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.
The Financial Conduct Authority has put a deadline on payment protection insurance claims, bringing to a close a chapter that has cost firms billions in compensation.
Mis-selling of payment protection insurance has done little to help our industry and the issue of trust for insurance providers.
The Financial Conduct Authority said it needs more time to make a decision on whether it will impose a cut-off deadline for Payment Protection Insurance claims.
The Financial Conduct Authority has confirmed it will press on with plans to impose a deadline for payment protection insurance complaints.
Payment protection insurance complaints have increased but general insurance claims outside of this category have continued to fall, according to the Financial Conduct Authority's latest report.
The Ministry of Justice has proposed capping fees charged by claims management companies handling mis-sold payment protection insurance claims, in a consultation launching today (15 February).
A firm deadline on payment protection insurance claims and an industry-funded communication campaign have been outlined in the Financial Conduct Authority’s consultation paper, released today (26 November).