Tag: united kingdom insurance news

Insurance news made as animal activists hack insurer and steal financial data

Julie Campbell
Insurance news Badger activists

In another effort to protest the badger culls in the U.K., a group has claimed to have accomplished a cyberattack. The latest insurance news is surrounding an unlikely event which came about when animal rights activists announced their claim that they have been able to hack into the systems of an insurer that is linked to the National Farmers Union (NFU) so that they could steal the financial data of supporters of the badger culls. The activists say that they were able to break into the NFU Mutual systems and…

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UK regulators taking a hard look at insurance industry

Logan B.
UK cyber Insurance industry News united kingdom

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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Insurance news from Barclay’s scandal increases total to $4.1 billion

life insurance news Barclays Bank

The mis-selling scam from the bank has experienced yet another massive charge. Barclays Bank PLC is making insurance news yet again with another massive mis-selling charge, adding to a long list of others that have been reported by Insurance News Report over the last few months. The British bank is continually hounded by new discoveries of scandalous selling practices. Authorities in the United Kingdom have been investigating the fundraising that the bank has received from Qatar during the worst of the crisis in 2008. The investigations have been ongoing since…

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Insurance news from Itochu shows expansion of Lloyd’s of London within U.K Alliance

Lloyd’s insurance claims - Home office building

New partnership between Japanese and British companies works to broaden the industry. Itochu Corp, a company that has set its sights on becoming the most profitable trading house in Japan aside from the mineral resources industry, has announced the latest insurance news of a new alliance with Antares Managing Agency Ltd. from the United Kingdom, in order to broaden the insurance industry. The alliance represents a number of important firsts within the industry in Japan. The partnership with Antares, which is based in London, with Itochu, will represent the first…

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