Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 21st of October 2017
September 19, 2012

Financial ombudsman sends warning shot to insurers

by Gill Montia

Story link: Financial ombudsman sends warning shot to insurers

Financial Services Ombudsman (FOS), Natalie Ceeney, has warned insurers that things are “going wrong” in the sector. Speaking at a conference hosted by the Association of British Insurers, Ms Ceeney explained: “Over the last three years, leaving PPI and bank charges to one side, the ombudsman service has seen a gradual reduction in complaints across […]



December 16, 2011

ABI opposes publication of all FOS decisions

by Gill Montia

Story link: ABI opposes publication of all FOS decisions

The Association of British Insurers (ABI) has responded to a consultation by the Financial Ombudsman Service (FOS) by questioning whether the publication of all ombudsman decisions is the best approach. According to the ABI, a small number of consumer complaints can raise broader industry-wide issues. However, the body argues that the individual and unique nature […]



November 24, 2011

Aviva’s Sir Nick appointed FOS chairman

by Gill Montia

Story link: Aviva’s Sir Nick appointed FOS chairman

The Financial Services Authority (FSA) has appointed Sir Nicholas Montagu as the new chairman of the Financial Ombudsman Service (FOS). He will succeed Sir Christopher Kelly who steps down in January 2012, after seven years in the role. Sir Nicholas is currently the chairman of the Aviva UK Life With-Profits Committee and a director of […]



August 2, 2011

FOS receives 900 PPI complaints per working day

by Gill Montia

Story link: FOS receives 900 PPI complaints per working day

The first three months of the 2011/12 financial year became the busiest-ever quarter for the Financial Ombudsman Service (FOS), which received over 81,000 complaints, more than double the number received in the same period of 2010. Complaints about Payment Protection Insurance (PPI) created the surge, with over 900 cases coming in per working day. However, […]



June 25, 2011

FSCS appoints three new board members

by Gill Montia

Story link: FSCS appoints three new board members

The Financial Services Compensation Scheme (FSCS) has three new non-executive board members, following the departure of Sandy Kinney, Chris Woodburn and Terry Connor, who had completed their terms. Liz Barclay, Jayne Nickalls and David Weymouth bring with them “a wealth of financial services and consumer experience”. Ms Barclay is a journalist and broadcaster with extensive […]



May 28, 2011

FOS award limit upped alongside new complaints handling rules

by Gill Montia

Story link: FOS award limit upped alongside new complaints handling rules

The Financial Services Authority (FSA) has confirmed an increase to the limit on awards made by the Financial Ombudsman Service, from £100,000 to £150,000. The regulator has also confirmed new complaints handling rules which include: The abolition of the “two-stage” complaints handling rule to make sure firms resolve complaints fairly and do not dismiss them […]



May 18, 2011

FOS sees 26% rise in new cases with PPI dominant

by Gill Montia

Story link: FOS sees 26% rise in new cases with PPI dominant

The Financial Ombudsman Service (FOS) handled over a million front-line enquiries and complaints from consumers in the 2010/11 financial year, of which 206,121 developed into new cases. The figure is up 26% year-on-year, with over 50% of new cases relating to the sale of payment protection insurance, representing the highest number ever received in a […]



May 9, 2011

BBA backs down on PPI complaints appeal

by Gill Montia

Story link: BBA backs down on PPI complaints appeal

The British Bankers’ Association (BBA) will not be appealing against April’s High Court judgment regarding banks’ handling of Payment Protection Insurance (PPI) complaints. Following a judicial review of the Financial Services Authority (FSA) and Financial Ombudsman Service, the BBA had been given until 10th May to appeal against a ruling in favour of new FSA […]



February 28, 2011

PPI dominates as FOS reports 15% rise in new cases

by Gill Montia

Story link: PPI dominates as FOS reports 15% rise in new cases

The Financial Ombudsman Service (FOS) recorded a 15% increase in new complaints in the second half of 2010, compared with the previous six-month period. Complaints involving payment protection insurance (PPI) accounted for over half of the new workload, with 24,955 such cases lodged in the final quarter of 2010 alone. The Service received a total […]



February 21, 2011

FOS clarifies marine insurance issues

by Gill Montia

Story link: FOS clarifies marine insurance issues

The Financial Ombudsman Services (FOS) has issued a technical note covering some of the issues that arise in relation to complaints involving marine insurance policies. The Service says it deals with around 100 complaints involving small craft each year and that in most cases the insurer has refused (or restricted) a claim on the basis […]



January 11, 2011

FOS prepares for caseload surge

by Gill Montia

Story link: FOS prepares for caseload surge

The Financial Ombudsman Service (FOS) is preparing for another rise in its caseload, having estimated a 7% increase for the year to March 2011. In the current financial year, Payment Protection Insurance (PPI) disputes have risen 40%, while the number of cases involving motor and general insurance is broadly similar to previous years, and the […]



October 13, 2010

Banks delay PPI complaints handling

by Gill Montia

Story link: Banks delay PPI complaints handling

Consumers who have brought legitimate complaints about Payment Protection Insurance (PPI) sold by banks could face delays of many months in receiving compensation. The British Bankers’ Association (BBA) has recently requested a judicial review of some decisions made by the Financial Services Authority (FSA) and the Financial Ombudsman Service, in relation to PPI. The move […]



October 11, 2010

Banks demand judicial review of new PPI rules

by Gill Montia

Story link: Banks demand judicial review of new PPI rules

New rules from the Financial Services Authority (FSA) on complaints handling for Payment Protection Insurance (PPI) have prompted the British Bankers’ Association (BBA) to ask for a judicial review of some of the decisions made by the regulator and the Financial Ombudsman Service (FOS). The package of new measures is due to come into force […]



October 1, 2010

FSA acts on complaints handling

by Gill Montia

Story link: FSA acts on complaints handling

The Financial Services Authority (FSA) is proposing to increase the limit on awards made by the Financial Ombudsman Service from £100,000 to £150,000. The initiative forms part of a package of measures intended to drive up standards in complaints handling across the financial services sector. The regulator says it wants more firms to resolve complaints […]



May 31, 2010

Time limit suspended for PPI complainants

by Gill Montia

Story link: Time limit suspended for PPI complainants

Consumers complaining about their payment protection insurance (PPI) have been given breathing space by the Financial Services Authority (FSA). The regulator has introduced a temporary rule that allows those who have recently complained about the purchase of a PPI policy more time in which to refer their complaint to the Financial Ombudsman Service (FOS). The […]



March 27, 2010

Commission ban on investment advice in 2012

by Gill Montia

Story link: Commission ban on investment advice in 2012

The payment of commission to financial advisers who recommend specific investment products is to be banned in 2012. New rules published by the Financial Services Authority (FSA) mean that from the end of 2012, firms will have to be upfront about how much they charge for their services. The changes also mean firms offering independent […]



March 12, 2010

Watchdogs join forces with consumer protection committee

by Gill Montia

Story link: Watchdogs join forces with consumer protection committee

The Financial Services Authority (FSA), Office of Fair Trading (OFT) and Financial Ombudsman Service (FOS) are proposing to set up a consumer protection committee. In a discussion paper, the watchdogs state: “A key element in rebuilding consumer confidence in financial services is that firms carrying out activities regulated by the FSA and/or licensed by the […]



February 18, 2010

Insurers slow on plumbing and heating emergencies

by Gill Montia

Story link: Insurers slow on plumbing and heating emergencies

The Financial Ombudsman Service (FOS) has published its latest bulletin in which it highlights a significant number of complaints relating to delays experienced by those who have taken out insurance for domestic plumbing and heating emergencies. According to the watchdog, some insurers have left homeowners without heating for weeks, leading to “damaging knock-on effects”. In […]



December 23, 2009

No theft cover for defrosting cars

by Gill Montia

Story link: No theft cover for defrosting cars

With night time temperatures well below zero, the Financial Ombudsman Service (FOS) is reminding motorist that most motor insurance policies include a clause that excludes cover for theft, attempted theft or malicious damage, if the ignition keys are left “in or on the vehicle”. According to the watchdog, drivers who start their engines for a […]



November 2, 2009

ABI calls for swift action on RDR clarification

by Gill Montia

Story link: ABI calls for swift action on RDR clarification

The Association of British Insurers (ABI) has called on the Financial Services Authority (FSA) to “act quickly” to ensure the full benefits of the Retail Distribution Review (RDR) are secured. The regulator has plans to replace commission with adviser charging, and also intends to raise the professional standards of financial advisers. However, the ABI has […]