Royal Bank of Scotland to close half of its insurance offices
In a rather disappointing and surprise move it has been announced that Royal Bank of Scotland will be closing half of its insurance offices with Glasgow, Peterborough and Bristol earmarked for closure. This will result in well over 1000 jobs being lost amid signs that the company is looking to trim down its insurance operations, which include Churchill and Direct Line, ahead of a forced sale by the European Commission.
The company has already tried unsuccessfully to auction the two main insurance divisions although due to the fact that the UK government stepped forward with significant taxpayer backing it is now being forced to push these two operations towards new owners. When you consider that Churchill and Direct Line have been two of the most successful subsidiaries of Royal Bank of Scotland it seems rather bizarre that the company is being forced to sell the crown jewels to pay down debt and abide by EU state funding regulations.
There will no doubt be a number of competitors already looking over the books of these two operations which are two of the best known in the UK and two of the most successful.
Pensions Act 'to allow more National Insurance top-ups'
Around 500,000 Britons could benefit from new amendations to the upcoming Pensions Act.The rules over National Insurance contributions are to be relaxed, with people now allowed to top up shortfalls with one-off lump sum payments.Effectively, this will mean that many women, who took years off work to bring up children, will now be able to take out the full basic state pension.The change applies to...Read More
BCC demands increase in VAT not national insurance
The British Chamber of Commerce (BCC) has today pleaded with the UK government to increase VAT to 18.5% instead of increasing the rate of national insurance contributions. Figures from the BCC suggest that the scrapping of next year's national insurance contribution increase would benefit businesses by £5.1 billion while an increase of just 1% in the rate of VAT would bring in around £4.5 billio...Read More
UK insurance trap could hit 7 million people
It has been revealed that a number of UK insurance companies have small print built into their contracts, one of which demands that those acquiring policies need to reveal any past convictions or minor offences against their name. A recent case regarding a property which was the subject of an arson attack brought the small print to light when a £241,000 payment was paid back to Aviva after the co...Read More
Why Is The UK Credit Card Market Contracting?
News of job loses at HBOS was widely expected but the closure of the Intelligent Finance (IF) division was something which few had forecast, at least in the short term. The closure has seen HBOS reduce its exposure to the credit card market at a time when competition needs to be increased not reduced. So what it happening to the UK credit card market?
The UK credit card ma...
AA: Insurance premiums on the up
Car insurance premiums have risen by an average of £20 over the past three months, new AA data has shown.According to the firm's latest British Insurance Premium Index, young drivers have faced the sharpest rise in annual cover costs - and are now paying £45 more than they did in March.On average, car insurance premiums now cost £700 per year.Rises have also been registered for home buildings i...Read More