The UK Government has decided against funding for a scheme to subsidise insurance for households in danger of flooding. The current scheme, whereby insurers cover those homes likely to be affected at a lower premium than they would normally do, expires in July. That scheme existed due to Government pledges to expand flood defences. The …
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A study conducted by research company Ipsos MORI has found that one in 12 people would contemplate getting involved in a ‘crash for cash’ scam while 53% of people believe fraudsters are unlikely to be caught. Speaking about the findings, Insurance Fraud Bureau (IFB) chairman David Neave said: “‘Crash for cash’ fraudsters are being caught …
When Hewlett Packard acquired Autonomy last year for $11.1 billion, some 15 different financial, legal and accounting firms were involved in the transaction – and none raised a flag about what HP said on Tuesday was a major accounting fraud. HP had relied on a string of leading accounting and legal advisers prior to their …
The Health and Safety Executive (HSE) is now operating a Fee for Intervention (FFI) scheme which came into operation on the 1st October 2012. Under the Health & Safety (Fees) Regulations 2012 those who break health and safety laws are liable for recovery of HSE@s costs which would include inspection, investigation and taking enforcement action. …
Damage caused by thieves stealing metal costs almost 20% of a property’s total value, says Zurich A surge in metal theft, mainly from empty properties, has lead to a 2500% increase in the cost of these types of insurance claims since 2004, Zurich has found. Zurich is one of the largest UK property Insurers and …
Former AIA head, Mark Wilson, has been named as the new Chief Executive of Aviva. He will join the Insurer’s board from 1 December 2012 and take over as Chief Executive on 1 January 2013. Executive Chairman John McFarlane has been running the company since May, when previous Chief Executive, Andrew Moss, departed after a …
A rogue trader who lost £1.4bn in bad deals that almost brought down Swiss bank UBS has been jailed for seven years. At one point during his run of losses, City trader Kweku Adoboli stood to lose approx. £7.5bn for the bank. The 32-year-old had admitted to the losses, but denied any wrongdoing. Jurors convicted him of two …
Trading in Google’s shares were suspended yesterday for several hours following an alleged blunder by a printing firm caused shock accounts figures to be released early. The plunge in share price was the single largest drop in stock market history as over $24 BILLION was wiped off the company’s value in just 8 minutes. The …