Scottish Widows' £25m payout for critical illness
Scottish Widows has announced that it has paid out over £25 million on 774 critical illness policies for the twelve months up to October 2006, but warns that 16 per cent of claims were turned down. The most common claim is for cancer, which accounts for 61 per cent of claims, followed by heart disease and strokes.However of the claims that failed, 53 per cent were refused because people had not disclosed information when they took the policy out and 43 per cent of people were denied a payout as the claim did not meet the policy definition.Richard Jones, interim protection market director at Scottish Widows, said: "Through its work with the Association of British Insurers and the Critical Illness Working Party, Scottish Widows has been working to address the issue of declined claims."To reduce non-disclosure, application forms have been improved to make them clearer for our customers. To reduce the incidence of a claim not meeting the policy definition, the industry has made real headway in improving the clarity of illness definitions - thus ensuring it is clearer to consumers about what is, and isn't, covered."Although the benefits, ie fewer declined claims, won't be seen for a couple of years, these measures all go towards making each step of the process - from application to claim - clearer for consumers."
Standard Chartered puts aside £750 million bonus pot
Banking giant Standard Chartered has today announced profits of £3.4 billion which is a 13% increase on the previous year. However, the company has also announced plans to put aside a £750 million bonus pot which again puts the UK banking sector in the spotlight. However, Standard Chartered is slightly different to the rest of the UK banking sector as its main focus is Asia where it is a very pr...Read More
Will US banking giants move to London after US banking levy is introduced?
In a rather bizarre quirk of fate, the announcement by Barrack Obama of a levy against the US banking sector to replenish taxpayer's funds may well play into the hands of the London market. Despite the fact that the UK government is pressing ahead with a 50% banking bonus tax the playing fields between the US and UK are now more level than they have been for some weeks. On the face of it, it seems...Read More
Is This The End Of Final Salary Pension Schemes?
News that the UK's top 100 companies have seen a massive fall in their pension funds values has led to suggestions that the end of the final salary pension scheme is nearing. In total the top 100 companies in the UK saw pension fund values fall from a surplus of £12 billion this time last year to a deficit of £41 billion today. The trend is being replicated across the board in the final salary...Read More
Asda takes price promotions to a new level
UK supermarket giant Asda has today revealed that customers will be refunded the difference if they find their groceries cheaper at any rival supermarkets. In a bid to grab back the company's falling share of the supermarket sector Asda has set up a website whereby customers type in their receipt details and can compare the cost of their goods to those sold by the likes of Tesco, Morrison, etc. If...Read More
Whittard enters administration
Whittard of Chelsea entered administration late yesterday - putting its 950 employees' jobs at risk.The tea and coffee merchant, established in 1880, was immediately snapped up by a private equity firm, however.It is currently unknown as to whether any of Whittard's 130 outlets in the UK will close, or if staff numbers will be cut.Angela Swarbrick at Ernst & Young, the firm called in when Whittard...Read More