Personal finance
A recent ruling by the Court of Appeal in the UK has paved the way for divorcing couples to divide the spoils of personal pension plans, promoting greater fairness in divorce settlements. However, the imposition of fines on insurance companies, which often results in policyholders bearing the cost, highlights the
Personal finance
Concerns over the potential losses of individuals who were advised to leave their employer's pension scheme in favor of a personal pension have prompted the Securities and Investments Board (SIB) to issue two factsheets. The guides aim to provide clarity on the pension transfer process and the implications
Personal finance
Paul Elliot, a Chelsea defender, is set to make history by being the first player with an international reputation to sue an opponent with a similar reputation for damages sustained during a game. Elliot claims that a tackle by Dean Saunders, a former Liverpool player, during an away game at
Personal finance
Michael Holroyd, a homeowner in West London, has been forced to live and work in a "bomb site" for nearly five months due to a dispute with his insurer, Royal Insurance, over providing alternative accommodation after his home suffered from subsidence. Despite being informed by structural engineers that
Personal finance
Linda Doig, a housewife from Tayside, Scotland, is facing financial ruin after her husband Bill's death from a heart attack last August. Despite having two endowment mortgage policies with Guardian Royal Exchange, now known as Guardian, the company has refused to pay out the £28,000 policy value.
Personal finance
Despite a trend of insurance premiums stabilizing in the coming months, householders in certain areas may face further increases as insurers introduce risk-based systems to differentiate between good and bad risks. The Association of Accident Insurers (AA) reports that average prices among its panel of insurers are now stabilizing, with
Personal finance
As people live longer and retire earlier, the demand for long-term care insurance is expected to rise sharply. However, to date, the market has been slow to take off, with only a few insurance companies offering policies and even fewer people seeking coverage. Commercial Union, a leading provider of long-term
Personal finance
Recent tax changes that have made company cars less cost-effective for employees have been offset by the high cost of insuring their own vehicles. According to a survey by OneQuote, insurance premiums for ex-company car drivers vary by as much as 500% depending on the insurer's policy. Despite
Personal finance
Directors of Equine and Livestock Insurance Company, a leading UK equine insurance firm, have been fined substantial sums for violating the Consumer Credit Act. The company, which sells policies through a sister firm, Entertainment & Leisure Insurance Services, has faced widespread criticism for its policy conditions, with experts suggesting they
Personal finance
The cost of repaying mortgages at various interest rates reveals an intriguing paradox. While repayment mortgages may appear expensive at low interest rates, they become relatively cheaper as interest rates rise. This peculiarity has significant implications for borrowers, particularly if interest rates ever increase again. The table provided showcases the
Personal finance
Barclays Bank has announced changes to the way it calculates early-redemption penalties on fixed-rate mortgages, in an effort to make the process more fair and reflect the actual costs incurred by the bank. The new system takes into account both the length of term the fix has yet to run
Personal finance
The insurance industry is grappling with issues of mis-selling by pension salesmen, highlighting the need for more effective regulation. A recent report by KPMG Peat Marwick found that most sales sampled had incomplete paperwork, but companies argue this does not necessarily imply that the products should not have been sold.
