Regulator warning for general insurance companies
Money Box
BBC
4.2 • 825 Ratings
🗓️ 13 April 2019
⏱️ 26 minutes
🧾️ Download transcript
Summary
The Financial Conduct Authority has warned parts of the general insurance industry that it "will not hesitate to intervene" in situations where firms fail to meet their obligations to customers. A report by the financial regulator examined short-term travel including coach trips, tradesman, GAP and motor ancillary insurance. It found some customers were sold inappropriate products, charged excessive prices or received poor service. Guests: Jonathan Davidson, Executive Director of Retail Supervision at the Financial Conduct Authority and Huw Evans, Director General of the Association of British Insurers.
Money Box listener Lola reveals how thieves tricked her caller ID into displaying her bank telephone number before stealing from her account. Guest: Richard Emery, Independent Fraud Investigator.
As Debenhams department store is taken over by its lenders as part of an administration process, what should customers with gift cards, wedding lists and insurance arranged via the store do? Guest: Adam French, Consumer Rights Expert for Which?
The price of wholesale energy has dropped sharply over the past two months. Could it eventually lead to lower bills for around 11 million households on default tariffs who are affected by Ofgem’s price cap? Guest Ellen Fraser, Independent Energy Consultant at Baringa.
Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Richard Vadon
Transcript
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| 0:00.0 | In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers. |
| 0:08.0 | But the man who often found, tortured and sometimes killed these people on behalf of the IRA |
| 0:12.0 | was himself an informer, a secret British army agent with the codename Stakeknife. |
| 0:18.0 | Who gets to play God? And why me? Why my family? |
| 0:21.3 | When lies are still being told to this day, who do you believe? |
| 0:25.1 | I wouldn't even know where to start, and I'm with the IRA. |
| 0:28.5 | Steakknife. |
| 0:29.7 | Listen first on BBC Sounds. |
| 0:33.5 | BBC Sounds, music, radio, podcasts. |
| 0:37.2 | Hello, in today's program, excessive prices, substandard products and commissioners high as 60% the regulator's damning report into some types of insurance. |
| 0:47.7 | If you get a call from your bank, don't believe the number shown by caller ID. It could be fake. |
| 0:53.7 | Debenhams is the latest big name on the high street to get into trouble. |
| 0:57.3 | How safe are its gift cards and wedding lists? |
| 1:00.4 | And the prices energy providers pay for their gas and electricity are falling. |
| 1:04.5 | Will that be reflected in our bills? |
| 1:06.7 | But first, the Financial Conduct Authority warned the insurance industry this week |
| 1:11.0 | that parts of it must consider their customers and control the way that products are sold. |
| 1:16.3 | The reports about insurance that sold as part of a retail sale, perhaps, |
| 1:20.6 | add-on insurance when you buy a car or a phone or a coach trip. |
| 1:24.0 | And the report found that some retailers are selling customers insurance of little or no value |
| 1:28.3 | and charging excessive prices for them. Jonathan Davidson is Executive Director of Retail |
| 1:34.3 | Supervision at the Financial Conduct Authority. The market that we looked at was products which have |
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