What is there to complain about this week?
PPI in pan
Another week, another PPI insurance broker goes bust. According to the FSCS, Wilmslow Financial Services has gone into administration. Wilmslow’s main business was broking PPI products.
The fall out from Quinn’s implosion just keeps coming, with this week’s news that the insurance division made an operating loss of €644m (£563m) loss for the full year of 2009, forcing its former parent to make a €852m pre-tax loss. Group chief executive Paul O’Brien branded the results “hugely disappointing”.
Fat cats win
The anti-Jackson lobby is girding its loins. Access to Justice Action Group co-ordinator and former Labour MP Andrew Dismore last week accused the government of caving into the “special pleading of the fat cat multinational insurance companies” by pushing ahead with its shake-up of costs litigation.
But Jackson may not be the cure-all that many hope – personal injury costs will continue to rise even if the review’s measures to reform litigation costs are introduced, according to a new report by Datamonitor. It predicted that costs would rise from £8.4bn in 2010 to £9.7bn by 2014.
Disgrunted of Bolton
Bolton teenager Chris Berry has complained to his local paper that Quinn Direct charged him £17,800 to insure a car that he bought for just £400. Just a thought – it may have been more useful to go to a broker instead of the local rag.