UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requirement, something which is likely to be met by customers.
The UK has one of the most competitive insurance markets in Europe and yet again many people are pointing the finger at the EU commission, which is determined to crack the UK financial markets and bring them under the regulatory control of the European Union. In effect this has already happened with the various treaties signed by European member states but the UK government is set to tackle this particular issue head-on as it will have a detrimental effect on the UK insurance sector, pensioners and future rates of investment return.
The issue of increasing reserve capital is a direct consequence of the credit crunch which saw a number of "solid assets" collapse like a pack of cards once the financial system began to seize up.
What insurances can you reduce to save money?
The problem about the insurance market is the fact that each type of insurance is there for a reason even if it is not compulsory. However, when people are short of money, as many are in this current financial crisis, it can be very easy to either cancel or reduce all kinds of insurance cover from the car to your home, from the pet to your healthcare. But there are risks involved and sometimes i...Read More
Is bankruptcy an option in your financial situation?
As consumer debts continue to rise in the UK, despite historically low base rates, more and more people are now taking professional advice regarding their debts. Even though there are many options available such as debt consolidation loans, IVAs and Trust Deeds in Scotland it seems that more and more people are now being forced down the route of bankruptcy.
Even though bankruptcy is...
British Airways cabin crew vote on strike action
The British Airways cabin crew have today begun voting on potential strike action over pay and working conditions. The Unite union is suggesting that industrial action could occur fairly quickly after the election if members vote in favour of strike action. The union itself speaks for 90% of British Airways 12,000 cabin crew and voting on potential strike action will finish on 7 May, only one day...Read More
Government reviews pension enrolment guidelines
The UK government is believed to be reconsidering the level at which employees in the UK would be automatically enrolled into a pension scheme as well as a potential exemption for small companies. The original changes, which would see hundreds of thousands of employees in the UK automatically enrolled into pension schemes, are set to come into play in 2012 although we may see some changes to the o...Read More
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