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.
Lloyds bank in talks to scale back asset protection plan participation
After yesterday's revelation that Lloyds bank failed a Financial Services Authority (FSA) stress-test, regarding its plans to withdraw from the UK government's asset protection scheme, directors have now put forward a scaled-down version of the scheme. It is believed that Lloyds bank directors are currently in talks with the UK Treasury regarding a possible reduction in the company's asset protect...Read More
Is It Time To Consider Private Healthcare?
As the average life expectancy of the UK population continues to rise quicker than even government experts had expected, many are now being forced to consider private healthcare for themselves and their family. The NHS has been creaking under the strain for some time and while some areas of the NHS are still 'free' the service is slowly being privatised by the very government that created the ins...Read More
Fraud costs insurers '£4m a day'
Insurance fraud costs UK insurers some £4 million a day, new research has indicated.A survey by the Association of British Insurers (ABI) found that one in ten adults had admitted to filing a fraudulent insurance claim.The trade body said that their dishonesty was adding an average of almost £40 to the annual premiums of other policyholders and costing the industry £1.6 billion a year.Policyhol...Read More
The £500 million hidden car insurance cost
A report by comparethemarket.com has suggested that the UK drivers are being charged in excess of £500 million a year extra, just to cover the cost of those driving with no insurance. The figure works out at an extra £31 for the average cost of car insurance in the UK, something which law abiding citizens are some how forced to cover. But why?
As the figure is brought into the p...
Don't automatically renew your travel insurance
Many people across the UK automatically renew their home insurance, car insurance and travel insurance for example without ever considering the consequences. Aside from the fact that many do not even consider looking around for better rate, what is the point of renewing your travel insurance if you do not have a holiday booked this year or next?
While it may sound crazy to the vast...