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.
Norwich Union disappears and Aviva takes over
While effectively the name of Norwich Union began to disappear many years ago, today marks a definitive point in the history of this well-known insurance company, which will disappear altogether. Having operated as a subsidiary of Aviva, the former CGNU insurance conglomerate, Norwich Union will be no more after today as the rebranding exercise reaches the end of the road.
Sickness benefit for the self-employed
As more and more people in the UK look to work online and potentially work for themselves from home we have seen an increase in the number of sole traders and small business operations. However, while there are many benefits to working for yourself and working from home there are also a number of potential pitfalls that you need to be aware. Sickness benefit is an area which is often left unexplor...Read More
Specialist car insurance providers 'not always cheapest'
Female drivers have been warned that motor insurance policies from women-only insurance providers do not always offer the best value for money. Research conducted by price comparison site moneysupermarket.com found that women can often find cheaper deals by choosing a policy from a traditional car insurance provider. The site highlighted the example of a 30-year-old woman who is seeking insurance...Read More
Travel insurance tips for Terminal 5 passengers
A price comparison site has issued tips for travellers who have been caught up in the luggage chaos at Heathrow's Terminal 5. Since Terminal 5 opened last week, thousands of items of luggage have been mislaid or delayed. Responding to developments, James Harrison, chief executive of Insurancewide.com, said that the first step to be taken by anyone affected is to confirm the extent of the delay and...Read More
Don't be "hoodwinked" when it comes to mobile phone insurance, says Biba
People who upgrade their mobile phones often don't realise that their existing mobile phone insurance will not cover their new phone, according to Peter Staddon of the British Insurance Brokers' Association (Biba). Mr Staddon urged people to be better educated when it came to their insurance policies, giving the example of mobile phone insurance, where often when people take out a policy at the po...Read More