Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 21st of October 2014
May 18, 2011

FOS sees 26% rise in new cases with PPI dominant

by Gill Montia

Story link: FOS sees 26% rise in new cases with PPI dominant

The Financial Ombudsman Service (FOS) handled over a million front-line enquiries and complaints from consumers in the 2010/11 financial year, of which 206,121 developed into new cases. The figure is up 26% year-on-year, with over 50% of new cases relating to the sale of payment protection insurance, representing the highest number ever received in a […]



April 14, 2011

ABI warns against regulatory overlap

by Richard Kilner

Story link: ABI warns against regulatory overlap

The Association of British Insurers (ABI) has called for greater co-ordination between new financial regulatory authorities, with an emphasis upon enhancing transparency and accountability. Otto Thoresen, the ABI’s Director General, warned against the duplication of activity by the new Prudential Regulation Authority and Financial Conduct Authority. Thoresen added that unless the two authorities share information […]



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 […]



February 15, 2011

Court decides volcanic ash “weather related”

by Gill Montia

Story link: Court decides volcanic ash “weather related”

The Travel Trade Gazette (TTG) has reported that insurers could be facing a flood of payouts relating to last year’s volcanic ash cloud, after a delayed traveller won a case against his insurance company, establishing in the process that the disruption could be classed as “weather related”. The revelation follows a decision by Yeovil County […]



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 […]



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 […]



September 15, 2009

ABI acts on “misleading” Financial Ombudsman data

by Gill Montia

Story link: ABI acts on “misleading” Financial Ombudsman data

The Financial Ombudsman Service (FOS) has published details of the complaints received about UK financial institutions, and for the first time has named the insurance companies, banks, and investment firms that feature in its statistics. The figures cover the six months to the end of June 2009 and show the number of complaints received about […]



April 7, 2009

FOS reports “weary cynicism” in complaints handing

by Gill Montia

Story link: FOS reports “weary cynicism” in complaints handing

The Financial Ombudsman Service (FOS) is unhappy about the way consumers are being treated when they complain about the products and services provided by the UK’s financial institutions. According to the watchdog, a growing number of consumers are receiving “dismal” treatment when they raise a complaint, which the FOS suggested could reflect a “weary cynicism” […]



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 […]