Insurance

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Aviva’s Briggs to pocket £1m bonus for 2017

Aviva Insurance chief executive Andy Briggs will take home an extra £1m in bonuses on top of a basic salary of £726,000 for 2017. The bonus is one part of Briggs’s £2.5m remuneration package, which also includes  benefits and pensions contributions. Commenting on Briggs’s work in its remuneration committee report, published today, Aviva says there was […]

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FCA fines Clydesdale Bank £20.6m over PPI complaint handling

The FCA has fined Clydesdale Bank £20.6m over serious failings in the way it handled payment protection insurance complaints. This is the largest ever fine imposed by the FCA for PPI-related failings. The FCA says in mid-2011 Clydesdale implemented inappropriate policies which meant that its PPI complaint handlers were not taking into account all relevant […]

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Friends Life forced to issue statement to halt share price dive

Friends Life has been forced to issue a statement to investors as its stock price fell nearly 6 per cent this morning. The note says: “Friends Life notes today’s share price movement and reminds investors that, as disclosed in the Friends Life Scheme Document published on 19 January 2015, all Friends Life ordinary shares on […]

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SunLife appoints former LV= protection head Mark Jones

Former LV= head of protection Mark Jones has joined SunLife as protection director. Money Marketing revealed Jones had left LV= in October after four years with the provider. He will join over 50s life cover provider SunLife on 1 June and will report to managing director Dean Lamble. Lamble says: “I am delighted with our […]

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Experts raise comparison site concerns ahead of FCA protection study

Comparison sites look set to come under scrutiny in the FCA’s upcoming review of non-advised protection sales, according to industry experts. In its 2015/16 business plan published last month, the regulator announced it will undertake a market study into non-advised sales of investment and protection products between July and September this year. It says: “We […]

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David Barral to exit as Aviva/Friends deal agreed

Aviva chief executive of the UK and Ireland Life business David Barral is to leave the insurer after shareholders backed Aviva’s takeover deal of Friends Life. Shareholders of the two insurers backed the £5.6bn deal yesterday, which is set to create the largest insurance and savings business in the UK. In an announcement this morning, […]

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Regulators give green light to Aviva/Friends deal

The FCA and the Prudential Regulation Authority have approved the takeover of Friends Life by Aviva. In a market announcement last night, the two insurance giants said all required regulatory approvals have been received for the deal to go ahead. Aviva and Friends finalised the terms of a £5.6bn merger in December. The combined business […]

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Protection portals report rise in IP enquiries

Protection sales portals iPipeline and The Exchange have reported a spike in the number of income protection enquiries they received between November and January. iPipeline says it received 65 per cent more enquiries in the three months to 31 January than during the same period a year earlier, while Iress’ The Exchange platform reports a […]

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MP warns protection damaged by ‘toxic’ reputation

The chairman of the All-Party Parliamentary Group on insurance and financial services has warned that income protection take-up is being damaged because the word itself is “toxic”. Conservative MP for Cardiff North Jonathan Evans says two-thirds of products sold are taken out by employers on behalf of their staff, while total penetration is estimated at […]

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Zurich pays 93% of IP claims

Zurich paid out on 93 per cent of new income protection claims in 2014, according to its latest figures. Of the 687 IP customers receiving payments in 2014, 69 were new claims of which 93 per cent were successful. The remaining 7 per cent were rejected for failing to meet policy criteria. The figure is […]

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Injured policewoman latest Seven Families campaign recipient

A policewoman who was paralysed in a motorcycle accident in 2013 has been selected as the fourth recipient of the Seven Families campaign. Nikki Thornley, a former officer in the Scottish police force based in Aberdeenshire, suffered the injury two years ago whilst travelling around Europe on motorcycles with her husband. Since the accident, Thornley […]

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Zurich UK profits up 6% as sales rocket

Zurich has seen life insurance profits for its UK business climb 6 per cent on the back of a surge in year-on-year sales. The insurer recorded operating profits of £115m, up from £108m in 2013. The firm attributes the growth to “improved persistency” of its in-house book, meaning it has sold more to existing customers. New […]