Managing agents have been accused of charging an average of 42 per cent in hidden commission for arranging buildings insurance at blocks of leasehold flats.
Research from Urban Owners, a group specialising in block management, has found that property owners in blocks of leasehold flats are typically paying £965 more than necessary for insurance cover.
The consumer group Which? on Monday called for the Government to reform the leasehold property management sector by improving transparency.
“Which? regularly hears of problems for leaseholders and welcomes any efforts to make the existing law work better for them,” said James Daley of Which? Mone
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In part, the amount of your car insurance estimate is outside of your control. Insurers consider variables such as driving history, age, marital status, gender, etc. in determining your average car insurance rates. While such variables largely cannot be changed, you can alter other elements of your coverage in order to minimize the car insurance prices you pay.
Strategically shopping for and calibrating your auto insurance policy can substantially lower auto insurance prices while still preserving the quality and integrity of your coverage. The best example of this approach is the setting of your auto insurance deductible – the amount you pick can radically alter auto insurance costs.
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Governor Cuomo said in his State of the State that many people asked where the SEC was and where other federal regulators were when the financial meltdown occurred. But he said the question should also be asked where was the NY Banking Department and where was the Insurance Department. He indicated that the division that exists in our state regulatory agencies is not consistent with how business is done any more. To be an effective regulator, he proposes a Department of Financial Regulation.
May 31, 2011, London – The greatest risk facing the insurance industry is the raft of new regulations being introduced simultaneously at international and local levels, according to a new survey which ranks insurance sector risk. The CSFI’s latest Insurance Banana Skins survey, conducted in association with PwC, says that new rules governing issues such as solvency and market conduct could swamp the industry with costs and compliance problems. It could also distract management from the more urgent task of running profitable businesses at a time when the industry is already under stress. The survey polled nearly 500 insurance practitioners and industry observers in 40 countries to find out where they saw the greatest risks over the next 2-3 years. Read more…
Lloyds Banking Group is to reopen customer compensation claims for missold payment protection insurance (PPI).
Thousands of existing cases will be processed, and customers who suspect they were missold a policy have been invited to contact the bank.
Consumer groups said this week they hoped that other banks would also forgo legal action and repay consumers who were wrongly sold policies.
However, Royal Bank of Scotland, which is 83 per cent owned by taxpayers, indicated on Friday that it was not yet ready to end the legal appeal.
Lloyds, which is responsible for around one-third of all PPI policies sold, shocked the market this week when it announced that it had set aside £3.2bn to compensate customers who took out loan insurance cover.
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