Lloyds advice on weathering winter storms
by Gill Montia
Story link: Lloyds advice on weathering winter storms
With a harsh winter predicted and freezing temperatures on the way, Lloyds TSB Home Insurance is advising householders to give their properties a winter health check. Last year, the insurer handled 26,500 burst and frozen pipe claims which cost over £39 million to put right, and over 14,000 windstorm damage claims that cost over £5 [...]
New rules for banks selling insurance in packaged accounts
by Gill Montia
Story link: New rules for banks selling insurance in packaged accounts
From 31st March 2013, banks and building societies selling packaged accounts will have to adhere to new rules just published by the Financial Services Authority (FSA). Around one in five UK adults have a packaged account, which is current account bundled up with a range of insurance policies and other features. The regulator wants to [...]
Lloyds Bank announces Seb Kafetz to head New York insurance operations
by Brian Turner
Story link: Lloyds Bank announces Seb Kafetz to head New York insurance operations
Lloyds Bank has announced that Seb Kafetz will move to its New York office to spearhead the next phase of growth for its Wholesale Banking & Markets’ (WBM) Insurance Coverage division. Seb will take up his role of Senior Vice President, Insurance Coverage, on 4th May, 2012 and will be working alongside Rich Herder, Head [...]
“midata” promises new era of consumer empowerment
by Gill Montia
Story link: “midata” promises new era of consumer empowerment
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 [...]
Bancassurance “core part” of revitalised Lloyds proposition
by Gill Montia
Story link: Bancassurance “core part” of revitalised Lloyds proposition
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 [...]
Banks receive extensions to PPI complaints deadline
by Gill Montia
Story link: Banks receive extensions to PPI complaints deadline
The Financial Services Authority (FSA) has given three banks a temporary extension to the current deadline for dealing with Payment Protection Insurance (PPI) complaints. Normally, complaints have to receive a response within eight weeks but in the case of Barclays, Lloyds Banking Group and RBS, the regulator has recognised the scale of the backlogs created [...]
PPI mis-sales to generate thousands of temporary jobs
by Gill Montia
Story link: PPI mis-sales to generate thousands of temporary jobs
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 [...]
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 [...]
Lloyds’ insurance director retires
by Gill Montia
Story link: Lloyds’ insurance director retires
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-swappers forgetful over insurance
by Gill Montia
Story link: House-swappers forgetful over insurance
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 [...]
Lloyds’ general insurance chief heads for Friends
by Gill Montia
Story link: Lloyds’ general insurance chief heads for Friends
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 [...]
UK sees temperatures fall and claims soar
by Richard Kilner
Story link: UK sees temperatures fall and claims soar
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 [...]
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 [...]
Lloyds Banking Group restructures insurance division
by Gill Montia
Story link: Lloyds Banking Group restructures insurance division
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 names best pensions providers
by Gill Montia
Story link: Moneyfacts names best pensions providers
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 to shed 200 insurance staff
by David Masters
Story link: Lloyds to shed 200 insurance staff
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 [...]
Britons advised against skipping travel insurance
by Richard Kilner
Story link: Britons advised against skipping travel insurance
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 [...]
Scottish Widows and Clerical Medical merger to cost 305 jobs
by Gill Montia
Story link: Scottish Widows and Clerical Medical merger to cost 305 jobs
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 instructs Bevan Brittan on liability claims
by Gill Montia
Story link: Lloyds TSB Insurance instructs Bevan Brittan on liability claims
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 announces redundancy buffer on home insurance
by David Masters
Story link: Lloyds TSB announces redundancy buffer on home insurance
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 [...]
