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.
Simple ways to reduce your car insurance
As UK car insurance policies are renewed up-and-down country each and every year the trend for policy premiums seems to be going higher and higher each year. However, while much of the increase in policy payments is down to uninsured drivers causing damage on the roads it is the humble and honest car driver who is suffering. So what can you do to reduce your future car insurance premiums?
Should there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK ca...Read More
What insurances can you reduce to save money?
The problem about the insurance market is the fact that each type of insurance is there for a reason even if it is not compulsory. However, when people are short of money, as many are in this current financial crisis, it can be very easy to either cancel or reduce all kinds of insurance cover from the car to your home, from the pet to your healthcare. But there are risks involved and sometimes i...Read More
Travel insurance – what is the best type of insurance for you?
Going on holiday can be very stressful to plan, especially if you have a family. As well as arranging passports, online check-ins, remembering tickets and changing your money, it can be hard to remember everything you need to travel. One thing really important not to forget is your travel insurance.
What is travel insurance?
When travelling overseas it is really important...Read More
Insurance providers charging “eye watering” fees
17/08/2015 New research from consumer watchdog Which? has found a large variation in fees car insurance companies charge, with some “eye watering” fees totalling more than double the industry average. As part of their campaign to “stop sneaking fees and charges”, Which? compared different types of administration fees used by car insurance providers. They looked at 44 insurers altoge...Read More