Payment protection insurance (PPI)
Barclays CEO in PPI apology as bank sets asside £1bn for claims
Barclays has decided that it will not participate in any application for permission to appeal against the High Court judgment of 20 April 2011, which dismissed the action brought by the British Bankers' Association regarding the assessment and redress of…
Lloyds Banking Group reports huge £3.2bn Q1 losses after PPI provision
Part-nationalised Lloyds Banking Group has recorded a statutory loss after tax of £3.47bn for Q1 2011 (Q1 2010: £721m), after the bank made provisions of £3.2bn for payment protection insurance payout costs.
Firms face ruin after court ruling
The insurance industry has been warned some firms could face ruin after a legal challenge to the Financial Services Authority's measures to deal with payment protection insurance complaints was rejected.
High Court backs FSA in PPI rulling
A High Court judgment has upheld the Financial Services Authority rules on how complaints into payment protection insurance are handled.
Postbox: PPI rule change — a long time coming
News that the Competition Commission has published its final order detailing measures that will reduce the risk of consumers being mis-sold payment protection insurance, and create opportunities for other providers, is to be welcomed. But it's…
Interview - Jonathan Evans MP: APPG - priorities, progress and provocations
Chairman of the All Party Parliamentary Group on Insurance & Financial Services Jonathan Evans talks to Mairi MacDonald about the group's priorities, progress and provocations.
Co-op to increase aggregator usage
Co-operative Insurance has set its sights on growing its household book by widening its use of aggregators as a means of distribution.
ABI disappointed with FOS decision
The Association of British Insurers has said it is “disappointed” at the Financial Ombudsman Service’s decision to increase its levy on firms.
Post history - 15 years ago: Post Office strikes Sun Alliance deal
Looking through Post's back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 15 years ago reveals.
FSA funding requirement rises 10% for 2011/12
The Financial Services Authority has set out its business plan detailing its priorities for 2011/12, which reveal a 10.1% increase in funding from £454.7m to £500.5m.
Biba stands firm on call for FSCS funding changes
The British Insurance Brokers' Association has reiterated its call for a change to the Financial Services Compensation Scheme funding rules before April 2012, after an MP warned the final figure for payment protection insurance mis-selling compensation…
Post Magazine – 17 March 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
PPI bill set to become “colossal”
Jonathan Evans, chair of the All Party Parliamentary Group on Insurance Financial Services, has warned that the final figure for payment protection insurance mis-selling compensation could end up as high as £4bn.
Interview – Peter Halpin: keeping Swinton on the acquisition track
Swinton CEO Peter Halpin had a lot to live up to - following, as he did, in Patrick Smith’s footsteps. He talks to Leigh Jackson about taking the company forward and continuing its impressive acquisition record.
LBG sees slight rise in pre-tax profit
Lloyds Banking Group's general insurance business pre-tax profit in 2010 was £372m marking an increase of 1% on the 2009 result (£367m).
Lloyds Bank GI profit rises 1% to £372m
Lloyds Banking Group this morning reported that its profit before tax and fair value unwind from general insurance increased by 1 per cent to £372m in 2010.
Interview - Gregorio Santos: A new UK journey for Mapfre
With the purchase of Insure and Go, Mapfre entered the UK direct market in a blaze. Leigh Jackson talks to its UK chief executive Gregorio Santos about his plans to grow the business on these shores.
Financial ombudsman reveals sharp rise in PPI complaints
The Financial Ombudsman Service has revealed that payment protection insurance complaints rose to 24 955 for the period October to December 2010, up 17% from the previous three months.
Biba calls for intermediary split after shock FSCS hike
Insurance brokers have reacted angrily to Financial Services Compensation Scheme proposals to increase their fees to more than £90m for 2011/2012.
FSCS increases broker levy fees
The Financial Services Compensation Scheme has increased its total levy on insurance brokers from £61m to an estimated £93.5m for 2011/12.
PPI judicial review starts in High Court
A judicial review began in the High Court today after the British Bankers Association challenged the Financial Services Authority over its retrospective application of rules for dealing with payment protection insurance complaints.
Assurant latest to target PPI market
Assurant Solutions has unveiled two new payment protection insurance products that will be underwritten at the point of sale.
Ombudsman proposes £15m budget hike as PPI claims stack up
The Financial Ombudsman Service today published its public consultation on its proposed budget for the next financial year (2011/2012).