The Financial Conduct Authority (FCA) found some insurers short-changed customers on stolen or written-off vehicle claims, leading to £200 million compensation for 270,000 motorists, averaging £740 each.
To date, £129 million paid to nearly 150,000.
Review revealed automatic deductions for assumed pre-existing damage, disadvantaging well-maintained vehicle owners.
Insurers overhauled processes per Consumer Duty.
Sarah Pritchard, FCA deputy chief executive, noted changes ensure fair value; affected contacted directly.
No need for claims management companies.
Follows 2022 warnings on undervaluing, 2024 review of shortcomings, and Direct Line Group's review of five years' claims.
Admiral set aside £50 million in 2025.
ABI spokesperson acknowledged second-hand market volatility; members adjusted approaches.
Similar article confirms payouts, emphasizing contact by insurers and FOS for disputes.
This addresses historic injustices, promoting transparency in insurance.
Careful drivers particularly impacted, struggling for replacements.
FCA's actions enforce good outcomes, supporting claims process.
Broader implications for consumer trust in financial services.
2025-09-19 18:29:00
The Department for Work and Pensions confirms the £150 Warm Home Discount scheme will expand to include Universal Credit claimants from this winter.
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The state pension age is expected to rise again, leaving 1.5 million Britons in 'benefit limbo' who are too young to retire but have lost access to key benefits and tax credits.
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Chinese money launderer Zhimin Qian has been convicted in one of the UK’s largest-ever money laundering cases, bringing an end to a seven-year Met Police investigation into a global scheme to clean illicit cryptoassets by purchasing property.
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Drivers advised to verify QR codes in car parks to avoid fraudulent payment sites.
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Wales’ new Visitor Levy has been signed into law, giving Welsh councils the choice to introduce a tourism tax on overnight stays, with the earliest possible implementation date now set for 2027.
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The Liberal Democrats warn that an estimated 1.3 million people will pay an additional £285 a year in a 'stealth tax' if the chancellor freezes income tax thresholds.
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BMW sets aside £206.9m for potential car finance mis-selling payouts amid FCA investigation.
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UK housing market sees 2% price drop in Q3 2025, driven by high interest rates and economic uncertainty.
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A three-bedroom house in Nantlle filled with rubbish goes to auction with a £45,000 guide price, requiring full renovation.
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Expert warns of five common central heating errors adding hundreds to UK households' energy bills.
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10Bet Casino offers new customers a 100% matched deposit bonus up to £50 with specific terms and conditions.
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Experts advise simple methods for cleaning jewellery without special kits, emphasizing material durability and proper storage.
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American Express has raised the Platinum Card's annual fee to $895 while adding new perks like a $400 dining credit.
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DWP confirms state pension is on track for a 4.7% rise, giving retirees over £500 extra annually under the triple lock system.
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Dunelm’s 650W oil-filled radiator is back in stock, offering a low-cost heating solution praised by customers for its efficiency.
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Wedding expert Tracey Mudd warns newlyweds about potential fines of up to £1,000 for failing to update their names on official documents.
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The 2023 Atlantic Salmon 50p coin, with a mintage of 200,000, is one of the UK’s rarest, fetching up to £140.
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Barclays warns customers that from October 9, 2025, foreign currency cash deposits and withdrawals will no longer be available, affecting dollar and euro accounts.
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