View more on these topics

Protection from PI insurers

I must endorse the views of Colin Langton (Money Marketing, April 18) who is paying higher professional indemnity premiums while having a clean record.

In our own case, although we have no pension transfers, FSAVCs, endowments or other potential misselling cases, our PI insurers tried to raise the premiums by 20 per cent.

Further, despite receiving the application a month prior to renewal they only provided the revised premium 24 hours before the deadline for renewal – in what only be regarded as a crude attempt to keep the business.

Are there no regulatory rules under which they can be obliged to provide a quotation within a specified time period in order to allow for competitive quotes to be obtained?

We too have contacted the FSA to explain why we have been unable to provide the statutory documentation (we have not yet received it ourselves) and trust common sense will prevail over bureaucratic tidiness.

We are also seeking active help to bring PI insurers to book. After all, in this matter, we are the consumers the FSA is supposed to be protecting.

Philip Thomas

St Helens. Lancashire

Recommended

Canada Life pays claims into accounts

Canada Life has announced all group income protection claims will now be paid directly into clients&#39 bank accounts rather than by cheque as they are currently.The life office will also be shortly introducing technology which will allow it store all group correspondence more securely, making the facilitation the processing of queries more efficiently.Director of group […]

Halifax says depolarisation should cover whole market

The need for clarity and an explanation of the impact of the FSA&#39s polarisation review on the mortgage industry are the key issues raised in Halifax&#39s response.The bank says previous rounds of consultation tackled its main concern about intermediary advice not being regulated but now it believes the biggest question is whether the depolarised model […]

Norwich and Peterborough – One Year Fixed Rate Bond

Wednesday, May 8, 2002Type: High interest accountMinimum-maximum investment: £1,000-£500,000Interest rates: 4.6% gross a year, 4.51% gross a monthTerm: One yearOffer period: Until further noticeWithdrawal penalties: No penalty provided £1,000 remains in thebond. Otherwise 50 days’ loss of interest on amountwithdrawnTel: 0845 3002511

ECU Group opens up loan service to IFAs

Currency debt manager the ECU Group is offering its mortgage service to IFAs with the aim of helping their clients slash their loans by taking advantage of exchange rate movements.The service tries to reduce the balance of a mortgage by switching part of it to foreign currencies not performing as well as sterling, including the […]

HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment