The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme has fallen for a second year running, with both the scheme’s GI provision and distribution classes seeing reduced payouts year-on…
Exclusive: The former boss of disgraced Bury-based claims firm Harringtons Advisory, Ibrar Akbar, passed away in 2019 – but his name continues to be used on accounts paperwork for another of his companies.
US insurance group Genworth Financial has agreed a £624m settlement with Axa, bringing to a close a lawsuit over payment protection insurance mis-selling losses.
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme fell 14% to £146.4m in the year to 31 March 2020.
The Competition and Markets Authority has again appealed for the power to impose financial penalties on businesses that breach payment protection insurance regulations, after breaches were uncovered at Cardif Pinnacle, Lloyds Banking Group and Nationwide.
In the 29th episode of Post and Insurance Age’s video series we gathered together an expert panel to discuss the prevention, detection and prosecution of insurance fraud at a time of pandemic.
The Competition and Markets Authority is seeking the authority to impose financial penalties for breaches after it ruled Paymentshield must refund customers over £380,000 for payment protection insurance breaches.
Complaints about payment protection insurance increased 34% in the first half of 2019 in the run-up to 29 August deadline for refunds, according to figures released by the Financial Conduct Authority.
The Financial Conduct Authority is working to limit charges for claims management companies’ services, but will new regulation actually be a double-edged sword for consumers?
The Association of Consumer Support Organisations has urged the Financial Conduct Authority to consider how the market adapts to regulatory change before considering fee caps on claims management companies.
Consumers have netted a collective £3.7bn since the Financial Conduct Authority began running its Arnold Schwarzenegger-fronted payment protection insurance refund campaign.
The super complaint over dual pricing is likely to result in “serious and profound” change in the insurance market, analysts believe.
Insurers have welcomed rules aimed at limiting claims management companies from calling vast swathes of the population.
The cost of regulating claims management companies could be £16.8m with the bill falling on the firms themselves, according to the Financial Conduct Authority.
Almost 1.7m individuals have viewed the FCA’s PPI website since it debuted its Arnold Schwarzenegger-fronted advertising campaign.
Thousands of complaints against insurers may need to be re-examined after a TV investigation found staff at the Financial Ombudsman Service were woefully undertrained.
CEO, Financial Conduct Authority
The Financial Conduct Authority received 3.32 million complaints about financial services in the first six months of 2017.
Exclusive: The Financial Conduct Authority spent £4.9m in production costs on a TV advert featuring the robotic head of Arnold Schwarzenegger.
Australian giant QBE will repay customers A$15.9m (£9.6m) following a review of add-on insurance sales by the Australian Securities and Investments Commission.
A claims management company has been fined a record fine of £400,000 for making over 100 million nuisance calls.
The Financial Conduct Authority has published its first set of complaints data since new rules came into force in June last year.
Brokers are becoming increasingly frustrated with the Financial Conduct Authority, citing rising compliance costs and an overbearing regulatory regime as hurdles to growth and innovation
Brokers will face an extra £10m levy over last year as a result of an expected spike in the number of payment protection insurance claims.