consumer protection News

UK’s FCA Fines Swinton Group $11.215 Million for ‘Add-On’ Mis-selling

The UK’s Financial Conduct Authority (FCA) [the successor to the FSA] has fined Swinton Group Limited, one of the country’s largest insurance retailers, £7,380,400 [$11.215 million] for mis-selling. After an investigation the FCA said it had “found that Swinton’s aggressive …

UK’s FCA Wastes No Time in Setting Priorities; 15% Budget Increase

The UK’s newly established Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which replaced the FSA on April first, have lost no time in ordering their priorities for 2013/14. The FCA announced that its overall Annual Funding Requirement …

Bills Target Nevada’s Construction Defect Law

Construction defect laws intended to protect consumers have morphed into a trial lawyer’s dream and a nightmare for Nevada’s building trades, putting many out of business and sending the cost of insurance skyrocketing, representatives of the homebuilding and construction industry …

UK’s New Regulators Take Over; FCA Now Responsible for Insurance Sector

In a move that is certainly not an April Fool’s Day joke, the Financial Services Authority (FSA), which has been responsible for regulating the UK’s financial services industry since 1997, including insurance regulation, has ceased to exist. It has been …

Financial Firms Tie Support for Consumer Chief Cordray to Bureau Reforms

The Financial Services Roundtable says it will support the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), provided Congress makes changes to CFPB’s structure. “Our members strongly believe the CFPB should operate under a more democratic …

Illinois Gets $1M for Consumer Insurance Help

Illinois has received a $1 million federal grant to improve how it helps consumers who have complaints about insurance industry practices. Illinois Department of Insurance Director Andrew Boron announced the award on Aug. 30. The funding comes through the Affordable …

Got a Gripe? Massachusetts Consumers Had Many in 2011

Home improvement contractors, used cars, insurance claims and foreclosure scams were among the top consumer complaints lodged by Massachusetts residents in 2011. Several state and federal agencies gathered Tuesday to release their lists of the top five consumer gripes of …

Connecticut Unveils ‘Insurance Checkup’ Campaign for Consumers

Consumers know what their premium costs every month, but not everyone really knows exactly what their homeowner or renter policy covers. To help consumers be well prepared before they have to make a claim, Connecticut Insurance Commissioner Thomas Leonardi unveiled …

Banks Having to Defend Credit Card Insurance

When Mariya Kruseck broke her tailbone snowboarding and lost her part-time job five years ago, the then 19-year-old college student was relieved she had bought payment protection to go with her credit card. But she said the product failed to …

McDonald’s Not Smiling Over Happy Meals Lawsuit

A lawsuit seeking to stop McDonald’s Corp. from offering toys with Happy Meals must be dismissed because parents can always choose not to buy the meals for their children, the hamburger giant said in a court filing late Monday. The …