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.
Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods....Read More
Nationwide warns consumers over garden contents insurance
A study by Nationwide has highlighted the need for homeowners to ensure their garden contents are comprehensively insured. A poll conducted by Nationwide found that one-third of respondents estimate that the contents of their garden - including garden furniture and lawnmowers - is between £250 and £1,000. Robin Bailey, insurance director at the firm, said that the high value of such goods means...Read More
Flood warning made by Zurich
Two-thirds of Britons are not prepared for their home being affected by floods, Zurich has found.New research from the home insurance provider shows that 44 per cent would also not know whether or not their insurance policy covers them for extreme weather.Zurich also said that 62 per cent of people feel that they are at increasing risk of their home being flooded, due to climate change.The researc...Read More
Online car insurance is benefiting from the downturn
The online car insurance industry appears to be benefiting from the ongoing recession as Admiral Group reported profits up 11% at £202.5 million. The figures are slightly above expectations although there was a disappointing 30% fall in profits afforded to the Confused.com website. The last few months have seen a number of car insurance companies withdraw from the insurance comparison sector whic...Read More
Income Protection Insurance-only Comparison Site Launches
The first site dedicated purely to the comparison of income protection insurance policies has been founded, giving consumers a specific and informative insight into the products available and why they are most suited to them. Incomeprotectinsurance.co.uk focuses on being professional and giving consumers all the information, and the wide range of income protection products they need, in order...Read More