Danny Walkinshaw looks at the latest insurance stories online
Another week, another FSA fine, or so it seems. This time around it was HSBC that felt the force of the authority’s wrath. Caught up in the storm was HSBC Insurance Brokers, which was dealt a blow with a £700,000 fine. In total, the three HSBC companies punished by the FSA for systems and controls failings connected to their customers’ confidential details were forced to pay more than £3m.
The story was the clear favourite among visitors to Insurancetimes.co.uk. It also received an astonishing amount of web coverage elsewhere. On the Sky News website, business presenter Nina de Roy blogged on the story with ‘HSBC learns data is dear’. “After spending the best part of this year defending its oversight of the nation’s lenders during the credit crunch, it’s a wonder the Financial Services Authority has the time to fine banks for wrongdoing these days,” it began, before detailing the bank’s downfalls.
Fines are becoming a regular occurrence in the Online Top Five list. Earlier this year, Aon’s record £5.25m fine relating to bribery and corruption was another story that blew away web readers. Similar stories, including Hasting’s £735,000 fine last year, received astounding levels of traffic.
Elsewhere online, news that Willis was facing further legal action connected to financier Allen Stanford hit the headlines across the globe.
Meanwhile, acquisitions have dried up in recent months, so it would have been a surprise to Insurancetimes.co.uk subscribers when news landed in their inbox that Kent broker Woodstock had completed three deals.
And don’t forget, you can see all the coverage and photos from Insurance Times’ IT Pack events from around the UK online.
The five most read stories at insurancetimes.co.uk this week:
HSBC Insurance Brokers fined £700,000
FSA says customer data “could have ended up in criminal hands”
Willis sued again over Stanford
Venezuelan invester claims Willis played “instrumental role” and “supplied proof”
Kent broker boosts business with three acquisitions
Woodstock Insurance Brokers expects further deals this year
Ace hires claims boss from RSA
Catherine Murphy appointed in new role to support major risks claims service
Insurers face further delay on plaques
Decision on compensation now set for later this year after MPs opt to wait until after the summer recess