FOS

The Competition Commission (CC) has confirmed the banning of payment protection insurance (PPI) sales at the point of credit sale for seven days and introduced a wide range of rules governing the product.

The financial Ombudsman (FOS) is calling for a budget increase of up to £15m in 2011/12 to deal with a shift towards harder-fought cases, but says it will freeze case fees and its general annual levy for the second year running.

Fraudulent insurance claims should allow the immediate cancellation of a policy, according to industrywide representations.

Law Commission proposals to hold insurers liable for damages after delays or refusing to pay a valid claim have been welcomed.

The proposed increased Financial Ombudsman Service (FOS) award limit is ‘not keeping pace'with today's costs, according to the (FOS).

The FSA has proposed changes to its complaints handling procedure as it reveals pure protection grievances continued to grow in the first half of the year.

Bronek Masojada, the chief executive of Hiscox has called for a separate trade body to represent the interests of general insurance from those of the life and savings sector.

Customer service, we are constantly told, is a prime way to differentiate between insurance providers.

Adviser networks had half of the complaints against them referred to Financial Ombudsman Service (FOS) upheld in the first six months of the year.

Last month's issue included a fascinating article on the concept of outsourcing disability benefits to the mutual insurance sector and an income replacement top-up which would be paid in addition to State Benefit (page 6 COVER Aug 2010).