Liverpool Victoria Banking Services (LVBS) has been given a massive fine for not selling Payment Protection Insurance according to statutory guidelines. These problems were associated with unsecured loans and according to the FSA added this insurance to the price of the quote without customers requesting it. It is also said that LVBS was also accused of putting pressure on customer who refused to get a PPI.
Taken with a loan, PPI is very expensive and the shame is that these unscrupulous practices are making fewer people protect themselves against accident, sickness and unemployment. Few people know you can buy this cover separately at a much lower cost and if advised by a qualified broker, can provide excellent peace of mind.
Call me to find out more.
posted by Michael Knight at 11:12 am
A recent report by the National Housing Federation has announced that the average house price will increase by 25% by 2013! While the market will be quiet for the next couple of years, they believe that in 2011 prices will head skywards again.
We have to remember that the National Housing Federation has a vested interest in talking up the housing market but if it has only a kernal of truth and prices at least do not crash, then most of us can breath a sigh of relief.
posted by Michael Knight at 3:10 pm
Santander have announced a £1.2bn takeover of Alliance & Leicester today. This signals a further reduction in customer choice for mortgages and potentially means higher costs.
Not many people in the street realise how few ‘independant’ lenders there are in todays mortgage market. For instance, the HBOs group includes Bank of Scotland, Halifax, Intelligent Finance and Birmingham Midshires while the Royal Bank of Scotland group includes Nat West, First Active and The One Account. Each component company targets a different sector but you have to think that with such dominance of the market that consumers could be held to ransom.
With the amalgamation of such huge companies, are we in danger of losing flair and product innovation and the driving down of costs that competition provides? I think we are and as usual, it is the consumer who will suffer.
posted by Michael Knight at 3:27 pm