FSA bans trio for misusing client money

The FSA has banned three directors of a London-based insurance business, BPS Insure Limited, for failing to inform the FSA that BPS had a deficit of approximately £3 million in its client account and had misused client money.
Robert James, chief executive officer, and directors Stuart Lawton and Paul Adams all worked at BPS until it [...]

Prospector AAA gets insurance upgrade

Trigold has upgraded the insurance functionality in Prospector AAA.
Using Norwich Union’s ‘Simplified Life’ quote system, advisors will be able to access indicative quick quotes for life insurance that will be automatically displayed when entering client information. Trigold offers a ‘unique’ system whereby quotes can be generated offline. The system also offers the ability to link [...]

Broker boost for Select & Protect

Select & Protect has doubled its number of broker partner relationships to over 10,500 in the past 12 months.
Since the launch of Select & Protect’s new Elements proposition that offers brokers the choice of three underwriters but just one common policy wording, coupled with a revamped website where brokers can register quickly and simply online, [...]

British insurance launches shared ownership MPPI

British Insurance has launched a new Mortgage Payment Protection Insurance (MPPI) policy for households involved in shared ownership schemes.
It is for people who part-purchase a property to buy a policy that will meet their monthly mortgage and rental payments should accident, sickness or unemployment occur.
Managing director, Simon Burgess, says this product addresses years of discrimination.
He [...]

LVBS fined £840,000 by FSA over PPI

The FSA has fined Liverpool Victoria Banking Services Limited (LVBS) £840,000 for “serious failings” in the sale of single premium Payment Protection Insurance (PPI).
The penalty was imposed for failings in relation to PPI offered to customers who telephoned LVBS seeking unsecured personal loans between 14 January 2005 and 8 August 2007.
In 97 sales calls reviewed, [...]

Life cover continues to get cheaper

Research conducted by Moneyfacts.co.uk has shown that life insurance has reduced by up to 20% in the last five years.
The average premium for a Male non smoker, 30 next birthday, looking for £100K of life cover over a 25 year term now stands at £8.79, compared to £10.99 in July 2003.
With such advances in medical [...]

Assurant Solutions offers protection in Ireland

Assurant Solutions has partnered with the Irish Brokers Association (IBA) in an exclusive deal to develop payment protection products in Ireland.
The products – mortgage payment protection and income protection insurance – have been launched throughout the country under the My Broker brand and are exclusive to IBA members. The short term income protection product is [...]

ABI research reveals drop in consumer confidence

An ABI survey has revealed a downturn in consumer confidence over the next 12 months, with 82 per cent of respondents saying the worse is yet to come.
The research, carried out by YouGov on behalf of the ABI, surveyed 3,624 adults about the economic climate and their views about its future.
A staggering 92 per cent [...]

Pink sees increase in insurance policies sold

Almost 70% of intermediaries who responded to Pink Home Loans’ recent survey expect their insurance business to increase this year compared to 2007.
20% thought that they would not see an increase and the remainder were unsure.
Pink has seen close to a 10% increase in the number of insurance policies completed up until May of this [...]

Friends Provident decides to keep Pantheon

Friends Provident has decided to retain Pantheon Financial to avoid disruption to its business due to speculation over its sale.
The insurer had previously announced its intention to sell the wholly-owned IFA, but it says that despite several expressions of interest it will not be possible to get good value for shareholders from a sale in [...]