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.
Is it time to revisit your travel insurance arrangements?
The ongoing demise of the UK travel sector has prompted more people than ever before to review their travel insurance arrangements and check with their provider to see if they have sufficient cover. Many people are not only scared of losing their holiday money for those booked for the future, but if they do manage to fly out there is a concern that they may hit trouble trying to return.
CBI calls for wage rises and more free childcare
10/11/2014 The Confederation of British Industry (CBI) believe more free childcare and tax cuts for the low paid are two of many measures that are needed in Britain to raise living standards. The CBI represents 190,000 businesses in Britain and is having their annual conference in London this week. The UK living standards and Britons place in the European Union (EU) are believed to be the i...Read More
Good news for Irish sovereign debt
After this week's report by Barclays Capital suggested that the Irish government and the Irish economy may need outside assistance if the financial rescue package becomes any more expensive, there was some relief yesterday with news that Credit Suisse believes that the economy and government finances are strong enough to see the country through this troubled patch. However, it must be noted tha...Read More
Perilous pooches uninsurable?
Pet owners who have a pit bull may find it very difficult to obtain a pet insurance policy, as many large insurance companies are now refusing to provide cover for 'dangerous dogs'.Both Tesco and Churchill are among companies that will not offer pet insurance to any breeds listed under the Dangerous Dogs Act.A spokesperson for Churchill Pet Insurance said: "Certain dog breeds which are considered...Read More
Mortgage Market Review rules set to take effect
25/04/2014 Mortgage applicants will have to answer more stringent questions about their lifestyle when new mortgage rules come into effect on Saturday. The new rules will mean that mortgage applicants will have to answer questions about their expenditures as well as their income – this will include everything from energy bills to monthly food costs and even leisure activities such as going...Read More