Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than this, with 2,345,000 corporate PMI subscribers in 2006 an increase of 4.1 per cent on 2005's total of 2,254,000 corporate subscribers.Collectively, personal and corporate PMI plans now cover 5.9 million people in the UK. Commenting on the statistics, Nick Starling, the ABI's director of general insurance and health, said: "Private Medical Insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries. It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain's hard-pressed health service. "It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury."
UK government announces sweeping job cuts at Land Registry
Is it a coincidence that the government yesterday confirmed 1500 job losses at the Land Registry, which is an official government department, with five regional offices set to close?
This comes at a time when the UK government admitted a £92 million five-year programme to reduce the cost of this particular department and also earmarked the Land Registry for disposal as part of a £...
The FSA attacks insider traders
The Financial Services Authority (FSA) has this evening launched a heavy attack on the U.K.'s investment banks, lawyers and accountants accusing them of failing in their duty to stop employees using privileged information. The FSA has for some time been looking at ways and means of reducing "insider trading" which has been a bugbear of the regulator for many years. The recent civil action against...Read More
PPI removed from financial sector as of today
Payment Protection Insurance (PPI), the controversial insurance which has proved very lucrative for many financial institutions throughout the UK is today banned from sale in the country. The Financial Services Authority (FSA) recently acted upon the advice of a prominent report into PPI and the problems related to this particular investment vehicle.
In essence, the vast majority of...
BT announces profits fall but pension fund concerns are greater
Despite announcing first-quarter figures which showed profits down 45%, it is the issue of BT's final salary pension scheme which is causing more concern amongst investors. This is the largest UK final salary scheme in existence and is currently said to be around £8 billion in deficit. Even though the figure of £8 billion may well have fallen after the recent run of the UK stock market, there ar...Read More
Asda announces ambitious plans for the future
UK retailing giant Asda has today announced plans to become the nation's biggest seller of clothing, homewares and entertainment by the year 2015 as well as the second largest food retailer in the UK. These are ambitious plans for the company after a major management reshuffle earlier this week appeared to cast some doubt on the short-term direction of corporate plans. So what exactly does Asda ha...Read More