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.
Home insurance warning for DIY enthusiasts
DIY enthusiasts have been urged not to let their enthusiasm get the better of them this weekend or risk invalidating their home insurance policy. According to price comparison site Confused.com, Bank Holidays are seen by many as the perfect time to carry out home improvements, despite the fact that "half of the jobs" carry a risk of invalidating a claim. However, by following certain simple guidel...Read More
Insuring your home office
As more and more people in the UK are attracted by the idea of working from home, whether working for themselves or an employer, there are many potential pitfalls and considerations to take into account. Aside from the fact that you will need quiet, clear space to work from there is also the need to ensure that your business equipment and business records are not only secure but well insured.
Insurance premiums set to rise as Lloyd's of London struggles
The announcement of a 50% reduction in Lloyd's of London profits from £3.9 billion to £1.9 billion seems like a significant drop but in the context of the current economic climate this is a more than credible result. However there are signs that general insurance premiums around the world are set to rise over the next 12 months.
A mixture of slowing economies around the world, wea...
Will the rise in national insurance affect the NHS?
The Conservative party has today stepped into the row regarding a 1% increase in national insurance from 2011. While there is no doubt that the move will raise billions of pounds for the UK government, allowing them to strengthen the UK plc balance sheet, many people have overlooked the fact that the NHS is the U.K.'s biggest employer. A 1% increase in national insurance will increase the wage bil...Read More
Protecting your family
As the employment situation in the UK continues to worsen, at least in the short term, many families are now looking at insurance protection aimed at ensuring that at least part of their income is protected in the event of unemployment or illness. Never has it been more vital to ensure that you have at least some form of insurance protection not only for peace of mind, but to ensure that you have...Read More