Tag: Insurance News

CPP fined by FSA for insurance mis-selling

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 A?10.5m fine, the group expects to pay out A?14.5m in compensation to both private individuals and businesses who were mis-sold products. The FSA found that CPPa��s […]

November 15, 2012 More
Paper motor insurance certificates could be scrapped

Paper motor insurance certificates could be scrapped

As part of the governmenta��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 […]

November 14, 2012 More
Hackers attack insurance comparison site

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 […]

November 9, 2012 More
Dental insurance could increase patientsa�� bills

Dental insurance could increase patientsa�� bills

Dental treatment is expensive, prompting many people to take out insurance to ensure they arena��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 […]

October 24, 2012 More
Insurers advise home owners on flood preparations

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 […]

September 24, 2012 More
Allow launches social media insurance

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 UKa��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 […]

September 19, 2012 More
Private medical insurance becoming less popular

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 […]

September 7, 2012 More
FSA tightens insurance mis-selling rules

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 […]

July 27, 2012 More
Floods could increase home insurance costs for all

Floods could increase 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 […]

July 12, 2012 More
Firms mislead consumers with pension projections

Firms mislead consumers with 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, […]

April 12, 2012 More
CPP Group fears collapse

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 […]

February 21, 2012 More
Price comparison sites helping cash-strapped consumers

Price comparison sites helping cash-strapped consumers

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 […]

January 27, 2012 More
New travel insurance products launched

New travel insurance products launched

Two companies have announced new travel insurance policies this week, just in time for people setting off for their Christmas breaks. Insurance provider Hiscox has launched a new policy for all members of the family, whether they are travelling in Europe or further afield. The policy offers up to A?10 million emergency medical cover, up […]

December 13, 2011 More
Santander H1 profits lower on PPI costs

Santander H1 profits lower on PPI costs

Spanish banking giant Santander has today revealed its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and […]

July 27, 2011 More
Government cracks down on uninsured drivers

Government cracks down on uninsured drivers

With immediate effect, motorists will be forced to declare if their car is off the road if they want to avoid buying insurance. The measures are part of the Governmenta��s efforts to clamp down on uninsured motorists. In the past, drivers had to be caught driving with no insurance to be charged and prosecuted. From […]

June 20, 2011 More
Banks abandon PPI legal battle

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 […]

May 9, 2011 More
Bank complaints double on overdraft charges backlog

Bank complaints double on overdraft charges backlog

Over two million consumers complained to their bank during the second half of 2009, more than twice as many as during the first half of the year. Between July and December 2.65 million people made a complaint about a financial company, with 2.2 million of those directed at banks and building societies. The FSA said […]

HSBC announces January sale

HSBC announces January sale

HSBC has jumped on the bandwagon of January sales by launching cut-priced mortgages, savings accounts, and insurance products. “All over the world, people are making New Year resolutions and sorting out their finances is often high on that list,” said Brendan Cook, HSBC spokesperson. “This year, we want to make it easier for our customers […]

CBI reports signs of growth in UK financial services

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 […]

The Nottingham launches financial planning arm

The Nottingham launches financial planning arm

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 […]