Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 22nd of December 2014
November 24, 2011

Aviva’s Sir Nick appointed FOS chairman

by Gill Montia

Story link: Aviva’s Sir Nick appointed FOS chairman

The Financial Services Authority (FSA) has appointed Sir Nicholas Montagu as the new chairman of the Financial Ombudsman Service (FOS). He will succeed Sir Christopher Kelly who steps down in January 2012, after seven years in the role. Sir Nicholas is currently the chairman of the Aviva UK Life With-Profits Committee and a director of […]



February 28, 2011

PPI dominates as FOS reports 15% rise in new cases

by Gill Montia

Story link: PPI dominates as FOS reports 15% rise in new cases

The Financial Ombudsman Service (FOS) recorded a 15% increase in new complaints in the second half of 2010, compared with the previous six-month period. Complaints involving payment protection insurance (PPI) accounted for over half of the new workload, with 24,955 such cases lodged in the final quarter of 2010 alone. The Service received a total […]



May 31, 2010

Time limit suspended for PPI complainants

by Gill Montia

Story link: Time limit suspended for PPI complainants

Consumers complaining about their payment protection insurance (PPI) have been given breathing space by the Financial Services Authority (FSA). The regulator has introduced a temporary rule that allows those who have recently complained about the purchase of a PPI policy more time in which to refer their complaint to the Financial Ombudsman Service (FOS). The […]



March 12, 2010

Watchdogs join forces with consumer protection committee

by Gill Montia

Story link: Watchdogs join forces with consumer protection committee

The Financial Services Authority (FSA), Office of Fair Trading (OFT) and Financial Ombudsman Service (FOS) are proposing to set up a consumer protection committee. In a discussion paper, the watchdogs state: “A key element in rebuilding consumer confidence in financial services is that firms carrying out activities regulated by the FSA and/or licensed by the […]



February 18, 2010

Insurers slow on plumbing and heating emergencies

by Gill Montia

Story link: Insurers slow on plumbing and heating emergencies

The Financial Ombudsman Service (FOS) has published its latest bulletin in which it highlights a significant number of complaints relating to delays experienced by those who have taken out insurance for domestic plumbing and heating emergencies. According to the watchdog, some insurers have left homeowners without heating for weeks, leading to “damaging knock-on effects”. In […]



December 23, 2009

No theft cover for defrosting cars

by Gill Montia

Story link: No theft cover for defrosting cars

With night time temperatures well below zero, the Financial Ombudsman Service (FOS) is reminding motorist that most motor insurance policies include a clause that excludes cover for theft, attempted theft or malicious damage, if the ignition keys are left “in or on the vehicle”. According to the watchdog, drivers who start their engines for a […]



November 2, 2009

ABI calls for swift action on RDR clarification

by Gill Montia

Story link: ABI calls for swift action on RDR clarification

The Association of British Insurers (ABI) has called on the Financial Services Authority (FSA) to “act quickly” to ensure the full benefits of the Retail Distribution Review (RDR) are secured. The regulator has plans to replace commission with adviser charging, and also intends to raise the professional standards of financial advisers. However, the ABI has […]



March 17, 2009

Financial Ombudsman Service awash with PPI complaints

by Gill Montia

Story link: Financial Ombudsman Service awash with PPI complaints

The Financial Ombudsman Service (FOS) has reported that it is dealing with over 800 complaints about payment protection insurance (PPI) each week. The widespread mis-selling of the insurance, which is intended to cover loan repayments should a borrower become too ill to work or face redundancy, has already led the Financial Services Authority to ban […]



December 15, 2008

FOS reports surge in PPI complaints

by Gill Montia

Story link: FOS reports surge in PPI complaints

The Financial Ombudsman Service (FOS) says it has received over 25,000 complaints relating to the sale of payment protection insurance (PPI), since January. By comparison, during the 12 months to April 2008 the service recorded 10,652 complaints regarding PPI, up significantly from 1,832 during the previous 12 months. At the beginning of the year, the […]



May 28, 2008

Insurance sector complaints to Ombudsman double

by Gill Montia

Story link: Insurance sector complaints to Ombudsman double

The Financial Ombudsman Service (FOS), which resolves disputes between consumers and financial services businesses, has published data covering the 12 months to March 2008. Complaints about insurance providers doubled during the period, however disputes over mortgage endowment products fell, by 70%. The number of customers dissatisfied with their payment protection insurance increased six-fold to almost […]