The Government’s decision to axe home condition reports could double the cost of PI cover for home inspectors, according to PYV.Chief executive Neil Pointon says the Government’s U-turn could have an added effect of raising PI costs for home inspectors as fewer insurers are likely to enter the market, making cover harder to come by and more expensive. Pointon says this lack of competition in the market, exacerbated by the fact that many bigger players will not offer home inspector cover, could see their PI costs double the rates which were offered when HCRs were mandatory. He says PYV has been considering a move into the market, including offering additional cover for brokers and advisers wanting to take on the new role as well as stand-alone cover. Pointon says he is researching the market for a number of people looking for cover and is developing tailored PI cover in conjunction with the Department of Communities and Local Government. Fears surrounding PI cover for home inspectors was one of the worries raised by Tory MPs when they argued for Hips to be scrapped. Pointon says: “The Government’s home condition report U-turn will have the additional effect of causing a big increase in PI cover, potentially doubling the estimates of cover given when home condition reports were still going to be mandatory.”
Plans for a data-sharing service to help lenders with the consumer debt crisis have been scaled back after failing to achieve industrywide support. The Personal Credit Dashboard initiative was devised by Apacs, a trade body for payment services. It was initially designed to enable the Council of Mortgage Lenders, the British Bankers’ Association and the […]
The FSA’s investigations into mortgage lenders’ exit fees is forcing the Financial Ombudsman Service to delay its adjudication decisions on complaints.The watchdog says it is waiting for regulatory guidance before proceeding with complaints and spokeswoman Emma Parker says: “The numbers are still low but we will wait for the FSA in some cases.”The FSA met […]
Over a third of the UK population say they have no savings or protection to back them up if they lose their jobs, despite 2.9m Britons fearing that they are in danger of becoming unemployed.Research from Prudential found that 18 per cent of UK workers were off work last year due to long-term illness. Despite […]
Lifesearch head of protection strategy Kevin Carr fills a variety of roles for the company. He is the PR division, the company spokesman and he manages the media as well as sales relationships with product providers. He is also, according to some, “a rent a quote” and “overexposed”.
It has taken a little longer than expected, but finally the jaws of regulation are closing on those employers who have failed to meet their auto-enrolment (AE) legal duties.
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Standard Life Aberdeen has sold its insurance arm to Phoenix in a £3bn deal. In the first results since the merger of Standard Life and Aberdeen Asset Management, the firm has said it has decided to exit the insurance market. Phoenix will pay a total of £2.3bn in cash for the business. Standard Life Aberdeen […]
Acquisitions are continuing apace this year but will that trend continue or will the market slow?
Latest statistics show personal pensions, in particular, get a bad rap The recently published preliminary estimates from the Office for National Statistics’ Wealth and Assets Survey make for interesting reading with regards to how people view pension savings and how safe they are. The next round of this survey will be even more interesting in light […]