UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requirement, something which is likely to be met by customers.
The UK has one of the most competitive insurance markets in Europe and yet again many people are pointing the finger at the EU commission, which is determined to crack the UK financial markets and bring them under the regulatory control of the European Union. In effect this has already happened with the various treaties signed by European member states but the UK government is set to tackle this particular issue head-on as it will have a detrimental effect on the UK insurance sector, pensioners and future rates of investment return.
The issue of increasing reserve capital is a direct consequence of the credit crunch which saw a number of "solid assets" collapse like a pack of cards once the financial system began to seize up.
ISA and Junior ISA deadline fast approaching
06/03/2014 As you may, or may not know, the 2013/2014 tax-year ends on April 5th. This means that those who are yet to use their full ISA and Junior ISA allowances could effectively lose out on their tax-exempt savings. It’s for this reason that any additional savings you might have in a regular bank account should be deposited into an ISA or Junior ISA before the April 5th deadline, in or...Read More
Norwich and Peterborough building society in the headlines
The Norwich and Peterborough building society is today facing potential legal claims on behalf of a number of customers who allege that they were mis-sold bonds provided by Keydata Investment Services. This is a company which collapsed in June 2009 and is under investigation by the Serious Fraud Office. A number of customers believe they were mis-sold various bonds associated with the company and...Read More
Will the HBOS saga ever end?
As the Scottish government continue to cause problems for the Lloyds TSB bank and HBOS merger this has attracted a furious response from HBOS which is accusing the Scottish government of using the company as a political pawn. Members of the Scottish parliament have been very vocal in their opinion that one or more alternative bids will appear over the next couple of weeks and this has a serious ch...Read More
Overcharged Brits urged to study household bills
Britons have been urged to scrutinise their household bills, in the wake of a study showing that millions of consumers have been overcharged for services. In a poll conducted by price comparison site Moneysupermarket.com, 34 per cent of respondents said they have found a mistake in their bill over the last 12 months.However, despite the evidence of errors in their billing, 50 per cent are failing...Read More
Mervyn King at loggerheads with financial community
There is growing resentment in the financial community regarding potential reforms backed by Mervyn King which would see financial sector loans and debt potentially converted into equity in troubled times. These are part of the ongoing discussions regarding the strengthening of balance sheets and the strengthening of the financial sector as a whole. But why are there concerns in the marketplace?...Read More