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.
Is pet insurance a luxury or a necessity?
The UK has long been renowned as a lover of animals with dogs and cats the more popular family pets. As a consequence the last decade has seen a substantial increase in the pet insurance market at a time when veterinary costs continue to rise at a faster rate than many people's income. However there is some confusion as to whether pet insurance is actually a luxury or a necessity for pet owners of...Read More
UK home holidaymakers 'not taking out insurance'
Many Britons are not taking out travel insurance for their holidays within the UK - despite the risk of being left out of pocket.New analysis from Sainsbury's Finance shows the potential scale of the problem, by finding that 15 per cent of British adults have never gone abroad and that around 50 million domestic holidays are taken each year at a total cost of £10.9 billion.The firm suggested that...Read More
PPI removed from financial sector as of today
Payment Protection Insurance (PPI), the controversial insurance which has proved very lucrative for many financial institutions throughout the UK is today banned from sale in the country. The Financial Services Authority (FSA) recently acted upon the advice of a prominent report into PPI and the problems related to this particular investment vehicle.
In essence, the vast majority of...
Talking on phone while driving could 'invalidate insurance'
Motorists who are involved in an accident because they are using their mobile phone while driving may invalidate their insurance claims for car repair or replacement, the Association of British Insurers (ABI) has warned. A spokesperson for the organisation said that although damage to other people's cars or property and to other people will always be covered by motor insurance, damage to the drive...Read More
Hated hand-me downs worth £50 million
Brits are hoarding hated hand-me-downs and inherited items worth a whopping £50 million, according to home insurance provider Abbey. Some 12 per cent of people admit to living in homes cluttered up by inherited items, with the average person owning 12 such items, worth an estimated £9,466 per person. Over half (53 per cent) hide the heirlooms around the house, while one-in-five (20 per cent) s...Read More