FSA confirms 3 million payment protection insurance plans under review
The Financial Services Authority (FSA) has today confirmed that around 3 million people may well be eligible for compensation payments which could top £2 billion over the alleged mis-selling of payment protection insurance (PPI). So far the authorities have received in excess of 100,000 complaints regarding PPI and there are many more expected in the short to medium term.
The authorities have today issued new rules on how the flood of complaints should be handled and indeed what form and what size of compensation can be expected. This is a situation which many banks in the UK have attempted to delay and indeed a number of banks clubbed together to demand a review of the PPI ruling by the FSA. In simple terms, the FSA has introduced new rules which will come into play later in 2010 which will offer customers more information on PPI products, a cooling off period and the ability to look elsewhere for their cover.
However, there are many points of friction between the UK financial industry and the FSA over changes to PPI. Quite how these will impact upon the final ruling and future of PPI very much remains to be seen.
Quinn insurance in move to re-open UK arm
Quinn insurance, the Irish insurance company currently under investigation by the financial regulator, will today make moves to reopen its UK operation which was barred from writing new business last week. The move comes as founder Sean Quinn continues his battle with the regulator in an attempt to reopen parts of his business, which has struggled since intervention by the financial regulator....Read More
Car Insurance “11pc cheaper than a Year ago”
New research has suggested that motorists are experiencing car insurance renewal prices that are 11pc lower than this time last year, as the insurance industry succumbs to increased competition between insurers. Many companies throughout 2012 have adopted the strategy of offering new customers reduced rates in the hope to secure their money, while hiking the renewal prices of their current custome...Read More
Equitable Life chief executive urges policyholders to accept compensation
Chris Wiscarson, the chief executive of Equitable Life, has today stepped into the mix with regards to the ongoing compensation claim being handled by the UK government. It is believed that customers lost in the region of £4 billion - £4.8 billion when Equitable Life was forced to renege on a number of promises on some of its investments. However, the chief executive of the Equitable Life believ...Read More
Is it time to revisit your travel insurance arrangements?
The ongoing demise of the UK travel sector has prompted more people than ever before to review their travel insurance arrangements and check with their provider to see if they have sufficient cover. Many people are not only scared of losing their holiday money for those booked for the future, but if they do manage to fly out there is a concern that they may hit trouble trying to return.
Uninsured Drivers On The Rise
The subject of car insurance is always guaranteed to cause a great deal of upset amongst UK drivers with premiums seemingly increasing every year. However, with the credit crunch continuing to hit home there has been a marked increase in the number of drivers without valid insurance. Money is tight but there is no excuse - so why do people do it?
When you consider that the average...