Direct Debit insurance 'con'
The average charge each year levied against Britons choosing to pay for home contents insurance via Direct Debit is £31, a new survey shows.Abbey Home Insurance estimates that British households are paying a total of £290 million per year simply for the convenience of paying their home contents insurance premiums by Direct Debit.An estimated 9.3 million people pay for home insurance by Direct Debit and many are not aware that they are often charged for doing so, with 44 per cent of the 215 home contents policies on the market levying a fee for Direct Debit customers.Average APR on charges for payment by Direct Debit is 19.16 per cent per home insurance policy, with the highest rate charged set at 34.9 per cent. This means that, with the average annual premium for contents insurance at £160 a year, customers are paying an average of £31 a year extra for Direct Debit transactions.Prasad Shastri, Abbey head of insurance marketing, said: "Using Direct Debit to buy home insurance is not a service you should be paying for. There is no point using a competitively priced insurer if they then go and add to your annual bill using back-door methods."A recent study by financial website MoneyExpert discovered that car insurance customers pay as much as £182 extra in fees when they opt to pay their premiums monthly by Direct Debit.Consumers are advised to check that they have the appropriate level of home contents cover and are not being charged high additional amounts to pay their premiums by Direct Debit in order to ensure they have the best rate for the level of cover they require.
High street bounces back
Retail sales rose at their fastest rate for more than two years in February, official data has revealed.According to the Office for National Statistics (ONS), sales on the high street were up 1.4 per cent between January and last month.The news is welcome relief to retailers, who experienced a 1.8 per cent new year sales slump in the first month of 2007."There were robust increases in February for...Read More
Tories set to split the Labour Party and business community
It is becoming more and more evident that the Conservative party is placing itself between the Labour Party and the business community. In truth, the Conservatives have had a lot of help from Gordon Brown and Lord Mandelson over the last few days as their attack on the Conservative party's national insurance strategy continues unabated. So will this parting of the ways cost Gordon Brown the next e...Read More
Banks to face competition inquiry
18/07/2014 The UK banking industry is set to face an inquiry after a study by the Competition and Markets Authority (CMA) found that the current account and SME lending markets “lack effective competition”. At the moment, the largest four banks own more than 77% of the current account market and more than 80% of small business lending. This led the watchdog to claim that too many bar...Read More
Young fraudsters on the rise
28/07/2014 The cost of fraud committed by people aged 26-35 increased by 285% during the first half of 2014, according to a report by accountancy company KPMG. Fraudsters in this age group conned their victims out of £62m in the six months to July 2014, meaning there could be a shift in who the stereotypical con artist is. The research suggested that fraudsters are getting younger due to...Read More
Royal Bank Of Scotland Set To Report Largest Loss In Banking History
The Royal Bank of Scotland (RBS) is set to announce the largest ever loss in UK banking history this week with some analysts forecasting a lose in the region of £1 billion, but some suggesting it could be as high as £1.7 billion for the first 6 months of 2008. The loss is going to severely dent the reputation which the bank as built up over the decades and lead to major pressure on the company'...Read More