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Insurers Forced To Be Clearer Over Premiums

Insurance companies will soon be expected to provide clearer information on renewal quotes, as the Financial Conduct Authority (FCA) prepares to draw up new rules for the industry. The new regulations are likely to include measures to force insurance companies to provide extra details when a customer comes to renew their policy.

3.8m Families 'a Single Pay Check From Losing Their Home'

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.

Lloyds Bank Under Fire Over PPI Legal Loophole

A financial loophole allegedly used by Lloyds Banking Group, has allowed tens of millions of pounds to be short-changed from PPI claimants. A recent investigation revealed a little-known regulatory provision known as alternative redress has been adopted by the bank, assuming those affected by PPI would have bought a cheaper policy instead.

Car Insurance Cost Falls, And Ministers Target Whiplash Fraud

The cost of insuring your car has fallen at the fastest rate in the last 20 years, as an average of �??�?�£80 was saved per policy over the last 12 months. The news comes as ministers announce plans to reduce the cost of motoring, focusing on bringing down the amount of fraudulent whiplash claims, which result in higher premiums for everyone.

Banks Under Investigation For PPI Mis-handling

Two unnamed banks are reportedly under investigation for the mis-handling of PPI complaints. The banks have been accused of rejecting an ‘outrageous’ amount of valid PPI complaints, something that Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) described as “absolutely not acceptable.”

Financial Ombudsman Reports Record Number Of Complaints

Complaints to financial institutions rose to the highest recorded level over the course of the last year, after a 92pc rise on the previous year. The Financial Ombudsman Service (FOS) reported that claims for the mis-selling of payment protection insurance (PPI) accounted for the vast majority of the complaints, a total of 74pc.

Personal Injury €Compensation Culture’ Costs Motorists £118

According to a report published by Aviva, personal injury claims are adding an astonishing £118 to every motor insurance premium. Claims made for whiplash, a condition which is notoriously difficult to diagnose or dismiss, have continued to increase rapidly as part of what is considered a ‘compensation culture’.

EU Gender Directive: Have You Heard About It?

The EU Gender Directive relates to a ruling across the EU for equal treatment between men and women, which means that providers will no longer be able to price insurance and annuities on the basis of gender.

Insurance Premiums No Longer Varied According To Gender

A European court of justice ruling, made in 2011, means insurance companies will no longer be able to vary premiums according to gender. The change will come into force on the 21st December 2012. Some insurers have not yet declared how much they plan to charge in the future but in most cases this will mean that women will be paying higher premiums than they currently do.

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 shopping centres were also a prime target according to the ABI.

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