ZÃ¼rich Insurance hit by record £2.28 million fine
ZÃ¼rich Insurance, one of the more popular insurance companies in the UK, has today been hit by a £2.28 million fine from the FSA after admitting losing confidential details relating to 46,000 UK customers. This is the largest fine handed it a UK based insurance company and perfectly illustrates the seriousness of the charges which the company has admitted.
It was found that confidential information regarding UK insurance customers was being processed by the company's ZÃ¼rich South Africa arm and an unencrypted backup tape was lost during transit to the UK. This event happened in August 2008 and due to a lack of acceptable procedures within ZÃ¼rich Insurance the UK arm did not become aware of the data loss for 12 months. Information held upon the backup tape included customer's full names, full addresses, bank account details and credit card information.
Even though the company has been quick to confirm there have been no instances of criminal activity in relation to the data loss it is a worrying development at a time when UK consumers are more than ever concerned about that their privacy. The company has now taken action to tighten internal systems and ensure security is very much tougher in the future.
Aviva policyholders set for £500 million payout
In February last year Aviva, the UK insurance giant, offered to pay out £1 billion to policyholders who agreed to give up their future rights to a share of the company's orphan fund. The fund in question was valued at £4.2 billion in February 2008 although it has since fallen to a value of £1.2 billion. Due to a legal challenge by a number of policyholders, the original scheme was put on hold a...Read More
3.8m families 'a single pay check from losing their home'
15/04/2014 Almost 4 million families only have enough savings to pay a single month of mortgage repayments or rent, meaning they would be likely to lose their home if they found themselves out of work. Homeless charity Shelter surveyed 7,500 people and found that many people were living with the prospect of losing their home if they found themselves out of work.
Better short-term supp...Read More
Insurer’s urge Consumers to hide Christmas Gifts
The Association of British Insurers (ABI) has urged Christmas shoppers to hide gifts in the run up to the festive period. This comes after insurance claims last December reached £35m, with 23,000 burglaries reported in relation to stolen Christmas gifts. The most common targets have included parked cars with gifts left inside as well as homes where gifts are left on show or unattended, while...Read More
Hedge Fund Launches Collapse
Once the darling of the new age investment era, it seems that the investor love affair with hedge funds may be taking a break. It has been revealed that there were fewer hedge funds launched in the first quarter of 2008 than at any other time over the last eight years. The sector has also seen a substantial rise in the number of hedge fund being liquidated, a sign that investors are pulling thei...Read More
Benefits still available on cheap insurance policies
Such is the healthy competitive state of the car and home insurance markets at present, that inexpensive policies can be found containing benefits for the holder, one industry figure has claimed.Head of research at moneysupermarket, Peter Gerrard, has highlighted the end of the big companies' domination, with insurers vying to offer the customer the best deals and recommended scouring the market f...Read More