Payment protection insurance (PPI)
Biba hits out at FSCS levy rise
The British Insurance Brokers’ Association (Biba) has hit out at this year's over 50% increase in the Financial Services Compensation Scheme (FSCS) levy.
Brokers hit by further FSCS levy rise of over 50%
The Financial Services Compensation Scheme (FSCS) has announced that the general insurance mediation sub-class will have to contribute £93.5m in 2011/12 a 57% increase over last year’s levy (2010/11: £59.6m).
News review: January 2011
Groupama announced its plans to transfer the Liverpool and Glasgow-based commercial motor accounts of broker Choice Quote to its sister business Bollington, as part of a restructure of its GUK Broking Services arm.
No let-up in FSCS levy burden for next two years
Brokers have been warned that the heavy cost of the levy imposed by the Financial Services Compensation Scheme (FSCS) in 2010 could become the norm for the next two years.
PPI complaints hit FOS budget
The Financial Ombudsman Service (FOS) has published for public consultation its proposed budget for the next financial year (2011/2012) – together with an update on the numbers and workload for the current financial year (2010/2011).
FSA regulatory approach under threat as BBA launches review
The Financial Services Authority's (FSA) principles-based approach to regulation has come under threat from a legal challenge brought by the British Bankers' Association (BBA).
Bankers challenge FSA over PPI
The Financial Services Authority’s (FSA) principles-based approach to regulation has come under attack from the British Bankers Association (BBA).
2010 review: A year of living cautiously
The economy grew, rival political parties unexpectedly started working together and personal lines rates even hardened, although plenty of surprises and setbacks meant that 2010 was far from plain sailing, writes Andrew Tjaardstra.
Banks and FSA wrangle over new measures for PPI customers
The banking sector has locked legal horns with the Financial Services Authority (FSA) over the handling of payment protection insurance (PPI) claims.
Banks could be faced with £5bn PPI compensation costs, say reports
According to Reuters, UK banks could have to pay out £5bn to compensate those that accuse them of mis-selling payment protection insurance (PPI) policies after a US bank warned it faces a big hit.
IIB asks if regulator sees brokers as "soft touch"
The Institute of Insurance Brokers (IIB) has criticised the HM Treasury’s Consultation Paper for not putting forward any firm ideas on the future regulation of the insurance broking sector.
PPI point of sale ban stands
The Competition Commission (CC) has confirmed that it will introduce a remedies package based around a point-of-sale prohibition for all forms of payment protection insurance (PPI), excluding retail.
FSA contests judicial review of PPI
The Financial Services Authority (FSA) has said it will contest the British Bankers’ Association’s (BBA) judicial review of new payment protection insurance (PPI) complaints handling measures.
Insurers' PPI responsibility: Accepting responsibility
Against the backdrop of the recent FSCS levy increases, Martin Friel asks what responsibility insurers have for making sure products sold on their behalf are done so properly.
Beachcroft calls FSA’s PPI policy statement ‘very bad news’
Law firm Beachcroft has criticised the FSA’s policy statement on payment protection insurance.
Video: Axa claims MD puts weight behind broker levy fight
Axa's managing director of claims, David Williams, talks to Insurance Age about the FSCS levy and insurer responsibility for PPI mis-selling.
FSA demands firms implement new measures to protect PPI customers
The Financial Services Authority (FSA) has given firms until the end of November to implement a set of new measures intended to help protect consumers in the payment protection insurance (PPI) market.
Viewpoint: It's PPI payback time
After months of speculation, the letter has arrived. Andrew Welch explores just how hard brokers have been hit by this year's soaring FSCS levy as the FSA claws back cash to cover claims from mis-sold PPI policies.
Power hour: A cooperative coalition?
This month's power hour assesses the impact the Con-Dem Government has already had on insurance and debates how it will continue to influence the industry in the future. Liz McMahon reports.
Editor's comment - August 2010
If one good thing has come out of the Financial Services Compensation Scheme (FSCS) levy debacle, it is that brokers have shown there is only so much they can take.
Broker Forum: PPI - possible solution
From the broking.co.uk Broker Forum, July 2010.
The FSA sends signal of intent with broker fine and insurer bans
The Financial Services Authority (FSA) has fined a broker network director and banned three insurance professionals for a £2m fraud in its latest crackdown.
Brokers demand 'safe harbour' from PPI storm
The Financial Services Authority (FSA) has come under increasing pressure to force insurers to share the burden of compensation claims resulting from the widespread mis-selling of payment protection insurance (PPI).
FSCS has paid out over £200m in compensation
The Financial Services Compensation Scheme’s (FSCS) annual report and accounts for 2009/10 has revealed that more than £204m has been paid out in compensation to over 21,000 claimants.