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Aviva pays out 93% of IP claims

Aviva paid out on 92.8 per cent of income protection claims in 2013, latest figures reveal.

The insurer paid an average of £35,342 in IP claims per day, with a total payout of £12.9m in the year.

The most common reason for claim was mental health conditions, accounting for 31 per cent of all claims.

Musculoskeletal and neurological conditions each accounted for 19 per cent of claims, with cancer claims making up 8 per cent.

A total of 1,462 policyholders received payments, with 72 per cent of claims coming from men.

Around 6 per cent of declined claims were rejected for not meeting policy criteria, with 1.2 per cent were declined for misrepresentation.



HMRC wants access to bank statements

HM Revenue & Customs plans to ask banks for thousands of customers’ personal bank statements under plans to seize tax directly from accounts. The Financial Times reports the statements will be handed to HMRC so it can work out how much money it can take out of individuals’ accounts without causing “hardship”. MPs were told […]

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FOS issues payday lender warning as complaints rocket

The Financial Ombudsman Service has warned complaints about payday lenders have more than doubled in the last two years but says the increase is likely to be only the “tip of the iceberg”. New statistics published today show that in the 2013/14 financial year the FOS tackled 794 new payday lending complaints, up from 542 […]


FSCS issues Sipp advice warning as pension claims surge 15%

The Financial Services Compensation Scheme has issued a warning over Sipp advice as the investor lifeboat fund reported a 15 per cent increase in life and pensions intermediation claims. The FSCS’s annual report shows it received 4,248 claims relating to the the life and pensions intermediation class in 2013/14, up 15 per cent on the […]


Auto-Enrolment Invitational – September 2014

The Money Marketing Auto-Enrolment Invitational returns in September 2014 to bring together financial advisers, product providers and industry experts to discuss how to embed a profitable auto-enrolment service within an advisory business. With 32,000 small and medium-sized firms due to reach their staging date in the 12 months to April 2015, insurers are raising concerns […]


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