The Financial Services Authority has confirmed that it has handed down its heftiest fine yet in relation to the sale of Payment Protection Insurance cover, or PPI. The UK’s financial regulator has fined the HFC Bank £1 million for breaches in relation to its sale of PPI. HFC trades under the name Beneficial Finance, as is part of the HSBC Group. PPI is designed to cover repayments on finance for a specified period of time if the borrower cannot make repayments due to sickness, accidents, or redundancy. Read the rest of this entry »
Popularity: 32% [?]
Most people take a wide range of different steps in order to reduce the cost of their home insurance cover, with many thinking of as many ways as possible to make their home more secure and keep the cost of home insurance cover down. One of the ways in which some people have recently started to try and reduce the cost of their home insurance cover is by purchasing and installing home CCTV equipment in order to deter burglars and vandals. Read the rest of this entry »
Popularity: 35% [?]
Problems with the Payment Protection Insurance have resulted in the Liverpool Victoria Banking Services (LVBS) being fined £840,000. This was because the bank added the cost of this insurance to the customers’ accounts without their permission and without a request from the customers. The 14, 500 customers that took out payment protection policies between 2005 and August 2007 will be reimbursed automatically for the interest on the extra amounts of money that they paid for such insurance. The LVBS has apologized to its customers for this drastic mistake. Read the rest of this entry »
Popularity: 37% [?]
According to a recent report there has been a flood of complaints relating to Payment Protection Insurance cover at the start of this year, and the Financial Service Ombudsman has stated that it will be upholding around 80% of these complaints. PPI has been at the centre of controversy for some time after investigations revealed that PPI policies were being sold inappropriately. This included selling the policies to those that could not benefit from them, adding them to finance without the buyer’s knowledge, or making the borrower think that PPI was compulsory. Read the rest of this entry »
Popularity: 36% [?]
Over the years consumers have taken out many different types of insurance cover to protect them against certain situations and circumstances. The insurance cover industry has enjoyed a lot of business for many years, with people taking out all sorts of cover from home and contents insurance to pet insurance, medical insurance, dental insurance, vehicle insurance, income insurance, payment protection insurance, life insurance, critical illness insurance, and more. Read the rest of this entry »
Popularity: 33% [?]