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.
Prudential Directors Cancel Orphan Fund Payments
Just a few months ago it was suggested that the Prudential was looking at the possibility of authorising a one-off payment to policy holders in exchange for giving up their future rights to the company’s so called orphan assets. There were rumours that the payment would have been several hundred pounds for each of the company’s 4.5 million policyholders, but the company has decided no...Read More
Mortgage protection, otherwise known as mortgage payment protection insurance (MPPI), is a product designed to pay your mortgage repayments in the event that you lose your regular income. There are a variety of different types of mortgage protection insurance on the market, and they will all have different conditions within them. This type of insurance is not compulsory, although some loan prov...Read More
Why shopping around for your car insurance is vital!
As we covered in one of our recent articles on motor insurance, the AA reported a 7.2% increase in average car insurance premiums in the final quarter of 2009. However, the annual increase in car insurance premiums is well into double digits and there is serious concern that motorists will be hit with higher and higher premiums in the short to medium term. Many of us will have been with the sam...Read More
Gordon Brown forced to reconsider national insurance rise in 2011
Gordon Brown is tonight under serious pressure from backbenchers to reconsider the 0.5% increase in National Insurance which he intends to implement in 2011. The move is forecast to increase costs to UK business by something in the region of £2.65 billion and severely dent industries ability to bounce back from the ongoing recession. While 2011 may seem some time away, the ongoing UK recession is...Read More
EU Gender Directive: Have you heard about it?
What is the EU Gender Directive? The EU Gender Directive relates to a ruling across the EU for equal treatment between men and women, which means that providers will no longer be able to price insurance and annuities on the basis of gender. When does the EU Gender Directive come into place? The EU Gender Directive comes into force as of Friday 21st December 2012, from there onwards provid...Read More