Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insurance creation, set up the esure business with HBOS back in 2001.
However, since HBOS became part of the Lloyds bank group there has been friction between Peter Woods and the Lloyds bank management and the sale of the Lloyds bank stake was expected by many. Esure is a well-known insurance brand in the UK and is also the owner of the infamous Sheilas Wheels brand with its array of striking adverts on the TV.
The company specialises in various niche markets and has made an excellent name for itself with profits topping £38 million in 2008. Quite what Peter Woods has in store for the future remains to be seen but he appears relieved to be on the verge of taking total control of his "baby".
Brits urged to take action over mis-sold PPI
Britons who suspect that they have been mis-sold payment protection insurance (PPI) should act now to claim compensation, a consumer magazine has advised. According to new research conducted by Which?, over the last five years up to two million people who have been sold the cover are likely to find they will not be able to make a claim. This is because they fall foul of exclusions stipulated withi...Read More
Equitable Life saga goes on
The Equitable Life nightmare goes on for the UK government with news that the Equitable Members Action Group (EMAG) has obtained permission to take the UK government to court amid demands for significant compensation. The near collapse of Equitable Life saw many policyholders lose a significant chunk of their retirement savings and even though this happened nearly a decade ago the UK government ha...Read More
Don't automatically renew your travel insurance
Many people across the UK automatically renew their home insurance, car insurance and travel insurance for example without ever considering the consequences. Aside from the fact that many do not even consider looking around for better rate, what is the point of renewing your travel insurance if you do not have a holiday booked this year or next?
While it may sound crazy to the vast...
Car insurance costs 'soar'
The cost of insuring a car has risen significantly over the last year, according to a new study, particularly for people who pay by monthly instalments.Research conducted by uSwitch revealed that the amount spent on car insurance and fuel has risen nearly £500 to an average of £2,482 a year.Motorists who pay their premiums monthly rather than in a one-off payment could be paying £624 million mo...Read More
Banks under investigation for PPI mis-handling
09/09/2013 Two unnamed banks are reportedly under investigation for the mis-handling of PPI complaints. The banks have been accused of rejecting an ‘outrageous’ amount of valid PPI complaints, something that Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) described as “absolutely not acceptable.” Furthermore, the financial ombudsman, who deals with comp...Read More