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.
Insurance fraud costs the UK consumer
As the UK recession continues unabated, with sporadic signs of improvement, we have seen a massive increase in the number of fraudulent insurance claims in areas such as home insurance and car insurance to name but a few. This is a common pattern as and when the UK economy goes into recession and is something which the insurance companies have attempted to control and reduce over the years but hav...Read More
Wills 'time-bomb' must be defused, says NCC
Over 27 million people in England and Wales do not have a will, creating a 'time-bomb' that urgently needs to be defused, the National Consumer Council (NCC) warned today. Research conducted by the NCC into will-writing behaviour found that most people who do not have a will blame not having got around to making it, or said that they did not want to think about dying. Steve Brooker from the NCC...Read More
Car vandalism survey reveals surprising results
A new study into car vandalism conducted by AA Personal Loans has yielded some surprising results for motorists. Traditionally, dimly lit multi-storey car parks are thought of as the places where cars are most likely to fall victim to vandals.However, in the poll of 2,000 drivers just ten per cent said that their car was damaged by vandals in this type of location. Conversely, and somewhat surpris...Read More
Is it time to insure your bike?
When you consider that over 70% of UK homes have at least one bike on the premises perhaps it is time to look at insuring your bike against theft? There are a number of figures in the public domain regarding bicycles in the UK which show that 25% of bike owners in the country have had at least one bike stolen within the last two years. When you consider that the average bike is worth in excess...Read More
Aviva Announces Large Scale Job Cuts
As UK insurance giant Aviva announced job cuts of up to 1,800 due the intended closure of a number of their UK call centres, employers union Unite has entered the fray. Unite is currently at the centre of a number of strike actions throughout the UK and there are concerns that their involvement at such an early stage may well be a precursor to industrial action in the not too distant future.