Payment protection insurance (PPI)
PPI complaints continue to hamper FOS progress
Payment protection insurance complaints accounted for 63% of all grievances dealt with by the Financial Ombudsman Service in 2014/2015.
FCA slaps Clydesdale Bank with £20.7m PPI fine
Clydesdale Bank has been fined more than £20.7m for serious failings in its payment protection insurance complaint handling processes; the largest ever PPI-related fine imposed by the Financial Conduct Authority.
ICO raids call centre making millions of daily PPI calls
The Information Commissioner's Office has raided a call centre in Hove thought to be responsible for making millions of nuisance calls about payment protection insurance and debt management.
FCA launches fresh PPI complaints investigation
The Financial Conduct Authority has announced a new probe into complaints over the sale of payment protection insurance that may see it set a time limit for complaints.
Research: State of the Broking Nation Part 2: Regulation, Commission & Politics
In the second in a series of reports covering brokers’ views of the issues affecting their sector, Post this week asks 20 senior industry figures their thoughts on regulation, commission and politics.
GI products in top three for FCA complaints
Financial Conduct Authority data has put general insurance products in the top three most complained about financial services products for the six months to June 2014.
Ombudsman sees non-PPI complaints rise 3% in H1
The Financial Ombudsman Service has reported a 3% increase in complaints about financial products other than PPI from the second half of 2013, including a 1% increase in insurance cases.
2.5m PPI complaints set for re-assessment
More than 2.5m complaints relating to payment protection cover will be re-assessed by banks, credit card providers and loan companies following a request from the Financial Conduct Authority.
Non‑Executive Directors: Talking NEDs
As a survey reveals a growing reluctance among board members to take on non‑executive positions, Post talks to some of insurance’s leading non‑executive directors to gauge their views on the evolving nature of the role
Lloyds Banking Group accused of cutting PPI compensation
Lloyds Banking Group has been accused of cutting the level of compensation awarded to around 25% of payment protection insurance claimants.
Allianz to pay Argos-parent £11m for warranty products
Allianz is to pay Argos-owner Home Retail Group £11m under a profit share agreement relating to the run-off of warranty insurance policies.
PPI issue far from being sorted, according to FOS
Payment protection insurance complaints made up 76% of all complaints referred to the Financial Ombudsman Service in the second half of 2013.
PPI claims 'yet to peak' warns FSCS boss
Claims numbers for payment protection insurance are yet to reach their zenith according to the head of the Financial Services Compensation Scheme.
Insurers faced 300 fewer Ombudsman complaints last quarter
Latest figures from the financial ombudsman show complaints relating to general insurance products, excluding payment protection cover, dropping to 6141 for the three months to 31 Dec.
RBS reserves additional £465m for PPI claims
Royal Bank of Scotland has reserved £465m for further claims of mis-sold payment protection insurance after instances failed to decline as expected.
FOS unveils 20% budget cut
The Financial Ombudsman has said it will need to recover 20% less from financial businesses to support its budget in the 2014/2015 year, compared with the previous twelve months.
Lloyds Banking Group firms hit with £28m FCA fine
The Financial Conduct Authority has fined Lloyds TSB Bank and Bank of Scotland, both part of Lloyds Banking Group more than £28m for serious sales incentive failings including protection products.
Ceeney exits FOS having helped watchdog triple in size
Chief ombudsman Natalie Ceeney is departing the Financial Ombudsman Service following almost four years in which she has helped the watchdog to triple in size.
Whiplash: Choosing the right path
Several ideas have been suggested to alleviate insurers’ whiplash woes – but which method represents the best solution for all parties?
Ombudsman data shows insurance complaints up 4.6%
Consumer complaints for general insurance products reached almost 6500 in the quarter ending 30 September according to data published by the Financial Ombudsman Authority.
Co-op Bank hikes PPI provisions by £105m
The Co-operative Bank has said that cost relating to the mis-selling of payment protection insurance may be up to £105m higher than expected.
General insurance second only to PPI in H1 2013 FCA complaints
Payment protection insurance and other insurance products were the two most complained about products categories in the first half of 2013, according to the Financial Conduct Authority.
Claims management: Crackdown
Do new measures aimed at snuffing out poor practice by claims management companies go far enough?