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ABI launches SME contingency planning guide

The Association of British Insurers has launched a small businesses guide in conjunction with the Government to raise the level of contingency planning among the UK’s small firms.

According to the ABI seven out of 10 small firms would go out of business if they experienced a major emergency in their first year.

Speaking at a joint ABI, Department for Business, Enterprise and Regulatory Reform and Defra seminar today ABI director general Stephen Haddrill says: “Small to medium-sized firms are particularly vulnerable to the unexpected event that could bring them down. We have produced this guide following last summer’s floods, when insurers dealt with over 27,000 claims from flooded firms and paid out £1bn to them.

“During that time it became clear that many firms had inadequate or no plans in place to help them survive a major incident. I urge all firms to plan for the unexpected-doing so will make the difference between survival and going under should the worst happen.”

Minister of State for the Department for Business Pat McFadden says: “The millions of people who launch, lead and work for small businesses up and down the country create vital jobs, provide essential services and generate significant wealth for the country. This latest guidance provides vital risk management advice to help ensure our small businesses grow and flourish.”


UBS in new 9bn writedown

UBS has reported a new asset writedown of 9.6bn, more than doubling its total writedowns as a result of the sub-prime crisis to around 18.5bn.

AWD slumps to £2.8m loss

The UK arm of AWD Group is blaming market turbulence for plummeting to a £2.8m loss last year after a £2.9m profit in 2006.A statement by AWD says: “The revenue and earnings development of AWD UK was dominated by the property and financial market crisis and the resulting customers’ investment reticence in the second half […]

Risk-based funds set to rise, says F&C

F&C says risk-based funds are on the up as a result of developments in the regulatory and distribution landscapes. A year after the launch of their lifestyle fund range, head of UK retail distribution John Yule says he expects to see significant momentum in the growth of risk-based funds in the UK market. He says […]

Exit music

Two current consultations highlight the pressures faced by employers with defined-benefit pension schemes.

Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


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