London mayor Sadiq Khan writes to Uber and other private hire drivers setting out his commitment to the industry September 23, 2016 London mayor Sadiq Khan has written to tech firm Uber in response to its email campaign about the future of the capital's taxi and private hire industry. Transport for London (TfL) plans to introduce new rgulations for the sector including a requirement that private hire vehicles have "hire and reward" insurance in place for the duration of the licence, [...]
The City is mobilising itself for Brexit talks to safeguard the future of the capital September 22, 2016 One of the more memorable lines from the referendum campaign came courtesy of Leave campaigner Michael Gove. In front of a live audience, Faisal Islam of Sky News reeled off a list of experts who had made dire economic predictions regarding the implications of a vote to Leave. “The IMF, the IFS, the CBI… why [...]
Beta version of pensions dashboard due by next March after Treasury signs agreement with 11 largest insurers September 11, 2016 A prototype of the government's long-awaited pensions dashboard is due to be ready by March next year, after the UK's biggest pension providers gave the project a green light. The Treasury has secured an agreement from the 11 groups, including Aviva, HSBC, Royal London, Standard Life and Zurich, to build the prototype, while the Association [...]
Senior bankers are pushing the government to bring in transitional measures for Brexit, and warning of a “cliff edge” of disruption September 7, 2016 Britain's bankers are pushing for transitional arrangements to soften the impact of Brexit. Banks are currently adopting a “wait and see” approach on whether to remain in the UK, according to the chief executive of the British Bankers' Association, but Browne said that transition measures could soften uncertainty and the risks of a “cliff edge” of [...]
The Great Fire of London made the city an insurance hub – here’s what we need to do to maintain that status September 2, 2016 This week we’re marking the anniversary of one of London’s defining events: the Great Fire of London, which ravaged the city at the start of September 1666. It was started by nothing more than a fire from an overheated oven at a baker’s shop near London Bridge. The damage was immense. The Association of British [...]
Home insurance premiums remain stable despite flood fears and tax increases August 30, 2016 Insurance premiums have not spiked as was feared following the flooding that blighted parts of Britain earlier this year. The latest research shows that annual premiums have increased just 1.6 per cent for the year to July. Furthermore, these price changes include the increase in insurance premium tax in November 2015 from six to 9.5 per cent. In addition there [...]
Accountant who defrauded UK insurance trade body is jailed for 18 months August 24, 2016 A financial controller who defrauded his employer to the tune of almost £25,000 has been jailed for 18 months. Gurmukh Shehri, 33, from Woolwich, was sentenced at the Old Bailey after pleading guilty to six counts of fraud by abuse of position, which occurred between November 2013 and November 2015. He was given 18 months in [...]
Labour hits out at government complacency leading to “pension crisis” August 23, 2016 Labour has slammed the government for failing to take action over pensions on the back of a survey finding that three in five people taking money out have no plans for care in old age. The survey from Citizens Advice found more than half of people who have taken money out under new pensions freedoms [...]
Proof that it is always a struggle to second-guess the insurance market: home and contents premiums are going down August 18, 2016 It feels like only yesterday that we were treated to pictures of politicians wondering around looking rather uncomfortable in wellies and anoraks as they looked concerned at swollen rivers, flooded houses, football pitches and farmland. That prompted the launch of reinsurance scheme Flood Re and also gave George Osborne a good reason to put a further 0.5 per cent [...]
Everyone will benefit from the coming “brain free” car revolution August 16, 2016 Driverless cars are making headlines, with the future of travel revealing itself to be grounded very much in the present. It’s a thrilling time to be in the motor business as trials of new vehicles are gaining momentum. And while it will take time for the technology to be fully rolled out on our roads, completely [...]