Price comparison insurance sites to come under investigation
February 1, 2008
According to a recent report price comparison sites that deal with insurance services are to come under scrutiny from the Financial Services Authority following concerns that were raised by the British Insurance Brokers’ Association. Price comparison sites have become increasingly popular over recent years, with more and more sites being launched and consumers able to compare the cost of a range of services and products through these sites. Read more
Legal and General have to pay out to cancer victim
January 28, 2008
A cancer victim has finally received justice after her insurance company refused to pay out against her critical illness cover, stating that she had failed to disclose some conditions, despite the fact that the conditions that they quoted were totally unrelated to cancer. The customer, Jacqueline Bradburne, has had to fight for a year to get her money, and even had to go through the Financial Ombudsman Service to see justice done, after her claim was rejected by Legal and General. Read more
Consumer wins critical illness claim
January 24, 2008
A woman who suffered a brain haemorrhage last year and had to have brain surgery performed has finally won her claim for a critical illness payout after the insurance company tried to convince her that she was not eligible to claim because she had failed to disclose vital information. The nurse, aged fifty five, had a critical illness policy with Abbey National, and this had been passed over to Phoenix as part of the sale of this part of the Abbey National business. Read more
Loss of personal and sensitive data should be an offence
January 12, 2008
A group of MPs has stated that agencies and firms found to have recklessly or repeatedly lost sensitive and personal data should be charged with a criminal offence. Members of the Justice Select Committee are calling for more stringent laws and increased powers when it comes to loss of sensitive data, stating that the level of recent incidents involving the loss of personal data has highlighted the need to take action with regards to this type of incident. Read more
Norwich Union Life fined by regulator
January 7, 2008
The financial regulator in the UK, the Financial Services Authority, has fined the leading insurance company Norwich Union over its life insurance division, which fell victim to a major fraud scam in 2005. The major £3.3 million fraud incident took place in the life insurance division t Norwich Union two years ago, and the insurance company was accused of failing to do enough to stop the fraud and protect customers. Read more
Regulator fines Norwich Union Life
January 3, 2008
According to a recent report Norwich Union Life has been fined by the UK’s financial regulator, the Financial Services Authority, over a major fraud incident that occurred in 2005 in its life insurance division. The £1.26 million fine was imposed on the insurance company by the FSA for failure to carry out adequate checks in order to prevent the £3.3 million fraud that took place a couple of years ago. Read more
Insurance ads duped many elderly customers
December 14, 2007
A recent report has highlighted how many elderly consumers were duped by misleading life insurance advertisements in the 1980s and 1990s, and many are now paying the price for falling for these misleading advertisements.
In fact, the advertisements in question are still being run now, but the insurance is not as popular as it once was. However, there are still consumers that believe that the offer is too good to miss, not realising that in years to come they may have to pay a very hefty price in order to retain their insurance benefits. Read more