Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
Sean Quinn attempts to rescue his insurance empire
Sean Quinn, the founder of Quinn Insurance, yesterday served various papers on the Irish financial regulator which have resulted in a week-long reprieve before the company is possibly placed into permanent administration. As we covered in one of our earlier articles, the Irish regulator stepped in to effectively try and close down Quinn Insurance last week citing various regulatory problems and co...Read More
UK pet insurance sector leads the way
A report from research firm Datamonitor has confirmed what many already knew, that the UK pet insurance sector is literally leading the way round the world. We are seeing more and more complex operations carried out throughout the UK, often putting many of our worldwide competitors to shame. This has resulted in a significant increase in the UK pet insurance sector which is forecast to grow to aro...Read More
Cost of botched home improvements up £6m
The cost of amending botched home maintenance work has surged in the last three months, it has been claimed. According to figures from the government advice agency Consumer Direct, the number of complaints it has dealt with over the last three months has dipped slightly from 19,335 to 19,075. However, the value of these complaints has surged by £6 million, forcing thousands of people to make cost...Read More
Basements 'can raise insurance costs'
Adding or renovating a basement to a property can result in increased insurance premiums, one expert has made clear.Alan Tovey, director of the Basement Information Centre, suggests that increasing the capacity of an area underneath a property is viewed in the same way by home insurance providers as any other form of extension.However, Mr Tovey points out that in the case of getting extra usage ou...Read More
FCA calls for insurance companies to be clearer
11/05/2015 The Financial Conduct Authority (FCA) has called for insurance companies to be clearer about the costs involved in paying premiums in instalments. The FCA believe that online sales of insurance policies by insurers, brokers and price comparison websites can lead to people becoming unaware of the differences between paying monthly and annually. This leads to different products bec...Read More