Why has it taken 10 years to address the Equitable Life collapse?
It is difficult to appreciate how it has taken the UK government 10 years to come anywhere near answering compensation claims for the Equitable Life debacle back in 2000. Equitable Life was literally on the verge of collapse due to a number of retirement guarantees offered to customers which came back to bring the company to its knees. The company lost a high-profile court case which effectively forced the breakup Equitable Life and a nightmare scenario for many customers.
The new coalition government has recently indicated a potential compensation payment of around £500 million although this is only a fraction of that expected by campaigners on behalf of those who lost out. While the current UK government was obviously not involved in the Equitable Life debacle it has been left to carry the can and many experts are deeply disappointed about the potential compensation figure being mentioned. However, this does not answer the question as to why it has taken nearly 10 years for the issue to be addressed - although the final ruling will not come into play until late in 2010/early 2011.
Aside from problems relating to the Equitable Life collapse we must ensure we do not see a repeat of the situation in the future.
Saga predicts spike in home thefts
Home insurance firms are braced for a flurry of claims in upcoming months, Saga suggested today.New figures from the provider show that burglary numbers in November are 24 per cent higher than those in February.The report also said that thefts from homes are at their highest levels from October to December, with a particular rise generally seen after the clocks go back to GMT.This occurs on Sunday...Read More
Does Insurance Against Accident, Sickness And Redundancy Pay?
The last few weeks have seen a substantial rise in the number of the UK population looking towards some form of personal cover for accidents, sickness and redundancy with many fearing the worst in the weeks and months ahead. But do these policies really pay and are there any catches?
On the surface it seems very sensible for someone to put themselves and their family's financial se...
Income tax and national insurance could be merged
22/07/2015 Income Tax and National Insurance could be merged into a single “earnings tax”, as chancellor George Osborne has commissioned a review into the simplification of the tax system. David Gauge, the Financial Secretary to the Treasury initiated the new review into the issue by writing to the Office for Tax Simplification (OTS). In the letter he referred to the parallel tax system...Read More
Wills 'time-bomb' must be defused, says NCC
Over 27 million people in England and Wales do not have a will, creating a 'time-bomb' that urgently needs to be defused, the National Consumer Council (NCC) warned today. Research conducted by the NCC into will-writing behaviour found that most people who do not have a will blame not having got around to making it, or said that they did not want to think about dying. Steve Brooker from the NCC...Read More
Tesco announces new insurance partner
Tesco is set to increase its presence in the UK insurance market if a deal with insurance giant Fortis goes ahead. The deal would allow the Dutch-Belgian company to offer car and household insurance to the ever-growing number of Tesco insurance customers. If the deal is concluded, as seems highly likely, this would see Tesco's current partner, the Royal Bank of Scotland, lose its involvement in a...Read More