Industry experts join forces in fight against confusing pensions jargon April 18, 2016 A group of pension experts has decided enough is enough for jargon and have today clubbed together to clean up the language of the industry. The Association of British Insurers (ABI) is heading up a Pensions Language Steering Group formed of bodies from government, industry, regulators and consumer groups. Names on the list include the Financial Conduct [...]
Could you be unwittingly involved in the Panama tax-avoidance scandal? April 8, 2016 What do you, David Cameron and Vladimir Putin have in common? Panama. Don’t wait for another punchline, it’s not a joke. Although the world’s great and not-so-good have been caught up in the sensational "Panama Papers" revelations, the latest twists and turns have revealed an even more intriguing side to the life of offshore finance – [...]
Flood Re: What you need to know about the reinsurance scheme that launched today April 4, 2016 It's something of a catch 22 – those who are most in need of a good home insurance policy are often those least able to afford it, thanks to insurers needing to raise premiums to adequately reflect the risk they expose themselves to, or simply refusing to cover some areas at all. That's precisely why government-backed [...]
Lifetime ISAs confusion: MPs re-open inquiry into pensions auto-enrolment after compatibility concerns raised over Lisa March 29, 2016 A government contribution of £1 for every £4 put aside for their first house or their retirement must have sounded somehow too simple to many young savers but, as some auto-enrolment experts have pointed out, that's because it might just be. The Work and Pensions Committee has today announced that it is re-opening its inquiry into [...]
Pet insurance claims hit record numbers, according to figures from the Association of British Insurers, with just short of one million claims being made in 2015 March 29, 2016 Pet insurance claims hit a record high in 2015, according to figures released today by the Association of British Insurers (ABI). The number of insurance claims made reached 911,000, up nine per cent compared with 2014, while their value clocked in at £657m, which is the equivalent of £1.8m a day. The average pet insurance premium came in [...]
UK pensions: Nearly one year on from the introduction of the pension freedoms rules, annuities remain popular March 28, 2016 Nearly one year on from the introduction of rules designed to revamp the pensions system, annuity sales have bounced back, research out today has found. The study by the Association of British Insurers (ABI) discovered that 21,200 annuity plans, worth £1.1bn, were purchased during the fourth quarter of 2015, while 61,700 annuities, worth £3.3bn, have been bought [...]
Budget 2016: Insurance premium tax raised (again) by 0.5 per cent to fund further flood defences March 16, 2016 Chancellor George Osborne announced he will be raising insurance premium tax (IPT) by 0.5 per cent in his Budget speech today. However, he also said that the money raised from the tax hike would go towards funding flood and storm defences. IPT was increased from six to 9.5 per cent last November. The new rise [...]
Budget 2016: Over-50s hit by 22 per cent rise in car insurance premiums – as George Osborne prepares to hike insurance tax again March 14, 2016 The over-50s have been hit by a 22 per cent rise in car insurance premiums since October 2013, new research has revealed – just as George Osborne is getting ready to hike tax on insurance policies again. To be fair, the figures, by market researcher Consumer Intelligence, found the over-50s still pay the lowest insurance premiums, shelling [...]
Budget 2016: It’s time for the Treasury and George Osborne to find elusive cuts, not introduce stealth taxes March 14, 2016 A guaranteed way of keeping someone on your side is to print a bigger number at the bottom of their monthly pay slip – a fact recognised by employers and politicians alike. George Osborne is expected to lift the personal allowance again during Wednesday’s Budget (a commendable continuation of the Liberal Democrats’ longstanding policy) and [...]
Budget 2016: Industry groups warn chancellor George Osborne against hiking insurance premium tax as EY Item Club urges against planned £4bn in spending cuts March 14, 2016 Leading industry groups are pleading with the Treasury to give British businesses a break at this week’s Budget, as chancellor George Osborne eyes up a major tax hike on insurance premiums and higher tax revenues from Britain’s biggest banks. The AA warned over the weekend that the chancellor is considering raising the basic rate of [...]