Private medical insurance popularity grows
According to figures from the Association of British Insurers (ABI), the number of people taking out Private Medical Insurance (PMI) has risen year-on-year for the first time in recent years.In 2006, 1,030,000 individuals took out personal PMI policies, up 1.8 per cent from the 1,012,000 personal PMI policies in 2005.The number of businesses taking out corporate PMI has increased even more than this, with 2,345,000 corporate PMI subscribers in 2006 an increase of 4.1 per cent on 2005's total of 2,254,000 corporate subscribers.Collectively, personal and corporate PMI plans now cover 5.9 million people in the UK. Commenting on the statistics, Nick Starling, the ABI's director of general insurance and health, said: "Private Medical Insurance offers people greater choice of treatment and other services for a wide range of medical conditions and injuries. It also takes pressure off the NHS, so by buying PMI, people are effectively reducing the burden on Britain's hard-pressed health service. "It is encouraging that more individuals are choosing to buy PMI for themselves and their families. PMI bought by companies on behalf of their employees has continued to increase in popularity too, helping to ensure that people can get back to work sooner after illness or injury."
NAPF calls on government to guarantee pension protection fund
The National Association of Pension Funds (NAPF) has today released a statement urging the UK government to guarantee the pension protection fund. This is the industry financed arrangement with funds used to compensate those who may have lost money in a failed pension fund or pension arrangement. The NAPF has also suggested the government needs to be more flexible regarding rules for pension schem...Read More
Sale and rent back agreements to be regulated
The Financial Services Authority will regulate the sale and rent back market from 1 July in a move which will protect many homeowners in the UK who have been tempted by the scheme. Historically these particular schemes, which see property sold at below the market price in exchange for a long-term rental agreement, have attracted the attention of cash-strapped investors looking to maximise their as...Read More
Why has the UK banking sector been hit so hard?
The very downbeat and depressing assessment of the UK banking sector by credit rating agency Standard & Poor's has cast a very dark cloud over the UK economy. More and more people are wondering exactly how the UK economy appears to have been hit harder than any other around the globe with the UK banking sector still under enormous pressure. It is difficult to understand exactly why the UK banki...Read More
Personal bankruptcy is set to soar
As the UK housing market comes under more and more pressure we are seeing an increase in personal bankruptcy with a number of homeowners literally walking away from their debts and declaring themselves bankrupt. As we have covered the last few days, over 40,000 people were evicted from their homes in 2008 and this figure is expected to mushroom in 2009.
This has led to something of...
How often should you speak with your financial adviser?
Financial advice is a very tricky subject and one which many people have differing views on. How often should you speak with your financial adviser? Do you really need a financial adviser? Is it possible to look after your own financial affairs?
The bottom line is that when you have an important investment decision to make you should always take advice from appropriately qualified p...