FSCS has paid out £204m in compensation for 2009/10
The Financial Services Compensation Scheme’s (FSCS) annual report and accounts for 2009/10 has revealed that more than £204m has been paid out in compensation to over 21,000 claimants. Two thirds of the compensation paid during the year was for payment protection insurance (PPI) and investment claims. The FSCS said PPI claims have increased significantly during the year rising to more than 2,400, and that it expected the number of claims in this area to continue to grow in 2010/11. Mark Neale, FSCS chief executive, said: “The FSCS achieved... Lire la suite
Confusion on UK insurance premium tax increase as taxman changes policy
Following the announced UK insurance premium tax (‘IPT’) increase from 5% to 6% from 4 January 2011, the market has been thrown into uncertainty with the HMRC’s policy on implementation. The impact is leaving brokers and their clients exposed to new tax liabilities. When there is an IPT increase, doubt arises on the correct tax rate to apply because the rate is only set when the insurer actually writes up the contract in their accounting systems. The means that policies agreed by brokers and their clients which incept prior to the rate increase... Lire la suite
‘Democracy hijacked’ as California goes to polls
The free-spending role of corporations in California’s electoral system has come under fire as the state prepares to vote on two referenda which opponents have condemned as a “hijacking” of democracy. Whether its a bid to legalize marijuana or ban same-sex marriage, single-issue referenda, known in California as ballot initiatives, are part of the fabric of the state’s political scene. But two ballot measures being presented to voters at Tuesday’s June 8 primaries have raised questions about an electoral system which... Lire la suite
What is income protection insurance ?
Also known as permanent health insurance (PHI). It replaces part of your income if you are unable to work for a long time because of illness or disability. It continues to pay out until you return to work, die, or the policy term expires, whichever happens first. These products usually offer a choice of waiting periods before they will start to pay out (usually 4, 13, 26 or 52 weeks). The longer the waiting period you agree to, the lower your premiums will be, so it is important you find out what income you would get from your employer and other... Lire la suite
What you need to know when buying insurance
Generally, firms selling insurance and those providing insurance cover have to be regulated by us, or be the agent of a regulated firm. There are some exceptions, for example the sale of extended warranties on non-motor goods (such as on electrical goods) where the person selling the insurance is also providing the goods. You can buy insurance directly from insurers over the phone, internet or by mail, and also from banks, building societies, insurance or mortgage brokers, financial advisers, or supermarkets. Comparison websites will ask you several... Lire la suite
