2015 Star Ratings. Creditor Insurance. Discussion paper
|
|
- Ralph Underwood
- 8 years ago
- Views:
Transcription
1 2015 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 1 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 2015 Star Ratings for Creditor Insurance covering Mortgage PPI and Short Term Income Protection 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 The creditor insurance market is struggling to recover from the fallout from the PPI misselling scandal. The focus is now on Mortgage Payment Protection Insurance (MPPI), which did not account for the greater share of the complaints, and Short Term Income Protection (STIP). The need is as great as ever and the draconian remedies, intended to protect the public from making bad decisions, effectively make it more difficult for the industry to deliver products to clients. The point of sale prohibition (POSP), which precludes a firm from selling creditor insurance products to clients at the same time that it arranges finance for them means that clients have a seven-day window to shop around for more suitable cover before the firm can approach them about MPPI or STIP. Unfortunately, this may result in clients with genuine needs not getting the cover they need. The standalone market for MPPI and STIP is wide open and providers perceive an opportunity. There has been a rush of products available online but in the absence of any reliable source of sales figures, it is unclear how big an opportunity it is; anecdotally, little is being sold. Challenges and opportunities are presented by: Mortgage Market Review HMT Simple Products Initiative Income Protection Taskforce Legislation and regulation Mortgage Market Review (MMR) The MMR set out the case for reforming the mortgage market to ensure it is sustainable and works better for consumers. Its provisions, which came into effect in April, are in essence designed to prevent people borrowing more than they can pay back. Whilst this is desirable, there are two implications for protection sales. First, the greater scrutiny of applicants means a more time-consuming process for advisers and therefore potentially less time to consider the client s protection needs. Second, a more rigorous assessment of affordability, which has to take into account insurance outgoings, may mean people with protection insurances will not pass the affordability test. Both MPPI and STIP are products that are relevant for people with mortgage debt and, under the Mortgage Code, the FSA and now the FCA have always required that an adviser ensures their client is at least aware of the benefits of income replacement insurance. It is arguable that advisers fail to meet the MMR regulatory requirement if they allow their client to continue without any form of income protection where it s needed. MMR is both a challenge and an opportunity for creditor insurers and distributors. HMT Simple Products Initiative In December 2010, a consultation set out the government s initial suggestions for how a range of simple products could be developed. The aims for simple products are: To help consumers benchmark and compare products on the market To be understandable and accessible to the mass market 3
4 Not to be tailored to meet individual needs, but provide consumers with confidence that a simple product will meet their basic needs and offer them a fair deal To be a viable commercial proposition for providers Templates for simple savings accounts and a simple term assurance product have been agreed and, despite failure to agree a blue print for a simple income replacement product in the first round, the committee has revisited this important area during the course of the last year. It is now agreed that the issue of income replacement within the simple products initiative should be addressed via the employer group-scheme route and proposals are in place for a simple group income protection scheme. In our view, however, there remains an opportunity for providers and distributors in the individual protection market. Apart from the accredited simple products, which will compete primarily on price and service, there is an appetite for providers to market simpler products direct to consumers via strategic partners and using digital marketing techniques. These may not conform to the simple products accreditation standard but nevertheless will be simpler product offerings designed with specific customer groups in mind. Income Protection Taskforce (IPTF) The IPTF continues its work in promoting long term income protection within the industry and beyond. This year sees the launch of the Family Support Initiative, which seeks to demonstrate in a practical and public way the benefits of income protection insurance to those who cannot work due to incapacity. Funding is being promised from sponsoring insurers and the scheme aims to provide seven families with a regular monthly benefit. Their stories and progress will be the subject of a television media campaign. So whilst primarily promoting the benefits of long term income protection insurance, the opportunity exists for short term insurers and distributors to promote their activities on the back of the publicity and messaging; indeed one major creditor insurer has signed up as a sponsor of the initiative. The IPTF is also working on a code of conduct to improve standards and reassure the public. Its work on means-testing of state incapacity benefits has provided a simple set of questions that advisers can use to ensure their clients, particularly poorer ones, will be genuinely better off with income protection when taking into account their entitlement to state benefits. All these initiatives will help to create awareness of people s financial vulnerability if they can t work and hopefully create greater demand for income replacement and debt protection products. Providers There are 45 MPPI plans from 35 providers and 56 STIP products from 36 providers. We categorise the providers into four broad types: banks/building societies, brokers/broker networks, web distributors and insurers. The following chart shows the percentage of STIP products by provider type. 4
5 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 insurers and web distributors and fewer banks/building societies and brokers acting as providers. A similar analysis for MPPI would show this trend to be very marked with banks/building societies largely bailing out of creditor insurance sales. Products/propositions This following chart shows creditor insurance products year on year since It illustrates that, purely in terms of the number of products available, personal loan PPI and credit card PPI have drastically declined and all but disappeared; MPPI has declined but is still holding its own; but STIP is in the ascendancy. There are fewer MPPI products - just 47 at the end of 2013 (45 to date); and there are also fewer STIP products too - 62 at the end of the year (56 to date). The proliferation of products has been down to the introduction of web-based products hoping to cash in on the standalone market for STIP and some of these, it would appear, have not been successful and have been withdrawn. There is no reliable source of STIP sales volumes but they are felt to be relatively small. D2C distribution models rely on consumers wanting to buy and that desire does not appear to be there yet MPPI PL PPI CC PPI STIP Number of products year on year Source: Defaqto 5
6 During the course of the last year we have seen new STIP products from ESMI, DMS, British Money and Best Insurance and a rebrand of Berkeley Alexander s Safety First policies. We have also seen 18 products withdrawn. A typical STIP policy offers a choice of cover: either accident, sickness and unemployment (ASU) or accident and sickness (AS); it has a 12 month benefit period; pays up to 50% of income or 2,000 per month; it has a choice of excess periods (30, 60 or 90 days); offers optional back-to-day-one cover; and is marketed D2C. 6
7 Key implications for the 2015 Ratings process No changes are proposed to the database or the Star Ratings criteria as a result of these developments this year. However, there are a number of issues to consider for future inclusion. The PPI misselling scandal has left its mark on the creditor insurance market and restoring reputation in the face of widespread consumer mistrust is a key challenge. People need to feel confident that their policy will pay out if they need to claim. The industry should consider publishing claims paid statistics. Provided there is a good story to tell, this will help to allay consumer fears and will challenge less scrupulous firms to up their game. Providers should aim to reduce exclusions to a minimum and not restrict cover for the main causes of work absence, that is, mental health issues and back problems. These should be covered as standard. Providers must review their definitions for claim so that consumers are clear when they can claim and when they cannot. Some definitions seem to suggest that a pay-out would not be forthcoming if the claimant were capable of doing any work at all. The following tables set out the current criteria for STIP and MPPI arranged thematically demonstrating the weighting between the various criteria types. 4 and 5 Star rated products will necessarily have to score DNA points in each of these sections in order to achieve the aggregated score high enough to exceed the 4 and 5 Star benchmark. Additionally, certain core criteria are in place where a particular feature or benefit is mandatory for a 4 or 5 Star Rating. 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 the 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 Stars 7
8 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 Stars PEC Qualification Period Core Criterion for 4 and 5 Stars Temporary Work Period Core Criterion for 4 and 5 Stars 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 Cover/exclusions (11% of criteria) Chronic Conditions Stress Backache Core Criterion for 4 and 5 Stars Core Criterion for 4 and 5 Stars Core Criterion for 4 and 5 Stars 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 8
9 Areas for discussion Based on the material in the preceding sections, the following will form the basis of our discussion at the forthcoming Roundtable event. What measures that work towards improving the reputation of the creditor insurance market should be evidenced by criteria in the Star Rating for example claims data, exclusions from cover? Are there any other features and benefits of MPPI and STIP, which are not currently covered within the existing criteria set, that should form part of it going forward? Specifically, should the help and assistance programmes provided by some insurers receive credit within the Rating criteria? Are there any existing criteria which should not form part of the Ratings going forward? 9
10 Appendix: Proposed 2015 criteria Based on the above analysis, we propose including the following criteria in our assessment process for the 2015 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 10
11 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 11
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 information2016 Star Ratings. Creditor Insurance. Discussion paper
2016 Star Ratings Creditor 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 information2015 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 information2015 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 informationBusiness 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 information2015 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 information2015 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 informationOpportunities 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 informationA 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 information2015 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 information2015 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 information2016 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 information2015 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 informationCutbacks bring into sharp focus the need for income protection
Cutbacks bring into sharp focus the need for income protection insurance services Many consumers rely on a combination of state benefits and personal savings to cover them against an unexpected loss of
More informationResponse 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 information2015 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 informationProfessional 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 informationPayment 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 information2015 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 information2016 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 informationFSA Retail Conduct Risk Outlook 2012
March 2012 FSA Retail Conduct Risk Outlook 2012 Summary The FSA has published its Retail Conduct Risk Outlook (RCRO) for 2012. The RCRO sets out the FSA s assessment of the 15 most significant retail conduct
More information2015 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 informationGuidance 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 informationThe 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 information2016 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 informationAdviceguide 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 informationThe 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 informationHelping customers protect their lifestyles in these challenging times
Helping customers protect their lifestyles in these challenging times insurance services Recent consumer focus group activity that we have carried out in conjunction with YouGov within the 30 to 54 year
More information2015 Star Ratings Business Insurance Discussion paper
2015 Star Ratings Business 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 information2016 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 informationFEBRUARY 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 informationPAYMENT 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 information2016 Diamond Ratings Multi-Asset Income Generating Funds Discussion paper
2016 Diamond Ratings Multi-Asset Income Generating Funds Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic,
More informationAre caravan dealers riskier than insurance brokers? Insuring the insurers: are caravan dealers riskier than insurance brokers?
Agenda Advancing economics in business Are caravan dealers riskier than insurance brokers? Insuring the insurers: are caravan dealers riskier than insurance brokers? A recent consultation by the UK Financial
More information2016 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 information2015 Home Buildings Insurance Review
2015 Star Ratings Home 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 informationA 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 informationPPI - Time for Action
PPI - Time for Action PPI - Time for Action The recent announcements by the banks and the British Bankers Association (BBA) that they will not appeal against the High Court judgement on the Payment Protection
More informationCase Study: If we had the chance to do it all again, would we?
Case Study: If we had the chance to do it all again, would we? Lessons from the great British PPI truth and reconciliation scandal Teresa Perchard, Director of Policy & Advocacy, Citizens Advice Summary
More informationPersonal Finance (U21065/S21065) Lecture 3 The Economic and Regulatory Environment
Personal Finance (U21065/S21065) Lecture 3 The Economic and Regulatory Environment Protecting yourself with Insurance Introduction to Personal Finance Researching PF Products Financing a Home The Economic
More informationHealthcare Protection Market Size
Healthcare - a market view Bernie Hickman Managing Director, Legal & General Healthcare Market Size 15 Billion Market 2005 Premiums paid/inforce PPI MPPI Group PMI PPI Individual PMI Group Life & CIC Group
More informationEIOPA Opinion on Payment Protection Insurance
EIOPA Opinion on Payment Protection Insurance EIOPA-BoS-13/115 28 th June, 2013 Legal Basis 1. This opinion is issued under the provisions of Article 29(1)(a) of Regulation (EU) No 1094/2010 of the European
More informationAgenda. Market Coverage In-force Business. Protecting Customers Fairly
Protecting Customers Fairly Ron Wheatcroft Technical Manager Swiss Re Life & Health Agenda The current market In-force and new sales The Perception Gap The confused consumer Employer sponsored issues Regulatory
More informationSummary Report of the Payment Protection Insurance Review
2014 Summary Report of the Payment Protection Insurance Review 1 Summary Report of the Payment Protection Insurance Review Contents Introduction 2 What is Payment Protection Insurance? 2 Why the Central
More informationMortgage 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 informationKEY 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(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 informationExposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011. Commentary on amendments: Reverse mortgages
Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011 Table A: Main amendments Commentary on amendments: Reverse mortgages Topic Provision Commentary Definition of reverse
More information2015 Star Ratings. Current Accounts. Discussion Paper
2015 Star Ratings Current Accounts 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 informationpayment 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 informationClose Brothers Close Brothers Finance plc (incorporated with limited liability in England and Wales with registered number 4322721)
SUPPLEMENTARY PROSPECTUS DATED 9 APRIL Close Brothers Close Brothers Finance plc (incorporated with limited liability in England and Wales with registered number 4322721) 1,000,000,000 Euro Medium Term
More informationKEY 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 informationGuide 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 informationCreating a Secondary Annuity Market: a response by the National Association of Pension Funds
Creating a Secondary Annuity Market: a response by the National Association of Pension Funds June 2015 www.napf.co.uk Creating a secondary annuity market: a response by the NAPF Contents Executive Summary
More informationMortgage advice you can depend on
Our Mortgage advice you can depend on Whether buying your first home, buying to let, or remortgaging, this guide tackles the main considerations. If you want to learn more and receive advice tailored to
More informationMORTGAGE ADVICE YOU CAN DEPEND ON
MORTGAGE ADVICE YOU CAN DEPEND ON INTRODUCTION Whether you re buying your first home, remortgaging, or purchasing an investment property, there are lots of processes to go through, issues to tackle and
More informationKEY 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 informationFinalised guidance Payment protection products
Financial Services Authority and Office of Fair Trading Finalised guidance FSA/OFT joint guidance January 2013 Summary The FSA and the OFT have jointly produced this guidance to firms in relation to payment
More informationProtection and Retirement Planning Learning Outcomes
Protection and Retirement Planning Learning Outcomes Unit 5 Protection On completion of this unit, candidates will be expected to: Demonstrate an understanding of: 1 the purpose and scope of financial
More informationSMITH & PINCHING FINANCIAL SERVICES LTD 295 Aylsham Road, Norwich, NR3 2RY Telephone: 01603 789966 Fax: 01603 789937 Email: info@smith-pinching.co.
SMITH & PINCHING FINANCIAL SERVICES LTD 295 Aylsham Road, Norwich, NR3 2RY Telephone: 01603 789966 Fax: 01603 789937 Email: info@smith-pinching.co.uk CLIENT AGREEMENT WHAT SERVICES DO WE OFFER? Smith &
More information2016 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 informationVET FUNDING REVIEW ISSUES PAPER RESPONSE
VET FUNDING REVIEW ISSUES PAPER RESPONSE Version: V1.0 Published: August 2015 Ostara Australia. This issues paper has been specifically written to addres the impacts the VET Funding Review may have on
More informationDepending 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 informationProfessional Indemnity Cover For Mortgage & Finance Intermediaries
4 th February 2014 - Version 3 Professional Indemnity Cover For Mortgage & Finance Intermediaries Towergate Lifestyle Suite 4B, 1 Portland Street, Manchester M1 3BE Tel: 0844 892 1789 Fax: 0844 892 1796
More informationRegulation of Social Housing in Scotland. Our Framework
Regulation of Social Housing in Scotland Our Framework Contents Chair s Foreword 2 1. The Scottish Housing Regulator 3 2. How we regulate 6 3. Monitoring the Scottish Social Housing Charter 15 4. The
More informationMaking health insurance more accessible for the mass market
insurance services Making health insurance more accessible for the mass market Recent waiting time figures show the NHS is creaking at the seams as it finds it increasingly difficult to deliver the required
More informationCigna insurance services spring newsletter 2014
Cigna insurance services spring newsletter 2014 welcome from our new Chief executive, susan stevenson With much of Britain having been battered by storm force winds, torrential rain and flooding this Winter,
More informationHow To Understand The Benefits Of Disability Insurance
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 informationSummary of Learning Outcomes. AES1/200504 Financial Services Skills Council 2004 16 2
ApEx 3 Protection 1 Summary of Learning Outcomes AES1/200504 Financial Services Skills Council 2004 16 2 LEARNING OUTCOME H1 INTEGRATED LEARNING OUTCOME FOR THE APPROPRIATE EXAMINATIONS STANDARDS FOR RETAIL
More informationProfessional Indemnity Cover For Mortgage & Finance Intermediaries
1 st June 2010 - version 1 In association with Professional Indemnity Cover For Mortgage & Finance Intermediaries Towergate Lifestyle Suite 6 The South West Centre Troutbeck Road, Sheffield, South Yorkshire
More informationAssociation of Mortgage Intermediaries response to FSA consultation on the assessment and redress of payment protection insurance complaints CP09/23
Association of Mortgage Intermediaries response to FSA consultation on the assessment and redress of payment protection insurance complaints CP09/23 Introduction This response is submitted on behalf of
More informationUnfair Credit Agreement & Mis-sold Payment Protection Insurance Claim Pack
Unfair Credit Agreement & Mis-sold Payment Protection Insurance Claim Pack Contents: Client Disclaimer & Audit Confirmation About You Loan & Credit Card Questionnaire: fill out one form for each credit
More informationClaims Management Regulation. The PPI Claims market: Dealing with malpractice
Claims Management Regulation The PPI Claims market: Dealing with malpractice February 2013 CLAIMS MANAGEMENT REGULATION - THE PPI CLAIMS MARKET: DEALING WITH MALPRACTICE 3 Introduction It is generally
More information5/10/2010. 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 informationdetails 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 informationSpotlight on Packaged Bank Accounts and insurance add-ons
insurance services Spotlight on Packaged Bank Accounts and insurance add-ons The FSA Policy Statement on Packaged Bank Accounts resulting from Consultation Paper CP11/20 is due to be published in July
More informationLOOKING FOR AN EXTRA REVENUE STREAM? WE VE GOT IT COVERED
LOOKING FOR AN EXTRA REVENUE STREAM? WE VE GOT IT COVERED GI from SBG gives you yet another reason to engage with your customers and broaden your offering 2 REASONS WHY YOU SHOULD CONSIDER GI FROM SBG
More informationCONSISTENT POLICY INTERPRETATIONS PAYMENT PROTECTION INSURANCE STATEMENT OF PRINCIPLES FOR THE PAYMENT PROTECTION INSURANCE INDUSTRY
2013 CONSISTENT POLICY INTERPRETATIONS PAYMENT PROTECTION INSURANCE STATEMENT OF PRINCIPLES FOR THE PAYMENT PROTECTION INSURANCE INDUSTRY Background Insurers want to ensure that people are aware of what
More informationDEVELOPMENTS IN THE MEDICAL AND HEALTH INSURANCE SECTOR
DEVELOPMENTS IN THE MEDICAL AND HEALTH INSURANCE SECTOR Medical inflation, an increase in the utilisation of medical services and the changing demographics have spawned significant developments in the
More informationPayment protection insurance
Payment protection insurance Report on the market study and proposed decision to make a market investigation reference October 2006 OFT869 Crown copyright (2006) This publication (excluding the OFT logo)
More informationThe Deferred Payments Scheme. An information leaflet for home owners, paying for residential or nursing home care
The Deferred Payments Scheme An information leaflet for home owners, paying for residential or nursing home care What is the Deferred Payment Scheme? The deferred payment scheme is designed to help if
More informationENSURING CONSUMERS GET A FAIR DEAL FROM INSURANCE
Summary ENSURING CONSUMERS GET A FAIR DEAL FROM INSURANCE Nearly everyone buys General Insurance (GI) products, from compulsory policies such as motor insurance, to add-ons like gadget cover. In recent
More informationREPORT 59 Equity release products
REPORT 59 Equity release products November 2005 Executive summary In the last year Australia has seen the rapid development of a range of equity release products, where consumers can obtain current financial
More informationCareer break. Menu plans. Salary Expenditure gap. Income Protection Review October 2010. Permanent health insurance.
Salary Expenditure gap Permanent health insurance Regular benefit Career break Accident, sickness and unemployment Menu plans Business protection Essential cover Sponsored by About Defaqto Defaqto is an
More informationAdded Value Products Friend or Foe
Added Value Products Friend or Foe A Presentation to The Insurance Institute of Luton and St Albans 1 st December 2015 David Ross ACII CIP Managing Director Valeos Ltd Agenda Market History and Background
More informationAnnuities Market Briefing
Annuities Market Briefing Written by Pensions specialist Dr. Ros Altmann You can read Ros' blog here: http://pensionsandsavings.com/ Annuities are a unique financial product. There is no other investment
More informationThe Over 50s Rip Off Nick Reilly, Royal London Hamish Wilson, Hymans Robertson
The Over 50s Rip Off Nick Reilly, Royal London Hamish Wilson, Hymans Robertson 0 Guaranteed Acceptance Plans 0 1 Over 50s plans are a Rip Off!!! Payout can be substantially less than premiums paid Some
More informationFinancial services mis-selling: regulation and redress
Report by the Comptroller and Auditor General Financial Conduct Authority and Financial Ombudsman Service Financial services mis-selling: regulation and redress HC 851 SESSION 2015-16 24 FEBRUARY 2016
More informationNotes from the Equity Release Roundtable
Notes from the Equity Release Roundtable Hosted by the Financial Services Consumer Panel and StepChange Debt Charity 13 November 2013 At the Financial Conduct Authority, 25 The North Colonnade, Canary
More informationUPDATED FREQUENTLY ASKED QUESTIONS SECOND DRAFT REGULATIONS ON THE DEMARCATION BETWEEN HEALTH INSURANCE POLICIES AND MEDICAL SCHEMES 17 JULY 2014
UPDATED FREQUENTLY ASKED QUESTIONS SECOND DRAFT REGULATIONS ON THE DEMARCATION BETWEEN HEALTH INSURANCE POLICIES AND MEDICAL SCHEMES 17 JULY 2014 Given the public interest in the second draft Demarcation
More informationNo selling. No jargon. Just the facts about credit cards. guides. Our here to help you. No selling. No jargon. Just the facts.
October 2009 Our here to help you This guide is part of our Everyday money series. guides About the Financial Services Authority. Buying a home. Saving and investing. Pensions and retirement. If things
More informationPayment 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 informationHead of Insight - Banking and General Insurance. Outline and discuss the key issues impacting the 2016 Ratings
206 Ratings roundtable meetings Current Accounts Hosted by Brian Brown Head of Insight - Banking and General Insurance Purpose Outline and discuss the key issues impacting the 206 Ratings Get your feedback
More informationEvolve Financial Solutions Mortgage & Insurance Services & Costs
Evolve Financial Solutions Mortgage & Insurance Services & Costs Authorisation Statement Evolve Financial Solutions is Authorised and Regulated by the Financial Conduct Authority (FCA). The FCA regulates
More informationAn introduction to insurance cover for businesses
An introduction to insurance cover for businesses All businesses need to be insured against potential risks such as contractual disputes, accidental damage, fire, flood or theft and claims for negligence.
More informationWe re providing a soludon to a group of borrowers who have been disenfranchised by other lenders AUG
Who are Magellan Homeloans? Ignoring sub- prime borrowers won t make the problem go away. They need help to get back into mainstream finance We re targedng borrowers with a significant adverse credit history,
More informationIn case we need to seek clarification on any concerns you have raised what would be the most convenient time to call, time, Mon/Tue/Wed/Thur/Fri
first direct PPI Consumer Questionnaire Section A: About you A.1 Your name and contact details Your details Details of anyone complaining with you Surname Title Surname Title Forename(s) Forename(s) Date
More informationOnline 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 informationAPFA RESPONSE TO THE HMT AND DWP CONSULTATION CREATING A SECONDARY ANNUITY MARKET
APFA RESPONSE TO THE HMT AND DWP CONSULTATION CREATING A SECONDARY ANNUITY MARKET ABOUT APFA The Association of Professional Financial Advisers (APFA) is the representative body for the financial adviser
More information