities.

1. Observe
Travellers must make it a point to observe how most locals respect their elders, their interaction with other locals, the different age interactions and their business. Sometimes, it might be rude to talk during a feast, a meeting or when eating lunch. It is important to observe; making a few mistakes now and then can help, but do not do it often or intentionally.

2. Approach Local Governments and Sects
If you’re having a vacation in a religious country, it would be wise to know the local’s customs and traditions through the local governments. Local governments are willing to tell you more about the country or location’s history and the people’s attitude and current culture. Sectarian leaders could also tell you more about the local system of values the country has.

3. Speak in their Language
A traveller shows respect to locals if they are speaking in the local’s language, or at least trying to. The more they see your effort, the more humorous, yet flattering, it is for them. You could gain the trust of locals by doing this often.