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."
Can the Conservatives afford not to increase taxes?
Ken Clarke has today opened a debate regarding taxation and the potential increase of both income tax and VAT in the short term. While there has been no official comment from the leader of the Conservative Party, David Cameron, there is no doubt that any party in power after the next general election will need to increase taxes across the board. We will also see a significant reduction in public s...Read More
EasyJet pulls back on growth numbers
Budget airline EasyJet has today announced a halving of its forecast growth rate from 15% to 7.5% with founder Sir Stelios Haji-loannou said to have been a prominent figure behind the scenes. It seems as though the founder, who still controls 38% of the airline shares, had become very concerned about over expansion in a recessionary period.
While there is no doubt that the original...
Is Santander considering a float of UK businesses?
Santander, the enormous Spanish finance group, is considering a potential flotation of its UK operation which now includes Abbey, Bradford & Bingley and Alliance & Leicester. Central to these plans appears to be the possibility of acquiring up to 300 branches from Royal Bank of Scotland which has been forced to reduce its high-street exposure by the European commission. The sale of Royal Bank o...Read More
Britons score £24 billion in bonuses
More than £24 billion in bonuses was handed out to UK workers in the last year, financial services firm Birmingham Midshires says.Twenty-nine per cent of 2,000 survey respondents received a financial "pat on the back" from their employers, the research claims, with the average bonus being £1,758.But whereas the number of those being rewarded with a bonus has doubled since 2005, the average windf...Read More
Scottish tuition fees system to be revised
The very fact that students in Scotland do not pay any fees towards their further education has been a bone of contention with English counterparts for many years. However, despite the fact that Vince Cable this week suggested the possible introduction of a graduate tax it would appear that the Scottish authorities are looking at a "uniquely Scottish solution". So what could this be? At this mo...Read More