FSA notes significant improvements in aggregator sites
by Gill Montia
Story link: FSA notes significant improvements in aggregator sites
The Financial Services Authority (FSA) has completed the second stage of its review of insurance comparison websites, in which it found that many sites have made significant improvements.
Following on from an initial review in May of this year, the regulator said that the 17 sites involved in its study were are consistently providing clear, fair […]
FSA assembles insurance task force
by Gill Montia
Story link: FSA assembles insurance task force
The Financial Services Authority (FSA) is reported to be bringing together a team of independent advisers who can respond to potential crises in the insurance sector, as turbulent markets and a slide in the values of investment portfolios threaten capital positions.
According to The Times, the regulator is also working with the Government to look at […]
Pru and Aviva shares slide on capitalisation fears
by Gill Montia
Story link: Pru and Aviva shares slide on capitalisation fears
Indications that the Financial Services Authority (FSA) will ease the capital requirement of UK insurers, to prevent some of the problems seen in the UK banking sector, have been followed by sharp falls in the share prices of Prudential and Aviva.
Both companies may have to take significant writedowns as a result of market turbulence.
In addition […]
FSA hands down £7m fine for A&L PPI mis-selling
by Gill Montia
Story link: FSA hands down £7m fine for A&L PPI mis-selling
The Financial Services Authority (FSA) has handed down its biggest fine to date for the mis-selling of payment protection insurance (PPI).
The regulator imposed a £7 million penalty on Alliance & Leicester (A&L), which conceded its wrongdoings early in the FSA investigation or would otherwise have been liable to pay £10 million.
Between January 2005 to December […]
ABI responds to FSA Retail Distribution Review
by Gill Montia
Story link: ABI responds to FSA Retail Distribution Review
The Association of British Insurers (ABI) has responded to the Financial Services Authority’s (FSA) interim feedback statement on the Retail Distribution Review (RDR) by saying that if the right outcome is reached, the RDR should lead to a real improvement in the way customers access and pay for financial advice.
The ABI’s director general, Stephen Haddrill, […]
FSA bans BPS Insure directors
by Gill Montia
Story link: FSA bans BPS Insure directors
The Financial Services Authority (FSA) has banned three directors of BPS Insure Limited, for failing to inform the FSA that the London-based firm had a deficit of approximately £3 million in its client account.
The guilty parties had also increased the deficit by using client money between January and February 2005 to pay general business expenses.
The […]
Aegon has recommendations for Retail Distribution Review
by Gill Montia
Story link: Aegon has recommendations for Retail Distribution Review
Pension and protection provider, Aegon, has been talking to consumers about financial advice and discovered that they are asking for a clearer separation between financial advice that helps them understand products and advice that helps them buy products.
A research project that involved 140 participants and has taken 18-months to complete has revealed that consumer want […]
FSA fines motor dealerships over PPI sales
by Gill Montia
Story link: FSA fines motor dealerships over PPI sales
The Financial Services Authority (FSA) has fined five motor dealerships a total of £175,000 for mis-selling payment protection insurance (PPI).
GK Group, George White Motors, Ringways Garages (Leeds), Ringways Garages (Doncaster), and Park’s of Hamilton have been found guilty of serious breaches of the regulations governing PPI sales, putting 2,175 customers at risk of buying […]
Which? calls price comparison sites “misleading”
by Gill Montia
Story link: Which? calls price comparison sites “misleading”
Which? is asserting that financial comparison websites are misleading Britons.
The consumer watchdog has carried out a study which revealed that “best buy” quotes obtained across various financial comparison sites can vary by hundreds of pounds, despite that fact that exactly the same information has been entered into each site.
Checks were run on three of […]
FSA challenges annuity providers
by Gill Montia
Story link: FSA challenges annuity providers
The Financial Services Authority (FSA) has undertaken a review of the quality of information supplied by 55 annuity providers, to pension customers approaching retirement age.
The regulator particularly took into consideration information about the option to shop around for an annuity and while over 60% of the firms surveyed produced literature that provided clear information, almost […]
Liverpool Victoria fined £840,000 for mis-selling PPI
by Gill Montia
Story link: Liverpool Victoria fined £840,000 for mis-selling PPI
Liverpool Victoria Banking Services (LVBS) has been fined £840,000 by the Financial Services Authority (FSA).
The offshoot of Liverpool Victoria Friendly Society has been found wanting over its sale of Payment Protection Insurance (PPI).
The FSA found LVBS guilty of serious failings because from 2005 to August 2007, it added the cost of PPI to quotes for […]
Ignition NBS supports brokers to meet TCF deadline
by Richard Kilner
Story link: Ignition NBS supports brokers to meet TCF deadline
Marketing and business development firm, Ignition NBS, has released an enhanced package of services designed to help brokers meet with the FSA’s Treating Customers Fairly (TCF) deadline.
Business marketing consultants will provide face-to-face advice as part of the package, with brokers able to keep their clients updated with important information through a range of online and […]
FSA fines Hastings £750,000 for cancelling policies
by Gill Montia
Story link: FSA fines Hastings £750,000 for cancelling policies
Hastings Insurance Services has been fined £735,000 by the Financial Services Authority (FSA).
The broker has been found guilty of failing to treat its customers fairly, after it cancelled around 4,550 car insurance policies.
The misdemeanor occurred between July and September of last year, when on more than one occasion, Hastings discovered that its IT system had […]
Equitable Life policyholders due compensation and apology
by Gill Montia
Story link: Equitable Life policyholders due compensation and apology
A report by Parliamentary Ombudsman, Ann Abraham, into the near collapse of Equitable Life has been published today.
In 2001, millions of investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds.
The report, which accuses regulators of comprehensive failure and the Government of maladministration, recommends that a […]
Equitable Life report could give policyholders right to sue
by Gill Montia
Story link: Equitable Life report could give policyholders right to sue
A long awaited report on the failure of Equitable Life is due to be published next week and could pave the way for over one million policyholders to claim compensation from the Government.
The life assurer collapsed in 2000 when it could no longer pay guaranteed bonuses to policyholders.
The report’s findings are based on a four-year […]
FSA launches online PPI comparison tables
by Gill Montia
Story link: FSA launches online PPI comparison tables
The Financial Services Authority (FSA) has launched a new set of tables to help consumers who are looking for Payment Protection Insurance (PPI) to compare policies and identify which meet their needs.
PPI has been at the centre of years of controversy, with consumer group Which? and the Citizens’ Advice Bureau campaigning for more competition in […]
MPs attacks FSA’s regulation of inherited estates
by Gill Montia
Story link: MPs attacks FSA’s regulation of inherited estates
A select committee of MP’s has criticised the Financial Services Authority (FSA) over its regulation of the with-profit funds of insurance companies.
In a report by a Treasury select committee the FSA is accused of not having clear principles for regulating the inherited estates of insurers.
The money, which is sometimes referred to as an “orphan fund” […]
FSA changes to reattribution rules could cost insurers millions
by Gill Montia
Story link: FSA changes to reattribution rules could cost insurers millions
The Financial Services Authority (FSA) has published proposals that could mean insurance companies will no longer be able to use surpluses from their with-profits funds to compensate customers who have been mis-sold policies.
The mis-selling of endowment mortgage policies over several years left insurers with huge compensation bills, many of which have been settled using money […]
FSA reminder on travel insurance regulation
by Gill Montia
Story link: FSA reminder on travel insurance regulation
The Financial Services Authority (FSA) is reminding insurers and travel agents that new regulations regarding the sale of travel insurance come into force in January 2009.
The Authority already regulates the sale of travel insurance that is not connected to any particular travel arrangements and bought direct from an insurer, or through an insurance broker.
From […]
Travel insurers see general insurance market open up
by Richard Kilner
Story link: Travel insurers see general insurance market open up
Acumus Insurance Solutions has stated that due to recent FSA (Financial Services Authority) rule changes that an opportunity has opened up for travel insurers to wet their beaks in the £42bn general insurance industry.
Travel firms that gain the status of Appointed Representative will be able to offer a wider range of insurance products.
Only a minority […]
