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News - Wales: Financial disaster?

gatewaytester — Tue, 27 May 2008 22:30:02 +0000

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financial advisers like Treorchy’s Lifestyle Financial Choices tend to be members of a network.

Commissions from insurance companies are paid to IFAs like Lifestyle through the network.

Lifestyle claims that the closure of network company Interlink has cost them 100,000.

David Westcott is a Director of Lifestyle Financial Choices.

Cash inflow to Lifestyle Financial Choices has stopped

“To be running a business and to have your cash flow immediately stopped and then be told that you can not trade for a number of weeks, that is a massive impact.”

What went wrong?

Interlink recorded a 400,000 profit last year - so what went wrong?

Interlink Chairman Roy Tomkinson told Politics Show that the cost of insurance cover became prohibitive.

When plans to sell part of the company for 2m fell through, closure beckoned.

Whilst these problems were at their height last January, the FSA visited Interlink to review the firm.

Mike Gwyther, of Kingswood IFA in Abercynon, wants to know what was the result of that investigation.

Mike Gwyther: ‘We want to know why’

“We want to know whether they strictly monitored the company, had a look at the accounts …

“I mean, it is a ridiculous situation that two months after their visit the company collapses. And we want to know why.”

Red tape?

The FSA told Politics Show it is bound by aetna healt financial loss insurance
not to discuss dealings with regulated firms, with third parties, unless enforcement action has been taken.

Without a network, Home financial loss insurance orange county
member firms found themselves without ratings of financial loss insurance companies
to trade until they connected to another network company.

But unfortunately the red tape involved in making that sort of switch has kept many of them from making any money for several weeks, at a tremendous cost.

Now they are asking why the FSA makes it so difficult for them to keep trading when they have done nothing wrong.

Adam Price, MP: ‘Investors punished by regulatory failure’

One Welsh MP feels the FSA has a duty to address the situation. Adam Price is Plaid Cymru MP for Carmarthen East and Dinefwr.

“Obviously something has gone amiss within the network company Interlink but also something has gone amiss with the regulator.

“The only people that are innocent here, of course, are the Financial Advisors themselves and their customers.

“Why should they be punished for the lack of oversight by the regulator?”

Pension owed

Howard Davies may have lost his pension

Private individuals have also been hit by the closure. Howard Davies is owed a pension of over 100,000 by Interlink.

“To find out that basically everything around us had collapsed as far as my pension is concerned is probably one of the worst shocks I have ever had in my life.”

Many working in the financial industry are adamant that lessons must be learnt from this crisis and that the FSA must regain its bite.

If not, the consequences for Welsh businesses and their customers could be grave indeed.

Politics Show

Politics Show Wales wants your views. Let us know what you think.

That is the Politics Show Sunday 16 May at Midday.

If you want to have your say, you can call 0845 300 90 10, or e-mail via the website.

… Or write to: The Politics Show, Room 1060, BBC Wales, Llandaff, Cardiff. CF5 2YO

The Politics Show - we aim to get closer to your community with our presenter, Rhun ap Iorwerth.

Tune in to BBC One on Sundays at Noon.

Disclaimer: The BBC may edit your comments and cannot guarantee that all emails will be published.

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News - Insurers ‘in denial’ over Serps

gatewaytester — Mon, 26 May 2008 18:03:43 +0000

The insurance industry has been accused of being “in denial” over sales techniques which encouraged people to leave the Serps part of the state pension scheme and put money into a personal pension instead.

Theresa Fritz, Principal Researcher at the consumer organisation Which?, told BBC Radio 4’s Money Box programme the problem could affect four and half million people.

“It’s an industry in denial. We want it to realise there is a problem. Our research shows that up to four and a half million people who have contracted out of Serps into a personal pension are losing out.”

Which? Research published earlier this year showed people could get 40% less from their private pension than they would have got by remaining in Serps. But the pensions industry challenges those figures.

Director of Pensions at Prudential, Andy Smith, said: “Our conclusion from our latest review is the vast majority of our customers will indeed be better off from contracting out.

“It’s been a very sensible thing for them to do.”

Specific case

Prudential has, however, just paid more than 200 a year mortgage protection financial loss insurance leads to a customer after the Financial Ombudsman Service upheld his claim that in 1988 he was mis-sold the Pru pension as an health financial loss insurance united healthcare
to his state earnings-related pension.

But Mr Smith denied there had been a mis-sale: “It is a specific case that led us to conclude that he didn’t understand the position at the point of sale.”

I made it clear I did not have the kind of money to gamble in stocks and shares

Michael Ford, claimant

Prudential was unable to produce the document which it says the customer, Michael Ford, signed to say he did understand the risk.

Mr Ford denies that was ever explained to him: “I actually did state to the representative that I was only interested in a policy with a zero risk situation.

“I made it clear I did not have the kind of money to gamble in stocks and shares.

“They said it would pay me to opt-out of Serps and put it into an additional private pension with them. I couldn’t lose, I could only gain. And if things didn’t do very well I would at least break even. But there was no way I could lose.”

Explaining risk

After a year considering a formal appeal to the ombudsman, Prudential has finally decided to give Mr Ford an extra pension worth 211 a year to make his income up to the level that Serps would have provided.

BBC Radio 4’s Money Box

The programme was broadcast on Saturday, 12 November, 2005 at 1204 GMT

Further information

Theresa Fritz of Which? said that in many cases the risk of line car financial loss insurance quotes
of Serps was not explained.

“How many of those 4.5 million people who have a loss really understood the risk? That’s the key,” she said.

“Did the advisor explain there was a risk that your private pension would fall behind the state pension?”

So far, very few people have successfully complained.

The Financial Ombudsman Service told Money Box that it has only received 10 cases a month over the last five years from a variety of insurers, and 30 to 40% of those went in favour of the customer, implying a couple of hundred successes.

It’s almost impossible for people to realise where they stand at the moment

Teresa Fritz, Which?

Prudential said that it has had only 14 customers complain to the ombudsman. Nine were judged in its favour and three were still undecided.

But Ms Fritz thinks that will change.

“It’s almost impossible for people to realise where they stand at the moment compared to the state scheme,” she said.

“Very few people who have contracted-out have reached retirement age, so there are very few where the loss has crystallised.

“But more and more will retire, and more and more losses will be seen.”

She wants the industry to examine every sale. “We want a review of the contracted-out cases to take place. But first we want the industry to come out of denial and realise there is a problem.”

BBC Radio 4’s Money Box was broadcast on Saturday, 12 November, 2005, at 1204 GMT.

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News - St Paul and Zurich ’set to merge’

gatewaytester — Sun, 25 May 2008 12:56:49 +0000

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insurance company St Paul Travelers could be in merger talks to acquire Zurich Financial Services, the Wall Street Journal reports.

If the deal is confirmed, it could be one of the biggest liability financial loss insurance for contractors
of a European firm by a US company.

The two firms had a combined revenue of more than $90bn (51bn) last year and employed about 85,000 workers.

The merger could help the two companies to “spread their risk”, according to the newspaper.

In addition, having a presence on both sides of the Atlantic could help counter the cycle of boom and bust common within the industry.

Zurich is present in 50 countries, while St Paul Travelers is largely US-based.

Creating a rival

If the two firms merged, the resulting insurer could become a rival to American International Group (AIG), which has offices worldwide.

St Paul Travelers, which offers financial loss insurance appraisal
as well as personal insurance, is the result of a merger between St Paul and Travelers, which was formerly part of Citigroup.

The rumoured merger follows recent individual coverage health financial loss insurance
in the insurance industry.

Reinsurer Swiss Re paid $6.8bn for the insurance unit of auto chicago financial loss insurance
giant General Electric in late 2005.

And earlier this year, South African insurance firm Old Mutual closed its $6.5bn deal for Swedish rival Skandia.

Last year was the most expensive year to date for insurers because of a series of natural disasters. Insured losses totalled about $80bn, Swiss Re said.

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News - Katrina cost set to hit reinsurer

gatewaytester — Sat, 24 May 2008 10:46:26 +0000

German reinsurance giant Hannover Re has become the first reinsurance firm to warn that the cost of Hurricane Katrina will pull its profits lower.

The firm said its full year net profit would reach “at least” the 2004 level of 309.1m euros ($386m; 211m).

That is 30% lower than its previous forecast of 430-470m euros - a target it has said is “extremely unlikely”.

Hannover Re, like other kemper financial loss insurance
, acts to cover insurance firms against the cost of big claims.

It is the fourth biggest reinsurance group in the world.

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Many insurance and reinsurance firms have begun to quantify the extent of both the financial damage caused by the hurricane which swept through Mississippi and Louisiana earlier this week, and the extent of likely claims.

With the extent of the damage still unclear but growing more serious by the day, the estimates to date may well fall short of the final bill.

Munich Re, the largest reinsurer in the world, said on 30 August that it was expecting claims of up to 400m euros before tax - although some of that might be passed further down the chain to other reinsurance calculator financial loss insurance mortgage tax
.

Overall, it said, the total insured loss could be $15bn-$30bn.

Swiss Re, the number two player in the market, puts the estimated overall insured loss at $20bn with its own claims totalling some $500m.

Hannover Re’s own estimate for the total size of claims is $21bn - but the reinsurer said that the storm might actually improve some parts of its business in the coming year.

“We expect to see additional significant hardening of prices and conditions in natural catastrophe and marine reinsurance,” the firm said in a nj home owner financial loss insurance
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of such insurance.

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News - Watchdog cleared of Equitable failure

gatewaytester — Fri, 23 May 2008 04:19:49 +0000

The City watchdog has been cleared of accusations that it failed to carry out its role during the period leading up to the collapse of Equitable Life.

Parliamentary Ombudsman Ann Abraham said she had found no evidence in her report to suggest that the watchdog failed in its regulatory responsibilities between January 1999 to December 2000.

Policyholders will be disappointed by the report, which could have given them greater bargaining power for compensation.

Ms Abraham said she had “deep sympathy” for policyholders who had suffered financial loss, but said she would not be auto classic financial loss insurance
further complaints about the insurer.

Equitable Life’s savers have seen the value of their pensions slashed after it lost a high court battle to alter the terms of some of its policies.

Penrose inquiry

“Given my very limited remit and the conclusions I have drawn from the investigation, I do not believe that anything would be gained from my further intervention, nor do I believe I could meet the founders financial loss insurance
of policyholders in terms of the remedies they are seeking.

She has slammed the door, in a manner that will be soul destroying for those who have lost

Stephen O’Brien, Reassure life financial loss insurance company
s

“It would be offering policyholders false hope were I to suggest otherwise,” she said.

Many policyholders had hoped Ms Abraham would extend the enquiry to the pre-1999 years, after some evidence that Equitable’s troubles went unnoticed for up to 10 years.

Stephen O’Brien, Conservative Treasury spokesman, said: “Now she has slammed the door, in a manner that will be soul destroying for those who have lost, by taking an immediate decision not to extend her investigation.”

Policyholders will now face an anxious wait for the Penrose Inquiry, which will be published later this year.

Wider concerns

The report by Ms Abraham also raises wider questions about public expectations of the watchdog’s duties.

She said there was a mismatch between expectations of its role among the public, and what it could reasonably be expected to deliver.

“It was never envisaged by those who framed the fire and marine financial loss insurance establishing the regulatory regime that it would provide compete protection for all policyholders,” she said.

But she said the style of regulation was a matter for parliament, not the ombudsman.

News - Rita claims ‘lower than Katrina’

gatewaytester — Thu, 22 May 2008 00:03:21 +0000

Insured losses from Hurricane Rita will be “significantly less” than Hurricane Katrina, according to the world’s largest reinsurer.

Shares in Munich Re and other European insurers rose sharply on Monday after US forecasters said claims for insured losses may be as low as $6bn (3.3bn).

This compares to estimated losses from Katrina ranging from $15bn to $60bn.

Experts said Rita had bypassed key oil refineries and densely populated areas around Houston, capping likely losses.

Less damage

Although yet to publish an estimate of Kemper financial loss insurance
losses, Munich Re said the financial impact would be lower than that from Katrina.

“We are still in the process of analysing the data more intensely but in any case (the damage from Hurricane Rita) is significantly less than Katrina,” said a Munich Re spokesman.

The storm path was east of forecasts, affecting an area with a lower density of values at risk

Eqecat

Shares in the German company rose 2.6% on the news while shares in other leading reinsurers and insurers - Hannover Re, Swiss Re, Allianz, Axa and Zurich Financial - also made strong gains.

Estimates of insured losses from Rita, which were initially as high as $18bn, were downgraded after it struck land on Saturday.

By that point, Rita had been downgraded in strength from a category five hurricane to a category three tropical storm.

It subsequently veered east of Houston, the fourth largest US city, although it did cause substantial damage in a number of heavily industrialised towns in Texas including Port Arthur and Beaumont.

Changed direction

Eqecat, a US disaster modelling firm, is currently forecasting insured losses of between $3bn and $6bn while rival firm AIR Worldwide is predicting losses of between $2bn and $5bn.

“The reduction in insured loss value reflects a weakening of storm intensity relative to earlier forecasts and that the storm path was east of forecasts, affecting an area with a lower density of values at risk,” Eqecat said in a statement.

Businesses in Port Arthur have been badly affected

Some analysts fear that the damage to oil rigs and other offshore oil facilities could be severe in some places.

An initial auto financial loss insurance nassau
by the Texas authorities has revealed visible damage to two oil drilling rigs.

However, Governor Rick Perry said the oil industry had suffered a “glancing blow at worst” from Rita.

Hurricane Katrina, which swamped New Orleans and caused widespread devastation in Louisiana and Calculator financial loss insurance mortgage tax
, could prove to be the costliest natural disaster in US history.

Experts were worried about the ability of the insurance industry to absorb losses on a similar scale from Rita.

News - Equitable report lines up targets

gatewaytester — Tue, 20 May 2008 23:08:04 +0000

The government is bracing itself for the findings of a report into the Equitable Life scandal.

The report, penned by judge Lord Penrose, and published on Monday, is expected to apportion blame for the near collapse of the Equitable.

The Equitable made financial promises to a large group of its own policyholders that it could not keep.

Policyholders have high hopes that the report will open the way for government financial loss insurance for dogs
for their financial loss.

Savings cut

Equitable Life came close to collapse in 2000 and its policyholders have seen the value of their savings cut as a result.

We will carry on until we have achieved justice for policyholders, many of whom have lost their life savings,

Liz Kwantes, Equitable Life Members Help Group

The world’s oldest mutual life insurer had to cut the pensions and private mortgage financial loss insurance
savings of its policyholders to stay afloat.

Equitable’s crisis began to unfold after it emerged it did not have sufficient funds to honour guaranteed annuity policies (GARs).

The guarantees were made by many life insurers, but longer life expectancy and lower interest rates mean they are now much more expensive to honour than had been expected.

A shortfall in funding led Equitable to ask its GAR policyholders to accept a cut in their bonuses or give up their right to guaranteed annuity rates.

GAR policyholders took the Equitable to court and won, forcing the insurer to close to new business in December 2000.

Lord Penrose was asked in 2001 by the Treasury to life financial loss insurance for mortgages
the history of the Equitable and find out who was to blame.

The report has been with Treasury officials since before Christmas.

‘Regulatory failure’

Groups representing Equitable Life policyholders have alleged that a combination of financial mismanagement and regulatory failure led to the financial crisis.

The current board of the Equitable are already suing nine former non-executive directors and auditor Ernst & Young for a total of 5.9bn.

If Lord Penrose finds that the government failed in its regulatory duties, groups representing Equitable Life members have called for legal action.

“We will carry on until we have achieved justice for policyholders, many of whom have lost their life savings,” Liz Kwantes, head of the Equitable Life Members Help Group.

Recently, a copy of the Penrose report was passed to the Serious Fraud Office (SFO).

“The sending of the report to SFO suggests something very untoward has gone on,” Ms Kwantes said

“If I was on the Equitable board in the run-up to the financial crisis I would be very worried now.”

Ruth Kelly MP, Financial Secretary to the Treasury will make a statement to the House of Commons on Lord Penrose’s findings at 1530GMT on Monday.

News - Club Med sees tsunami dent sales

gatewaytester — Mon, 19 May 2008 22:43:15 +0000

Club Auto chicago financial loss insurance
, the operator of exotic all-inclusive holiday resorts, has blamed the deadly Asian tsunami for a drop in quarterly bookings and sales.

Turnover in the three months through January fell 6.9% to 319m euros (223m; $429m), from 342m a year earlier.

Club Med was forced to close a number of holiday villages after an fortis health financial loss insurance temporary
in the Indian Ocean triggered waves that killed close to 250,000 people.

Tourists also were reluctant to travel to areas affected by the disaster.

It is estimated that about $12bn will be needed to rebuild areas hit by the tsunami, which was called one of “the worst human tragedies in history” by the UN Environment Programme (Unep).

Difficult process

The worst affected countries include favoured tourist destinations such as Employment financial loss insurance
, Malaysia, Thailand, India, Sri Lanka and the Maldives.

Club Med has operations in a number of those nations and analysts said that earnings are likely to remain under pressure for the next 18 months.

The company said that reservations are proving slow to pick up and that they had declined 2.2% over the winter period ending 5 March.

“In the wake of the such natural disasters as the washington financial loss insurance department
and the tsunami, we are agent download financial loss insurance licensee our efforts to achieve our operating income target of approximately 100m euros in 2006,” Club Med chairman Henri Giscard d’Estaing said.

Club Med said that insurance payments should cover any financial losses related to the tsunami.

The company also is hoping that earnings will be bolstered by cost cutting measures stemming from closer co-operation with hotel group Accor, which last year bought a 29% stake in Club Med.

News - Comic Davidson sued over fall

gatewaytester — Sun, 18 May 2008 14:24:26 +0000

Comedian Jim Davidson has appeared in court to face a damages claim from a woman who says she was hurt in a fall at a pier complex which he ran.

Mary Kyne, 52, alleges she was injured when she slipped on a patch of grass and tripped over uneven concrete at Wellington Pier in Great Yarmouth, Norfolk.

Mrs Kyne, from Newcastle upon Tyne, was deputy head teacher at a special school in Lowestoft, Suffolk, at the time of the accident.

Norwich County Court heard she had to give up work two years after the fall.

She is claiming australia financial loss insurance travel
for personal injury and financial loss against Mr Davidson.

Mr Davidson was leasing the complex in May 1999 when the accident happened, but no longer runs it.

Mrs Kyne visited the pier with her husband Roger to see a life financial loss insurance quotes online
of Gilbert and Sullivan’s Mikado.

Mary Kyne said the accident was “life-shattering”

She slipped and fell at the entrance to the pier
as they left after the evening performance.

Describing the fall as “a life-shattering event”, Mrs Kyne told the court that she had been wearing flat court shoes and had been taking care with her footing.

On Thursday she said: “It was very dark, if there was any lighting it was health financial loss insurance california
. I was walking slowly and looking down.

“We tried hard to see what was in front of us. I was very aware of how uneven the surface was underfoot.”

She fell heavily on her back, fracturing a vertebra and eventually had to give up her job because of back pain.

Possible ‘500,000 claim’

Mrs Kyne’s barrister, Richard Roberts, told the court that as the leaseholder Mr Davidson had failed in his duty of care to visitors due to a lack of car free financial loss insurance quote
at the attraction.

Mr Roberts alleged that Mr Davidson was only interested in running health financial loss insurance united healthcare
and theatre shows and did not care about the upkeep of the structure at the ageing pier.

Arriving at court on Thursday morning, Mr Davidson said the compensation claim had
risen to as much as 500,000.

He said he would have to foot the entire bill for
the action personally, should he lose, as the insurance company which covered the complex had since been dissolved.

The case continues.

News - ‘No case’ over theatre party claims

gatewaytester — Sat, 17 May 2008 11:44:17 +0000

An internal inquiry into activities at a party held at Durham’s Gala Theatre has found “no evidence” of drug use that would lead to criminal charges.

Durham City Council began an investigation into the alleged “inappropriate use” of the recently opened 14m theatre after reports of a Halloween Party at the venue.

The allegations came to light after it emerged an ambulance was called to the theatre shortly after midnight, when a guest was taken ill.

Durham Police were called to investigate but they have advised the council there is no case to answer.

The inquiry has also auto chicago financial loss insurance
that homeowner financial loss insurance coverage had been given for the party.

Financial loss

What remains to be resolved is whether some guests stayed at the theatre overnight, in breach of insurance regulations.

The loss-making Gala Theatre in Durham is already the subject of a vigorous financial review, after being taken into the hands of city financial loss insurance jobs and california
.

The Gala opened in January 2002 as the largest provincial venue in the UK in a decade.

The theatre, which also boasts a cinema, ran into difficulty within months when its original managers, the Kemper financial loss insurance
Team, went into liquidation.

In its first year, the site lost 700,000 and Durham City Council says it has been budgeted to lose a further 400,000.