Insurance companies were conspicuous by their absence at the launch of a new government scheme aimed at releasing volumes of personal data held by firms about consumers. “midata” is a voluntary initiative instigated by the Department for Business, Innovation and Skills and aimed at giving consumers access to their personal data in a portable, electronic [...]
Lloyds Banking Group says it intends to make bancassurance a core part of its proposition, and will therefore be building specialised advisor teams to better address customers’ needs. The part taxpayer-owned bank has today announced the results of a strategic review that will cost 15,000 jobs worldwide and result in £1.5 billion of annual savings [...]
The ending of banks’ resistance to reviewing potential payment protection insurance (PPI) mis-sales in line with new rules from the Financial Services Authority (FSA) could lead to a glut of temporary job opportunities in the UK financial sector. According to a report in The Guardian, Lloyds Banking Group, Barclays, HSBC and RBS will together need [...]
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 [...]
Lloyds Banking Group has announced that its executive director for insurance and Scotland, Archie Kane, is retiring. Mr Kane joined the bank in 1986 and has been a member of the group’s board since 2000. Lloyds’ insurance business will in future be managed in two separate divisions: life, pensions and investments, and general insurance. The [...]
House-swapping as an alternative to the traditional family holiday looks set to take off this year, according to new research from Lloyds TSB Insurance. A recent study suggests that 1.6 million Britons have arranged a house swap in 2011, twice the number estimated for 2010. However, Lloyd’s suggests that proper planning is needed, particularly in [...]
The head of general insurance at Lloyds Banking Group is reported to be quitting his post to take up the role of chief executive at Friends Provident. Andy Briggs is expected to make the switch within the next six months, having moved from Scottish Widows to become Lloyds’ chief executive, general insurance, during a shake-up [...]
As the mercury plunges the number of claims regarding burst and frozen pipes has rocketed, Lloyds TSB Insurance has stated. The insurer has seen such claims increase sevenfold, with 5% of home insurance claims relating to burst/frozen pipes, and is urging homeowners to take steps to reduce the risk of suffering such problems. Burst pipes [...]
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 [...]
Lloyds Banking Group is bringing its life, pensions and investment business under a new management structure. The move forms part of an integration programme within the bank’s insurance division and has prompted the following appointments. Deputy group chairman, Lord Leitch, will become chairman of the division and Archie Kane will continue as deputy chairman and [...]
Moneyfacts has announced the winners of its 2009 Investment Life and Pensions awards. AEGON Scottish Equitable was acknowledged as Best Pension Service provider, with Standard Life and Scottish life gaining the category’s highly commended and commended statuses respectively. Lloyds Banking Group’s Scottish Widows was named Best Personal Pension Provider and AJ Bell Best SIPP Provider. [...]
Lloyds Banking Group has announced plans to axe 200 jobs from its insurance unit. The announcement increases this year’s lay-offs at the firm to 7,500. The latest job cuts are due to a merger of the Lloyds TSB and HBOS general insurance divisions, including sales, marketing, actuarial, and underwriting operations. “We are bringing together these [...]
Lloyds TSB Added Value Accounts has commissioned research which reveals nearly 2 million Britons will go holidaying in sunnier lands during the forthcoming weekend. Of the 1,000 respondents approximately one in ten (equating to 5.2m when extrapolated to the entire UK population) admitted to going on holiday in the past without proper insurance. Nine percent [...]
Lloyds Banking Group has announced that it is merging its Scottish Widows and Clerical Medical units. Lloyds TSB’s takeover of HBOS last year meant the new group included Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life. Bearing in mind the need to make cost savings of over £1.5 billion [...]
Lloyds TSB Insurance, part of Lloyds Banking Group, has appointed Bevan Brittan to handle its liability claims work. The law firm has been awarded an exclusive mandate for an initial two-year term with the option to extend. The work involves advising on liability claims and associated litigation brought against Lloyds TSB Insurance. Cases will be [...]
Lloyds TSB has announced that if any of its new home insurance customers are made redundant they will not have to pay premiums for up to six months. The waiver applies to any customer who purchases a Home Solutions policy in branch between 6 April and 6 June, and who is made compulsorily redundant between [...]
Lloyds Banking Group is reported to be considering the sale of part of its insurance business. The group, which has been created through the merger of Lloyds TSB and HBOS, includes Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life. Bearing in mind the group has already announced plans to [...]
Lloyds TSB yesterday won an important victory in its bid to take over Halifax Bank of Scotland (HBOS) The competition appeals tribunal (CAT) ruled in Lloyds’ favour. CAT’s tribunal panel ruled that a complaint brought against the Lloyds’ acquisition by the Merger Action Group (MAG) had ‘no merit’ and ‘no basis’. The MAG – a [...]
Lloyds TSB today acquired troubled British rival Halifax Bank of Scotland (HBOS) for £12.2 billion. The all-share takeover is being seen as a bailout rescue for HBOS, Britain’s biggest mortgage provider. HBOS’s share price fell dramatically this week following numerous crises in banks around the world. Before rumours of a takeover spread, HBOS’s share price [...]
