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."
Homeowners advised to guard gardens
Homeowners need to review their garden security as summer fast approaches, Sainsbury's Bank has advised.Research from the financial services provider has revealed that summer sees an increase in the number of home insurance claims for stolen garden items.The average home insurance claim for garden theft is £291, with opportunistic thieves targeting furniture and expensive toys. Neil Laird, Sainsb...Read More
Are there problems in the US banking system?
After news that the Financial Services Authority has fined a third Morgan Stanley dealer for alleged trading violations there are serious concerns about regulatory and monitoring systems within many of the world's largest banking companies. While the headlines today and tomorrow will centre on Morgan Stanley and the new fine issued by the FSA there are concerns that the worldwide financial system...Read More
Now the government wants to charge you to park at work!
In a move which further justify the anger of many motorists around the UK, the local council in Nottingham have taken advantage of government regulations introduced in 2000 which allow a levy to be placed upon workplace parking. In effect employees will be charged to park their cars in their office car parks and factory car parks with the fee expected to start at £250 a year.
Distressed investment funds on the increase
In a sign of the times it has been revealed that a number of "distressed investment funds" have taken substantial stakes in some of the U.K.'s best-known companies. One such company is JJB Sports where Crystal Amber, an activist fund, has taken a near 15% stake in the troubled sports retailer over last few days. This is a situation which has and will be repeated across the UK economy as another ex...Read More
Millions of pounds in forgotten bank accounts
National Savings and Investments (NS&I) has announced that there is an estimated £435 million languishing in NS&I accounts that have been inactive for at least 15 years.NS&I is launching an advertising campaign to try and reunite customers with their money, which is most often 'lost' because customers move house without giving a forwarding address, forget an account opened for a child or executo...Read More