Personal finance
As homeowners continue to struggle with mortgage debt, local authorities and lenders are establishing discussion groups to address the root causes of the crisis. The number of households with arrears and repossessions shows no signs of abating, with over 300,000 mortgages in arrears by longer than 12 months by
Personal finance
A direct insurer has been launched in the UK, targeting motorists who are classified as "careful" with a new underwriting philosophy that assesses risk based on postcode, lifestyle, and claims history. Prospero Insurance, the Lancaster-based arm of Provincial Insurance, has developed a system called "Premium Watch"
Personal finance
Britain's second-largest private medical insurer, PPP, has expressed concerns that if it joins the Insurance Ombudsman Bureau, it would face a significant increase in complaints about its administrative and service standards. According to an internal document seen by The Sunday Times, PPP is concerned that the transfer to
Personal finance
Temporary workers in professions like nursing, teaching, and engineering face significant barriers when seeking mortgages due to the traditional reluctance of lenders to provide loans to those not in permanent full-time employment. Lenders' concerns about the continuity of employment and income stability have led them to apply more stringent
Personal finance
Fidelity Investments, one of Britain's largest unit-trust companies, has launched a groundbreaking personal equity plan (Pep) mortgage scheme that could revolutionize the homebuying process for younger individuals. The innovative program, dubbed the Fidelity Pep Mortgage Plan, combines mortgage funding and life assurance with a Pep to repay the
Personal finance
A recent Appeal Court judgment in the United Kingdom has significant implications for policyholders who inflate their insurance claims to negotiate a higher payout. The case involved a businessman who was found to have exaggerated his losses by over 50%, invalidating his entire policy. This ruling highlights the importance of
Personal finance
Private healthcare providers are luring customers with attractive deals that bundle medical cover with long-term income protection or term insurance, offering significant discounts to those who take out both products. Clinicare's recent partnership with Friends Provident is a prime example, offering a basic medical cover package at a
Personal finance
The UK tax system provides a hidden benefit to self-employed individuals and pensioners who have not fully utilized their 20% tax band. By writing to the tax inspector and providing a section 352 tax certificate, individuals can reduce the tax on their savings interest from 25% to 20%. This reduction
Personal finance
By 1992, schools in the UK found themselves with substantial budgets to manage, making them non-profit making enterprises. Harassed teachers in 'opted out' schools targeted by commercial banks were in need of sound financial management. TSB marketed its Schools Banking Package, a financial management tool that included a
Personal finance
As the UK government reduces state benefits for workers taking sick leave, insurance companies anticipate a surge in sales of permanent health insurance (PHI) policies. However, individuals considering PHI should carefully review policy rules to avoid potential pitfalls in claim eligibility. The complexities in determining when an insurer will pay
Personal finance
Building societies' alleged close relationship with insurance companies has raised concerns about the high costs of mortgage products. Many homebuyers who took out discounted mortgages in the past few years may have regretted their decision, as interest rates were often accompanied by costly compulsory insurance premiums. While building societies
Personal finance
The scandal of occupational pensions has been brewing for decades, with the infamous Maxwell scandal being just one of the many cases of exploitation of employees' pension schemes. The Government's planned White Paper on regulatory reform is expected to outline proposals for stricter regulations on employers'
