Two companies have announced new travel insurance policies this week, just in time for people setting off for their Christmas breaks. Insurance provider Hiscox has launched a new policy for all members of the family, whether they are travelling in Europe or further afield. The policy offers up to £10 million emergency medical cover, up [...]
Spanish banking giant Santander has today revealed its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and [...]
With immediate effect, motorists will be forced to declare if their car is off the road if they want to avoid buying insurance. The measures are part of the Government’s efforts to clamp down on uninsured motorists. In the past, drivers had to be caught driving with no insurance to be charged and prosecuted. From [...]
Over two million consumers complained to their bank during the second half of 2009, more than twice as many as during the first half of the year. Between July and December 2.65 million people made a complaint about a financial company, with 2.2 million of those directed at banks and building societies. The FSA said [...]
HSBC has jumped on the bandwagon of January sales by launching cut-priced mortgages, savings accounts, and insurance products. “All over the world, people are making New Year resolutions and sorting out their finances is often high on that list,” said Brendan Cook, HSBC spokesperson. “This year, we want to make it easier for our customers [...]
Allied Irish Bank (AIB) and Bank of Ireland are set to receive €3.5 billion each from the Irish Government and are in discussions on providing insurance against potential losses from bad debts arising from constructions projects and land deals. Under the terms, should any loans have to be written off, the Government will take 80% [...]
There is speculation that the Royal Bank of Scotland (RBS) may abandon its £7 billion sale of its insurance unit. RBS has to decide within the next 8 weeks whether or not to proceed with the sale. The insurance arm, which includes the Churchill and Direct Line brand names, was put up for sale earlier [...]
Royal Bank of Scotland (RBS) is believed to be in talks to sell its insurance operation to private equity firm, CVC, and Swiss Re for £6 billion. The division, which includes the Churchill, Direct Line, Privilege, UKI and NIG brands, was put up for sale earlier in the year, at a cost of around £7 [...]
British motorists considering driving overseas this year must ensure they are adequately insured. The price comparison site, moneysupermarket.com, is urging drivers to look at their car insurance policies before thinking about driving abroad. 39% of motorists are unaware their motor insurance may be automatically downgraded from comprehensive to third party when driving in Europe, according [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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