Homeserve Mis-selling Scandal Drops £500m off Share Price

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Homeserve Insurance Mis-selling and Pressure Tactics Finally Appear on FSA Radar [31st Oct 2011]

It is being suggested that the next big mis-selling scandal could involve the UK's "5th emergency service" Homeserve. The company has, this week, stopped all sales calls from its call centres amid questions regarding scare tactics used by their call centre staff. The scandal has also led to more than £500 million being wiped off the company's share price. A report released this week has found that staff breached the code of conduct as laid down by the Financial Services Authority. It is claimed that cover was sold without fully explaining to customers what they were paying for. It is thought that customers may be in line for compensation payments if it is found they have been mis-sold a policy. Chief executive Richard Harpin has commented that they have taken swift action in suspending 100 staff. He says that marketing of their services will resume once they are sure that all necessary processes are in place.

The price comparison site Moneysupermarket.com is warning homeowners to check their personal liability insurance is in place this week as bonfire night approaches. They say that recent statistics show that 6,600 people are injured in fireworks accidents each year and that the householder could be liable for a personal injury claim if it happens on their property. Peter Harrison from the site has commented that most home insurance policies will cover the homeowner for this, but it is important to check as the amounts offered do vary.

With insurance fraud involving personal injury claims becoming more and more prevalent, a new in-car camera is thought to be the latest weapon to prevent claims being made against innocent people. Mycamerawitness.com has introduced a camera which records and films what the driver is doing and keeps data about the speed travelled and how the car has been driven. Those who install the camera can expect to save money on their insurance premiums as a result. Len Hope from the company behind the camera has said that staged accidents are now very common and can lead to huge personal injury claims and legal costs. This camera will help to prevent this. The camera costs £320 and includes extras such as a high visibility jacket, a hazard warning light and a warning triangle.

A worker who was seriously injured while working for a food processor has received more than £12,000 for her injuries. Bakkavor Foods pleaded guilty to health and safety breaches after an investigation which found that equipment was being used without a guard for ten years. The employee was dragged into a machine after her arm became caught between rollers and a conveyor belt. She had to have plates put in her arm due to a serious break. She was off work for eight months. It was found that the rollers were often cleaned while they were spinning and the accident was seen as being inevitable by investigators. The company have said that they hope to provide a safe environment for employees and they offered their apologies to the employee. Improvements have been made at the plant.

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