View more on these topics

FSA raps building council’s contract

The National House-Building Council has amended the terms in one of its insurance policies after the Financial Services Authority found it to be unfair.

In a notice on its website, the FSA says the contract terms for the NHBC’s Buildmark product – an insurance policy which covers defects in new homes – were unfair because the contract defined ’defect’ as a breach of the NHBC requirements but it failed to set out what those requirements were.

The FSA therefore ruled that consumers would not know if they were entitled to make a claim under the policy as they would not be able to determine whether the requirements had been breached.

The contract term has now been amended so the word ’defect’ refers to a new page in the policy document where the NHBC requirements are set out.

The FSA, which says the NHBC co-operated fully in the matter, is warning other insurance firms to ensure that customers are given appropriate policy information.

Recommended

Marketwatch – January 2012

Swaps continued on their slight downward trajectory last week, with LIBOR again holding firm.

Law Society to step into Coventry mortgage arm’s insurance battle

The Law Society and the Solicitors Regulation Authority have been granted ’leave to intervene’ by the High Court in a case between Godiva Mortgages and Travelers Insurance company. Godiva, the intermediary arm of Coventry Building Society, is pursuing professional indemnity insurance firm Travelers for losses arising from alleged mortgage fraud. Godiva is just one of […]

Resilient market saw loans rise in November

A rise in mortgage lending in November has been welcomed as a sign that the market is holding up well amid the economic worries. Data published by the Council of Mortgage Lenders last week shows there were 47,000 loans for house purchase worth £6.9bn advanced in November 2011, up 3% by number and 5% by […]

Frexit & contagion risk in Europe

Many commentators have suggested the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune Head of European Equities Rob Burnett discusses the likelihood of this happening. Click here to read more Important informationInvestment risks Neptune funds may have a high historic volatility rating and past performance is […]

Newsletter

News and expert analysis straight to your inbox

Sign up