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.
Lloyds bank insurance scheme fails FSA stress test
Lloyds bank has been dealt a bitter blow today with news that the company's proposal to sidestep the UK government's toxic debt insurance scheme has been rejected by the Financial Services Authority (FSA) on the grounds that the company could not raise sufficient capital to withstand potentially escalating bad debts. Lloyds bank has for some weeks now been contemplating a £15 billion rights issue...Read More
Eight million suffer from 'crashback'
Up to eight million British drivers could be suffering from a post-car accident condition known as 'crashback'.New research says two in five motorists endure the "serious" affliction, which can lead to a "loss of confidence, nightmares about their accident and panic attacks even when they're not driving".Insurance provider More Than, which produced today's survey, claims that 170,000 people take s...Read More
Indian Insurance Market Attracting UK Interest
As the UK economy continues to struggle there are signs that some of the larger UK insurance companies are making a major play for a slice of the Indian insurance market. As the Indian economy continues to go from strength to strength, even as the worldwide economy struggles, it has become apparent to many that India offers great potential for the future. The likes of Standard Life and Aviva ha...Read More
Should there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK ca...Read More
Life insurance is not just for you
While the subject of death is never one which is easy to bring up, those with dependents especially, need to ensure that their finances are in order in the event of any unforeseen accident. Many people in the UK are still averse to taking out life insurance even though this can offer a significant safety net in the event of an untimely death, which can often leave some families without the major b...Read More