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.
Pet insurance 'crucial for vet fees'
Veterinary fees can cripple family finances unless people have adequate pet insurance, it has been claimed.Owners who do not insure their pets could face a "major problem" if treatment is needed, the British Small Animal Veterinary Association (BSAVA) has warned.The introduction of new treatments all the time means that vets' fees are now rising on an annual basis, meaning any treatment that is ne...Read More
Travel insurance warning for medical tourists
Tens of thousands of the UK's so-called medical tourists are risking severe financial losses by failing to ensure they are covered for surgical treatment abroad. Government figures show that the health tourism industry has burgeoned over the last decade, with 70,000 people travelling overseas for cosmetic or elective medical surgery last year. However, in a poll conducted by Post Office Travel Ser...Read More
Women better behind the wheel
Nearly a third of men think that they are better drivers than women, despite both insurance statistics and scientific studies proving the opposite.In a survey of 4,000 British drivers, yesinsurance.co.uk reveals that 31 per cent of men believe they are better behind the wheel than women, with only five per cent of women believing this fallacy.Twenty-three per cent of men acknowledged that women we...Read More
1,200 bikes stolen every day, insurer claims
Around 16 per cent of cycle thefts take place in the home, Sainsbury's Bank said today.The home insurance provider made the eye-catching claim as it released new bike theft data, which was derived from claims histories dating back to 2004.According to Sainsbury's, an average of 1,208 bikes are stolen each day in the UK - with many people taking inadequate security measures to prevent the thefts.Fo...Read More
Lloyds bank looking to pull out of government asset protection scheme
Lloyds bank is today in talks with Treasury ministers and FSA regulators as the company looks to withdraw or reduce its proposed exposure to the government asset protection scheme. This is the scheme which would see Lloyds bank insure £260 billion of risky debt which is currently untradeable, therefore reducing any further downside in the short term. However, the company has been struggling to ra...Read More