Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
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.
Most recently, Read More
Royal Bank Of Scotland Eases The Pressure For Insurance Division Sale
News that the Royal bank of Scotland (RBS) has sold off a highly controversial basket of leveraged debt arrangements valued on the books at £4 billion has eased the short term need to offload the insurance division at a below market value price. The division had been expected to bring in at least £7 billion but recently this figure was downgraded to between £5 billion and £7 billion.
Simple ways to cut your car insurance
There is no doubt that all drivers in the UK dread their renewal date for car insurance as premiums continue to move higher and higher. However, there are a number of simple ways to reduce your car insurance premiums to a level which reflects your risk and your annual mileage. One of the best ways to reduce your car insurance premiums is to limit the mileage which you clock up each and every ye...Read More
Is your life insured?
While the vast majority of people in the UK know fine well that life insurance could be something of a godsend for those left behind in the event of a tragedy it seems that many people still have inadequate life insurance cover in place. Those who have a mortgage in the UK will have some form of insurance attached to this mortgage which will see the outstanding balance paid off in the event that b...Read More
Barclays Bank turns down UK government insurance scheme
As expected, after a green light from the Financial Services Authority, Barclays Bank has today refused to join the UK government's toxic asset insurance scheme. Citing the massive charges levied against banks in the scheme, Barclays is more than prepared to go it alone after receiving a clean bill of health from the FSA.
While there is no doubt that Barclays Bank, much like the vas...