Young drivers could become 'uninsurable'
Young drivers could be priced out of the insurance market if action is not taken to reduce the number of deaths and injuries caused by motorists aged under-25, one insurer has warned.Speaking following the release of a new education pack aimed at teaching school pupils about the impact of dangerous driving, Co-operative Insurance (CIS) warned that such drivers were responsible for causing 35 deaths and serious injuries each day, with premiums for youngsters subsequently rising as a result.According to the insurer, the cost of insuring young motorists has jumped by 22 per cent over the past three years, compared to just two per cent for all other drivers.CIS director of general insurance, David Neave, stressed that if the trend continued, a "whole generation" of drivers could become uninsurable."If this trend continues many young car owners will be unable to afford insurance and that will inevitably lead to a rise in the number of uninsured motorists on the roads and that would have major consequences for us all," he warned."The impact of serious road traffic crashes not only affects people's lives but also has a considerable affect on future premium levels," Mr Neave added, stressing that the industry had a "duty" to take action in order improve safety and to make insurance premiums more affordable for young, inexperienced drivers.CIS, which has teamed up with the road safety charity Brake to launch an education pack based on its earlier DVD, Too Young to Die, said that the new resource would help teachers run lessons for 15 to 21-year-olds, encouraging them to act responsibly on the roads.The initiative follows last month's call by the Association of British Insurers (ABI) for learner drivers to be given a minimum one-year 'learning period' before gaining their license in order to cut the number of road deaths.Giving evidence to parliament's transport select committee, ABI director of general insurance Nick Starling also argued that young, newly-qualified drivers should be subject to limits in regard to the number of passengers they are allowed to carry.
Barclays bank challenges PPI ban
It has been revealed that Barclays bank, along with Lloyds bank, is set to challenge the UK government's controversial decision to ban the sale of payment protection insurance when credit arrangements are agreed. The ban, which will come into force in October 2010, will see a cooling off period of seven days before any credit provider can approach a customer regarding the sale of payment protectio...Read More
Standard Chartered puts aside £750 million bonus pot
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Why is the gender pay gap still so large?
As we covered in one of the earlier post, the gender pay gap in the financial sector hits a high of 55% in the city against an average in the UK economy of 28%. While emphasis is being placed upon the city, where the pay gap and bonus gap is the largest, many people seem to be missing the point that on average there is still a 28% gap between the remuneration of men and women doing the same job. H...Read More
Barclays bank receives £2.45 million fine
Barclays bank has today received a £2.45 million fine from the Financial Services Authority (FSA) in relation to faulty reporting of transactions which may or may not have deprived the FSA of vital market statistics. This is by far and away the largest transaction reporting fine and the eight largest fine ever issued by the FSA. So what exactly did Barclays do wrong?
The issue aros...
Interest rates 'might go to 4%'
A financial analyst has predicted that interest rates might bottom out at four per cent this year.Capital Economics suggested cutting rates can have a revitalising effect on the economy - as it makes borrowing for cards, mortgages and personal loans less expensive. The comments follow two rate reductions from the Bank of England over the past four months due to the apparently stagnating UK economy...Read More