Drivers lie over claims to insurance companies
Millions of British motorists would lie to insurance providers to avoid jeopardising their claim, a new survey suggests.The study by Moneysupermarket found that 2.5 million drivers in the UK would bend the truth to ensure they received a payout.When asked what they would do if they had failed to lock their car properly leading to it being stolen, 26 per cent of motorists said they would resist telling the truth until their conscience caught up with them.Only 18 per cent of motorists said they would give the full facts without being pressed, while 41 per cent would own up to their carelessness if asked. "It's extremely worrying that one in three drivers would actively attempt a cover-up if their carelessness led to a claim," Richard Mason, managing director of insurance at moneysupermarket, said."People may not see the omission of certain facts as fraud, but if these facts helped lead to the claim then thatÃ¢â‚¬â„¢s exactly what it is. "We would urge all drivers to tell the full truth; insurance fraud is a criminal offence and the overall consequences could be far more costly than the sums they are trying to salvage by being economical with the truth."Insurers are often seen as the bad guys, but there are two sides to any relationship and drivers need to own up to their mistakes," he added.It seems that the Welsh are most honest when it comes to revealing the truth, with a quarter saying they would have no problems admitting the true sequence of events.
UK banks made £15 billion in first six months of 2010
The big five banks in the UK this week reported combined profits of £15 billion in the first six months of 2010 in sharp contrast to the massive losses reported last year. Despite the fact that UK taxpayers now stand on a £6.7 billion paper profit on investments in Royal Bank of Scotland and Lloyds Bank there is still concern about the level of liquidity in the UK business and consumer markets....Read More
Government attacked over financial regulatory reforms
The UK government will today come under attack from a committee of influential MPs who have been studying the proposed changes to the financial regulatory system in the UK. In a positive move for the Conservative party, which has been critical of the UK government's proposals from day one, the committee will suggest that intended changes are nothing but cosmetic and under the surface the UK regula...Read More
Recession 'virgins' unprepared for downturn
Many young Britons hooked on cheap credit and will struggle if the economy goes into recession, Fool.co.uk warned yesterday.For its Recession Veterans vs Recession Virgins survey, two groups were questioned by the financial website.One one hand, older people who had previously faced recessions, on the other, younger spenders who have only known economic growth.Generally, when an economy slows, che...Read More
Is your credit card spending out of control?
Despite the fact that credit card interest rates remain relatively high it seems that more and more people are still using their credit cards to delay the impact of their overall financial situation. Unfortunately more and more people are literally storing up more and more problems for the future and their debts are quickly moving out of control. So what can you do? While there is no doubt that...Read More
Bank of England leads the attack on high street lenders
The Bank of England has today led the charge for high street lenders to release more funds to the consumer and corporate markets with a veiled threat to reduce the interest rate which UK banks receive on their funds held in central bank reserves. When you consider that between HSBC, Royal Bank of Scotland, Barclays, Lloyds bank and Northern Rock, there is over £157 billion held by the Bank of Eng...Read More