FSA seeks compensation / causation change
by Gill Montia
Story link: FSA seeks compensation / causation change
The Financial Services Authority (FSA) wants to force the firms it regulates to provide 100% redress to customers who have suffered financial loss, even if the loss was not caused by faulty advice, warns Reynolds Porter Chamberlain (RPC). The City law firm explains that as the law of “causation” stands, if a financial services firm [...]
ABI publishes Solvency II internal model approval advice
by Gill Montia
Story link: ABI publishes Solvency II internal model approval advice
The Association of British Insurers (ABI) has published advice on the Solvency II internal model approval process in the first of a series of papers aimed at helping insurance companies implement the new regime. Final Solvency II rules are incomplete but the ABI’s “sensible” approach to the model approval process forms the basis for the [...]
FSA proposals on platform services
by Gill Montia
Story link: FSA proposals on platform services
The Financial Services Authority (FSA) has published proposals aimed at ensuring that from January 2013, platform services are aligned with the standards required by the Retail Distribution Review (RDR). That is to say, the cost of advice will be decided by the client and adviser and no longer hidden from the customer in the cost [...]
ABI advice for Cornwall’s flood victims
by Gill Montia
Story link: ABI advice for Cornwall’s flood victims
Following heavy rainfall in Cornwall, the Association of British Insurers (ABI) has issued the following advice for people who have been flooded: Household, business and comprehensive motor insurance policies cover flood damage. Most home insurance policies will cover the cost of alternative accommodation (up to a specified limit) if you need to move out of [...]
Aviva focuses on commercial flood risk
by Gill Montia
Story link: Aviva focuses on commercial flood risk
Aviva is including flood advisory leaflets in its commercial renewal packs, as part of its campaign to protect commercial policyholders from the impact of flooding. The advice ranges from subscribing to flood alert warnings and investing in local flood protection devices, to moving expensive equipment to less vulnerable parts of the premises. Businesses are also [...]
ABI offers advice to BA travellers
by Gill Montia
Story link: ABI offers advice to BA travellers
The Association of British Insurers (ABI) has issued advice to travellers likely to be affected by the proposed industrial action at British Airways (BA). If the strike proceeds, the first step is to contact BA to discuss the options available. Where alternative travel plans are made, travel insurance can usually be altered to cover the [...]
Hiscox advises newlyweds against under insuring
by Richard Kilner
Story link: Hiscox advises newlyweds against under insuring
Specialist insurer Hiscox has commissioned research which has revealed that 53% of professional couples are leaving themselves open to under insuring by failing to inform their insurance company of the wedding presents they receive. Home contents rise in value by an average of £12,000 following a wedding. In a tenth of cases, wedding gifts alone [...]
Lightening strike blamed for broker blunder
by David Masters
Story link: Lightening strike blamed for broker blunder
Customers of insurance broking firm Jeffery Flanders (Consulting) have been told to contact their insurance companies directly after a lightening strike destroyed financial records, and apparently the telephone line, at the West Sussex-based firm. The Financial Services Authority (FSA) issued the advice after a Jeffery Flanders customer found they did not have the cover they [...]
Saga advises boat owners to lock up
by David Masters
Story link: Saga advises boat owners to lock up
Saga Boat Insurance has advised boat owners to lock away valuables out of sight. Wet weather gear, GPS navigation equipment and valuable personal items should all be securely stored, or removed from vessels that will be unused for a period of time, Saga said. Curtains should be closed when the boat is moored, and life-rafts, [...]
ABI offers swine flu advice
by Richard Kilner
Story link: ABI offers swine flu advice
The Association of British Insurers (ABI) has issued guidance relating to the cover most people can expect under their travel policies if they catch swine flu. Travel insurers will treat swine flu as they would any other illness, and policies will typically pay for treatment abroad if it’s caught on holiday. Rearranged flights and accommodation [...]
MORE TH>N raises cash-for-crash awareness
by Gill Montia
Story link: MORE TH>N raises cash-for-crash awareness
MORE TH>N is raising awareness about cash-for-crash insurance fraud, having discovered that 41% of drivers have never heard of the crime. The firm describes cash-for-crash as form of “highway-banditry” and while cases have fallen by 11% in the past two years as the result of actions by the police and insurers, awareness levels among drivers [...]
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 [...]
Car crash costs highest in France and Germany
by David Masters
Story link: Car crash costs highest in France and Germany
Motorists travelling to the continent this summer are being urged to drive carefully as a car crash abroad could prove expensive. Germany and France are the most expensive countries in Europe for a road accident. Drivers who cause a crash in Germany will pay out an average of £2,940, over 50% more than the European [...]
Travellers advises to take out car hire insurance
by Richard Kilner
Story link: Travellers advises to take out car hire insurance
With the holidays of Christmas and New Year almost upon us, it is important for those pondering even brief trips abroad to remember to take out car hire excess insurance and travel insurance. Many people rent cars whilst overseas, and although most remember travel insurance it’s vital that car hire excess insurance is not disregarded, [...]
FSA feedback statement on Retail Distribution Review
by Gill Montia
Story link: FSA feedback statement on Retail Distribution Review
The Financial Services Authority (FSA) has published a feedback statement on its Retail Distribution Review (RDR). The proposals are aimed at giving more confidence to consumers and also set out reforms to the investment market. They include providing greater clarity for consumers about the advice service being offered by making a distinction between independent advice [...]
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 [...]
Marlborough offers advice to brokers to beat the recession
by Richard Kilner
Story link: Marlborough offers advice to brokers to beat the recession
Business management skill trainer Marlborough Training & Consultancy is holding a series of training days aimed at providing brokers with advice regarding achieving growth during the present economic difficulties. The events, sponsored by Ignition NBS, will be held at eight locations across the country where Marlborough will set out how brokers can maintain steady growth [...]
Standard Club advises on evading Somali pirates
by Gill Montia
Story link: Standard Club advises on evading Somali pirates
Marine insurer, The Standard Club, has issued a special guidance report on how ship owners can protect their vessels from pirates active in the seas around Somalia. According to the bulletin, Somali-based pirates have been responsible for more than 60 attacks on ships since the beginning of the year, resulting in 29 hijackings and over [...]
Legal & General offer advice to students
by Richard Kilner
Story link: Legal & General offer advice to students
Legal & General has offered advice to full-time students to protect themselves against burglary. Technical services’ chief Elaine Parkes suggests the basic step of making sure the property lived in is secure, which can greatly reduce the risk of burglary. Parkes also urges students to ensure that their goods are appropriately protected by a suitable [...]
ABI advice to flash-flood victims
by Gill Montia
Story link: ABI advice to flash-flood victims
Last week’s flash flooding in the West County has prompted the Association of British Insurers to issue advice to the property owners affected. Those who have household and/or business insurance policies should be covered for flood damage and need to contact their insurer as soon as possible. Twenty-four hour emergency helplines are provided by most [...]
