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.
FSA launches investigation into with profits insurance sector
The Financial Services Authority (FSA) has launched an investigation into the with profits insurance sector amid concerns that communications with policyholders and the performance of these funds may not be as good as it should be. After completing a review of 17 companies, which control 80% of the assets held in the UK with profits fund sector, the FSA has launched investigations into two individ...Read More
Pet policy disputes rise by 60 per cent
After the Financial Ombudsman Service (FOS) reported a massive rise in complaints about pet insurance policies last year, experts are urging that owners read the small print to check that their animal is adequately covered.The majority of the cases called were found in favour of the insurers because policyholders had failed to disclose pre-existing conditions.FOS spokeswoman Emma Parker told the T...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
Car insurance market set for overhaul
24/09/2014 The car insurance market is set for an overhaul, following an investigation by the Competition and Markets Authority (CMA). One the major changes will be a ban on exclusive pricing deals between insurers and price comparison websites. The CMA said that these exclusive pricing deals meant that insurers could not make their products cheaper through other channels, such as alterna...Read More
Have you considered taking out private health insurance?
As the UK NHS continues to become more and more overstretched there are serious concerns about the medium to long term future of this well respected institution. The UK NHS system is unrivalled around the world although unfortunately this has attracted many overseas "health tourist" who in the past have been known to leave without paying for their treatment. As funding because more and more diffic...Read More