Consumers Should Know More about Saving Limits Protection
A recent survey has suggested that banks should be more transparent about the amount that can be saved and protected if the bank goes bust.
More than 80 percent of MPs surveyed for the Financial Services Compensation Scheme said it should be made clear when deposits exceed the £85,000 compensation limit.
The scheme ensures that consumer’s money is not lost in liquidation if a bank goes under. It is funded by industry insiders and covers up to £85,000 for single savings accounts and £170,000 for joint accounts.
The survey concluded that whilst the body was successfully safeguarding consumer’s savings, banks should be more clear read more »
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Five Million Job Hopping Brits are Losing Track of Pensions
According to the Daily Mail, job hopping is causing millions of UK workers to lose track of pension plans leaving billions of pounds unclaimed as workers enter retirement. The amount is said to be built up by young workers changing jobs regularly at the start of their careers. As a result billions of pounds are being left unclaimed by workers throughout the UK. Findings made by Age UK suggest that almost a quarter of adults have lost track of at least one of their pension schemes, while many who have lost their pensions are unsure about where to start to find and claim them.
Lucy Harmer from Age UK said, ‘With the number of jobs we have read more »
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Some Long Awaited Goods News About the Economy
Today saw the announcement of some improvements to the UK economy. According to the British Retail Consortium UK retail sales rose by 1.9 percent on a like for like basis from March 2012. The increase in the economy was explained due to an early Easter falling in March and in turn boosting sales on the high street and in shopping centres. Online sales increased around this time even more so with ecommerce retailers seeing growth of 6.6 percent.
Helen Dickinson, Director General of the British Retail Consortium described the news, ‘This is a positive result, which rounds off a first quarter of cautious optimism for many retailers. Easter fell read more »
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Gallagher Heath and Beating Bowel Cancer Form New Partnership
Those above a certain age or those with pre-existing medical conditions, especially anyone suffering from bowel cancer, will understand how difficult it can be to find adequate travel insurance.
However, thanks to a deal between Gallagher Heath and Beating Bowel Cancer, this should now become much easier. The plan will see Unique, the broker’s specialist insurance scheme for people with pre-existing medical conditions provide access to covers whilst also helping to fund the charity’s work.
Customers will now have access to travel insurance without a need for medical screening or upper age limits on single trip policies. They will also read more »
Mortgage Initiative a Failure?
According to the Irish Times today, it looks as though as few as eight families have benefitted from a government “mortgage to rent” initiative launched a year ago.
The project was designed to help those in “serious mortgage distress” by allowing them to surrender their homes to a housing agency who in turn rent it to the original owners, however if recent figures are anything to go by it doesn’t seem to be as successful as first hoped. So far, sales have been agreed on just 20 properties, of which 8 have been completed.
Furthermore, the amount of people falling behind on their mortgages has continued to rise, with the Central read more »
Woman to Retire on Less Than Men
A new report carried out by insurer Prudential has found that woman’s pensions are expected to be less than their male counterparts. Retiring women expect their annual retirement to be more than a third less than men, with a gender gap creating a difference of around £6,500. Women on average retire on £11,750 compared to £18,250 for men. This year’s research show that the difference between the two sexes has increased by 13 percent since last year.
The survey looked at over 1000 men and women at retiring age and took into considered their plans and expectations. Stan Russell, retirement expert at Prudential, said, ‘The pension gender read more »
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Long Awaited Payday Loan Crackdown Delayed
The proposed clampdown on payday loan companies will be delayed by as long as several months after it emerged administrative errors have resulted in some payday loan companies not being issued with a formal letter of their offences.
The Office of Fair Trading previously reported a deep concern for payday loan operators and the way they were carrying out business including unclear contracts and sky-high interest rates. In response the OFT promised an overhaul of payday loan companies after reviewing the top 50 and finding cause for concern in some particular company. Since this the OFT were supposed to send a formal letter to each company read more »
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Co-op to sell Life Insurance and Pensions Branch for £219 Million
Customers of the Co-op will no doubt have felt their ears prick up today as the firm revealed plans to sell the life insurance and pensions arm of its business to Royal London, the country’s largest mutual life and pensions company, in a deal expected to boost the possibility of it landing more than 600 Lloyds branches.
The move will be of interest to over 2 million life and savings customers, which it has acquired since its formation in 1867. Subsidiaries which will be transferred across to Royal London include CIS Unit Managers, a unit trust business.
The Co-op is also speculated to be considering other asset sales, including its read more »
Holidaymakers warned of Spanish EHIC Card Scheme
Holidaymakers are being warned to take care if they need hospital care in Spain as many are finding themselves at hospitals which are refusing to accept the European Health Insurance Card that provides free or state equivalent healthcare in EU countries.
The Telegraph is reporting that tour operators, taxi drivers and even police could be receiving backhand payments to direct tourists to cash-strapped hospitals. Tourists are presenting their EHIC, only for it to be refused and are then presented with a substantial bill.
The European commission has warned Spain that it could take formal legal action such as an infringement procedure if these read more »
Insurance Watchdog Prepares EU for New Risk Rules
The EU’s Insurance watchdog announced it is to take action on preparing insurance companies ahead of new rules set to bring major changes to the industry’s risk and capital management. The European Insurance and Occupational Pensions Authority (EIOPA) has released draft guidelines relating to systems of governance, risk assessments, reporting procedures as well as the process for getting individual capital models approved by regulators.
The EIOPA stated recently that it hopes to hopes the guidelines, known as Solvency II will take effect on January 1st 2014.
In the meantime, the chairman of the EIOPA, Gabriel Bernardino has advised read more »
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