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.
- Top trends
- Top trends
- Revealed: The FCA’s findings on ongoing advice
- How much are advisers charging for pension transfers?
- Lifetime allowance 2018/19 increase confirmed but pensions absent
- ATS staff departures continue as platform commits to improved adviser experience
- SJP trainee adviser banned and fined for faking qualifications
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]