Payment protection insurance (PPI)
PPI investigation uncovers serious complaints handling issues
The Financial Conduct Authority has referred an unnamed firm to its enforcement division following an investigation into payment protection insurance, which found serious problems with complaint handling decisions and communications to customers at the…
Ombudsman reveals 15% spike in complaints
The Financial Ombudsman Service has revealed a 15% increase in the number of complaints received between 1 January and 30 June when compared with 2012 figures.
Citizens Advice wants end to cold calling
Citizens Advice has called for cold calling by financial services firms to be banned after new research revealed 32 million British adults have received unwanted contact about claiming for mis-sold payment protection insurance.
PPI complaints falling but Ombudsman warns against complacency
The number of complaints being lodged over the mis-selling of payment protection insurance may have peaked, the Financial Ombudsman Service said this week.
NFDA meets MP Evans about claims management companies
The National Franchised Dealers Association has aired its concerns about claims management companies’ behaviour in light of payment protection insurance mis-selling scandal to the chair of the All Party Parliamentary Group for Insurance and Financial…
Barclays ends PPI complaints handling contract with Deloitte
Around 300 staff employed by Deloitte to handle payment protection insurance claims for Barclaycard were told their contracts would finish a month earlier than scheduled, The Times reported.
PPI CMCs come under scrutiny
The Ministry of Justice is holding a summit today to discuss the “predatory” conduct of claims management companies offering payment protection insurance claims management.
Customers paying for FSCS levies on brokers via ‘administration’ charges
Contributions to compensation scheme putting strain on brokers’ profitability.
Payment Protection Insurance: Paying the price
With payment protection insurance complaints putting a seemingly never-ending financial strain on the industry, can the product ever bounce back?
MoJ unveils CMC investigation site
Potential claimants are now able to check on the track record of claims management companies following the launch of a new Ministry of Justice website.
Insurance ombudsman complaints at highest level since 2000
The number of insurance complaints, excluding payment protection cover, has reached its highest level since the launch of the financial ombudsman in 2000 according to figures published today.
Banks’ PPI problem sees insurance complaints on the rise once again
Consumer complaints about payment protection insurance are continuing to rise, with the total number of complaints in the second half of 2012 increasing by 5%, compared with the previous six months, to 2.17 million.
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New regulator pledges to 'act more decisively' than FSA
The Financial Services Authority has outlined the risks that will be a priority in the next 12 months for its successor, the Financial Conduct Authority, when it takes over on 1 April.
Fixing the protection gap in the UK
I recently presented to the All Party Parliamentary Group on Insurance and Financial Services to discuss the future of lending at a time when consumers have lost confidence in income protection programs.
PPI mis-selling creates ‘thousands’ of new jobs
At least 20 000 jobs have been created to deal with processing mis-sold payment protection insurance, according to research by employment group Manpower.
News review: British insurance staff could lose jobs
Staff at mortgage payment protection insurance provider British Insurance has been put on redundancy notice by the firm's parent company Towergate Insurance.
Ombudsman: PPI claims reach 2000 a day
Payment protection insurance claims multiplied almost two and a half times in the second half of 2012 according to figures from the Financial Ombudsman Service.
Lloyds Banking Group fined £4.3m for delayed PPI payments
The Financial Services Authority has fined three Lloyds Banking Group firms £4 315 000 after failings in their systems delayed the payment of mis-sold payment protection insurance to up to 140 000 customers.
Assurant director joins competitor as MD
The Source has appointed Assurant Intermediary's former sales & marketing director Kevin Paterson as its new managing director.
CMCs process £89m of the £136m FSCS paid in PPI claims
The Financial Services Compensation Scheme has paid out almost £136m in miss-sold pay protection insurance claims since 2008, with over £89m going through claim management companies.
View from the Top: The whiplash gold rush
Insurers must ‘respond vigorously’ to glut of spurious last-ditch claims ahead of Laspo implementation.
Jubilee salutes regulators’ PPI guidance
RSG-owned Lloyd’s managing agent Jubilee has welcomed “badly needed” guidance from the Financial Services Authority and the Office of Fair Trading.
Regulators issue guidance to avoid another PPI scandal
The UK Financial Services Authority and the Office of Fair Trading have jointly published guidance to help design a new generation of payment protection insurance products.