Business Advice for all UK firms from starting a business to flotation
Insurance companies impose exit fees on customers
Business owners wanting to move money from insurance policies to ease cash-flow issues may have to leave the money invested or lose up to £4,000.
The insurance companies Norwich Union, Friends Provident and Scottish Widows have imposed punitive charges on customers withdrawing their money in the hope of protecting funds following stock market drops.
This action will affect 2m customers, and if all UK based insurance companies followed suit then around 8m savers would be affected.
"What we are seeing here is the contagion of the banking system spreading to the insurance sector," said Mick McAteer, head of the charity Financial Inclusion.
He added, "This move is, in effect, forcing their customers to stay locked into their policies."
Post Date: October 22nd, 2008
The insurance companies Norwich Union, Friends Provident and Scottish Widows have imposed punitive charges on customers withdrawing their money in the hope of protecting funds following stock market drops.
This action will affect 2m customers, and if all UK based insurance companies followed suit then around 8m savers would be affected.
"What we are seeing here is the contagion of the banking system spreading to the insurance sector," said Mick McAteer, head of the charity Financial Inclusion.
He added, "This move is, in effect, forcing their customers to stay locked into their policies."
Post Date: October 22nd, 2008
.
.
Accounting Advice | Banking & Finance | Business Continuity | Entrepreneurs | HR/Payroll Advice Insurance Advice | International Trade
Internet Advice I.T. Advice | Legal Advice | Marketing Advice | Office Management | Pensions & Benefits Property/Relocation | Recruitment Advice
Starting a Business | Telecommunications | Training/Education Travel Advice | Utilities Advice | Vehicles
copyright © 1998-2018 Newbusiness.
Homepage | Terms & Conditions | Copyright & Trademarks | Privacy Policy | Sitemail & Forum Policy | Sitemap