In 2005 the Office of Fair Trading received a super complaint from the Citizens Advice. The complaint related to mis-selling of payment protection products with some firms offering cover that consumers could not claim against for huge premiums. While loan protection can be a lifeline to those who are eligible to take out a policy there are exclusions which mean it is not suitable for everyone.
While the Office of Fair Trading investigated, the Financial Services Authority (FSA) did also. The FSA handed out fines to several firms and then referred the sector to the Competition Commission. They are currently conducting an in-depth review of the sector and while some changes have been seen it was recently revealed that the FSA investigated over 4,000 cases in 2007.
While recommendations had been laid down since the early days of the investigations, mis-selling of loan protection and related products has doubled. There are currently around 20m payment protection policies in the UK and it is thought that around half of these could have been mis-sold which is a very worrying thought indeed. There has been some improvements, however some firms are still carrying on in their old ways and have made very little progress […]
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There’s a lot in the news these days about planning for the future, everyone being urged to save, save, save for their retirement. Of course this is easier said than done for many, what with the cost of living going up all the time, mortgage and fuel costs being just two of the areas causing concern.Even when you do have the money to consider saving, the big question is how to do it the right way. Do it the wrong way and Gordon Brown and his chancellor will get their hands on (more of) your money, something that no one really wants. But it is a complicated world out there, with lots of different savings plans and many interesting ways of reducing tax and increasing returns, but you do have to know your way around.Then of course, there are ways of making sure that you are paying the least possible for your mortgages and loans. The credit crunch in Dec 2007 has made this much more difficult, with many lenders simply not being able / willing to lend money the way they used too. Those with a poor or adverse credit history have even more problems in this area, however, […]
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Identity theft is not limited to credit card fraud. This nasty cyber crime can steal your Social Security Number, your name, and even your retirement claims. Billions of Americans and Britons have been victimized by cyber thieves who prey on the unwary. So don’t wait to wake up to a pile of credit card purchases you did not make or to the horrors of a cleaned-out bank account. Do something now.
What is Identity Theft?
For every positive innovation, there’s always a sinister checkmate. If the Internet has made lives easier and convenient, it has also spawned a new breed of miscreants - the identity thieves and the hackers who bilk billions of dollars from the hundreds of thousands of people using the Internet for their online transactions.
The government is not even spared. Sensitive emails and information vanish without trace, putting at risk the credibility of government organizations to manage massive information.
Identity theft or identity fraud is a crime. The criminal uses your name, credit card, or Social Security number for his economic gain. All your money in the bank will be skimmed off by fraudsters who chance on your personal financial information. What if the money is all your life’s savings? […]
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