Scottish Widows' £25m payout for critical illness
Scottish Widows has announced that it has paid out over £25 million on 774 critical illness policies for the twelve months up to October 2006, but warns that 16 per cent of claims were turned down. The most common claim is for cancer, which accounts for 61 per cent of claims, followed by heart disease and strokes.However of the claims that failed, 53 per cent were refused because people had not disclosed information when they took the policy out and 43 per cent of people were denied a payout as the claim did not meet the policy definition.Richard Jones, interim protection market director at Scottish Widows, said: "Through its work with the Association of British Insurers and the Critical Illness Working Party, Scottish Widows has been working to address the issue of declined claims."To reduce non-disclosure, application forms have been improved to make them clearer for our customers. To reduce the incidence of a claim not meeting the policy definition, the industry has made real headway in improving the clarity of illness definitions - thus ensuring it is clearer to consumers about what is, and isn't, covered."Although the benefits, ie fewer declined claims, won't be seen for a couple of years, these measures all go towards making each step of the process - from application to claim - clearer for consumers."
Asda and Tesco announce one pound goods lines
Tesco has quickly followed Asda's lead with the announcement of a similar one pound goods program to that already announced by its fierce rival. However, consumer groups are concerned that the one pound range of goods is nothing more than a marketing campaign to attract the attention of the masses and increase sales of other ranges.
There is also a suggestion that the nutritional va...
David Cameron to get personal with attack on Labour leader
David Cameron will this week light the blue touch paper for the forthcoming UK election with a highly personal attack on Gordon Brown and his "secretive, power hoarding, controlling character". In what is sure to be one of the most personal attacks ever released by the Conservative party leader he will list a number of U-turns and "cynical attempts to save his own skin" which he believes will show...Read More
Savers on the back foot as spending power reduced
With UK base rates still at 0.5%, although likely to move higher in the short to medium term, savers in the UK were dealt a further blow today with news that inflation has jumped to 2.9% in December. This effectively reduces the spending power of money in the bank with savers unlikely to attract interest rates in excess of 2.9% at this point in time. So while in simple terms they may be receiving...Read More
Is the voice of the UK government weakening on the world scene?
As we approach the London G20 meeting there are serious concerns that the UK government is losing its power on the world scene and other governments around the world are "doing their own thing". Despite initially receiving substantial interest and support from other governments around the world for their massive stimulus package it would appear that many governments are looking towards the regulat...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