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.
Protect your income against illness or injury as purse strings tighten for many
Studies throughout 2012 have revealed an increasing need for Britons to take out some kind of income protection insurance, in order to provide them with a financial safety net should they be unable to work due to illness or injury. It has been revealed that for a third of adults in the UK, the reality is they either spend more than their salary each month or simply just manage to break even. Ar...Read More
Most competitive car insurance providers named by site
A price comparison site has named the UK's most consistently competitive car insurance providers. According to research conducted by moneysupermarket.com's car insurance channel, the cheapest car insurers are Kwik Fit and Swiftcover with an average premium of £276.74. Meanwhile, Quinn-Direct and the RAC were named third and fourth best with average premiums of £282.80 and £289.59 respectively.H...Read More
Disabled holidaymakers advised to check travel insurance
Disabled holidaymakers have been advised to check their travel insurance to make sure it covers key areas. Brian Seaman, head of consultancy at Tourism for All, said individuals with a disability should ensure they have enough medication with them to last the trip and to check any accommodation they plan to stay in has sufficient facilities to cover their needs. He noted: "You may need to ask a fe...Read More
Simple ways to save money : Insurance premiums
The average home in the UK is likely to have a number of insurance policies in place including home insurance and car insurance to name but two. It is also well known that the vast majority of people throughout the UK tend to pay their premiums monthly rather than one-off payments at the start of every year. However, while there are upsides to paying monthly premiums there are also significant dow...Read More
Pet policy disputes rise by 60 per cent
After the Financial Ombudsman Service (FOS) reported a massive rise in complaints about pet insurance policies last year, experts are urging that owners read the small print to check that their animal is adequately covered.The majority of the cases called were found in favour of the insurers because policyholders had failed to disclose pre-existing conditions.FOS spokeswoman Emma Parker told the T...Read More