Loan insurance compensation deadline on the way in the UK

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British regulators are currently working on setting the date by which consumers must be paid. At the end of last week, British regulators announced that they would likely be starting to work on setting a deadline by which insurers would be required to compensate consumers who were improperly sold loan insurance products. It is expected that the refunds from this process will be costing the banking industry billions of dollars. The Financial Conduct Authority, which is the agency responsible for the oversight of the financial industry in Great Britain, has…

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Lloyds Bank insurance news sees $180 million in fines

Lloyds insurance news scandal

U.K. regulators have imposed the penalty on the massive banking group for mishandling of customer complaints. Lloyds Banking Group recently found itself on the losing end of some insurance news as regulators in the U.K. stated that they had imposed a fine against them, which will come to about $180 million. The fine is meant to be a penalty against the banking group for mishandling customer complaints. The insurance news was focused on the way that Lloyds Bank managed the customer complaints that were being filed about a type of…

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What Insurance Am I Legally Bound To Carry?

With all the news about PPI or referred to as Payment Protection Insurance being mis-sold around the world, there can be some confusion as to what insurances we are required by law to have; and that number is very small. PPI was not required in most instances, if not all instances, for a loan to be approved. Yet people were told this and subsequently felt they had to have the insurance in order to be approved for the loan. And the mis-selling began. But what insurance policies are required by…

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UK regulators taking a hard look at insurance industry

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Insurance industry may feel repercussions of Lloyds failure The United Kingdom’s Financial Services Authority has fined Lloyds Banking Group for some $6 million this week. The fine is due to the company’s failing to compensate customers who purchase insurance policies or acquired loans and mortgages from Lloyds. The company is accused of mis-selling payment protection insurance. This type of coverage is common throughout the insurance industry and helps ensure the repayment of loans in the event of a borrower losing the ability to handle their loans. Lloyds fails to compensate…

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Insurance news from Lloyds of London includes fine for $6.7 million

UK Insurance news

Another penalty was decided upon due to the mis-sold policies in the United Kingdom. The financial regulator in Great Britain has issued a fine to Lloyds Banking Group, making leading insurance news as the insurer failed to appropriately manage the complains connected with the policies that were sold on mortgages and loans. This fine has been decided to be £4.3 million ($6.7 million) due to the company’s failings in systems and controls. According to the Financial Services Authority (FSA), the bank failed to implement and use systems and controls that…

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Barclays sets aside funds to deal with insurance news controversy

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Barclays continually caught in scandal Major British bank Barclays has announced that it will be setting aside approximately $1.1 billion in funds to mitigate the financial impact of its inappropriate sale of insurance to consumers. Earlier this year, Barclays was steeped in a rate-rigging scandal that damaged the company’s reputation. In the wake of this insurance news scandal, the bank purchased nearly $1.7 billion worth of payment protection insurance for its employees. Now, the company is setting aside funds in case it receives more claims concerning inappropriate sales of insurance…

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Payment protection insurance is the rise, says recent research

Insurance News Profits

Study shows that customers have filed far more inquiries during the last three months. The results of a study regarding the use of payment protection insurance have now been released and are showing that there has been a significant increase in inquiries from May through the end of July 2012. The report claimed that this is a sign of an increasing market that looks to continue in that direction. This study’s report of the increase in inquiries and business in the payment protection insurance sector only further supports other research…

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