Re: Hamilton/HFC/Endeavour - Reclaim PPI
And more........
http://www.competition-commission.or...nd_app_7_1.pdf
Vertical integration
And more........
http://www.competition-commission.or...nd_app_7_1.pdf
Vertical integration
- Further, vertically-integrated distributors demonstrated that switching to an independent underwriter was feasible in practice. On 1 November 2007, HSBC, which had previously underwritten a proportion of its PPI business in-house, entered into a five-year agreement with Aviva (Norwich Union) to provide home insurance, PPI and travel insurance products for HSBC’s UK consumers. In addition, HFC, a subsidiary of the HSBC Group, sold its in-house underwriting business, Hamilton Insurance Company and Hamilton Life Assurance Company, to the Aviva group.8 This indicated that barriers to switching were not insurmountable and that the vertically-integrated distributors could switch to third party supply of underwriting services, given sufficient financial incentives.
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