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."
PwC predicts possible double dip recession
A leaked report by PwC has today cast doubt upon the UK government plans to overhaul the UK banking system. The report was commissioned by major banks in the UK such as Barclays, HSBC and Royal Bank of Scotland and suggests that the introduction of new rules, to govern capital adequacy and banking liquidity, could actually reduce liquidity in the UK market place and push the UK economy back into r...Read More
Will we see a pre-general election boom?
As we draw closer to the next general election, which many predict will occur in mid-2010, a number of experts in the field of economics are suggesting we may well see a pre-general election boom orchestrated by the UK government. It is no surprise to see the UK authorities taking a more hands-on approach towards regulation, possibly to the demise of the Bank of England, although how they will use...Read More
Head of Royal Mail calls on unions to "shut up"
Adam Crozier, the head of Royal Mail, has this evening set the scene for some very difficult negotiations later this week after telling the unions to "shut up". In what many believe are the last ditch talks before more strike announcement prior to Christmas, this is a high-risk strategy by the head of Royal Mail and one which could backfire spectacularly!
It would seem that Adam Cro...
Royal Bank of Scotland fined £28.6 million in competition law breach
Royal Bank of Scotland (RBS) has been fined £28.6 million by the Office of Fair Trading (OFT) after it was revealed the company shared confidential details about the pricing of its loan service with staff at Barclays bank. Quite why staff from Royal Bank of Scotland would want to share confidential information with competitor Barclays bank is a mystery but the issue came to light after Barclays b...Read More
Do I really need an emergency fund?
In these times of economic difficulties it can often be easy to live hand to mouth, and indeed many people have no choice but to do this, with many questioning the need for an "emergency fund". Where possible it would be sensible to maintain some kind of emergency funds in the event of unforeseen circumstances which if you're living hand to mouth could literally bankrupt you. However, how do you b...Read More