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Brokers Demand 'Safe Harbour' from PPI Storm

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Brokers Demand 'Safe Harbour' from PPI Storm www.broking.co.uk AOP Digital Business Publisher of the Year 2010 August 2010 Serving the broker community for over 30 years Brokers demand ‘safe harbour’fromPPIstorm obligations to ensure the Insurance Brokers’ Associa- By Martin Friel product was sold properly. tion, gave his backing. “The FSA should tell insur- “We would support this in he Financial Services Au- ers they have a responsibility principle, especially where the Tthority (FSA) has come over this. That responsibility is seller has been acting as an under increasing pressure to not complete but they allowed agent of the insurer,” he said. force insurers to share the bur- a product that was dangerous, “It is unfair that professional den of compensation claims and produced a vast number sellers of insurance have been resulting from the widespread of complaints, to be sold,” Mr grouped with amateurs. There mis-selling of payment protec- Cranny told Insurance Age. is a cuckoo in our nest and we tion insurance (PPI). “As insurers have profited wish to rid ourselves of it.” As broker unrest rises over from the sale of PPI year after However, there is doubt as to huge hikes in their Finan- year, they ought to stump up whether any FSA action would cial Services Compensation some cash – £100m would be influence this year’s levy. Scheme (FSCS) contributions, a good start.” IanRitchie,managingdirector individuals and organisations In his letter, Mr Cranny calls of RWA Compliance Services, have started to question what on the regulator to take action said that brokers should look to checks insurers put in place against insurers as it did in lobby for next year: “Looking to ensure that their products mortgage PPI: to 2011, there is going to be were sold appropriately. “I would formally like to ask more of the same and it’s going Mike Cranny, regulatory con- the FSA… to consider taking to hurt brokers. Perhaps an sultant and principal of Create action against the insurers that insurer dialogue with the FSCS Solutions, has written to the provided PPI and that, in the to contribute to the levy would regulator on behalf of his bro- same way it came to its ‘safe be in the interests of the market ker clients calling for insurers to harbour’ agreement in October with the PR payback for insur- be held to account for their role 2009 over accidents sickness ers that could be seen to be the in the mis-selling of PPI. and unemployment insurance, brokers’ friend by setting off In the letter, Mr Cranny it ask the insurers (and all firms further increases.” argues that, based on the level that distributed PPI), to vol- A spokeswoman for the of complaints and compensa- untarily agree to setting up a Association of British Insur- tion claims that have arisen compensation fund.” ers would only say it was the from the sale of PPI, insurers Steve White, head of compli- regulator’s job to ensure firms have not fulfilled regulatory ance and training at the British selling products are compliant. Tony Cornell reports on Kazakhstan Expo gains CII accreditation Insurance Company’s half-year results andoutlookfortherestof2010 he Chartered Insurance In- come almost 100 exhibitors Tstitute has confirmed that who will do business with Agenda p22 the Broker Expo has received hundreds of brokers in a big- official accreditation as the 2010 ger hall, with an improved event opens for registration. ‘business zone’, expert-led Thepaneldebatestheimpact Attendance at the four expert- workshops, unparalleled net- of the coalition Government on led workshops can be counted working opportunities and the the insurance industry as part of brokers’ continu- ever-popular ‘chill-out zone’. ous professional development Our interactive workshops Power hour p26 requirements should they are designed to be job use- Technology consider it relevant to their pro- ful, deliver practical advice and fessional development needs. help all attendees to develop This month’s Reportage Martin Friel ventures North West Now in its sixth year, Bro- and grow their businesses. assesses how technology and asks whether Manchester’s ker Expo returns to the Free to attend, and open to Leeds influences the market supremacy could be challenged Preston Ricoh Arena, Coventry on 4 all delegates, the workshop and asks whether brokers Wigan November. programme runs throughout Regional review p44 Liverpool Manchester ▲ The 2010 event will wel- Story continues on p4 aremakingthemostofit Write a will, change your name, let the flat, appeal a ticket, create a pre-nup, apply for probate, sell a horse, get divorced... Whatever the household... there’s something useful on Householdlaw. Householdlaw is the legal information and document preparation website with a wealth of useful advice and document building tools to help your clients resolve some of life’s tricky legal problems. For more information visit www.householdlaw.co.uk or call 08456 665 463 DAS Legal Expenses Insurance Company Limited is authorised and regulated by the Financial Services Authority. News Insurance Age Editor Martin Friel Moneyextra.com sells up and 020 7316 9732 [email protected] News editor Louise Meeson 020 7316 9867 surrenders to rival aggregators [email protected] Senior reporter Liz McMahon former Moneyextra managing director, May, said he was brought in to trans- 020 7316 9115 By Louise Meeson Richard Mason, previously Moneysu- form the business into a broader-based [email protected] permarket.com director, who left quietly financial solutions provider. Group editor-in-chief Anthony Gould rice comparison site Moneyextra. in September 2009. In January of the Referring to the sale, Mr Moat said: 020 7316 9374 [email protected] Pcom has finally admitted defeat in same year, Mr Mason said he intended “It’s not a great surprise, if you look at Production editor Ruth Ganthony its bid to compete with the UK’s top to push the aggregator to become the the market there’s a concentration of 020 7316 9717 four aggregators after the company was second largest price comparison site in comparison sites with three or four that [email protected] sold for £1. the country, behind Moneysupermarket, spend a huge amount on advertising. An Online sub editor, insurance Tracey Jones As reported by Insurance Age online in three years and eventually becoming environment like that is challenging. 020 7316 9795 [email protected] (www.broking.co.uk/1723883), debt the country’s biggest (Insurance Age, “We are not trying to go head to Sales manager James Murray management firm Fairpoint Group has January 2009, p16). head with those organisations but to 020 7316 9296 bought the site for an initial consid- However, after the Fairpoint deal was distribute in a different way by provid- [email protected] eration of £1, with a further £1m of announced, a spokeswoman for Mon- ing a personal financial review leading Sales executive Chris Finnegan 020 7316 9632 working capital being made available in eyextra said it was difficult to compete to the recommendation of products,” [email protected] the current financial year to pay credi- with price comparison sites such as he added. Commercial director Phil Davison tors and support growth. Moneysupermarket, adding that with Mr Moat explained that rather than 020 7316 9215 But Fairpoint stated that on comple- the investment it now had it was confi- just offering customers a debt man- [email protected] tion the directors expected the ultimate dent it would grow. agement plan or individual voluntary Head of key accounts Sajeeda Merali 020 7316 9765 consideration, dependent on the future Commenting on the deal, former arrangement, which dealt with the [email protected] earnings of the business, would be Direct Line MD, Chris Moat, who symptom, it wanted to get to the root Group production manager Lorna Graham about £8m, despite the fact that for the joined Fairpoint as chief executive last of customers’ problems. 020 7316 9707 19 months ending 31 September 2009, Digital production manager Rebecca Yegliss Moneyextra recorded an operating loss 020 7316 9228 For the latest online news of £1m on revenue of £3m. [email protected] www.broking.co.uk/category/technology Art director Nicky Brown The move follows the departure of Head of marketing Ro Osborne 020 7316 9185 [email protected] Head of events Simone Broadhurst Workforce slashed to balance declining motor book 020 7316 9055 [email protected] roker Direct has made 50 redun- instances we perhaps hardened our rates carrier’s, no one can work with an Audience development manager Sarah Smith Bdancies in a bid to compensate for ahead of the rest of the market.” unprofitable account forever.” 020 7968 4648 the loss of one fifth of its personal lines He argued that this would put the He revealed that the company had [email protected] Publisher Alex Broad motor book. company in a better position to effect shed approximately £20m from an 020 7316 9382 Terry Stanley, chief executive of the an earlier recovery but conceded that it overall book of £100m but that he was [email protected] Bolton-based firm, said the drop in inevitably impacted competitiveness. in negotiations with providers to make Group publishing director Derek Peck business volume was a result of the “It is a very price-driven sector and up that shortfall. Managing director Graham Harman company hardening its motor rates if you move ahead of the market you “We are working on additional deals Insurance 360 principal Peter Joy 020 7316 9814 ahead of the rest of the market. are going to lose volume. This is a with potential new carriers that will see [email protected] “These redundancies affect virtually short-term reduction but we had to volume restored in 2011.
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