2016 Star Ratings. Creditor Insurance. Discussion paper

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "2016 Star Ratings. Creditor Insurance. Discussion paper"

Transcription

1 2016 Star Ratings Creditor Insurance Discussion paper Defaqto Limited All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical or any other, or be stored in a retrieval system without the express written permission of the publisher. The publisher has taken all reasonable measures to ensure the accuracy of the information and Ratings in this document and cannot accept responsibility or liability for errors in or omission from any information given and for any consequences arising.

2 About this document This document outlines the key developments and trends that will inform the criteria we use for the 2016 Star Ratings for Short Term Income Protection Insurance and Mortgage Payment Protection Insurance and, based on these, sets out the areas where we would like to consult the industry as part of ensuring that our Ratings process remains robust and transparent. 2

3 Key developments and trends The market Research undertaken by The Syndicate earlier this year shows that consumers simple don t trust the insurance industry and the creditor insurance sector more than most has its particular problems. In the year to March 2015, there were 204,943 PPI complaints to the Financial Ombudsman Service. This is actually 49% less than in the previous year, however, PPI complaints represented 63% of all complaints to FOS and the total number of PPI complaints since inception is a massive 1.34 million. With the press reports of the compensation bill running into billions of pounds and claims management firms continuing to ply their trade, it gives the general impression to consumers that insurance is bad. Yet the need is as great as ever. Research by income protection provider LV= in June showed that 34% of working people would not benefit from a company sick pay scheme if they were too ill to work. MPPI, which does not account for the majority of compensation claims and STIP, a relatively new product, still have much to offer and developing quality products and communicating them effectively is the key to reviving this market. Additionally, there is a significant amount of activity around the promotion of income protection including: Income protection taskforce 7 Families ABI work on income protection Set against these positives is the challenges that the Mortgage Market Review (MMR) continues to present for protection sales in particular in the context of the protection of personal debt. Legislation and regulation The Income Protection Taskforce (IPTF) continues its evangelising work around income protection. It has issued two white papers and conducts regular adviser training. This is a practical strategy because most IP is distributed through advisers yet many advisers do not talk to their clients about IP with any great conviction, or if they do, it does not translate into anything other than modest sales volumes. Targeted training for advisers specifically on IP has the potential to reawaken interest in the product and create strong advocates for the product in the adviser community. The activities of IPTF are focussed firmly on long term IP, but the organisation has started forging links with short term income protection providers too. The 7 Families is a charity-led industry sponsored campaign that pays a tax-free income to seven carefully selected individuals who have lost their income as a result of illness or disability. Essentially people who would have been able to claim on an income protection insurance policy. The initiative is supported by a media campaign and aims to prompt people to think about their own financial vulnerability and the need to have a plan. Whilst this campaign primarily resonates with the long term income protection product, it is incumbent upon providers, distributors and commentators to support and promote 7 Families and use it as a spring board for talking to consumers about income protection generally. The ABI is undertaking work with MAS on consumer engagement and the simple products imitative, and it is focussing heavily on Income protection. Centring around a piece of detailed research undertaken on its 3

4 behalf by CESI the Centre for Economic and Social Inclusion - the ABI are doing a large piece of work on promoting income protection insurance to employers, employees and government. The research identifies the devastating effect that ill health has on working families both in terms those that have to have time off due to ill health and the financial detriment to their household incomes with and without state benefits. Again, this initiative is deserving of industry support. MMR is designed to prevent people borrowing more than they can afford to pay back. That is laudable, but there are two unintended consequences. Firstly, mortgage interviews are now more time consuming leaving less time for protection sales; second, a more rigorous assessment of affordability means that less disposable income remains for meeting protection needs. However, it is good practice for an adviser to ensure their client has a strategy for making their loan payments should they be unable to work. There is little evidence to suggest that a buoyant mortgage market generated more protection sales necessarily, although an underlying tenet of mortgage advice is to have a strategy in place for servicing the debt should the mortgagee s financial circumstances change. Providers According to Defaqto Matrix database there are 53 short term income protection insurance products from 34 providers; and 45 mortgage payment protection policies from 33 providers. However, there are just 17 underwriting insurers. So whilst the product market appears to rich and wide ranging with almost a hundred products, it is in fact owned by a relatively small insurer base. The providers are mainly web distributors, offering products direct to consumers, and insurers offering products direct and through intermediaries. Comparing the types of providers with last year we see that there are more brokers and web distributors, fewer insurers, and banks & building societies have now disappeared completely. A similar pattern exists for Mortgage Payment Protection Insurance (MPPI), although a couple of building societies remain. In terms of distribution channel, over half are exclusively direct to consumer products (55%); just over a third are products for intermediaries only (36%) and 9% of products are available to both direct and intermediaries. Comparing it with last year we see a shift from direct only towards intermediated products. 4

5 Does this mean that the plethora of internet based products have failed to gain traction whereas intermediated lines are still generating business? In the wake of the Competition Commission s reforms of the PPI market when it is no longer permitted to sell such policies at the same time that the client takes out a loan, the direction of travel for the industry has been towards short term income protection, which is not linked directly to a mortgage or loan but based on client income, and marketed direct to consumers. There is little evidence that this route to market has been successful and it is likely that the adage that protection is sold not bought stands true. Products/propositions As the following chart illustrates, there has been a decline in the number of available creditor insurance products since Up until 2012 there was a clear trend: Mortgage Payment Protection Insurance (MPPI) products were declining but the product was holding its own; Personal Loan Payment Protection Insurance and Credit Card Payment Protection insurance had almost disappeared and Short Term Income Protection (STIP) insurance was in the ascendency. But since 2012, MPPI has continued to decline and STIP has started to decline too. We have no market share figures but we can surmise that some of these products have not been successful, hence their withdrawal. Number of creditor insurance products. Source: Defaqto The typical product offers accident, sickness and unemployment cover (ASU) or just accident and sickness (AS) cover; the benefit is paid for a period of 12 months; there is a choice of excess periods (e.g. 30/60/90 days); optional back-to-day-one cover is available; and the product is marketed direct to consumer. The 5

6 maximum benefit for MPPI is the cost of the mortgage plus 25% for related insurance premiums or 2,000 per month, whichever is lower; in the case of STIP, 50% of income is usual. The following table summarises the product changes for IP in the year from May 2014: Date Provider Summary of creditor insurance changes May-14 CUNA Mutual Income Protection policy is now closed to new business. May-14 Mapfre Income Protection Insurance policy is now closed to new business. May-14 Columbus Direct Income Insurance policy is now closed to new business. May-14 Best Insurance New Short Term Income Protection policy, Best Income Protection, launched May-14 Berkeley Alexander SafetyFIRST policy rebranded as Sanctuary. May-14 Jun-14 Jun-14 Jun-14 Jul-14 Jul-14 Jul-14 Jul-14 Jul-14 Jul-14 Assurity Compass Underwriting protection.uk.net firstcallpaymentprotecti on.co.uk APRIL UK MMS Berkeley Alexander Berkeley Alexander Shepherds Friendly ASUdirect Changes to the Income Protection Insurance short term income protection product. Income Protection Insurance short term income protection policy closed to new business. Carer cover added to both the mortgage payment protection and short term income protection insurance policies. Carer cover added to both the mortgage payment protection and short term income protection insurance policies. Changes applied to the Accident & Sickness Plan, which has been renamed the Accident, Sickness and Hospitalisation Plan. Easiprotect policy can now insure up to an extra 100% of the commitment (previously 50%). Changes have been made to the FirstAssist MPPI policy. The option for Back To Day One cover has been removed and the pre-existing condition qualification period is now 24 months. SafetyNET short term income protection insurance has now been closed to new business. The MPPI policy now includes joint cover, which can be split as desired by the policyholder(s), and the additional cover available is now 125% of mortgage costs. Changes to their Payment Protection Insurance policy have been made. Aug-14 British Money A new income protection insurance policy, Safety First, launched. Aug-14 Woolworths.co.uk Shopping Insurance policy closed to new business. 6

7 Date Provider Summary of creditor insurance changes Aug-14 Littlewoods Shopping Insurance policy closed to new business. Aug-14 Tipton & Coseley MPPI policy closed to new business. Sep-14 ESMI Cancellation terms for Sick Pay Insurance amended. The provider can now cancel the policy giving 14 days notice (previously 90). Sep-14 MORE TH>N Premium rates for the Income Protection Insurance policy revised. Oct-14 Oct-14 Oct-14 Oct-14 Oct-14 Nov-14 Nov-14 Realm Protection Best Insurance Best Insurance Assurity DMS Security Argos British Money Realm Protection's products added to the database. The policy is only available via aggregators. Income Protection Insurance, Payment Protection Insurance and Payment Protection Plus Insurance now closed to new business. New products, Best Mortgage Insurance and Best Loan insurance, launched. The maximum age the policy can be taken out at is now 63 and military service is now covered worldwide. Changes to the Plus and Value Short Term Income Protection policies effected. Coversafe credit card payment protection insurance closed to new business. Safety First short term income protection policy is now closed to new business. Dec-14 London & Country Premium rate changes for the MPPI policy. Jan-15 Market Harborough BS MPPI policy no longer open to new business. Jan-15 Chorley BS MPPI policy removed from sale until further notice. Feb-15 Feb-15 protection.uk.net firstcallpaymentprotecti on.co.uk Premium revisions affecting Mortgage Protection, Bill Protection, Car Protection, Salary Protection and Loan Protection Insurance policies implemented. Premium revisions affecting Mortgage Protection, Bill Protection, Car Protection, Salary Protection and Loan Protection Insurance policies implemented. Mar-15 Leeds BS Short Term Income Protection product now closed to new business. Mar-15 Mar-15 Apr-15 ismart British Insurance DMS Two short term income protection products that were offered via ismart and provided by Alpha and FirstAssist, are now closed to new business. Changes to the premiums for the Short Term Income Protection policy implemented. Short Term Income Replacement Value and Plus launched, an adviser only product offering ASU and back to work assistance. 7

8 Key implications for the 2016 Ratings process We are not proposing any changes to the MPPI or STIP star rating criteria in However, we are willing to consider suggestions for new criteria and we welcome feedback on the current criteria set. We continue to be interested in exercising the debate around back-to-work help and claims support services. One of the advantages of private long term income protection provision over state provision is the interventions that can help claimants get back to work more quickly and remain healthy; should this become a feature of the short term product too? What does good look like? The following section sets out the current criteria by product area showing the weightings in each area. Product area weightings Features matching benefits to needs (23% of criteria) Cover Options Back to Day One Cover (BTDO) Benefit Period Options Excess/BTDO Selectable Excess Options Deferral Period - AS Deferral Period - U Excess Options Features relating to benefits and cover (19% of criteria) Carer Cover Joint Cover Splits MPPI Only Max Additional Cover MPPI Only Maximum Monthly Benefit STIP Only Max Earnings % STIP Only Payment Method Benefit Type Core criterion for 4 and 5 Star 8

9 Qualification periods (19% of criteria) Initial Exclusion Accident and Sickness Initial Exclusion Unemployment (New) MPPI Only Initial Exclusion Unemployment (Exist) MPPI Only Initial Exclusion Unemployment STIP Only Previous Illness Period Core Criterion for 4 and 5 Star PEC Qualification Period Core Criterion for 4 and 5 Star Temporary Work Period Core Criterion for 4 and 5 Star Features relating to claiming under the policy (17% of criteria) Disability Continuation Unemployment Continuation Recurring Illness Period New Claim - Illness New Claim - Unemployment Definition of Disability Non-insured benefits (11% of criteria) Chronic Conditions Core Criterion for 4 and 5 Star Stress Core Criterion for 4 and 5 Star Backache Core Criterion for 4 and 5 Star Self Employed Allowed Help and assistance (3% of criteria) Back to Work Help Cover continuity (8% of criteria) Cover Transfer Cancellation - No Sub Change Days 9

10 Areas for discussion Based on the material in the preceding sections, these are the areas where Defaqto would like to discuss its proposals, and receive any feedback that you might have. Current criteria New criteria Product development Claims Support Services Are the current criteria still relevant to the product and the Star Rating? Are there any features and benefits of MPPI and STIP that are not currently covered within the existing criteria set, that should form part of it going forward? How can product design improve the prospects for Short Term Income Protection and Mortgage Payment Protection Insurance? Should the provision of claims support services become part of the star rating criteria? 10

11 Appendix: Proposed 2016 criteria Based on the above analysis, we propose including the following criteria in our assessment process for the 2016 Ratings (core criteria are in bold text). Proposed criteria Mortgage Payment Protection Insurance Cover Options Available Initial Exclusion Unemployment (New) Benefit Period Options Initial Exclusion Unemployment (Exist) Excess Options Disability Continuation Back to Day One Cover Unemployment Continuation Excess/BTDO Selectable Recurring Illness Period Definition of Disability New Claim Illness Self Employed Allowed New Claim Unemployment Cover Transfer Temporary Work Period Carer Cover Back to Work Help Joint Cover Splits Previous Illness Period Maximum Additional Cover Pre-Existing Condition Qualification Period Payment Method Chronic Conditions Benefit Type Stress Deferral/Excess Period Accident and Sickness Backache Deferral/Excess Period Unemployment Cancellation No Substitute Initial Exclusion Accident and Sickness Change Days 11

12 Proposed criteria Short Term Income Protection Insurance Cover Options Available Initial Exclusion Unemployment (days) Benefit Period Options Disability Continuation Excess Options Unemployment Continuation Back to Day One Cover Recurring Illness Period (days) Excess/BTDO Selectable New Claim Illness Definition of Disability New Claim Unemployment Self Employed Allowed Temporary Work Period Cover Transfer Back to Work Help Carer Cover Previous Illness Period Maximum Monthly Benefit ( ) Pre-Existing Condition Qualification Period Max Earnings (%) Chronic Conditions Payment Method Stress Benefit Type Backache Deferral/Excess Period Accident and Sickness Cancellation No Substitute (days) Deferral/Excess Period Unemployment Change Days Initial Exclusion Accident and Sickness 12

2015 Star Ratings. Creditor Insurance. Discussion paper

2015 Star Ratings. Creditor Insurance. Discussion paper 2015 Star Ratings Creditor Insurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

2015 Star Ratings. Income Protection. Discussion paper

2015 Star Ratings. Income Protection. Discussion paper 2015 Star Ratings Income Protection Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Business Insurance. Purpose. Outline and discuss the key issues impacting the 2016 Ratings

Business Insurance. Purpose. Outline and discuss the key issues impacting the 2016 Ratings 2016 Ratings roundtable meetings Business Insurance Hosted by Mike Powell Insight Analyst (General Insurance) Purpose Outline and discuss the key issues impacting the 2016 Ratings Get your feedback in

More information

2016 Star Ratings Life Assurance Discussion paper

2016 Star Ratings Life Assurance Discussion paper 2016 Star Ratings Life Assurance Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

A guide to short term income protection

A guide to short term income protection Accredited by Sponsored by www.defaqto.com/adviser About Defaqto We are an independent financial research and software company. We specialise in collecting, researching and analysing financial products

More information

2015 Star Ratings. Critical Illness Cover. Discussion paper

2015 Star Ratings. Critical Illness Cover. Discussion paper 2015 Star Ratings Critical Illness Cover Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

2015 Star Ratings. Private Medical Insurance. Discussion paper

2015 Star Ratings. Private Medical Insurance. Discussion paper 2015 Star Ratings Private Medical Insurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Response Paper. Response to comments on Bulletin 8: Payment protection insurance and unsecured personal loan comparative tables.

Response Paper. Response to comments on Bulletin 8: Payment protection insurance and unsecured personal loan comparative tables. October 2007 Response Paper Bulletin Number 8 Response to comments on Bulletin 8: Payment protection insurance and unsecured personal loan comparative tables Contents 1. Introduction 3 2. Responses to

More information

High Net Worth home insurance guide August 2012

High Net Worth home insurance guide August 2012 High Net Worth home insurance guide Sponsored by www.defaqto.com/gi/free-guides About Defaqto We are an independent financial research and software company. We specialise in collecting, researching and

More information

2015 Star Ratings Motorbike Insurance Discussion Paper

2015 Star Ratings Motorbike Insurance Discussion Paper 2015 Star Ratings Motorbike Insurance Discussion Paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Professional Indemnity

Professional Indemnity Professional Indemnity Proposal Form Finance and Commercial Finance Brokers Please complete the whole form to the best of your ability, clarifying any areas where necessary and continuing on a separate

More information

Mortgage Payment Protection

Mortgage Payment Protection Prospectus and Summary of Cover Mortgage Payment Protection Underwritten and administered by Pinnacle Insurance plc Protecting your mortgage Now is the time to think about securing your home and the comfort

More information

Depending on the cover you have chosen (which will be shown on your Insurance Schedule), we will provide your chosen monthly benefit if:-

Depending on the cover you have chosen (which will be shown on your Insurance Schedule), we will provide your chosen monthly benefit if:- Mortgage Protection Policy Summary This policy summary brings some important points to your attention. It does not contain the full terms and conditions of this insurance. Full terms and conditions can

More information

2016 Star Ratings Home Emergency Cover Discussion paper

2016 Star Ratings Home Emergency Cover Discussion paper 2016 Star Ratings Home Emergency Cover Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

2015 Star Ratings. Car Insurance. Discussion paper

2015 Star Ratings. Car Insurance. Discussion paper 2015 Star Ratings Car Insurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

2015 Star Ratings Commercial Vehicle Insurance Discussion paper

2015 Star Ratings Commercial Vehicle Insurance Discussion paper 2015 Star Ratings Commercial Vehicle Insurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Guidance with forms. How to make a Do-it-Yourself Claim for mis-sold Personal Protection Insurance

Guidance with forms. How to make a Do-it-Yourself Claim for mis-sold Personal Protection Insurance Guidance with forms How to make a Do-it-Yourself Claim for mis-sold Personal Protection Insurance This is an excerpt from Lawpack s PPI Claim Pack. To find out more about making a DIY PPI claim and getting

More information

2015 Star Ratings. Life Assurance. Discussion paper

2015 Star Ratings. Life Assurance. Discussion paper 2015 Star Ratings Life Assurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

2016 Star Ratings Pet Insurance Discussion paper

2016 Star Ratings Pet Insurance Discussion paper 2016 Star Ratings Pet Insurance Discussion paper Defaqto Limited 2015. All rights reserved. No parts this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

Financial Services Ombudsman Scheme Report at 31 st March 2010

Financial Services Ombudsman Scheme Report at 31 st March 2010 Financial Services Ombudsman Scheme Report at 31 st March 2010 Welcome to the annual review of the Financial Services Ombudsman Scheme which covers the period from 1 st April 2009 to 31 st March 2010.

More information

Financial Services Ombudsman Scheme Report at 31 st March 2009

Financial Services Ombudsman Scheme Report at 31 st March 2009 Financial Services Ombudsman Scheme Report at 31 st March 2009 Welcome to the annual review of the Financial Services Ombudsman Scheme which covers the period from 1 st April 2008 to 31 st March 2009.

More information

The right health insurance policies for you

The right health insurance policies for you The right health insurance policies for you THE RIGHT HEALTH INSURANCE POLICIES FOR YOU Choosing the right health insurance policy is not just about buying cover at the cheapest price. Getting peace of

More information

A consumer guide to payment protection insurance

A consumer guide to payment protection insurance A consumer guide to payment protection insurance www.fla.org.uk Company Name and Contact Details This leaflet is published by FLA on behalf of its members. If you would like to discuss your payment protection

More information

KEY GUIDE. Financial protection for you and your family

KEY GUIDE. Financial protection for you and your family KEY GUIDE Financial protection for you and your family Introduction Most of us believe that taking out life and other forms of protection insurance is a good thing to do. Protecting your family should

More information

KEY GUIDE Financial protection for you and your family

KEY GUIDE Financial protection for you and your family Kelvin Financial Planning Ltd KEY GUIDE Financial protection for you and your family Introduction Most of us believe that taking out life and other forms of protection insurance is a good thing to do.

More information

payment protection insurance: consumer questionnaire

payment protection insurance: consumer questionnaire our ref: payment protection insurance: consumer questionnaire WHAT IS THIS QUESTIONNAIRE FOR? This questionnaire is for consumers to bring a complaint about the sale of payment protection insurance (PPI).

More information

Payment Protection Insurance Consumer Questionnaire

Payment Protection Insurance Consumer Questionnaire Payment Protection Insurance Consumer Questionnaire WHAT IS THIS QUESTIONNAIRE FOR? This questionnaire is for consumers to register a complaint about the sale of payment protection insurance. The questionnaire

More information

COE BIDDING RESULTS 2009 Category B Cars >1600 cc

COE BIDDING RESULTS 2009 Category B Cars >1600 cc Quota System A COE BIDDING RESULTS 2009 B Jan-2009 Quota 1,839 1,839 1,100 1,099 274 268 409 411 767 758 Successful bids 1,784 1,832 1,100 1,097 274 260 401 386 763 748 Bids received 2,541 2,109 1,332

More information

This policy is provided by i:protect and administered by Wessex Group on behalf of AmTrust International Underwriters Limited.

This policy is provided by i:protect and administered by Wessex Group on behalf of AmTrust International Underwriters Limited. i:protect insurance Policy Summary This policy summary brings some important points to your attention. It does not contain the full terms and conditions of this insurance. Full terms and conditions can

More information

Accident, Sickness & Hospitalisation Plan. Paying you an income if you can t work. Changing the image of insurance.

Accident, Sickness & Hospitalisation Plan. Paying you an income if you can t work. Changing the image of insurance. Accident, Sickness & Hospitalisation Plan Paying you an income if you can t work UK Changing the image of insurance. Preparing for the unexpected... What would happen to you and your family if you fell

More information

(b) About the money borrowed (required for each policy and product included on your claim)

(b) About the money borrowed (required for each policy and product included on your claim) (b) About the money borrowed (required for each policy and product included on your claim) Please note: If you wish to make a claim about the mis-selling of your PPI for more than one product or policy

More information

2015 Star Ratings. Credit Cards. Discussion paper

2015 Star Ratings. Credit Cards. Discussion paper 2015 Star Ratings Credit Cards Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

payment protection insurance: consumer questionnaire

payment protection insurance: consumer questionnaire our ref: payment protection insurance: consumer questionnaire WHAT IS THIS QUESTIONNAIRE FOR? This questionnaire is for consumers to register a complaint about the sale of payment protection insurance.

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

2015 Star Ratings Boiler Breakdown Cover Discussion paper

2015 Star Ratings Boiler Breakdown Cover Discussion paper 2015 Star Ratings Boiler Breakdown Cover Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Self Assurance. Your simple guide to protection

Self Assurance. Your simple guide to protection Self Assurance Your simple guide to protection Your simple guide to protection Peace of mind for you and your family None of us really knows what the future has in store, but like millions of other people

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

KEY GUIDE. Financial protection for you and your family

KEY GUIDE. Financial protection for you and your family KEY GUIDE Financial protection for you and your family Protecting what matters most Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that

More information

Adviceguide Advice that makes a difference

Adviceguide Advice that makes a difference Payment Protection Insurance What is Payment Protection Insurance When you take out a loan, credit or store card, you're often asked to take out an insurance policy at the same time. The policy is meant

More information

Accident, Sickness & Hospitalisation Plan. Paying you an income if you can t work. Ireland. Changing the image of insurance.

Accident, Sickness & Hospitalisation Plan. Paying you an income if you can t work. Ireland. Changing the image of insurance. Accident, Sickness & Hospitalisation Plan Paying you an income if you can t work Ireland Changing the image of insurance. Preparing for the unexpected... What would happen to you and your family if you

More information

2015 Star Ratings Motor Fleet Insurance Discussion Paper

2015 Star Ratings Motor Fleet Insurance Discussion Paper 2015 Star Ratings Motor Fleet Insurance Discussion Paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

Group Income Protection Technical Guide

Group Income Protection Technical Guide For commercial customers and their advisers only Group Income Protection Technical Guide Reference BGR/4019/OCT12 Contents Page Its aims Employers your commitment Risk factors How does the policy work?

More information

Payment Protection Insurance. Agent Training Guide

Payment Protection Insurance. Agent Training Guide Payment Protection Insurance Agent Training Guide Introduction Genistar has joined forces with Highbridge to provide expert advice to your clients on their PPI claims. Highbridge is an international legal

More information

Opportunities in protection post-ppi

Opportunities in protection post-ppi Opportunities in protection post-ppi Despite the well documented difficulties, the distribution of Payment Protection Insurance (PPI) was tremendously successful with many people receiving cover they would

More information

CODE OF GOOD PRACTICE FOR DISABILITY

CODE OF GOOD PRACTICE FOR DISABILITY CHAPTER 3: INSURANCE CODE OF GOOD PRACTICE FOR DISABILITY Application of this code: The code is intended as guidelines for best practice. If members follow these guidelines disability business will be

More information

GISECURE INCOME PROTECTION INSURANCE POLICY SUMMARY

GISECURE INCOME PROTECTION INSURANCE POLICY SUMMARY GISECURE INCOME PROTECTION INSURANCE POLICY SUMMARY This policy summary does not contain the full terms and conditions of the contract. Please refer to and read the Terms and Conditions. THE INSURER OF

More information

Fairer Contributions Policy

Fairer Contributions Policy Appendix 6 Fairer Contributions Policy July 2011 Adult and Community Services Fairer Contributions Policy 1. Introduction 1.1 The Fairer Contributions Policy is designed to ensure that people pay a fair

More information

Online Group Income Protection Technical Guide

Online Group Income Protection Technical Guide For commercial customers and their advisers only Online Group Income Protection Technical Guide Reference BGR/5575/SEP13 Contents Page Its aims Employers your commitment Risk factors How does the policy

More information

FIRST COMMAND FINANCIAL BEHAVIORS INDEX

FIRST COMMAND FINANCIAL BEHAVIORS INDEX FIRST COMMAND FINANCIAL BEHAVIORS INDEX Third Quarter 2015 FIRST COMMAND FINANCIAL SERVICES, INC. with SENTIENT DECISION SCIENCE, INC WWW.SENTIENTDECISIONSCIENCE.COM POSITIVE TRENDING ON THE FINANCIAL

More information

Insolvency Overview. Presented by Richard McCulloch October 2013

Insolvency Overview. Presented by Richard McCulloch October 2013 Insolvency Overview Presented by Richard McCulloch October 2013 Insolvency and Trustee Service Who are we? Business unit within the Ministry of Business, Innovation and Employment Primary role is to identify

More information

2016 Star Ratings Motor Fleet Insurance Discussion paper

2016 Star Ratings Motor Fleet Insurance Discussion paper 2016 Star Ratings Motor Fleet Insurance Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Loan Protection Insurance. Your Loan Protection Insurance policy summary.

Loan Protection Insurance. Your Loan Protection Insurance policy summary. Loan Protection Insurance Your Loan Protection Insurance policy summary. Policy summary What is Loan Protection Insurance? Loan Protection Insurance, which is optional and not a condition of taking out

More information

How to maintain your lifestyle in uncertain times.

How to maintain your lifestyle in uncertain times. How to maintain your lifestyle in uncertain times. A Guide to Income Protection Fills the gaps other insurance leaves behind 1 X Filling the gaps We all like to think we've got it covered if the unexpected

More information

Financial protection for you and your family

Financial protection for you and your family Financial protection for you and your family Introduction Most of us believe life and other forms of protection insurance is a good thing. Protecting your family should underpin financial planning and

More information

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL Sr. No. Demat Request No.(DRN) DP ID Client ID Date of Demat Request Received Quantity Requested Date of Demat Request Processed No. of days of

More information

Guide to Reclaiming Mis-sold Payment Protection Insurance. Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.

Guide to Reclaiming Mis-sold Payment Protection Insurance. Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co. Guide to Reclaiming Mis-sold Payment Protection Insurance Debt Advisory Services (Scotland) Limited Telephone 08000112322 www.scottishdebthelp.co.uk Contents 1. Introduction 2. What is Payment Protection

More information

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017 From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days

More information

GROUP INCOME PROTECTION

GROUP INCOME PROTECTION GROUP INCOME PROTECTION PROACTIVE PROTECTION PROVIDED BY METLIFE POLICY technical guide This document is a guide to the features, benefits, risks and limitations of the policy, including how the policy

More information

5/10/2010. IP Sales down in 2009. The health of income protection, today and tomorrow Peter Le Beau, Teresa Fritz, Julie Hopkins and Neil McCarthy

5/10/2010. IP Sales down in 2009. The health of income protection, today and tomorrow Peter Le Beau, Teresa Fritz, Julie Hopkins and Neil McCarthy The health of income protection, today and tomorrow Peter Le Beau, Teresa Fritz, Julie Hopkins and Neil McCarthy Income Protection a life at the crossroads Peter Le Beau IP Sales down in 2009 Swiss Re

More information

Understanding insurance. A guide to different types of insurance and making a claim

Understanding insurance. A guide to different types of insurance and making a claim A guide to different types of insurance and making a claim Introduction If you re living with a terminal illness, you may be able to make a claim on any insurance policies you have. This could be for medical

More information

POLICY FOR COLLABORATIVE RESEARCH DEGREES. Policy for Split-Site PhD Arrangements. October 2005. August 2013. Research Office Graduate Education Team

POLICY FOR COLLABORATIVE RESEARCH DEGREES. Policy for Split-Site PhD Arrangements. October 2005. August 2013. Research Office Graduate Education Team POLICY FOR COLLABORATIVE RESEARCH DEGREES October 2005 Policy for Split-Site PhD Arrangements Research Office Graduate Education Team CONTENTS 1 INTRODUCTION AND DEFINITION OF A SPLIT-SITE PHD... 3 2 RATIONALE

More information

2016 Star Ratings General Insurance Add-Ons Discussion paper

2016 Star Ratings General Insurance Add-Ons Discussion paper 2016 Star Ratings General Insurance Add-Ons Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

2015 Star Ratings Travel Insurance Discussion paper

2015 Star Ratings Travel Insurance Discussion paper 2015 Star Ratings Travel Insurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

Payment Protection Insurance

Payment Protection Insurance Payment Protection Insurance Customer Services Helpline 0845 519 4961 Claims Helpline 0845 519 4971 Introduction This is your mortgage payment, rental payment and/or loan payment protection insurance policy

More information

details of anyone complaining with you surname title title d d m m y y y y d d m m y y y y

details of anyone complaining with you surname title title d d m m y y y y d d m m y y y y our ref: payment protection insurance: consumer questionnaire WHAT IS THIS QUESTIONNAIRE FOR? This questionnaire is for consumers to bring a complaint about the sale of payment protection insurance (PPI).

More information

Banking Taskforce. Appeals Process. Independent External Reviewer. Quarterly Report

Banking Taskforce. Appeals Process. Independent External Reviewer. Quarterly Report Banking Taskforce Appeals Process Independent External Reviewer Quarterly Report July - September 2014 Table of Contents 1. Introduction and Summary... 2 2. Comments on Numbers... 4 3. Other Issues...

More information

Key Features Your questions answered

Key Features Your questions answered Key Features Your questions answered Individual Income Protection... unum.co.uk Leading the way in Income Protection unum.co.uk Important You should ensure you have a full understanding of the plan before

More information

PAYMENT PROTECTION INSURANCE RESEARCH

PAYMENT PROTECTION INSURANCE RESEARCH PAYMENT PROTECTION INSURANCE RESEARCH ANALYTICAL REPORT NOVEMBER 2015 ABOUT COMRES ComRes provides specialist research and insight into reputation, public policy and communications. It is a founding member

More information

Mis-Sold Payment Protection Insurance (PPI) Claims Pack

Mis-Sold Payment Protection Insurance (PPI) Claims Pack Mis-Sold Payment Protection Insurance (PPI) Claims Pack Debt Clear Solutions is delighted to enclose an information and application pack that will enable us to reclaim any mis-sold Payment Protection Insurance

More information

Income Protection Options Policy summary

Income Protection Options Policy summary Income Protection Options Policy summary This summary tells you the key things you need to know about our Income Protection Options policy. It doesn t give you the full terms of the policy. You can find

More information

Consumer FAQs. Comprehensive Credit Reporting January 2016

Consumer FAQs. Comprehensive Credit Reporting January 2016 ?? Consumer FAQs Comprehensive Credit Reporting January 2016 Contents Credit Report FAQs 01 1. Why is there new information in my report? 01 2. How can I tell which lenders are providing CCR information

More information

Conduct Standards Kick-off meeting

Conduct Standards Kick-off meeting < Picture to go here > Conduct Standards Kick-off meeting Lloyd s 1 Cast list Peter Spires, Head of Legal & Compliance Claire Schrader, Manager, Legal & Compliance Paul Brady, Manager, Legal & Compliance

More information

Payment Protection Insurance

Payment Protection Insurance Payment Protection Insurance A response from Citizens Advice Scotland Based on the evidence of Citizens Advice Bureaux clients across Scotland by Lindsay Isaacs Policy and Public Affairs Co-ordinator February

More information

Proposal to Reduce Opening Hours at the Revenues & Benefits Coventry Call Centre

Proposal to Reduce Opening Hours at the Revenues & Benefits Coventry Call Centre Proposal to Reduce Opening Hours at the Revenues & Benefits Coventry Call Centre Proposal To change the opening hours of the Revenues & Benefits Call Centre to 9am until 5pm Monday to Friday with effect

More information

Consumer ID Theft Total Costs

Consumer ID Theft Total Costs Billions Consumer and Business Identity Theft Statistics Business identity (ID) theft is a growing crime and is a growing concern for state filing offices. Similar to consumer ID theft, after initially

More information

Mortgage Term Glossary

Mortgage Term Glossary Mortgage Term Glossary Advance - The mortgage Loan. Adverse Credit - This is the term used if the borrower has suffered a poor credit history. This could include previous mortgage or loan arrears, CCJ's

More information

The provider should tell you the cost of the loan and the separate cost of the PPI.

The provider should tell you the cost of the loan and the separate cost of the PPI. A consumer guide to payment protection insurance Introduction We have produced this leaflet to help you understand: what payment protection insurance (PPI) is and where you can buy it; how you pay for

More information

Cash flow lesson suggestions & activities - CIMA

Cash flow lesson suggestions & activities - CIMA Cash flow lesson suggestions & activities - CIMA Learning outcomes Students should... Understand the structure of a cash flow forecast (AO1) and evaluate cash flow forecasts as decision making tools (AO3/4)

More information

Insurance and diabetes

Insurance and diabetes Reviewed January 2010 Insurance and diabetes Buying the right insurance policy can give you financial protection and peace of mind if the unexpected happens. Unfortunately, having diabetes can affect both

More information

Making Sense of GAP Insurance How To Mind Your GAP

Making Sense of GAP Insurance How To Mind Your GAP Making Sense of GAP Insurance How To Mind Your GAP Customer Fact Sheet Guaranteed Asset Protection June 2012 MAKING SENSE OF GAP INSURANCE HOW TO MIND YOUR GAP 3 What is GAP insurance? If you re thinking

More information

Mortgages and cancer. Useful information for cancer patients. Contents

Mortgages and cancer. Useful information for cancer patients. Contents Mortgages and cancer Useful information for cancer patients Contents This information is on mortgages for people affected by cancer. There are sections about Getting mortgage advice Taking out a mortgage

More information

Association of Finance Brokers response to CP10/6 - The assessment and redress of payment protection insurance complaints

Association of Finance Brokers response to CP10/6 - The assessment and redress of payment protection insurance complaints Association of Finance Brokers response to CP10/6 - The assessment and redress of payment protection insurance complaints The Association of Finance Brokers (AFB) is the trade association that represents

More information

MBNA LIFESTYLEPROTECT IMPORTANT INFORMATION

MBNA LIFESTYLEPROTECT IMPORTANT INFORMATION MBNA LIFESTYLEPROTECT IMPORTANT INFORMATION Demands and Needs MBNA does not offer any advice or recommendations about LifestyleProtect. We are only able to provide you with information. Please read this

More information

Online Group Life Policy for Registered Schemes Technical Guide

Online Group Life Policy for Registered Schemes Technical Guide For commercial customers and their advisers only Online Group Life Policy for Registered Schemes Technical Guide Reference BGR/5576/SEP13 Contents Page Its aims Employers your commitment Risk factors How

More information

INSURANCE AND DIABETES TRAVEL INSURANCE. What is the best way to buy travel insurance? Things to remember

INSURANCE AND DIABETES TRAVEL INSURANCE. What is the best way to buy travel insurance? Things to remember INSURANCE AND DIABETES People living with diabetes can encounter difficulties arranging insurance. Although diabetes can be treated, people with diabetes are more likely to develop medical complications,

More information

3.6. Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in an English court.

3.6. Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in an English court. Terms of business agreement - commercial customers M & N Insurance Service Limited Authorised and regulated by the Financial Conduct Authority No: 305837. Registered Office: 248 Hendon Way London NW4 3NL

More information

FEBRUARY 2009. Payment Protection Insurance challenges ahead

FEBRUARY 2009. Payment Protection Insurance challenges ahead FEBRUARY 2009 Payment Protection Insurance challenges ahead the Contents Page Introduction 2 Competition Commission Market Investigation into PPI 2 PPI and the FSA 3 Market conditions and the requirement

More information

Walton Centre. Document History Date Version Author Changes 01/10/2004 1.0 A Cobain L Wyatt. Monitoring & Audit

Walton Centre. Document History Date Version Author Changes 01/10/2004 1.0 A Cobain L Wyatt. Monitoring & Audit Page 1 Walton Centre Monitoring & Audit Document History Date Version Author Changes 01/10/2004 1.0 A Cobain L Wyatt Page 2 Table of Contents Section Contents 1 Introduction 2 Responsibilities Within This

More information

2016 Star Ratings Landlord Home Insurance Discussion paper

2016 Star Ratings Landlord Home Insurance Discussion paper 2016 Star Ratings Landlord Home Insurance Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS

ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS Competition Commission investigation on the market of privately funded healthcare services March 2013 The UK Insurance Industry 1.1 The UK

More information

Start Your. Business Business Plan

Start Your. Business Business Plan Start Your Waste Recycling Business A TECHNICAL STEP-BY-STEP-GUIDE OF HOW TO START A COMMUNITY-BASED WASTE RECYCLING BUSINESS Start Your Waste Recycling Business Business Plan INTERNATIONAL LABOUR OFFICE

More information

Mortgage and/or General Insurance & Non Investment Life activities Professional Indemnity Cover

Mortgage and/or General Insurance & Non Investment Life activities Professional Indemnity Cover 1 st August 2006 Version 2 Mortgage and/or General Insurance & n Investment Life activities Professional Indemnity Cover For Mortgage Intermediaries, Firms And Individuals Distributed and Administered

More information