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."
Ferrero no longer sweet on Cadbury
Italian confectionery giant Ferrero has today formally ruled itself out a potential bid for Cadbury on the eve of the deadline for new offers. There had been reports in some financial papers that Ferrero was looking towards a joint offer with Hershey but this has now gone by the wayside leaving the way open for Kraft Foods to acquire the UK operation. The American giants now has until 2 February t...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
BAA wins appeal against airport sale
Just a few months ago BAA (the largest airport operator in the UK) received a ruling from the Competition Commission that it would have to dispose of three airports within a given timescale because of a reduction in the level of services being delivered to customers. The airports in question were Gatwick, Stansted and either Edinburgh or Glasgow with a two-year timescale on the "forced" sale. W...Read More
ISA and Junior ISA deadline fast approaching
06/03/2014 As you may, or may not know, the 2013/2014 tax-year ends on April 5th. This means that those who are yet to use their full ISA and Junior ISA allowances could effectively lose out on their tax-exempt savings. It’s for this reason that any additional savings you might have in a regular bank account should be deposited into an ISA or Junior ISA before the April 5th deadline, in or...Read More
Mervyn King Fires The First Warning Shots of Recession
Mervyn King, the governor of the Bank of England has fired the first warning shots that the UK is heading for a recession. In a very honest assessment of the UK economy he suggested that the country is in a worse situation than at any time since the Second World War. However there was more doom and gloom to follow....
In line with the views of many experts in the City he has confi...