Thursday, December 1News That Matters
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Tag: customer

Facility for obtaining electronic customer consent extended till March 2021 for life insurers

Facility for obtaining electronic customer consent extended till March 2021 for life insurers

Finance
MUMBAI: Regulator IRDAI has extended the facility for life insurers to obtain the consent of prospective policy holders electronically by three months till March 31, 2021. In view of the disruption of normal business activity following outbreak of the coronavirus pandemic, IRDAI in August, on an experimental basis, had permitted life insurers to obtain consent of customers for pure risk products (policies which do not involve any savings element) electronically till December 31. On a review of the working of the arrangement and on the basis of feedback from the life insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has now extended the time period and the facility to all products. "Life Insurers are allowed to obtain the customer's consent through electronic m...
‘Banks can’t recover money lost in fraud from customer’

‘Banks can’t recover money lost in fraud from customer’

Finance
KOCHI: Banks cannot ask a customer to repay money lost through online fraud using its powers under SARFAESI Act as it is a disputed transaction, the high court has held. Banks would have to approach a civil court to recover the money from the persons responsible, the court said. After referring to two rulings by the Supreme Court and a ruling by the high court that banks are liable for unauthorized withdrawals, Justice A Muhamed Mustaque said in the judgment, “Thus, it is clear that the bank cannot claim any amount from the customer when a transaction is shown to be a ‘disputed transaction’. The bank can recover from the customers only when it can unequivocally prove that the customer was responsible for such transaction, independently through the civil court. The RBI guidelines is a clear...
Metro top and RBS bottom in banks’ customer ratings

Metro top and RBS bottom in banks’ customer ratings

Business
Customers have provided a ray of sunshine for Metro Bank as the embattled business topped official satisfaction ratings.Metro was joint top with First Direct, with 82% of personal British customers saying they would recommend the banks to their family and friends.Metro has seen its share price nosedive in recent months and is looking for a new chairman.RBS remained bottom of the twice-yearly customer rankings.The survey was the result of demands from the UK's competition authority to encourage switching and competition on customer service. Banks must prominently display the results in branches, on websites and apps.In Northern Ireland, HSBC was top of the ranking among personal customers, with a satisfaction rate of 77%. ...
Money Shop plans £18m customer payout pot

Money Shop plans £18m customer payout pot

Business
By Mark Kleinman, City editor One of Britain's biggest short-term consumer lenders is to ring-fence an £18m compensation pot for creditors as it prepares to wind itself up following a surge in customer complaints.Sky News has learnt that Instant Cash Loans (ICL), which owns The Money Shop, Payday Express and Payday UK, has been in talks with the City watchdog for several weeks about the programme. Sources said that ICL would begin writing to up to 2 million customers on Tuesday to seek their support for a scheme of arrangement, under which they could receive payments if they have a valid complaint about a loan they took out from the company.ICL is owned by the US-based hedge fund HPS Investment Partners, which has taken the decision to close a business...
BA faces £183m fine over customer data breach

BA faces £183m fine over customer data breach

Technology
By John-Paul Ford Rojas, business reporter The owner of British Airways is facing a fine of £183.4m after a data breach which saw personal details belonging to 500,000 people compromised.The Information Commissioner's Office (ICO) has told the International Airlines Group (IAG) that BA will be penalised under the Data Protection Act, and that the fine will be equivalent to 1.5% of its worldwide turnover for 2017. BA boss Alex Cruz said the airline was "surprised and disappointed" while IAG chief executive Willie Walsh said BA would make representations to the ICO about the scale of the fine, and could appeal it.The record penalty is the first under tough new data protection rules that came into effect in 2018. Facebook was last year fined £500,000 by t...