Royal Bank of Scotland on the verge of Direct Line sale
Despite the fact that Royal Bank of Scotland had initially wanted to sell its Direct Line insurance division in 2012 via an IPO it is believed the company is on the verge of announcing a trade sale very soon. There is speculation that figures such as Warren Buffett, the investment guru, have already stepped forward to show their interest in what is a quality operation.
It seems rather strange that Royal Bank of Scotland is effectively being forced to sell the family silver because of the way it was rescued by the UK government. However, these are the rules of the EU and the bank and the UK government have been forced to abide by them. There is no doubt that many interested parties will step forward in the knowledge that the company is a "forced seller" and cannot therefore in theory hold on for the best price.
When you also consider the company is also being forced to sell its Churchill Insurance operation it is highly likely that Royal Bank of Scotland will exit this particular area of business in the future. This is a company which is slowly but surely being stripped of its former jewels as a consequence of the deeply damaging credit crunch.
Rugby fans urged to check travel insurance
Rugby fans heading off to foreign shores for the Six Nations tournament should be ensure they are covered for accidents, even though their trips are likely to be short in duration, a travel insurance provider has warned. According to Halifax Home Insurance, travellers frequently opt to head abroad without travel insurance for weekends having reasoned that because their trip is so short the risk of...Read More
Hastings Insurance Hit With £735,000 Fine
Well known car insurance company Hastings Insurance has been hit with a £735,000 fine after it cancelled a number of motor insurance policies at short notice after finding a pricing error in their system. In total the group cancelled 4,550 motor policies after checks revealed that quotes were on average £539 cheaper than they should have been. However, the group has been strongly criticised fo...Read More
FSA confirms 3 million payment protection insurance plans under review
The Financial Services Authority (FSA) has today confirmed that around 3 million people may well be eligible for compensation payments which could top £2 billion over the alleged mis-selling of payment protection insurance (PPI). So far the authorities have received in excess of 100,000 complaints regarding PPI and there are many more expected in the short to medium term. The authorities have...Read More
Car insurance cost falls, and ministers target whiplash fraud
The cost of insuring your car has fallen at the fastest rate in the last 20 years, as an average of £80 was saved per policy over the last 12 months. The news comes as ministers announce plans to reduce the cost of motoring, focusing on bringing down the amount of fraudulent whiplash claims, which result in higher premiums for everyone. The fall in motor insurance, announced by the AA Brit...Read More
Will the rise in national insurance affect the NHS?
The Conservative party has today stepped into the row regarding a 1% increase in national insurance from 2011. While there is no doubt that the move will raise billions of pounds for the UK government, allowing them to strengthen the UK plc balance sheet, many people have overlooked the fact that the NHS is the U.K.'s biggest employer. A 1% increase in national insurance will increase the wage bil...Read More