Insurance fraud hits low-income consumers
The Financial Services Authority (FSA) has recently issued a number of fines in relation to insurance fraud which has left many people underinsured or in some cases uninsured despite paying their premiums. However, despite the fact that many consumers have forwarded this their premiums in good faith and assumed that the relevant cover has been taken out many will find the shocking reality when they try to claim in the future. So what can consumers do to protect themselves?
If you take out an insurance policy with any third party you should demand to see the relevant paperwork which should confirm the date when the cover began, the premiums and details of the cover offered by the insurance company. Alarm bells should start ringing if you pay your premiums but do not see sight of the correct paperwork within an "appropriate" space of time.
Even though the FSA has undergone a number of investigations into the insurance industry and uncovered a number of frauds there are many more going on under the surface. Consumers, the authorities and the insurance industry as a whole need to be more alert and more aware of the potential problems and take the relevant action as soon as possible.
Royal Bank of Scotland set to be tested on insurance division sale
Despite rumours at the Royal Bank of Scotland, which is now majority owned by the UK government, is looking to cancel the ongoing sale of its £7 billion insurance division there are suggestions of a late entry into the sales process. Private equity giant Apollo Management and BC Partners are rumoured to be set to mount a late joint bid for the £7 billion division which may test the nerve of the...Read More
Royal Bank Of Scotland Feeling The Pain
News that Zurich Financial Services has dropped out of the bidding for the Royal Bank of Scotland's insurance division has brought the UK banking group back into the limelight with concerns that the insurance sale may have to be pulled, or raise less than the £7 billion mentioned at the onset. Even though the group recently raised £12 billion from a fund raising with shareholders, and sold anot...Read More
Talking on phone while driving could 'invalidate insurance'
Motorists who are involved in an accident because they are using their mobile phone while driving may invalidate their insurance claims for car repair or replacement, the Association of British Insurers (ABI) has warned. A spokesperson for the organisation said that although damage to other people's cars or property and to other people will always be covered by motor insurance, damage to the drive...Read More
Should you buy private healthcare?
The private healthcare issue is very similar to the pensions situation as the value of the NHS to each and every person in the UK is diminishing under a mountain of executives, healthcare trusts and excess spending. The days when you were able to go to the doctor and arrange an immediate appointment at the hospital have long gone with many people waiting years to get treatment.
Extreme weather prompts insurance warning
Homeowners in areas set to be hit by extreme weather conditions have been advised to check their home insurance policies. Earlier this week, the Met Office confirmed that severe gales are due in South West and South East England and in Wales and London. Heavy snow is also anticipated to fall in Wales and in the north and west of Scotland. With the gales in particular capable of causing damage to h...Read More