Tag archives: TCF

Australian report on health insurers is worth looking at

A report to the Australian Senate on anti-competitive and other practices by health insurers and providers of private health insurance is worth looking at by anyone engaged in health insurance in South Africa. You will find some interesting information regarding the type of coverage provided in Australia and the criticisms of health insurance practices in … Continue reading

Some TCF ideas from the UK

The forthcoming UK Insurance Act has some useful ideas about treating customers fairly. Pre-contractual representations cannot be converted into warranties and “basis of the contract clauses” have been abolished. Specific warranties can still be included in the policy. It is, by the way, not a good idea to incorporate the application for insurance in the … Continue reading

You can have TCF compliant products but be fined for treating customers unfairly

South African insurers must take cognisance of the importance of Treating Customers Fairly and the handling of complaints. Lloyds Banking Group has been fined £117 million in the UK for failing to fairly handle payment protection insurance (PPI) complaints. From March 2012 to May 2013 Lloyds Banking assessed customer complaints relating to 2.3 million PPI … Continue reading

TCF: Directors fined for mis-selling

The South African market should not take Treating Customers Fairly lightly. The Financial Conduct Authority (FCA) fined Swinton Group Limited £7.4 million for an aggressive sales strategy that resulted in the mis-selling of monthly add-on insurance products. The FCA has now also fined three former executives of Swinton £928 000. The executives have been banned from … Continue reading