Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 24th of May 2018
September 30, 2009

No hiding place for PPI mis-sellers

by Gill Montia

Story link: No hiding place for PPI mis-sellers

The day of reckoning has arrived for lenders who mis-sold single premium payment protection insurance (PPI) alongside unsecured loans and credit card agreements, and then tossed aside consumer complaints about their practices. The Financial Services Authority has announced “a package of tough measures” which it says will “tackle the key issue that too many complaints […]



September 15, 2009

ABI acts on “misleading” Financial Ombudsman data

by Gill Montia

Story link: ABI acts on “misleading” Financial Ombudsman data

The Financial Ombudsman Service (FOS) has published details of the complaints received about UK financial institutions, and for the first time has named the insurance companies, banks, and investment firms that feature in its statistics. The figures cover the six months to the end of June 2009 and show the number of complaints received about […]



September 8, 2009

Insurance law up for review

by Gill Montia

Story link: Insurance law up for review

The Law Commission is dissatisfied with current insurance law, The Daily Telegraph has reported. The independent body, which keeps the law under review and recommends reform where needed, is due to report on insurance law this autumn. According to the newspaper, it will say that current insurance law is unsuited to mass-market consumer insurance policies […]



June 26, 2009

ABI challenges FSA on RDR qualification issues

by Gill Montia

Story link: ABI challenges FSA on RDR qualification issues

The Association of British Insurers (ABI) has responded to the Financial Services Authority’s (FSA’s) Consultation Paper on the Retail Distribution Review (RDR) by applauding the work so far but expressing disappointment that it does little to encourage savings and advice for the mass market. ABI director of life and savings, Maggie Craig, points out that […]



April 7, 2009

FOS reports “weary cynicism” in complaints handing

by Gill Montia

Story link: FOS reports “weary cynicism” in complaints handing

The Financial Ombudsman Service (FOS) is unhappy about the way consumers are being treated when they complain about the products and services provided by the UK’s financial institutions. According to the watchdog, a growing number of consumers are receiving “dismal” treatment when they raise a complaint, which the FOS suggested could reflect a “weary cynicism” […]



December 15, 2008

FOS reports surge in PPI complaints

by Gill Montia

Story link: FOS reports surge in PPI complaints

The Financial Ombudsman Service (FOS) says it has received over 25,000 complaints relating to the sale of payment protection insurance (PPI), since January. By comparison, during the 12 months to April 2008 the service recorded 10,652 complaints regarding PPI, up significantly from 1,832 during the previous 12 months. At the beginning of the year, the […]



November 27, 2008

Disciplinary board to investigate Equitable Life actuaries

by Gill Montia

Story link: Disciplinary board to investigate Equitable Life actuaries

The Accountancy and Actuarial Discipline Board (AADB) is to investigate the way in which government actuaries advised the regulators of mutual life insurer, Equitable Life. The board will focus its enquiries on the advice given by the Government Actuary’s Department (GAD), between December 1990 and April 2001. Equitable Life was founded in 1762 and grew […]



January 18, 2008

FOS upholds 80% of single premium PPI complaints

by Gill Montia

Story link: FOS upholds 80% of single premium PPI complaints

Changing economic circumstances could result in an increase in claims for Payment Protection Insurance (PPI) during 2008, and while a rise in redundancies would almost certainly reveal further instances of mis-selling there is good news from the Financial Ombusdman Service (FOS). Emma Parker, spokesperson for the FOS, states: “We received a record 970 cases in […]



October 26, 2007

Ombudsman To Investigate 4,000 PPI Claims This Year

by Stewart Douglas

Story link: Ombudsman To Investigate 4,000 PPI Claims This Year

The Financial Ombudsman has today announced that it is continuing to investigate some 4,000 claims of mis-sold payment protection insurance despite moves made to clamp down on rogue selling of incomplete and inadequate cover to consumers. The announcement follows an ongoing battle by the Financial Services Authority to eradicate unscrupulous policy sellers and to clear […]



October 22, 2007

Ombudsman warns against fronting

by Gill Montia

Story link: Ombudsman warns against fronting

The Financial Ombudsman Service is warning motorists that the insurance industry is currently rejecting thousand of claims because of a form of fraud known in the industry as “fronting”. A common example of “fronting” would be when a young driver has a car but falsely informs his or her insurance company that a parent is […]



September 7, 2007

CII President to review Ombudsman Service

by Gill Montia

Story link: CII President to review Ombudsman Service

The president of the Chartered Insurance Institute, Lord Hunt of Wirral, is to lead an independent review of the Financial Ombudsman Service (FOS). The review will consider the openness and accessibility of the service to its customers and stakeholders. It forms part of a programme under which the FOS board invites external scrutiny by way […]