What is there to complain about this week?
Broker confidence fell for two consecutive quarters, according to the latest CBI/PricewaterhouseCoopers Financial Services Survey. Confidence is slipping, the report said, because of falling business volumes and profitability.
The volume of general insurance complaints increased by 18% in the first half of this year, according to new FSA statistics. The figures show that the total number of GI complaints was up to 848,357. Of these, 560,892 were due to advising, selling and arranging GI products.
A group of Irish businesses is attempting to block the sale of Quinn Insurance to Anglo Irish Bank and Liberty Mutual. The group, representing about 580 businesses, argues that the sale is bad for taxpayers and favours the new owners.
Financial transaction tax
The European Commission’s plans for a financial transaction tax is a blow to insurers and could impede their attempts to rebuild their balance sheets, according to accounting firm PricewaterhouseCoopers. And because a global accord on such a tax is unlikely, the accounting firm contends that introducing the controversial tax could hit the EU’s competitiveness.
A survey has found that one in five UK holidaymakers are going abroad without travel insurance. A survey by travel trade body ABTA found that more than of 25% of travellers mistakenly believe the UK government will cover their bills if something goes wrong.