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.
Equitable Life sufferers to receive compensation
The government has finally come clean with regards to the shocking saga of the collapse of Equitable Life. Many thousands of UK investors lost substantial amounts of money when the former insurance company collapsed after a bid to reduce its mortgage guarantee liabilities. The announcement of a compensation scheme administered by the government comes with an apology from Treasury Minister Yvette C...Read More
Older people face insurance prejudice, says charity
Many older people who are healthy and want to travel are "frequently shown the door by ageist travel insurers" who will not cover provide them with cover, a spokesperson for the charity Age Concern has said. According to Age Concern, as many as 92 per cent of travel insurance policies impose upper age limits on who they will cover, and up to a third of people report having experienced age discrimi...Read More
Legal action launched over air passenger duty
Tour operators have launched "substantial" legal action over the government's air passenger duty (APD), claiming that the levy breaches international aviation agreements.APD, which ranges between £10 for European economy flights to £80 for business class long-haul flights, was doubled earlier this month following an announcement made in the chancellor Gordon Brown's pre-Budget report last Decemb...Read More
Have you got wedding insurance for your big day?
While there has been a significant reduction in the number of weddings in the UK over the last decade the cost of the "big day" continues to rise each and every year. With the average wedding now costing a figure approaching £20,000 many people should be looking towards wedding day insurance to cover any potential problems on the big day and in the run-up to the big day.