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."
Royal Bank of Scotland to be investigated by the FSA
The Financial Services Authority (FSA) has today confirmed that the complaints procedure currently in place at the Royal Bank of Scotland is to be investigated. This comes at a time when record complaints have been received by the Financial Ombudsman Service with Lloyds bank and Barclays bank very prominent in the figures. It will be interesting to see the scope of the investigation because at thi...Read More
British Gas customers facing further price hikes?
British Gas customers could be facing further price hikes amid soaring wholesale energy prices. In January, the energy giant imposed a 15 per cent increase on its tariffs, bringing the average annual dual fuel bill to £1,055 - a rise of £143. Meanwhile, bills for direct debit customers increased by an average of £131 to £968.Now a statement from the firm's parent company Centrica has suggested...Read More
Sir Thomas Legg had concerns about MPs expenses some time
The ex-civil servant Sir Thomas Legg, currently in charge of a review of MPs expenses, was it has been revealed a member of the committee back in 2004 which was created to look at MPs expenses. It has been confirmed that Sir Thomas Legg and other members of the committee had significant concerns about the expenses system as long as five years ago.
This may well explain why Sir Thoma...
Banks receive 21 million complaints in six years
26/11/2014 Banks have paid out a total of £38.5 billion in fines and compensation over the last 15 years, a joint study by Cass Business School and think tank New City Agenda concludes. Poor standards and mis-selling has lead to public mistrust of British banks, and the report showed that in the six years between 2008 and 2014, banks received a total of 21 million complaints. The fines...Read More
Royal Bank of Scotland continues loan book disposal
It is been revealed that Royal Bank of Scotland has this week sold on a £220 million loan book as the company continues to reduce assets held on its balance sheet. The company has confirmed on numerous occasions that around £258 billion of assets will eventually be released from the company's control and the ongoing sale of various loan books is part of this strategy. Oh how the mighty fallen...Read More