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BBC Radio 4's Money Box
Saturday, 10 October 2009 at 1204 BST On Radio 4 and Online
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If you have been sold Payment Protection Insurance (PPI) for a personal loan or a mortgage, you may soon receive an offer of compensation from the provider . Payment Protection Insurance, should pay a sum of money to help with monthly repayments on mortgages, loans, credit/store cards or catalogue
payments if you are unable to work. This could be due to accident, ill health or unemployment. Homeowners are to receive £60m in refunds after the Financial Services Authority this week forced insurers to reverse increases in the cost of mortgage protection cover. The FSA said it had intervened after insurers raised mortgage PPI premiums and restricted the circumstances under which customers would be eligible to claim. It is the latest action taken by the regulator. Last week the FSA also ordered firms to review 185,000 complaints from customers about PPI policies. The regulator says too many complaints about PPI are rejected by firms and then overturned by the Financial Ombudsman Service (FOS) in favour of the consumer. In May this year, the FSA ordered all firms to stop selling single premium Payment Protection Insurance with unsecured personal loans. We asked Jon Pain, the Financial Services Authority's Director of Retail Markets what customers can expect.
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High frequency trading
Stuart Theakston monitors high frequency trades
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Blink and you'll miss it. Shares bought and sold, profits made, no 'position' left and all in milliseconds. High frequency trading is increasingly popular and said to account for a huge proportion of all share deals. But could it bring the markets down? That is the fear of
some people in the industry. Paul Lewis interviewed Stuart Theakston, the head of high frequency trading at GLC hedge fund managers, and financial mathematician and critic, Paul Wilmott.
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Bradford and Bingley
Around 200 B&B shareholders attended a public meeting in March
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Shareholders in Bradford & Bingley had an opportunity this week to quiz the man who will decide what compensation they receive, following the bank's nationalization. In September 2008 all of Bradford & Bingley's retail branches and its savings accounts were transferred to Abbey. The rest of the business, including Mortgage Operations and Insurance were taken into public ownership by the government. Peter Clokey, a partner at PricewaterhouseCoopers has been appointed as the independent valuer under the Bradford & Bingley Compensation Scheme. Mr Clokey was one of the speakers at a public meeting for Bradford & Bingley shareholders and bondholders on Saturday, 10 October, 2009. Bob Howard reported from the shareholders meeting in central London.
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Conservative pension plans
Nigel Waterson, Shadow Minister for Work & Pensions
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The Conservative Party have announced that to save money they would bring forward the date when the state pension age would rise to 66 for both men and women. They claim that the money saved would allow them to stick to their pledge to link the state pension with rises in earnings. Under existing government plans the pension age for men will increase to 66 in 2026. The Tories have said they want to look at bringing that date forward to 2016 at the earliest. We discussed the plans with Nigel Waterson, Shadow Minister for Work & Pensions and MP for Eastbourne.
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BBC Radio 4's Money Box was broadcast on Saturday, 10 October 2009 at 1204 BST. The programme was repeated on Sunday, 11 October 2009 at 2102 BST.
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