Payment protection insurance (PPI)
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).
Income protection to become core product for Aviva
Aviva has tipped its new short-term payment protection insurance product to generate a "significant proportion" of its overall turnover following its launch in Q1 2011.
Capita research reveals PPI interest
Almost 30% of people who have cancelled or are considering cancelling their payment protection insurance would consider buying a replacement policy, research by Capita has revealed.
Comment - Competition commission: Devising the solution
The Competition Commission has delivered its final verdict on the UK payment protection insurance market. Martin Jenns reports on the result, what this means for the sector and how it can move forward.
Regulation - Life after the FSA: New beginnings
With the coalition government now set to see through its promise to abolish the FSA, Leigh Jackson reports on the possible consequences for the broking sector.
“No firm ideas” from consultation paper on financial regulation
The Institute of Insurance Brokers has responded to HM Treasury’s consultation paper ‘A new approach to financial regulation’.
CC confirms PPI point of sale ban
The Competition Commission has confirmed its decision to introduce a point of sale prohibition on payment protection insurance.
FSA defends PPI rules
The Financial Services Authority has vowed to fight the British Bankers' Association's judicial review of new payment protection insurance complaints handling measures.
FSA insists it will fight judicial review of PPI complaints
The Financial Services Authority has insisted it will contest the British Bankers’ Association’s judicial review of new payment protection insurance (PPI) complaints handling measures.
BIS 2010 - News: Hiscox boss calls for break up of ABI
Bronek Masojada, chief executive of Hiscox, has called for a separate trade body to represent the interests of general insurance from those of the life and savings sector.
Pioneer and Exeter Friendly to launch single brand
Income protection and private medial insurance firms Pioneer and Exeter Friendly are set to combine under a single brand name.
Lloyds tops FOS complaints table
Lloyds TSB Bank has received the most general insurance complaints of any company during the first half of 2010.
CMS Cameron McKenna: FSA “punishing” PPI market
Law firm CMS Cameron McKenna has responded angrily to the FSA’s policy announcement on the PPI market.