View more on these topics

Burgess leads £20bn claim chase in PPI sector

The payment protection insurance market is braced for a surge of compensation claims after the long-expected emergence of claim firms specifically targeting the sector.

Mortgage lenders in the sub-prime market are set to be the main focus for claim firms although loan providers, brokers and insurers will also be in line for attention in what could be a £20bn hit on the market.

British Insurance managing director Simon Burgess is setting up British Compensation early next year to target the PPI sector because he believes there is more money to be earned helping people claim for missold payment protection insurance than there is in selling the product.

Burgess says: “The endowment misselling scandal cost £2.35bn but PPI could be between £10bn-£20bn. Sub-prime mortgage payment protection insurance and all single-premium PPI is what we will be going after. We will be looking at where cover was inappropriately sold and excessive and undisclosed commission. We are recruiting at the moment and we will need at least 50 staff.”

Another firm called Conkers has recently launched aiming at the PPI market and Loancheck confirmed in July that it would target the mortgage sector.

Loancheck director John Whittaker says: “This is a hell of a racket that the financial institutions have exploited and there are many valid complaints.”


Heritable adds new mortgage rates

Heritable Bank has launched a range of mortgage with lower interest rates available up to 80 per cent LTV. The new rates have been put in place across the bank’s whole range, enabling those taking out buy-to-let mortgages the opportunity to increase the amount they can borrow for the same rental income. Heritable Bank senior […]

Competitiveness could become FSA objective to deter gold-plating

The Conservatives are considering proposals to make competitiveness of financial services a statutory objective of the FSA to guard against the gold-plating of EU regulations and stick up for the industry’s interests internationally. Speaking at a Reform and City of London fringe event on Monday, Shadow Chancellor George Osborne said he was in discussions with […]

Cooper urges lenders to join Homebuy plan

Housing minister Yvette Cooper has urged more lenders to join the Openmarket Homebuy scheme to help to reduce rates. The scheme to help key workers and first-time buyers launched this week but without one of the expected quartet of lenders. Advantage, Nationwide and Yorkshire Building Society are all on board but Bank of Scotland says […]

Sipp warning on halls of residence

I was interested to read the recent article in Money Marketing on Sipps being able to invest in for student halls of residence. The Revenue has said that the property must be identified by an educational establishment as one of its halls of residence. It must also be demonstrated that the educational establishment in question […]

Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm