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.
Gordon Brown's Big Give-Away we will all pay for
He stepped up to the centre stage, he smiled for cameras and then Gordon Brown attempted to blow away all the problems which he has encountered over the last 12 months, but he forgot one thing. He forgot to tell the consumer who would be paying for the £1 billion giveaway, he forgot the basic rules of economics.
Mr Brown told a packed press conference that over £910 million pound...
Indian Insurance Market Attracting UK Interest
As the UK economy continues to struggle there are signs that some of the larger UK insurance companies are making a major play for a slice of the Indian insurance market. As the Indian economy continues to go from strength to strength, even as the worldwide economy struggles, it has become apparent to many that India offers great potential for the future. The likes of Standard Life and Aviva ha...Read More
Brits will be forced to retire later
Research has shown that the vast majority of independent financial advisors (IFAs) believe that increasing numbers of people will be so strapped for cash that they will have to retire later in life even if they do not want to keep working.According to Aegon's latest survey, 88 per cent of IFAs believe the average retirement age will rise significantly in the next ten years, with more people unable...Read More
Nationwide’s mortgage lending falls by almost £1b
25/11/2014 Nationwide Building Society’s mortgage lending has fallen by almost £1 billion over the past six months, its interim results show. Nationwide, Britain’s biggest building society, has released figures showing lending at £13.1bn for the six months to September 30, down £900m from the six months to March 30. Net lending was £2bn lower at £3.6bn. New mortgages lending rul...Read More
Scottish and Southern Energy announces 4% price cut
Despite the fact that Scottish & Southern Energy, which supplies gas and electric to 10,000,000 families in the UK, has announced a 4% reduction in gas charges it has incurred the wrath of many consumer associations. This equates to a £30 a year reduction in gas bills although the move will not come in until 29 March which signifies the end of the winter period. While there have been a number...Read More