Insurance

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Consolidator adds mortgage adviser to ranks

Consolidator Fairstone has taken a majority stake in Wokingham-based Allensons Mortgage Advisers. Allensons is rebranding as Fairstone Mortgage Solutions as part of the purchase, which is Fairstone’s fifth since January and brings recurring revenues of £700,000 to the business. A total of 5,000 clients and 13 staff from Allensons have been acquired as part of […]

PPI refunds taper off despite claims deadline

Compensation payouts to customers who were missold payment protection insurance have remained at their lowest since February, FCA figures show. Data released by the regulator this week shows £383m was paid out in June, down from £403.4m in May and £398.3m in April. The latest compensation figure is up £61m on June last year, but refunds […]

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Lloyds prepares for PPI claims rush ahead of deadline

Lloyds is reportedly planning to bolster its provision for payment protection insurance costs as consumers move to lodge complaints before the August 2019 deadline. According to The Times, analysts at UBS understand Lloyds could add £410m to its provision for April to June. Lloyds has incurred £18.8bn of PPI costs and increased its provision by […]

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Old Mutual International under fire for allowing high-risk investments in offshore wrapper

A claims manager is attempting to mount a class action against Old Mutual International for its role in allowing high-risk investments through an Isle of Man-based bond wrapper. Old Mutual International is an offshore life company providing open architecture portfolio bond wrappers through which investors, including expatriates, can invest in thousands of different funds. It […]

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Standard Life shareholders approve Phoenix deal

Standard Life Aberdeen shareholders have approved the sale of the company’s UK and European insurance arm to Phoenix at it general meeting today. Shareholders also approved a plan to return £1bn to shareholders through a “B share scheme” and £750m through a share buyback programme. Standard Life announced in February it was selling its insurance arm […]

Equitable Life sale to bring windfall for policyholders

Embattled mutual insurer Equitable Life has been bought by Reliance Life, part of the Life Company Consolidation Group. In March reports emerged the firm was preparing to sell. Equitable Life, which has been in run-off since closing to new business in 2000, was still technically owned by its more than 300,000 remaining policyholders, most of […]

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FCA to pay redress over poor correspondence

The Complaints Commissioner has criticised the FCA for its correspondence with a complainant and ordered it to pay redress. The complaint related to the FCA failing to respond to a report sent to it by the complainant at the regulator’s request, about professional indemnity insurance. According to the Complaints Commissioner decision, the complainant initially drew the […]

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FCA updates guidance on ‘basic advice’ under Mifid II

Advisers will not be able to give ‘basic advice’ on stakeholder products that fall under Mifid II and the Insurance Distribution Directive, the FCA has confirmed. Basic advice rules, which date back to 2005 and allow the provision of simpler and lower-cost advice to consumers on a range of stakeholder products using pre-scripted questions, previously […]