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."
George Osbourne calls for FSA to block excessive bonuses and remuneration
Shadow Chancellor of the Exchequer George Osborne today called for the Financial Services Authority (FSA) to become instrumental in the blocking of large remuneration and bonus packages for UK banks. On a BBC current affairs programme he questioned the right of all UK banks, which have all benefited to some extent from taxpayer investment into the sector, to effectively use taxpayer funding to pay...Read More
Is the UK government about to offload banking share stakes?
The UK government is today under pressure to begin disposing of taxpayer share stakes in Royal Bank of Scotland and Lloyds bank after this week's results season began. The stakes are now in profit to the tune of around £5 billion although there is a growing consensus that now may well be the time to begin reducing UK taxpayer exposure. So is now the right time to sell? The truth is that there...Read More
Industrial production drops sharply
The UK could be facing a worse recession than previously thought, new data suggests.Bleak industrial production figures from the Office for National Statistics (ONS) show that output decreased by 1.7 per cent in October.This is more than three times higher than analysts' previous expectations.The new production data also brings the annual rate of decline to 5.2 per cent - the biggest one-year drop...Read More
Don't be "hoodwinked" when it comes to mobile phone insurance, says Biba
People who upgrade their mobile phones often don't realise that their existing mobile phone insurance will not cover their new phone, according to Peter Staddon of the British Insurance Brokers' Association (Biba). Mr Staddon urged people to be better educated when it came to their insurance policies, giving the example of mobile phone insurance, where often when people take out a policy at the po...Read More