Regulators decline Wells Fargo’s strategy to repay insurance customers

Repayment of insurance customers stopped - Stop Sign

American regulators have rejected the bank’s repayment plan to borrowers who were unfairly sold coverage. The Office of the Comptroller of the Currency (O.C.C.) has rejected Wells Fargo’s plan to repay its insurance customers. Those borrowers were overcharged by the bank when they were sold unnecessary auto insurance. The O.C.C. has not yet implemented a deadline by which a plan must be approved. That said, Wells Fargo is unable to complete the effort of compensating its affected customers until it receives the regulator’s nod. Regulators told Wells Fargo it must…

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Insurance news from Missouri includes 26,000 official complaints

homeowners Insurance news

There have been massive waves of communications from disappointed consumers in the state. The latest insurance news from the state of Missouri has shown that there are a very large number of consumers who are displeased with the coverage they are receiving or the companies that are providing it. The Insurance Department in Missouri has just reported that it has recovered millions of dollars for consumers. So far in 2012, according to the latest insurance news reports, the state’s department has recovered approximately $7.7 million for consumers who have registered…

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LPL Financial research identifies new opportunity for retail financial companies

The largest independent broker-dealer in the United States, LPL Financial LLC, which is an LPL Investment Holdings Inc. wholly owned subsidiary, has recently revealed a number of the main findings it has discovered through a co-sponsored study which looked into the role played by insurance and investment services customers among retail financial organizations. The study was entitled “The Value of an Investment and Insurance Customer to a Bank”. It was performed by Christine Kehrer, Kenneth Kehrer, and Peter Bielan, with the co-sponsorship of LPL Financial. Among the primary findings that…

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Research reveals ratings for insurance company customer satisfaction

The results of a new national study by Insure.com has revealed how satisfied customers feel with the coverage and service they are receiving from some of the largest home, health, auto, and life insurers in the country. The company simultaneously released a new tool called Best Insurance Companies, which gives consumers the ability to compare their own insurer with the satisfaction levels achieved by other major insurance companies. Consumers can discover the satisfaction ratings in five different categories: • Value for cost of premiums • Customer service • Percentage of…

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