Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
3.8m families 'a single pay check from losing their home'
15/04/2014 Almost 4 million families only have enough savings to pay a single month of mortgage repayments or rent, meaning they would be likely to lose their home if they found themselves out of work. Homeless charity Shelter surveyed 7,500 people and found that many people were living with the prospect of losing their home if they found themselves out of work.
Better short-term supp...Read More
Provide private medical insurance, ABI tells employers
The Association of British Insurers has advised employers in the UK to provide private medical insurance for their workers, detailing the benefits of making such a provision.Spokesman Jonathon French has highlighted the advantages of securing private policies for employees in the case of injury or sickness.He said: "It's certainly something which many companies consider a good thing for the sake o...Read More
Is the NHS under threat?
The NHS is the hot topic of the moment after two Tory MPs criticised the setup of the UK NHS system compared to the US health care regime. This has caused great embarrassment for David Cameron, leader of the Conservative party, and opened a debate which could play a significant role in the forthcoming general election. It is a debate which the Labour Party will use to try and overshadow everything...Read More
Alastair Darling defends his national insurance increase
Chancellor of the Exchequer Alastair Darling has today again defended his move to increase national insurance in 2011. This comes after the Conservative party announced a partial U-turn on the proposed increase by the Labour Party with those earning less than £45,400 a year to be protected from an increase in national insurance tax. The Labour Party has hit back with suggestions that the Conserva...Read More
Is the Royal Bank of Scotland set to be nationalised?
There are fears this evening that the UK government will need to nationalise the Royal Bank of Scotland after the share price collapse. Despite the government increasing its stake to 70% and promising to keep the business afloat via various guarantees it would appear that UK investors are not willing to give the company the benefit of the doubt. Despite receiving £32 billion of taxpayer's money o...Read More