Wednesday, April 28, 2010

Sunday, April 25, 2010

Stranded travellers face battle for payouts | This is Money

Stranded travellers face battle for payouts | This is Money



Firstly we need an overhaul of travel insurance, in fact many other insurances are in need of being dragged into the 21st century because they will not meet the policyholder's reasonable expectations. You have to ask why is it that the insurers say "volcanic eruption is not a 'specified insured event'", if it isn't a 'specified uninsured event' how can the Man on the Clapham Omnibus be expected to work out what cover is included and more importantly what isn't? These policies are not cheap and very few people actually claim, yes the old insurance company story about the Med being full of Pentax cameras and no Kodaks is a good one but people buy this cover because they want peace of mind and the inference from insurers that this is what they are selling. Now we find out that this isn't at all what they intended. The FSA needs to wave the "Treating Customers Fairly" flag and take a look at the practices of insurance industry as a whole in order to avoid future problems on this scale.

Friday, April 16, 2010

FSA says tied firms blocking switches | News | Money Marketing#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted

FSA says tied firms blocking switches | News | Money Marketing#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted


Quote on Money Marketing

The regulators need to look at the regulations. The historical regulations and the problems associated with 'tied' or 'restricted' advice.

Quite how they expect the RDR to provide better access and more choice for consumers by pushing advisers into 'restricted' or 'tied' advice models is a mystery to me, I doubt that I am alone in this point of view.

Monday, April 12, 2010

‘My house shouldn’t be falling down after 17 years’ - Times Online

‘My house shouldn’t be falling down after 17 years’ - Times Online

Builders should be regulated by the Financial Services Authority, it doesn't recognise any legal limitations, the authorised firm is liable forever, is it a good job financial advisers don't build houses?

Maybe not, although they wouldn't last long they would have to rebuild them nomatter what the owners did with them, woodworm, dry rot, whatever the problem it would be covered.

Sunday, April 11, 2010

FT.com / Companies / Insurance - Critics say insurer displays inconsistency

FT.com / Companies / Insurance - Critics say insurer displays inconsistency: "“Look at other large conglomerates across Europe: Allianz, Generali, Zurich Financial Services, even Axa.
“Everyone thinks the sector is inexpensive, but the immediate question we need to address is: what is going to get it moving?”"

At last, someone is asking the right questions, we have some answers.

City to face a watchdog with teeth - Spend & Save , Money - The Independent

City to face a watchdog with teeth - Spend & Save , Money - The Independent

Did the 'regulator' fail or was it the 'regulators'? Largely the same people have been regulating since 1985 under various names, SIB (now FSA), LAUTRO, FIMBRA, IMRO (Keydata), SFA, GISC, PIA, the list appears endless yet one element remains constant.... the regulators, the people, the managers, the supervisors.

They fail to spot 'trends' the rest of us have been harping on about for decades, this is what the FSA said when I asked why they don't listen to people who have successfully predicted many of the catastrophes in financial services:

"As you know, we do try very hard to spot trends and other developments which might result in what we call 'risks to our objectives' - of which the most the most obvious example is something which could lead to detriment to consumers. But we don't always get it right, so learning the lessons from the past is important too.

In doing this, it's very important to have many different sources of information, intelligence, and diverse views on what might happen. But this also means that not everyone agrees on the significance of emerging issues and/or what we should do about them - needless to say, this makes our job more difficut.

I can assure you that we are always trying to improve our ability to spot problems and constantly challenging ourselves as to whether we can intervene more effectively. The new conduct strategy which Hector spoke about recently is an example of this."

I'm sorry but trying and failing are not what we want, we don't need peopole to toss a coin when deciding which way to look when the banks fall over, this isn't a flutter on the Grand National, this is the financial wellbeing of all of us and after two and a half dacdes of the FSA (nee SIB) I have no confidence whatsoever in the ability of politicians to 'cobble' together yet another regulator and that this time it will WORK.

Tories name men to lead break up of FSA if they win power - Business News, Business - The Independent

Tories name men to lead break up of FSA if they win power - Business News, Business - The Independent


This is like a nasty game of chess where the pieces explode, in 1997 is was decided to move the 740 banking regulators from the BofE to the brand spanking new FSA (actually just a renamed SIB born 1985), there they sat and watched the banks fall in between the regulatory gaps provided by the FSMA 2000, now the Tories want to move these people back to the BofE, can anyone tell me what difference that will make? The same people who failed us over the banks?

And, who will pay to reinstate them into their gold plated pension scheme?