Massive fine for insurance broker over cancelled policies

A well known insurance company has been accused of treating customers unfairly, and as a result has been fined £735,000 by the Financial Services Authority, the UK’s financial regulatory body. The insurance firm, Hastings Insurance Services Ltd, was found to have cancelled the policies of customers after finding that the cover had been sold to the customers too cheaply due to a computer error. Read more

Tags: Insurance, industry watchdog, insurance firm, watchdog, finance, error, Hastings Insurance Services Ltd

Burglaries, vandalism on the rise

The latest figures show that overall crime in Britain has fallen by two per cent but homeowners will be concerned that burglary and vandalism rates are up.

Home Office statistics reveal that burglaries rose by eight per cent, while vandalism increased by 11 per cent in the final quarter of 2006.

These figures have led to a leading insurance firm carrying out its own research in which it found that one in ten Brits have had their property vandalised.

According to research by Lloyds TSB, half of the population believe that vandalism is one of the biggest problems currently facing modern British society, while 22 per cent are concerned that they will become a victim.

The most common form of vandalism is the ransacking of homes, while smashing windows, damaging fences, putting graffiti on walls and smashing garden ornaments are also popular.

“Prevention is always better than cure when it comes to crime and it is great to see evidence that crime appears to be falling in some areas,” commented Phil Loney from Lloyds.

“However our own research backs up today’s crime survey figures which show that vandalism is a problem on the rise. Insurance is vital in this equation and home owners can’t afford to cut back on their cover.”

The perceived causes of vandalism are varied with many Brits blaming a lack of discipline at home (79 per cent), boredom (74 per cent), alcohol and drug abuse (70 per cent) and the lack of a deterrent (44 per cent).

A further nine per cent even blame modern music for the rising crime.

Tags: modern british society, society, percentage, deterrent, insurance firm, burglaries, research, Law Crime

1m drivers on brink of ban

More than one million Brits are very close to losing their driving licence as the UK’s roads become more closely monitored.

Research by Direct Line Car Insurance shows that 4.5 million drivers have points of their licence for speeding, with 21 per cent of these being just one conviction away from a ban.

That is a four per cent increase compared to 12 months ago and the insurance firm is concerned that many people risk losing their livelihood as a result.

Direct Line claims that 14 per cent of drivers could see their livelihood seriously affected by a driving ban and with 6,000 speed cameras currently monitoring the UK’s roads this is a real issue.

Around 92 per cent of motoring convictions handed out in the last two years were for speeding, with a collective £300 million being paid out in speeding fines in the last three years.

“With the advent of speed cameras and the introduction of points for being caught for driving using a mobile phone, we urge motorists not to break the law as they could face numerous consequences such as killing or injuring themselves or others, disqualification, job loss and financial loss,” commented Emma Holyer, Direct Line’s motor spokesperson.

The government has proposed a new law which will see drivers who are caught travelling at 10mph or less over the speed limit receiving a less severe penalty.

This has received widespread support from drivers and motoring bodies, with Direct Line saying that it gives the proposals its full support.

Tags: Insurance, insurance firm, issue, UK's roads, speed limit, Road transport, loss, penalty