Royal Bank of Scotland to close half of its insurance offices
In a rather disappointing and surprise move it has been announced that Royal Bank of Scotland will be closing half of its insurance offices with Glasgow, Peterborough and Bristol earmarked for closure. This will result in well over 1000 jobs being lost amid signs that the company is looking to trim down its insurance operations, which include Churchill and Direct Line, ahead of a forced sale by the European Commission.
The company has already tried unsuccessfully to auction the two main insurance divisions although due to the fact that the UK government stepped forward with significant taxpayer backing it is now being forced to push these two operations towards new owners. When you consider that Churchill and Direct Line have been two of the most successful subsidiaries of Royal Bank of Scotland it seems rather bizarre that the company is being forced to sell the crown jewels to pay down debt and abide by EU state funding regulations.
There will no doubt be a number of competitors already looking over the books of these two operations which are two of the best known in the UK and two of the most successful.
Fat folk pay more premiums
Obese people may find that they are unable to purchase full life insurance policies or could find that their premiums are raised, according to the Association of British Insurers (ABI).Although losing weight could reduce premiums in the long-term, serious obesity, which constituted a massive health risk, if undisclosed at the point of application could lead to refusal when people attempt to make a...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
Brits are car insurance deal detectives
The results of new research indicate that most Brits are bargain hunters when it comes to choosing a suitable car insurance deal.A study conducted by the Fair Investment Company 57 per cent of those UK motorists quizzed named price as the most important element of securing cover on their vehicle.The level of cover was deemed much less important, with only 19 per cent viewing it as the crucial aspe...Read More
Land Of Leather Hit With Massive Fine
In a move which is as much as shot across the bows of the sector as a direct hit at Land Of Leather, the company has been hit with a £224,000 fine for potentially mis-selling up to 58,000 cases of Payment Protection Insurance (PPI). Even though the headlines are not as bad as they seem, the underlying message is loud and clear. While the figure of 58,000 was mentioned, this is not the actuall...Read More
Should there be more regulation of the UK insurance market?
If there is one area of household expenses which attract controversy and complaints it has to be insurance, with car insurance one which is always to the forefront. More and more people in the UK are now claiming that despite having a clean driving licence and a no-claims bonus they continue to see significations and ongoing increases in their premiums. Should there be more regulation of the UK ca...Read More