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.
Northern Ireland car insurance under investigation
A report by the Consumer Council has confirmed the shocking find that car insurance in Northern Ireland is costing consumers in excess of £136 million a year more than any other area of the UK. On average it is estimated that an extra £300 a year is added to annual cover premiums with more and more of the population now unable to afford insurance.
Surprisingly, the hardest hit are...
FCO launches new travel insurance campaign
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Buy to let investors urged to review home insurance
Landlords whose property portfolios have increased in value over the last year should act now to review their home insurance cover, Sainsbury's Home Insurance has advised. Research conducted by the home insurance provider shows that at the end of 2006, the cumulative value of rental property stood at £571.38 billion. However, as a result of price inflation over 2007, this now stands at £641 bill...Read More
'DIY' holidaymakers risk travel cover
Around eight million UK tourists risk being stranded during the summer because they are not covered by Air Travel Organisers' Licensing (Atol) travel protection.Most traditional travel agents automatically cover holidaymakers with Atol protection, which should ensure that tourists are escorted home and reimbursed should their agent cease trading.'DIY' tailored holidays from independent agents do n...Read More
£6bn lost on cancelled holidays
With a recent study revealing that over £6 billion was lost last year through people cancelling holidays they have already booked, Britons have been reminded of the importance of taking out a comprehensive travel insurance policy.According to the insurer More Than, who released the findings, while many people book their holidays well in advance, many fail to take out insurance and therefore leave...Read More