Regulation

Clients will be entitled to damages if insurers fail to pay claims promptly, according to the latest proposal by the Law Commission.

Redress paid to customers complaining about the sale of payment protection insurance (PPI) has hit £1bn in 2011, following the release of the latest monthly figures from the FSA.

The Investment and Life Assurance Group (ILAG) has warned that increased publishing of decisions made by the Financial Ombudsman Service (FOS) could be a boon for claims management companies (CMCs).

Introducing gender-neutral rates will result in premium hikes for life insurance and critical illness (CI), HM Treasury has warned.

Axa, Allianz and Aviva groups are among 15 insurers that Standard & Poors (S&P) have warned face a downgrade in their credit rating.

The Office of Fair Trading has referred the private healthcare market to the Competition Commission (CC) and revealed a move by the FSA, ABI and health insurers to better inform customers.

The British Insurance Brokers' Association (Biba) has called on insurers and regulators to take more responsibility for their products if they want them sold by non-professional brokers.

The ABI has railed against government plans to scrap life assurance tax relief which could hit as many as 1.5 million policyholders.

The FSA is currently consulting on its guidance for payment protection insurance (PPI) and potential replacement products such as short-term income protection (STIP).

The payment protection insurance (PPI) mis-selling scandal has cost the financial services industry more than three quarters of a billion in redress payments to customers in the first three quarters of the year.