FSA and OFT oversee new PPI products
by Gill Montia
Story link: FSA and OFT oversee new PPI products
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have published proposed guidance on payment protection insurance (PPI) products. Both watchdogs are monitoring the market as it shifts away from the disastrous PPI offerings of the past and new products or product features are developed. These include short-term income protection and debt [...]
Higos offers protection against risk of redundancy
by Richard Kilner
Story link: Higos offers protection against risk of redundancy
Following the news in the Comprehensive Spending Review (CSR) that an estimated 490,000 public sector workers will lose their jobs during a four year period, anxiety about job security has increased. People concerned about holding onto their job will also be worried about affording to pay the bills, and may be surprised to learn that [...]
Higos launches PPI for tenants
by Gill Montia
Story link: Higos launches PPI for tenants
Somerset-based Higos Insurance Services has launched a payment protection plan aimed at tenants. The new policy covers rental payments in the event of unemployment or sickness and is available to private and social tenants, plus those still living at home and paying rent to parents. Cover can be extended to embrace a range of monthly [...]
Consumers not keen on shopping around for PPI
by Gill Montia
Story link: Consumers not keen on shopping around for PPI
Proposals by the Competition Commission to ban the sale of payment protection insurance (PPI) alongside the sale of a loan or credit card do not meet with widespread approval among consumers. PPI is intended to meet payments on personal loans should the borrower be unable to work through illness or lose their job and the [...]
Save £570 a year by consolidating PPI
by Gill Montia
Story link: Save £570 a year by consolidating PPI
Britons are being urged to review their Payment Protection insurance (PPI) and consolidate cover under one policy. According to research by the Post Office, almost six million consumers could be paying over the odds for PPI because around 20% of adults with credit have more than one policy in place. The Post Office estimates that [...]
FSA hands down £7m fine for A&L PPI mis-selling
by Gill Montia
Story link: FSA hands down £7m fine for A&L PPI mis-selling
The Financial Services Authority (FSA) has handed down its biggest fine to date for the mis-selling of payment protection insurance (PPI). The regulator imposed a £7 million penalty on Alliance & Leicester (A&L), which conceded its wrongdoings early in the FSA investigation or would otherwise have been liable to pay £10 million. Between January 2005 [...]
Consumers buy PPI to gain credit card approval
by Gill Montia
Story link: Consumers buy PPI to gain credit card approval
Which?, is once again on the offensive over Payment Protection insurance (PPI), which is sold alongside secured and unsecured loans to cover repayments if the borrower is off work because of illness or unemployment. The consumer group claims that hundreds of thousands of Britons have bought PPI because they were under the impression that their [...]
FSA fines motor dealerships over PPI sales
by Gill Montia
Story link: FSA fines motor dealerships over PPI sales
The Financial Services Authority (FSA) has fined five motor dealerships a total of £175,000 for mis-selling payment protection insurance (PPI). GK Group, George White Motors, Ringways Garages (Leeds), Ringways Garages (Doncaster), and Park’s of Hamilton have been found guilty of serious breaches of the regulations governing PPI sales, putting 2,175 customers at risk of buying [...]
