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.
Comprehensive travel insurance 'is vital for romantic trips'
Romantic types planning to whisk their loved one away this Valentine's Day should check their insurance policies to ensure the day is as happy as it should be, one of the UK's largest insurance providers has advised. According to Defaqto, the need for travel insurance on such a trip is underscored by the fact that "costs of medical treatment overseas can be very variable and loss of baggage could...Read More
Everyone can be protected against gazumping
Internet service OneMove has announced that it is now to widely offer an insurance policy to protect homebuyers against gazumping across England and Wales.The Home Buyers Expense Insurance (HBEI), which costs £69.99, provides cover against common problems that befall people when purchasing property. Customers can expect up to £1,500 of cover for expenses should the worst occur and a seller accep...Read More
Car insurance premiums show record rise
Despite the fact that the UK is suffering from a full-blown recession with money tighter than ever before, it seems as though UK car insurance companies are pushing premiums higher and higher. A report by the AA confirms that UK car insurance premiums rose by 3.5% over the last three months and a massive 11% over last year. When you consider that inflation has fallen towards zero over the last few...Read More
Not bricking it over home insurance
Despite the recent flooding in some areas of the UK, consumers should not be too worried about home insurance costs rising, as research has shown that premiums have actually dropped. According to the AA's British Insurance Premium Index, over the first quarter of 2007, both home buildings and contents insurance premiums dropped - a symptom of the amount of choice available in a competitive market....Read More
Is the national insurance increase a tax on jobs?
As the debate regarding the Labour government's proposed 1% increase in national insurance, and the conservative party's partial reduction, rages on there is a growing feeling that the increase is actually a tax on jobs. Indeed the Conservative party has today issued a number of additional costs which UK taxpayers will incur if the national insurance rise was to go through. So how would the increa...Read More