The taxman looks set to reap millions of pounds from compensation payouts to Britain’s bankrupts.
Blog Category: Insurance
PPI? Surely that’s all over and done with – and anyway isn’t the deadline for claims in just a few weeks?
With just four months to go before the PPI claims deadline Lloyds Banking Group (LBG) have added another £100 million to their PPI compensation pot.
The Financial Conduct Authority (FCA) has fined Carphone Warehouse £29 million for mis-selling mobile phone insurance.
A warning has been issued that anyone who has bought car, home, travel or warranty insurance via a so-called ‘middleman’ should check to make sure their policy is fit for the purpose they bought it for.
A Financial Conduct Authority (FCA) investigation found ‘examples of potential mis-selling and customer detriment as a result of appointed representatives’ actions at a third of the principal firms included in the review.Read More
The Financial Conduct Authority (FCA) is planning to force home and car insurers to tell customers what they are currently paying for their policy when it’s time for renewal.
In most cases renewal notices sent to consumers don’t include the current premium so they can’t judge if they’re getting a fair deal or being hit by a big increase for no good reason.Read More
A new mis-selling scandal could cost the UK’s banks millions of pounds after a redress scheme was agreed between the banks, credit card companies and insurance provider Affinion International.
An estimated 2 million card holders who were sold unnecessary card protection for fraudulent use of stolen or lost cards can now claim compensation for the useless cover which cost up to £25 a year.Read More
A BBC investigation claims the government and banks have both exerted pressure on the UK’s financial regulator to sidestep millions of pounds of compensation for mis-sold interest rate hedging products.
The Newsnight programme says it believes that the Treasury tried to put pressure on the Financial Conduct Authority (FCA) over concerns about how much the mis-selling of interest rate hedging (IRH) products could cost the British banking industry.Read More
A new warning has been issued that annuities mis-selling by pension companies could become an even bigger scandal than PPI, costing the industry billions of pounds.
Nick Flynn of LEBC Group says there is a danger that thousands of people who were sold billions of pounds worth of standard annuities should have been offered an enhanced product paying them more money.Read More
Six million UK homes are at risk of repossession because their owners don’t have any protection insurance.
A survey by Friends Life has shown more than half of British mortgage payers are completely unprotected against the risk of being unable to work.Read More