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News Tag: Insurance News

November 15, 2012

CPP fined by FSA for insurance mis-selling

by Jan Harris
CPP fined by FSA for insurance mis-selling
Card insurer CPP faces the joint-largest mis-selling fine ever imposed by watchdog the Financial Services Authority after it was found to have mis-sold insurance products. As well as the £10.5m fine, the group expects to pay out £14.5m in compensation to both private individuals and businesses who were mis-sold products. The FSA found that CPP’s sales staff were encouraged to ...




November 14, 2012

Paper motor insurance certificates could be scrapped

by Jan Harris
Paper motor insurance certificates could be scrapped
As part of the government’s Red Tape Challenge, the Department for Transport may end the requirement for drivers to keep a copy of their motor insurance certificate. An eight-week consultation is underway to consider the proposal, which would reduce costs for insurance companies and ultimately motorists if the cost savings are passed on. Many insurance companies have already stopped sending ...




November 9, 2012

Hackers attack insurance comparison site

by Jan Harris
Hackers attack insurance comparison site
Technology website The Register has revealed a security flaw affecting motor insurance aggregator Google Compare, which allows cyber criminals to steal personal details. A vulnerability in the SSP software used by the broker website allowed the data to be harvested by editing a motor insurance proposal form. Google has now suspended its connections with the broker sites which used software from UK-based ...




October 24, 2012

Dental insurance could increase patients’ bills

by Jan Harris
Dental insurance could increase patients’ bills
Dental treatment is expensive, prompting many people to take out insurance to ensure they aren’t faced with a large, unexpected bill. However, research carried out by consumer group Which? suggests that this may be a false economy as dental insurance could actually end up costing patients more. The organisation tested dental insurance policies and dental payment plans against two treatment scenarios, and compared ...




September 24, 2012

Insurers advise home owners on flood preparations

by Jan Harris
Insurers advise home owners on flood preparations
With sixty-five areas of England on flood alert, the Association of British Insurers is warning home owners to keep insurance documents and emergency contact details in a safe, dry place. Contacts for gas, water and electricity providers should also be kept safe. The organisation is advising people to check their gardens, as winds of up to 60mph are expected to hit the ...




September 19, 2012

Allow launches social media insurance

by Jan Harris
Allow launches social media insurance
Allow Ltd, a London-based company focused on helping people protect the privacy of their personal data, has launched the UK’s first social media insurance for consumers. The firm offers services to deal with social media account hacking, reputational damage and other types of ID theft. With Facebook accounts being hacked at a rate of 600,000 a day worldwide, the market for Allow’s products ...




September 7, 2012

Private medical insurance becoming less popular

by Jan Harris
Private medical insurance becoming less popular
Fewer individuals are taking out standalone private medical insurance (PMI) policies, although demand for company PMI schemes returned to growth last year. According to new figures from healthcare intelligence provider Laing and Buisson, the number of private medical insurance policies in existence in 2011 fell by 0.2 per cent compared with the previous year, to 3.97 million. This represents a substantial improvement ...




July 27, 2012

FSA tightens insurance mis-selling rules

by Jan Harris
FSA tightens insurance mis-selling rules
The Financial Services Authority (FSA) has announced new rules to prevent banks and building societies mis-selling accounts which include insurance policies. Customers pay a fee for packaged accounts, which often include travel insurance, mobile phone insurance, and breakdown cover alongside deals on overdrafts, foreign currency and even offers on music downloads and business class lounge access at airports. In the wake of the ...




July 12, 2012

Floods could increase home insurance costs for all

by Jan Harris
Floods causing higher home insurance costs for all
The growing risk of flooding in the UK could lead to an increase in the cost of home insurance for everyone, regardless of where they live. Britain has been awash with rain for the last three months and with many parts of the country suffering from repeated flooding, insurance companies are likely to miss their profit targets because of ...




April 12, 2012

Firms mislead consumers with pension projections

by Jan Harris
Firms mislead consumers with over-generous pension projections
The Financial Services Authority (FSA) is calling for pension and insurance providers to reduce the estimates of returns used when marketing their products. The regulator warns that firms are using over-generous forecasts which could be misleading for consumers. It wants them to reduce the estimates of returns on investment products by at least 0.5 percent, following an independent study by PricewaterhouseCoopers LLP. ...




February 21, 2012

CPP Group fears collapse

by Jan Harris
CPP Group fears collapse
CPP Group Plc, which provides credit card and identity protection, claims that a mis-selling investigation by the Financial Services of Authority (FSA) could put it out of business. The FSA has been reviewing the firm for a year following complaints over the way it sold card protection and identity protection products. The regulator has now ordered the suspension of CPP’s shares and ...




January 27, 2012

Price comparison sites helping cash-strapped consumers

by Jan Harris
Price comparison sites launched
With household incomes under increasing pressure from inflation and unemployment more consumers are turning to price comparison services to help them reduce their outgoings and the New Year has seen the launch of several new sites. Insurance specialist comparethemarket.com has launched a new service which allows consumers to find which credit cards and loans will best meet their needs. After putting in details ...




May 9, 2011

Banks abandon PPI legal battle

by Kay Mitchell
Banks abandon PPI legal battle
The British Bankers' Association (BBA) has today said it will not appeal after losing the court challenge over claims they mis-sold payment protection insurance (PPI). In a statement the BBA said: "In the interest of providing certainty for their customers, the banks and the British Bankers' Association have decided that they do not intend to appeal." The announcement paves the way for billions of ...




October 5, 2009

CBI reports signs of growth in UK financial services

by Gill Montia
CBI reports signs of growth in UK financial services
In its latest quarterly survey, the Confederation of British Industry (CBI) has reported signs of growth in the UK financial services sector, for the first time in two years. The study, which is carried out in conjunction with PricewaterhouseCoopers, reveals that 32% of firms questioned saw business volumes rise in the three months to early September, while 24% ...




September 9, 2009

The Nottingham launches financial planning arm

by David Masters
”The
The Nottingham has announced plans to provide pensions, investments, and insurance products in its 32 branches across the East Midlands. Branch-based financial advisers will advise customers on the best products to meet their needs. The building society said the new products are part of its plans to expand and evolve, and will help it to counter a "personal finance black hole" in the ...




July 6, 2009

Credit-crunched Brits reassess priorities

by David Masters
”Credit-crunched
Brits are using the recession as an opportunity for soul-searching and rethinking priorities, according to new research from LV=. Two-thirds (64%) of those polled by the insurance firm said they've been forced to reassess what's important to them. Money is no longer top priority in the lives of Brits, having been ousted by family health, spending time with loved ones, and personal health. The survey indicates ...




June 9, 2009

Is your festival tent insured?

by David Masters
Is your festival tent insured?
With the summer festival season approaching fast, moneysupermarket.com has urged festival-goers to check if their home insurance covers possessions stored in a tent. “Tents can be left unguarded for hours at a time, so while it's essential not to leave valuables lying around, it is also important to check your insurance will cover you if necessary,” said Steve Sweeney, head of home insurance ...




April 25, 2009

Bay Trading enters administration putting 1,000 jobs at risk

by Peter Charalambous
”Bay
Alexon has announced that its fashion chain Bay Trading has entered into administration which will put 268 branches and over 1,000 jobs at risk. Alexon, the parent company, was keen to point out that its other brands Ann Harvey and Kaliko would not be affected by Bay Trading’s administration. Following the release of trading results this week, the credit insurance ...




March 4, 2009

Anti-discrimination law could double insurance premiums

by David Masters
Anti-discrimination law could double insurance premiums
The AA has lashed out at government plans to make age and gender discrimination illegal on car insurance policies. Premiums could double for some drivers, the AA said, if the Equities Bill, due to be brought to parliament this spring, is extended to cover the sale of insurance. Age and gender are key factors that affect risk and are vital considerations for calculating ...




February 17, 2009

Gold provides ‘essential insurance’ against financial crises

by David Masters
Gold provides 'essential insurance' against financial crises
As bank shares continue to plummet, the price of gold continues to soar, with prices last week hitting a seven month high of $953.30 per ounce. Former editor of The Times, Lord William Rees-Mogg, expects this trend to continue as investors seek to protect themselves against future shocks in the stock market. "People buy gold when they are nervous about the economy, ...