Payment protection insurance (PPI)
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.
Barclays ringfences a further £700m for PPI compensation
Barclays is to set aside another £700m to compensate customers who were mis-sold payment protection insurance.
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.