Travel troubles cost insurance industry £1m per day June 11, 2016 Those who are still shuddering at the cost of their most recent getaway should spare a thought for the insurance industry. Research out today has found that insurers shell out £1m every day on claims on travel policies. The study from the Association of British Insurers (ABI) discovered that travel insurers paid out £365m in claims last [...]
Storm Desmond alone caused £597m in insured damages, according to new estimates June 3, 2016 Never mind Eva and Frank – figures out today show that Storm Desmond alone cost the UK £597m in insured property losses. While that may sound like a large chunk of cash, this third estimate to be produced by PERILS is actually a reduction on the £662m it forecast back in March. This map, provided [...]
Royal London wants to add a bit more clarity to income drawdown, and they’ve got just the product to do it June 2, 2016 Royal London has today launched a product which aims to give advisers a bit more insight into the sustainability of their clients' available income for drawdown. The Drawdown Governance Service, which is aimed at advisers whose clients hold an Income Release drawdown plan with Royal London, will provide details such as an income sustainability score and easy-to-read reports [...]
Pensions dashboard takes a step closer to becoming a reality, with prototype in the pipeline May 26, 2016 The long-awaited pensions dashboard took a step closer to becoming a reality today, with a potential prototype revealed as being in the pipeline. In a white paper launched today, the Association of British Insurers (ABI) and the Money Advice Service (MAS) revealed that they would be taking the next step in developing the dashboard, which aims [...]
UK floods insurance bill will be £1.3bn, estimates Association of British Insurers May 25, 2016 The final bill for all repairs arising out of the floods caused by storms in December 2015 is expected to hit £1.3bn, according to new research from the Association of British Insurers (ABI). A series of storms – named Desmond, Eva and Frank – hit the UK over the Christmas period, causing a series of [...]
Many questions remain unanswered – and unconsidered – on access to financial services, finds report published by watchdog May 24, 2016 The financial industry is not asking the right questions to address problems with access to services, a report published by the Financial Conduct Authority (FCA) today argues. The study cautions that those organisations which could help to improve the financial services marketplace need to be more strategic in their approach and urges stakeholders, including the government, regulators [...]
Despite paltry interest rates, annuities are making a comeback May 24, 2016 When pension freedoms were introduced last year, the over 55s were widely expected to shun annuities for more flexible forms of investment for their retirement. Long criticised for their poor value and rigidity, these financial products – which provide a guaranteed income for life – have looked even less attractive in recent years, as rates [...]
City watchdog suggests a range of new measures to make UK’s primary listed debt markets more effective April 27, 2016 The City watchdog has today published a list of practical recommendations for improvements that could be made to the UK primary listed debt markets. Recommendations in the Financial Conduct Authority's (FCA) report include extending the FCA's wholesale debt approach to cover wholesale debt documents, establishing an early engagement team to help overseas issuers understand the process [...]
Nearly 60,000 companies hit by National Living Wage already in “significant financial distress”, insolvency firm warns April 20, 2016 The National Living Wage (NLW) risks tipping thousands of vulnerable companies over the edge as they struggle to absorb higher staff costs, one of the UK’s leading insolvency firms has warned. More than 1.8m workers were given a pay rise on 1 April after a new minimum wage came into force, requiring employers to pay at least £7.20 per [...]
Pensions: Baroness Ros Altmann “delighted” there was not a move to pensions ISA system April 19, 2016 Baroness Ros Altmann is "delighted" that the chancellor of the exchequer did not turn incentives on their head with a move to a so-called pension Isa. Speaking at the Association of British Insurers' conference, Altmann said that she believes turning pensions into Isas would be a disaster, and would "destroy pensions as we know them". "I'm absolutely delighted [...]