FSA tells Lloyds to ‘get a grip’ on pet insurance fiasco
News from This is Money:

By Jo Thornhill

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Senior bosses at Lloyds have been ordered by an angry City regulator to ‘sort out’ the Halifax pet insurance fiasco that has led to dogs and cats being put down or handed over to rescue charities.

Sources at Lloyds say the Financial Services Authority is ‘losing patience’ with the bank and demanding that it ‘gets a grip’ and provides ‘fair, reasonable solutions’.

The crisis emerged last year when Lloyds abruptly stopped offering pet insurance through its Halifax and Lloyds brands.

Nightmare: Gail Skinner, who had Halifax cover for Stitch, left, Phee and Kis, says she would struggle to pay vets’ bills if the dogs became ill

Existing policyholders whose animals suffer costly, ongoing conditions cannot now find alternative cover – and must pay cash for any treatments, or face having their pets put down.

Insurance regulations include a broad principle relating to firms’ long-term commitments to consumers and it is beli…………… continues on This is Money

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