Payment protection insurance (PPI)
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.
FSA confirms PPI deadline talks
The Financial Services Authority has confirmed that it is in talks with the British Bankers' Association about a possible time limit for payment protection insurance complaints.
FSA seeks PPI mis-selling deadline
The Financial Services Authority is in talks with the banking industry to set a deadline for customers being able to claim for the mis-selling of payment protection insurance, according to reports.
Watchdog bans PPI radio advert for using scare tactics
A radio advert by claims management firm Payment Protection Partnership has been banned after being accused of using scare tactics implying that consumers are almost out of time to reclaim mis-sold payment protection insurance premiums.
Co-operative Bank fined over PPI claims handling
The Financial Services Authority has fined The Co-Operative Bank £113 300 for failing to handle payment protection insurance claims fairly.
FSCS £21m levy increase on brokers is ‘kick in the teeth’
The Financial Services Compensation Scheme is to raise the insurance intermediary sub-class levy by a further £21m in the first quarter of 2013 owing to an increase in payment protection insurance compensation.
Citizens Advice calls for clampdown on CMCs
The Citizens Advice Bureau has called for a ban on cold-calling by claims management firms after a survey revealed that nine out of 10 people were plagued by them in a 12-month period.
MPs have claims management companies in their sights
Next week's debate will not be pretty for the claims management sector.
Lloyds to set aside additional £1bn for PPI compensation
Lloyds Banking Group has earmarked a further £1bn to pay customers who were mis-sold payment protection insurance.
Post Blog: Innovate or withdraw
The FCA is likely to take a hard line on products that are not in the best interests of consumers, and insurers could be left with difficult decisions.