Insurance
Norwich Union Life fined by regulator
The financial regulator in the UK, the Financial Services Authority, has fined the leading insurance company Norwich Union over its life insurance division, which fell victim to a major fraud scam in 2005. The major £3.3 million fraud incident took place in the life insurance division t Norwich Union two years ago, and the insurance company was accused of failing to do enough to stop the fraud and protect customers.
Popularity: 42% [?]
New Amex travel insurance plan for students
Students can now enjoy a more flexible form of travel insurance that has been launched by American Express, which caters for students that plan to travel during their gap year. The new insurance from American Express allows students travelling in their gap year to return to the UK for up to fourteen days, which means that they won’t have to miss out on important events and family occasions.
Popularity: 43% [?]
Think twice before purchasing additional insurance on purchases
In the run up to Christmas retailers in the UK are once again pulling out all the stops in order to try and increase revenue from the millions of Christmas shoppers that are hitting the high streets.
One of the ways in which retailers are doing this is through trying to sell expensive insurance policies to shoppers that are purchasing gifts, and the high cost of these policies can really bump up the cost of any purchases that you make. Retailers are even trying to sell these pricey policies on inexpensive gifts that cost around £5.
Popularity: 28% [?]
Insurance ads duped many elderly customers
A recent report has highlighted how many elderly consumers were duped by misleading life insurance advertisements in the 1980s and 1990s, and many are now paying the price for falling for these misleading advertisements.
In fact, the advertisements in question are still being run now, but the insurance is not as popular as it once was. However, there are still consumers that believe that the offer is too good to miss, not realising that in years to come they may have to pay a very hefty price in order to retain their insurance benefits.
Popularity: 47% [?]
PPI still under investigation
Over the past year PPI, or Payment Protection Insurance, has hit the financial headlines on many occasions, after it was found that many lenders were mis-selling PPI.
Lenders were accused of selling this insurance to those that could never benefit from it, forcing consumers to purchase PPI by making out that they would not get finance without it, and even adding PPI to finance deals without the knowledge of the consumer. PPI can be very costly, and those found guilty of this type of mis-selling have been slated by regulators and campaigners.
Popularity: 32% [?]
Standard Life pensions customers at risk due to security breach
Thousands of pensions customers at Standard Life could be at risk after a serious breach of security involving the loss of a CD containing personal details on around fifteen thousand customers.
The CD was on its way to the Standard Life head office in Edinburgh from HM Revenue and Customers – sending such information on CD is a routine process. However, the CD went astray enroute when being taken from HMRC by courier service.
Popularity: 32% [?]
My Budget Day launched by AXA
One of the nation’s well known insurance companies AXA is urging employers around the UK to help employees to sort out their money issues by allowing them a small amount of time each month.
The insurance company claims that just one hour per month for each employee could provide valuable time for the staff member to sort out money issues, and could help to reduce stress levels, potentially saving the company a fortune each year, which would otherwise be lost as a result of stress related sickness.
Popularity: 28% [?]
Rise in insurance fraud detection could catch more people out
The insurance industry in the UK is warning fraudsters that officials are working harder than ever to catch out fraudsters, and that dishonest people should be on their guard because the likelihood of being caught committing insurance fraud is higher than ever.
The UK has a high level of insurance fraud across all sectors of the insurance industry, and because of the fraud that is committed by dishonest consumers honest policyholders are being forced to pay far higher premiums to cover the cost of fraud.
Popularity: 28% [?]
Insurance fraud detection is on the rise
According to a recent report the level of insurance fraud taking place in the UK is on the rise, and many honest insurance customers are being forced to foot the bill to cover the cost of fraudulent claims made by less honest policyholders.
The data relating to the level of insurance fraud comes from the trade body, the Association of British Insurers, and indicates that insurance fraud in the UK is continuing to climb, and the cost of cover is likely to rise sharply as a result.
Popularity: 25% [?]
Term life cover more popular than whole
According to a recent report term life insurance cover is fast gaining popularity in the UK, and has become far more popular amongst UK consumers than the alternative whole of life cover.
Term life insurance has always been a popular type of life cover, as it is more affordable that whole of life cover and is simpler and easier to understand. The recent survey shows that this form of life insurance cover is now favoured by the majority of UK consumers.
Popularity: 24% [?]