Standard Life secures RBS distribution deal
by Gill Montia
Story link: Standard Life secures RBS distribution deal
Standard Life has entered into a five-year platform distribution agreement with Royal Bank of Scotland (RBS). Under the deal, the insurer will deliver a range of RDR compliant investment solutions, which will be available to RBS, NatWest and Ulster Bank customers via the Standard Life wrap platform. From December, the platform will deliver investment solutions [...]
Direct Line and Churchill fined for file tampering
by Gill Montia
Story link: Direct Line and Churchill fined for file tampering
The Financial Services Authority (FSA) has imposed a fine of £2.17 million for failings by insurers Direct Line and Churchill, both of which are owned by Royal Bank of Scotland (RBS). According to the regulator, the firms failed to prevent files that the FSA had requested from being improperly altered. During the collation of 50 [...]
RBS highlights data security weaknesses
by Gill Montia
Story link: RBS highlights data security weaknesses
New research from Royal Bank of Scotland (RBS) has found that nearly one in five technology firms surveyed in the Thames Valley area have suffered a data security breach in the past 12 months. While just over half of respondents had a crisis strategy in place in case of a serious security breach, a quarter [...]
“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 [...]
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 [...]
Seven insurers sign up to OFT data exchange limits
by Gill Montia
Story link: Seven insurers sign up to OFT data exchange limits
Seven insurance companies and two IT software and service providers have provisionally agreed to limit the data they exchange, following competition law concerns raised by the Office of Fair Trading (OFT). Ageas, Aviva, AXA Insurance UK, Liverpool Victoria Friendly Society, RBS Insurance, RSA and Zurich, plus IT firms Experian and SSP, have all offered formal [...]
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 [...]
Warren Buffett revisits RBS insurance sale
by Gill Montia
Story link: Warren Buffett revisits RBS insurance sale
Legendary investor, Warren Buffett, has been named as a potential bidder for Royal Bank of Scotland’s (RBS) insurance business. The sale of the business was first mooted in 2008, before the departure of disgraced former RBS chief executive, Sir Fred Goodwin, who was determined to stick out for a £6 billion asking price. The scale [...]
RBS consults on insurance business restructure
by Gill Montia
Story link: RBS consults on insurance business restructure
Royal Bank of Scotland (RBS) is consulting with potential advisers on the future of its insurance business, which includes Direct Line, Churchill, Green Flag and NIG. The outlook for the business has been uncertain for the past couple of years, the division having been put up for auction in 2008 with a price tag of [...]
Chucked out TV packaging a marker for thieves
by Gill Montia
Story link: Chucked out TV packaging a marker for thieves
Churchill has advice for football enthusiasts who are proposing to buy a new television set to watch the World Cup. According to the insurer’s research, 18% of households are planning on upgrading their TV for the spectacle, with 5% having already done so. However, indiscretion over the disposal of the packaging can provide potential burglars [...]
NIG revamps SME offering
by Gill Montia
Story link: NIG revamps SME offering
NIG has relaunched the SME package products suite on its network broker system. The insurer has revamped some products, added a new policy and fine-tuned its quote system to generate more competitive pricing, with premium savings of around 15% to 20% achievable in some cases. Turning to NIG’s new “Professionals” offering, the policy is aimed [...]
RBS UK job cuts focus on insurance division
by Gill Montia
Story link: RBS UK job cuts focus on insurance division
Direct Line and Churchill are likely to be hit with job losses in the coming year, as Royal Bank of Scotland (RBS) continues with its restructuring agenda and prepares to sell off its insurance business. The bank’s Privilege, UKI, Green Flag and NIG brands also form part of the insurance division, which employs over 16,000 [...]
Towergate names Allianz top performing insurer
by Gill Montia
Story link: Towergate names Allianz top performing insurer
Towergate Risk Solutions has named Allianz and RBS-owned NIG as the top performing insurers servicing its broking operations. The research, conducted among the group’s 100 plus broking offices, rates insurer performance when dealing with: quotations; renewals; policy documentation; mid term adjustments; claims and general service. The key findings of the Q3 2009 survey revealed that: [...]
Direct Line, Churchill and NIG up for sale again
by Gill Montia
Story link: Direct Line, Churchill and NIG up for sale again
Royal Bank of Scotland’s (RBS) insurance businesses will almost certainly be sold off as the Government proceeds with plans to create three new High Street retail banking chains from the part nationalised RBS and Lloyds Banking Group, and the wholly state owned Northern Rock. Ministers are putting the final touches to the proposals which could [...]
NIG to close eight offices; job losses anticipated
by Gill Montia
Story link: NIG to close eight offices; job losses anticipated
NIG has announced plans to close eight of its 18 offices. The restructure should be completed by the first quarter of 2010 and will involve job losses among the insurer’s 900 staff. The property and casualty insurer forms part of the Royal Bank of Scotland (RBS) group, which is in the process of selling its [...]
Bankinter acquires RBS’s stake in Spanish Direct Line business
by Gill Montia
Story link: Bankinter acquires RBS’s stake in Spanish Direct Line business
Royal Bank of Scotland (RBS) has announced the sale of its 50% share in Spanish Direct Line business, Linea Directa Aseguradora. The disposal is being made to Bankinter, the Spanish bank that owns the other half of the business, for €426 million (£375 million). RBS first revealed plans to sell its stake in the 50/50 [...]
NIG joins PowerPlace panel
by Gill Montia
Story link: NIG joins PowerPlace panel
RBS insurance subsidiary, NIG, has been appointed to a panel of insurers that is launching new commercial property owners’ and let property owners’ policies, through PowerPlace. Towergate subsidiary, PowerPlace, is currently used by over 160 brokers operating off the Open GI platform. NIG will take its place on the panel alongside Zurich, Groupama, Fortis, MMA [...]
L&G made demands for resignation of RBS chiefs
by Gill Montia
Story link: L&G made demands for resignation of RBS chiefs
The chief executive of Legal & General Investment Management (LGIM) has revealed that his company had demanded the resignations of Royal Bank of Scotland (RBS) chiefs as long ago as May of last year. Appearing before a Treasury Select Committee yesterday, Peter Chambers reported that LGIM had called for the bank’s chairman, Sir Tom McKillop, [...]
