Payment protection insurance (PPI)
Reportage: Merry Christmas?
It’s been a busy and a tough year for many brokers, but the industry has risen to the challenges and is ready to face big changes on the horizon for next year. Edward Murray reports
Brokers face £20m hike in FSCS levy
The Financial Services Compensation Scheme (FSCS) has indicated that it will demand a further levy of £21m from the insurance intermediary sub-class in the first quarter of 2013.
FSA hits CPP with joint-largest retail fine of £10.5m
The Financial Services Authority (FSA) has fined Card Protection Plan (CPP) £10.5m for mis-sellling insurance products, the joint largest retail fine ever.
FSA calls for feedback in consultation on journey to FCA
The Financial Services Authority (FSA) has published the ‘Journey to the FCA’ - a paper setting out how the new regulator will operate with a consultation period now open until 14 December.
Broker Expo South: FCA will demand more information and conduct more visits
Brokers can expect a lot more demands for information from the incoming Financial Conduct Authority (FCA), delegates at the 2012 Broker Expo South were told today.
Barclays overtakes Lloyds as biggest PPI offender
Barclays Bank has overtaken Lloyds TSB as the source of the most payment protection insurance (PPI) complaints, according to figures from the Financial Ombudsman Service (FOS).
Insurers named and shamed by FOS
UK Insurance, part of Royal Bank of Scotland, racked up the highest number of general insurance complaints referred to the Financial Ombudsman Service (FOS) according to new figures.
Regulator outlines review into sales incentives
The Financial Services Authority (FSA) has outlined the research behind its decision to open a consultation on sales incentive schemes in the financial services industry.
FCA chief highlights PPI mis-selling in commission crackdown plans
Martin Wheatley, chief executive officer designate of the Financial Conduct Authority (FCA), has confirmed that he wants to see an end to mis-selling created by sales incentives.
Brokers saving the UK economy
There is nothing nice about brokers being hit for payment protection insurance mis-selling refunds.
First time tragedy, second time farce
Time to assume the position brokers. That’s right the one where you hold a pen over the cheque book and write out a big number for the Financial Services Compensation Scheme.
FSCS reduced payouts by £188m in 2011/12
The Financial Services Compensation Scheme (FSCS) paid out £347m in compensation in the year 2011/2012.
CMC lands PPI contract with 'leading' financial institution
Claims management company (CMC) RiIG has won a contract to handle payment protection insurance claims for a financial institution.
Record number of complaints to Ombudsman as PPI continues to dominate
The Financial Ombudsman Service has received a record number of complaints for the fifth year in a row as complaints about the selling of payment protection insurance (PPI) continue to pour in.
Which? calls on government to tackle CMCs over PPI
Which? has written to the government urging it to clear up the claims process for people who were mis-sold payment protection insurance (PPI) and to tackle exploitative claims management companies (CMCs).
RBS pumps another £125m into PPI compensation fund
RBS is set to follow Lloyds Bank’s example and put more money into its payment protection insurance (PPI) compensation fund, according to reports.
Lloyd's puts another £375m towards PPI provision
Lloyd’s Banking Group has set aside a further £375m to cover claims from customers who were mis-sold payment protection insurance (PPI).
Products: Income protection products still relevant, L&G says
Legal & General (L&G) has launched Lifestyle Cover, a new short-term income protection product.
The week that was
This was a bad week for the insurance industry in terms of press – consumer group magazine Which? in particular had a field day, accusing insurers of charging customers exorbitant ‘hidden fees’ to make run of the mill changes to policies.
Campaign to cut claims management companies out of PPI
Consumer groups, the regulator, banks and credit card providers are to come together to cut claims management companies (CMCs) out of the payment protection insurance (PPI) compensation process.
L&G launches new income protection product
Legal & General has launched Lifestyle Cover, a new short-term income protection product.
Claims management companies come under political scrutiny
The Ministry of Justice has launched an investigation into claims management companies following complaints that they are blocking up the compensation system for mis-sold payment protection insurance (PPI).
FSA warns of customer detriment in UK general insurance
The Financial Services Authority (FSA) has identified what it sees as three main risks of consumer detriment in the general insurance market and warned that it will not allow a repeat of the payment protection insurance mis-selling scandal.
FSA issues PPI redress guidance
The regulator has published proposed guidance for firms contacting customers who they may have mis-sold payment protection insurance (PPI) to but have not yet complained.