The Financial Services Authority has warned insurers that they will face millions of pounds in fines - unless they start handling complaints about endowments properly.
In a letter sent to the chief executives of larger mortgage endowment firms and financial advisers, the regulator told mortgage endowment providers not to use the Financial Ombudsman Service as an […]
The office staff here could be imitating art except that their one liners are too good to have been written by a dramatist - and what they are up to is a little more serious than selling paper in Slough.
The front runner for the role of David Brent at the offices of Yes Car […]
An American insurance company is set to create 120 jobs in Northern Ireland.
American Life is part of the American International Group - one of the 10 largest companies by turnover in the world.
It currently employs 25 people at its headquarters in Belfast.
The company’s offices were opened on Monday by Cathy Hurst public affairs attache from […]
An insurance firm is creating almost 200 jobs in Newport, south Wales.
The customer service positions at Lloyds TSB Insurance will bring the total number of staff at the firm’s Tredegar Park base to nearly 900.
Recruitment is set to take place over the next four months, for roles including claims administrators and team leaders.
Newport Councillor […]
India’s biggest privately - controlled corporate conglomerate, the Reliance group, promoted by the Ambani family, is going to be divided down the middle.
The mother of the two battling Ambani brothers announced a deal on Saturday to carve up a diversified business empire that had been founded by her husband Dhirubhai Ambani who died three years […]
A committee of MPs has criticised the Financial Services Authority’s (FSA) regulation of financial advertising.
The Treasury committee said the FSA should copy the policy of the Advertising Standards Authority (ASA) and make its findings public.
Committee chairman John McFall MP has written to FSA chairman Sir Callum McCarthy complaining about its methods.
But the FSA responded by […]
Insured losses from Hurricane Rita will be “significantly less” than Hurricane Katrina, according to the world’s largest reinsurer.
Shares in Munich Re and other European insurers rose sharply on Monday after US forecasters said claims for insured losses may be as low as $6bn (3.3bn).
This compares to estimated losses from Katrina ranging from $15bn to $60bn.
Experts […]
Swiss insurance firm Zurich Financial Services is to sell up its consumer operations in France in favour of concentrating on insuring businesses.
The group embarked on a massive expansion programme in the late 1990s which cost it dearly, leading to a $3.4bn loss in 2002 and more than 4,000 job cuts.
Now it is trying to pull […]
A brief guide to the history of pensions in the UK:
1670sFirst organised pension scheme for Royal Navy Officers
1908 Old Age Pensions Act - introduced first general old age pension paying a non-contributory amount of between 10p and 25p a week, from age 70, on a means-tested basis from January 1 […]
Financial services firms that sell Payment Protection Insurance (PPI) have been told they must improve their selling methods.
The Financial Services Authority (FSA) demanded urgent action after visiting firms and a mystery shopping exercise.
About a third of the 45 firms surveyed sold policies on which customers could not claim or which gave limited cover.
PPI is […]