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.
Quinn Insurance announces 900 job losses
The administrators for Quinn Insurance have today announced 900 job losses and confirmed that the Quinn Insurance is officially now up for sale. This is the next stage in a long-running saga involving parent group Quinn Group, which is owned by one of Ireland's wealthiest businessmen, Sean Quinn. The regulators became involved with regards to Quinn Insurance a few weeks ago and effectively closed...Read More
Over 50s life insurance explained
Here at Financialadvice.co.uk, we understand how daunting it can be choosing how to save for your future, or the future of your loved ones. Our fully qualified, in house financial adviser, Andrew Gurton, has been talking to us about everything we wanted to know about over 50’s life insurance, from how it works to how it differs from saving plans.
What is over 50’s life insurance?
FSA Continues Battle Against PPI
While Payment Protection Insurance (PPI) was in the headlines earlier this year it seems as though the FSA is still very much on the trail of those who sell cover which is either unsuitable for customers or offers an excess level of protection.
The latest company to feel the wrath of the FSA is Park's of Hamilton the motor dealer which has been fined just over £60,000 for selling...
Flood report calls for 'urgent and fundamental' change
Flood defences need an "urgent" upgrade if Britain is to avoid devastating deluges in the future, an independent review has found.Sir Michael Pitt, who released the results of his investigation into flooding in the UK, also says that these changes must be "fundamental".The report comes in the wake of the devastating floods which hit England in June and July last year, which cost 13 people their li...Read More
When a cash fund is not actually a cash fund!
The Association of British insurers, one of the more powerful investment associations in the UK, is to launch a thorough investigation into cash funds after standard life was forced to pay compensation when its cash fund fell in value. The investigation will centre on money market instruments such as bonds and short-term deposits, many of which have gone "bad" as a consequence of the economic down...Read More