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."
National living wage increased
04/11/2013 The national living wage has been increased by 20p to £7.65 an hour, affecting more than 30,000 low paid workers. More than 30,000 workers will likely receive a pay rise of up to £400 a year after the voluntary ‘living wage’ scheme has been increased by 20p per hour. Although the scheme is voluntary, over 400 employers have signed up to the scheme which Rhys Moore, director...Read More
Hedge Fund Launches Collapse
Once the darling of the new age investment era, it seems that the investor love affair with hedge funds may be taking a break. It has been revealed that there were fewer hedge funds launched in the first quarter of 2008 than at any other time over the last eight years. The sector has also seen a substantial rise in the number of hedge fund being liquidated, a sign that investors are pulling thei...Read More
Toyota set to recall 437,000 Prius hybrid vehicles
After days of rumours it has been confirmed that Toyota is to recall 437,000 Prius hybrid vehicles amid concerns about the car's software and how it reacts to breaking on slick surfaces. While not all Prius hybrid vehicles will be recalled, the announcement will affect around 8,500 vehicles in the UK acquired before January 27. This is just the latest in a long line of damaging headlines about Toy...Read More
When did you last review your tax code?
It may surprise many to learn that the vast majority of people in the UK have no idea what their tax code is or how it relates to their situation. The vast majority would not even know where to find a tax code on their payroll slip with even less chance of knowing their relevant allowances. Unless you review your own tax situation there is no way that the Inland Revenue will repay any tax they hav...Read More
Goldman Sachs defends bonus levels
As we covered in one of our recent post, Goldman Sachs recently announced impressive profits and millions upon millions of pounds put aside for bonus payments. The company has since been under pressure for from governments around the world and has this weekend come out fighting with a suggestion that the level of bonuses allocated to certain members of staff are a sign of recovery and should be ta...Read More