Insurance FEES FEES FEES , the great UK RIP OFF

1connect

I am fed up to the back teeth with these fees that claim to be for admin, alterations etc etc etc ... MSE PEOPLE IT IS TIME TO CHALLENGE THESE PROFITEERING INSURANCE COMPANIES AND THEIR MONEY MAKING FEES...

I have found out the current situation:

The FSA (Financial Services Authorities) have legislation stating they can ONLY charge you the ACTUAL cost of replacement docs, or a policy amendment , cancellation etc AND NOT A PENNY MORE ... what's more the HAVE TO BY LAW provide you a breakdown of those fees to prove the cost is no more than their charge ...

SO PEOPLE next time you are taken for a MUG by these people then tell them you are making a COMPLAINT and ask them to raise that COMPLAINT , then tell them that you do not believe the fee charged is the actual cost and ask them to send you a breakdown (even if the agree to waive the fee - STILL COMPLAIN and STILL INSIST) once you have the information then email this along with your complaint about the amount of the fee and the fact you don't actually believe it costs £21 /£31 / £41 etc to change a computer screen and mail you confirmation...
THEY HAVE SAID THEY WILL INVESTIGATE ANY COMPANY THEY BELIEVE IS PROFITEERING FROM THESE CHARGES ...

ALSO IT MAY PAVE THE WAY FOR A HISTORICAL REFUND OF FALSE FEES...

SO MY DEAR FELLOW MSE FOLK , DON'T BE TAKEN FOR A MUG ASK EM TO PROVE IT AND REPORT THEM...

Who knows if we see enough people that are sick to the back teeth of this CON they may have to introduce a fee cap etc, as happened with the cost of data access following the 1992 data protection act ... (ie rip of £10 a print now forced to £1)

Also if you KNOW any inside information on u
insurance company revenues from this line on the balance sheet the spill the beans, in any event this issue is only one that can be dealt with via "people power" when we all say ENOUGH IS ENOUGH so lets do something!!! :T

All the best

1connect

send your UK RIP OFF FEE COMPLAINT TO
[EMAIL="consumer.queries@fsa.gov.uk"]consumer.queries@fsa.gov.uk[/EMAIL]
if you don't get satisfaction take it up with the HEAD of the FSA in writing, and also take it up with your MP.
Good luck and lets show them we have had enough of this situation.WE ARE NOT MUGS AND WE ARE SICK OF BEING TAKEN FOR A RIDE...

Final thought ... if these fees were real they would end up at 2 decimal places ... for example £7.28 , so the breakdown would calculate to that , strange isn't it that they all round numbers to a full £1.00 ... so lets think for a moment here there is a 100 to 1 chance of the ACTUAL COST being a round pound , YET THEY ALL CHARGE TO A ROUND POUND ... what does this tell you ? coincidence or RIP OFF? you decide. personally I think it just says what we already know...

final final thought ... if you have not been charged one of these yet and you have the regular set of policies , then it will only be a matter of time before YOU ARE ££££

dunstonh

MSE PEOPLE IT IS TIME TO CHALLENGE THESE PROFITEERING INSURANCE COMPANIES AND THEIR MONEY MAKING FEES...

You mean you prefer it when the insurance premiums were higher and everyone paid for the servicing costs whether they used them or not?

The FSA (Financial Services Authorities) have legislation stating they can ONLY charge you the ACTUAL cost of replacement docs, or a policy amendment , cancellation etc AND NOT A PENNY MORE ... what's more the HAVE TO BY LAW provide you a breakdown of those fees to prove the cost is no more than their charge ...

What FSA guideline is that? The FSA rarely make any such ruling and expect companies to be profitable. As long as the charge is fair, the FSA tend not to get involved.

then tell them that you do not believe the fee charged is the actual cost and ask them to send you a breakdown (even if the agree to waive the fee - STILL COMPLAIN and STILL INSIST) once you have the information then email this along with your complaint about the amount of the fee and the fact you don't actually believe it costs £21 /£31 / £41 etc to change a computer screen and mail you confirmation...

They dont have to give you an answer to that.

Your "campaign" if successful would only see one result. Higher insurance premiums for everyone.

lisyloo

NO thanks to your campaign from me.
I tend to keep the same address, husband and car for quite a while.
I have no issue with people that don't, just that I think they should pay for the admin connected with their changes instead of expecting more "boring" people like me to pick up the tab as well.

Sorry, but pay for your own admin, thanks.

If you have a problem with the level of fees rather than the principle then check them up front in the documentation you are sent and meant to read and get a policy that suits you.

Of course there is a drive by many to get the minimum premium price and they don't read the policy and then they are somehow suprised when the dirt cheap policy they bought isn't flexible.

READ your documents and get a policy that suits your circumstances, or forever hold your piece.

A lot of people go for lowest price without considering the issues,

I don't honestly think your campaign will get very far. Not becuase it doesn't coincide with my opinions, but I think you have no chance.

raskazz

1connect wrote: »

The FSA (Financial Services Authorities) have legislation stating they can ONLY charge you the ACTUAL cost of replacement docs, or a policy amendment , cancellation etc AND NOT A PENNY MORE ... what's more the HAVE TO BY LAW provide you a breakdown of those fees to prove the cost is no more than their charge ...

That's interesting. Which legislation would that be? I presume you are referring to ICOBS, in which case could you tell me which section contains this supposed clause?

1connect wrote: »

THEY HAVE SAID THEY WILL INVESTIGATE ANY COMPANY THEY BELIEVE IS PROFITEERING FROM THESE CHARGES ...

Have they? I haven't heard any such statement through the insurance press and can't find any such press releases on the FSA's website.

BruceyBonus

You agree to the fees when you take out the policy. If you don't like it, go to another company.