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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.


Marketwatch – January 2012

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

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