Why has it taken 10 years to address the Equitable Life collapse?
It is difficult to appreciate how it has taken the UK government 10 years to come anywhere near answering compensation claims for the Equitable Life debacle back in 2000. Equitable Life was literally on the verge of collapse due to a number of retirement guarantees offered to customers which came back to bring the company to its knees. The company lost a high-profile court case which effectively forced the breakup Equitable Life and a nightmare scenario for many customers.
The new coalition government has recently indicated a potential compensation payment of around £500 million although this is only a fraction of that expected by campaigners on behalf of those who lost out. While the current UK government was obviously not involved in the Equitable Life debacle it has been left to carry the can and many experts are deeply disappointed about the potential compensation figure being mentioned. However, this does not answer the question as to why it has taken nearly 10 years for the issue to be addressed - although the final ruling will not come into play until late in 2010/early 2011.
Aside from problems relating to the Equitable Life collapse we must ensure we do not see a repeat of the situation in the future.
Insurer urges home owners to check alarms
Spring cleaning is an ideal opportunity to carry out checks on home security devices, according to a leading home insurance provider. A study conducted by Legal & General found that 30 per cent of households now have a burglar alarm. However, half of alarm owners admitted that they never checked whether the device was in good working order. Elaine Parkes, head of technical services for Legal & Gen...Read More
Is Fully Comp Cover Being Taken Away?
A quick look around the internet or a phone call to your local car insurance agent will give you the impression that Fully Comprehensive car insurance is still very much alive and kicking, but is it?
A survey by the Financial Mail has shown that slowly but surely insurance companies have been stripping away many elements of Fully Comprehensive cover that we all took for granted (and...
A critical illness plan pays out a lump sum if you are diagnosed with any of the policy's specified critical illnesses, but survive for a period of time after diagnosis (normally 28 days). The lump sum you get could be used to pay for things like nursing care, home-help or adapting your house to accommodate a disability. It could also pay off your mortgage or pay for a holiday to help you recov...Read More
Pet insurance urged for Christmas additions
Many parents will have got their child a pet as a present this Christmas, but few will have considered the importance of pet insurance, it has been claimed.Fair Investment Company is advising people who have got new pets this Christmas to ensure their new additions to the family are properly covered by pet insurance.People are being advised to cover their pet now while the animal is still young, b...Read More
Is it time to revamp motor insurance?
A report by Cardiff University has today hit the headlines with a suggestion last over 200 lives a year could be saved, as well as 1700 fewer serious injuries, if young drivers between the ages of 17 and 19 are restricted from driving at night. There are also calls for younger drivers to be banned from carrying young passengers with statistics showing that males under the age of 21 are 10 times mo...Read More