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.
Is it time to review your car insurance?
If there is one area of the insurance market which continues to attract the wrath of UK consumers it has to be the car insurance sector. This is an area of the insurance market where premiums constantly seem to go higher and higher with legally insured drivers also paying the price, and the cost, of those who drive on the UK roads without insurance. So is it time to review your car insurance? M...Read More
Brits plan to spend, spend, spend this Christmas
Britons are planning to put their financial worries on hold this Christmas and spend, spend, spend, a survey by market analyst Mintel shows.Rising interest rates, the beginnings of a slump in the housing market and the ongoing effects of the recent credit crunch mean that 32 per cent of those polled said that money was now tighter, but many were not planning to adjust their Christmas spending acco...Read More
Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned tha...Read More
LV Fined £840,000 For Miss-Selling Insurance Policies
Liverpool Victoria is one of the oldest insurance companies in the UK market but a near perfect copy book has been blotted somewhat with news that the group has been fined £840,000 by the Financial Services Authority. The fine is a huge blow to the company which has long been regarded as one of the more customer friendly insurance companies.
The fine relates to the sale of persona...
Have you considered taking out private health insurance?
As the UK NHS continues to become more and more overstretched there are serious concerns about the medium to long term future of this well respected institution. The UK NHS system is unrivalled around the world although unfortunately this has attracted many overseas "health tourist" who in the past have been known to leave without paying for their treatment. As funding because more and more diffic...Read More