Payment protection insurance (PPI)
Rogue PPI callers face £250 000 fine
Two people who sent millions of spam text messages offering pay-outs for accidents a person never had, or PPI claims they were not entitled to, face a fine of more than £250 000 fine by the Information Commissioner's Office.
Lloyds TSB tops GI complaints list
Lloyds TSB Bank received the highest number of complaints regarding general insurance and pure protection products in the first half of the year.
PPI complaints increase 129% in H1 2012
Financial Services Authority data has revealed that payment protection insurance has helped push up the number of complaints to financial services firms by 59% to 3.58 million in the first half of the this year.
Biba boss calls for FCA to target non-GI intermediaries
The British Insurance Brokers' Association has called for the incoming Financial Conduct Authority to target non-insurance intermediaries, not the industry's brokers, in order stamp out mis-selling scandals and protect customers.
FOS receives 1500 PPI complaints a day
Mis-sold payment protection insurance complaints reached 1500 a day in the first six months of 2012, according to the Financial Ombudsman Service.
FSA to investigate Lloyds Bank over PPI mis-selling
The Financial Services Authority has launched an investigation into the Lloyds Banking Group over payment protection mis-selling.
FSCS consultation: Burdening brokers
Proposed changes to the Financial Services Compensation Scheme could see brokers contributing more than ever, but are they still paying for the mistakes of others?
Regulator to review "rotten" incentive schemes
Financial Services Authority managing director Martin Wheatley has laid out plans to stamp out mis-selling created by sales incentives that result in customers being sold products they do not need or cannot use.
Mild Q1 weather blamed for RIIG loss
Resources in Insurance Group has blamed unusually mild weather conditions in the first quarter of the year for a loss of £696 581 in the first six months of this year.
FOS receives more than 1000 PPI claims a day
The Financial Ombudsman Service has revealed that it now receives 1500 payment protection insurance complaints every day, taking the overall total beyond 400 000.
Lloyds GI profits fall 30% owing to PPI, pet and weather claims
Lloyds Bank's underlying general insurance profit decreased by 30 per cent to £158m (H1 2011: £226m) in the first half of 2012.
Payment Protection Insurance: Ringing the changes
Could a redrawing of the Financial Services Compensation Scheme boundaries save brokers from a repeat of the adverse financial impact of the payment protection insurance mis-selling scandal?
Business boomed for RiIG in 2011, AGM told
Claims management company Resources in Insurance Group has told its Annual General Meeting attendees that the business has witnessed increasing levels of activity in the backdrop of the wet weather.
Claims management firm RiIG wins PPI contract
Resources in Insurance Group has signed a £750 000 deal with a financial institution to handle Payment Protection Insurance claims.
Nationwide slams CMCs as PPI wipes £103m from balance sheet
Nationwide has backed calls for tighter regulation of claims management companies after setting aside £103m to meet the cost of payment protection insurance claims.
Insurers urged to make income protection cheaper
An increasing number of UK consumers do not have income insurance, leading to calls for more affordable cover.
Ombudsman reports 51% increase in PPI complaints
Complaints to the Financial Ombudsman Service about payment protection insurance increased year on year by 51%, and accounted for 60% of all new cases in 2011/2012.
Post Broking Supplement: The big issues for brokers
With the British Insurance Brokers' Association conference looming, brokers are warming up for the networking event of the year and their best opportunity to thrash out market issues. Post caught up with some of the biggest hitting national players to…
HSBC admits a further £290m in PPI costs
Bank HSBC has revealed it has set aside a further $468m (£290m) for payment protection insurance misselling claims in its Q1 accounts (Q1 2011: $440m).
PPI problems continue to dog RBS
Bailed out bank RBS has confirmed that it was forced to set aside £125m in its Q1 accounts for additional payment protection insurance misselling payments.
RBS set to bolster PPI fund by £125m
Royal Bank of Scotland is to announce on Friday that it will set aside a further £125m to cover compensation for mis-sold payment protection insurance, according to Reuters.
Lloyds Bank makes further PPI payments of £375m
Lloyds Bank has announced that its payment protection insurance misselling has cost it a further £375m.
Barclays sets aside £300m more for PPI
Barclays Bank has announced an interim statutory loss before tax of £475m (2011: £1,655m profit), including an additional provision of £300m for payment protection insurance redress.
MoJ launches investigation into CMCs
According to the Financial Times, the Ministry of Justice has launched an investigation into claims management companies following a surge of invalid compensation claims filed on behalf of consumers allegedly mis-sold personal protection insurance.