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."
Alistair Darling rules out US banking style levy
As we covered yesterday, Barrack Obama has revealed plans to introduce a new levy on the US banking system purely and simply to replenish taxpayer coffers which have been emptied because of the banking rescue package in the states. While there was speculation that the UK government would look towards a similar scheme in the UK, Alistair Darling has today suggested this is not an option and not up...Read More
Barclays Set For £4 Billon Cash Call
In a move which many saw coming some time ago it seems that Barclays is set to lodge a call for £4 billion from shareholders to repair the company’s balance sheet. If press reports over the weekend are correct, the management of Barclays is in talks with China Development Bank and Singapore based fund Temasek about additional cash injections, with both showing substantial losses against ea...Read More
Alistair Darling's growth forecast smashed to pieces
Today's news that the UK economy fell by a shocking 0.4% in the third quarter of 2009, against analysts expectations of a rise of 0.2%, has blown Alistair Darling's budget forecasts to pieces. He had originally suggested that the UK economy would move out of recession in the second half of 2009 yet we are now moving towards the latter part of 2009 and many analysts are now concerned that the UK co...Read More
Finance Ministers criticise Treasury’s spending cuts
24/08/2015 Finance Ministers in Scotland, Northern Ireland and Wales have claimed that the UK government is making spending cuts “too fast and too far”. The joint statement on spending has been issued by Scotland's Deputy First Minister John Swinney, Arlene Foster of the Northern Ireland Executive and Jane Hutt of the Welsh government. It claims that continuing austerity measures are po...Read More
Is It Right To Go After The Oil Companies?
As the likes of BP and Shell continue to announce record profits of billions of pounds there has been a resurgence in calls for windfall taxes for the oil companies. But is it right to hit a sector which is doing well at the moment, but has not always delivered to shareholders, or is it just masking problems with the tax regime in the UK?
It is easy to hit the oil companies when th...