CV fraudsters targeting financial firms

It has been claimed in a recent report that financial firms and banks could be hit with a flood of CVs and application forms from fraudsters, who have filled the application form with lies in the hope of getting hired and being able to conduct fraudulent activity at the financial institution. Read more

Tags: activity, work, advertising, cv fraud, net, order, recent graduates, financial firms

Number of drivers caught without insurance ‘doubled’

The number of drivers caught behind the wheel without insurance has doubled over the last year, according one industry expert.

Graeme Trudgill, technical and corporate affairs executive for British Insurance Brokers Association, said in 2007, approximately 150,000 were seized by the police while in 2006 this number was 78,000.

Police now have access to the motor insurance database and the “power to seize uninsured vehicles”, which are both factors helping the authorities to solve other crimes.

“Usually criminals use a vehicle to aid in their criminal activity and it’s quite likely that, being the type of people that they are, they don’t bother to buy insurance, said Mr Trudgill.

According to the Motor Insurers’ Bureau, uninsured driving costs law-abiding motorists in excess of £500m each year or around £30 on their insurance premium.

Uninsured drivers are also responsible for causing an estimated 160 deaths on the road each year in the UK.

Tags: Mr Trudgill, Law Crime, executive, Vehicle insurance, database

Credit card scam catches out MP

An MP has been caught out by a “mystery” credit card scam.

Although there is no likelihood that the card has been cloned – in that the member for Waveney Bob Blizzard has not used it for cash withdrawals – more than £1,000 has been spent on it by thieves.

Mr Blizzard was first alerted to the illegal activity when alert checkers at Nationwide – which issued the card – detected suspicious payments on the card.

It showed money being withdrawn from the Northern Italian city of Padova, to which the MP has never been.

He told website EDP24: “It’s really quite scary and unnerving to think that your personal details are somehow obtained by people.

“My message to people is to be vigilant and to scrutinise their bills very carefully. There are gangs of organised criminals who are committing this fraud.”

Local police say that there has been a recent upswing in credit card scams in and around Lowestoft, where Mr Blizzard lives.

A Norfolk police spokesperson added: “While much is being done to combat fraud, we would encourage card holders to take responsibility for their financial transactions and to report anything suspicious immediately to their bank or building society, or the police.”

Tags: activity, police spokesperson, alert checkers, financial transactions, checkers, Northern Italian city, Natural Disaster, Norfolk police

Life insurance customers must be honest

Customer honesty is imperative when taking out a life insurance policy, an Independent Financial Advisor (IFA) said today.

While customers might be tempted to try to keep premiums as low as possible through selective disclosure of facts, this might well prove costly in the long run.

Kieran Platt, who also co-founded the website Life Direct, strongly recommends that “whatever the situation is when you apply for your policy, you must be totally honest”, with the possibility of claims being invalidated otherwise.

Giving the example of a claimant going wreck diving – “perceived to be high risk” – he pointed out that dangerous hobbies must be declared at the outset.

However, Mr Platt said that taking up a potentially premium-boosting activity such as a high risk hobby after filling the form in would not affect life insurance, provided it could be proved that at the time of taking the cover out it was not being practiced.

“Life policies are underwritten at outset: it’s the complete opposite of income protection insurance, where you have to go back to the insurance company anytime anything changes… With a life policy you don’t, it’s all done at the outset”, he surmised.

Recent figures from life insurers Bright Grey show that around one in three British families do not have life insurance, critical illness or income protection cover.

Tags: premiums, activity, income protection cover, Kieran Platt, income, life insurers, claimant going wreck, Insurance

July move ‘popular’ among older Britons

July is regarded as the most popular month for people over the age of 50 to move house, according to Saga Home Insurance.

Figures released by the group indicate that more people in the over-50s bracket have moved house in July in the last five years than any other month.

Downsizing appears to be popular among over a third of respondents in the poll, with many wanting to move to a smaller home.

Some 34 per cent of respondents also cited the desire to be closer to family as a motivating factor to move.

Andrew Goodsell, chief executive of Saga, said: “We can see that family is a key influencer on where future retirees will migrate to, but we can also get a sense of just how people plan to spend their retirement – with shopping and social activity as key attractions when searching the area to retire to.”

Mr Goodsell said that people moving home might consider taking on Saga Home Insurance, which might help them minimise the stress of moving home.

Tags: activity, retirement, stress, month, minimise

Dirty weekend is dead

The days of the dirty weekend appear to be fading away, with new research showing that most of us prefer to go away with friends.

New research by AA Insurance shows that 55 per cent of people in a relationship have gone on holiday without their lover, while 13 per cent admit they enjoy short breaks more when their partner stays at home.

The most popular reason for taking a break without our partners, cited by 22 per cent of those asked, is that we want to do an activity which our other half does not enjoy.

A further ten per cent say that they go away alone because they need some space.

“For many, mini breaks are a chance to have some time away from their partners and do things they wouldn’t necessarily do if their partner was with them,” said Clare Emsley from the AA.

The new partner-less mini-break has been dubbed a Clean Weekend and a number of insurance firms are offering special premiums for people taking this kind of holiday.

However, many people will find that it is far cheaper to get travel insurance for a couple than on an individual basis.

Tags: activity, mini, Clean Weekend, fading away, New

2006 credit card borrowing down

Credit card borrowing fell in December 2006, according to updated figures released by the British Bankers’ Association (BBA).

Following the release of figures from the Major British Banking Groups earlier this month, BBA has gathered more information,

This new data shows that credit card borrowing fell by £0.3 billion in December, with the overall annual figure rising by just two per cent.

“The annual growth in consumer credit, at only two per cent, is low by historical comparison and, although strong Christmas sales have been reported, our December figures suggest that spending was not fuelled by more borrowing on credit cards,” said David Dooks from BBA.

Mortgage lending in December fell in comparison to November, but even this figure was a seven per cent increase on the same month in 2005.

In total, mortgage lending reached £18.1 billion, with 123,518 mortgages being approved.

The average amount lent for the purpose of buying a home soared in comparison to December 2005, with the average amount being £146,400, nine per cent more than the year before.

“The final quarter of last year, despite seasonally lower activity in December, showed the mortgage market to be stronger than at the same time a year earlier and lending still growing significantly at a time of rising interest rates,” added Mr Dooks.

Tags: activity, consumer credit, increase, british bankers association, Association, information, quarter, interest

2006 lending hit record levels

Lending in the UK reached record levels during 2006, with the Council of Mortgage Lenders (CML) saying there was a 20 per cent rise on 2005.

In total, £346 billion was lent, with November proving to be the year’s most popular month for borrowing.

In fact, November was a record-breaker itself, recording the highest lending figures ever at £33.1 billion.

The huge lending figures have been attributed to a number of factors, including annual house price growth (around seven per cent) and increased house sales (14 per cent).

“The commentators who thought the housing market would crash in 2006 were wrong,” said Michael Coogan, director general of the CML.

“Last year the market proved itself to be in robust shape and we expect it to remain so during 2007.

“Going forward, many of the key drivers of the market remain positive. The economy is healthy, demand for housing is strong, and house prices continue to rise. As a result, mortgage lending this year is expected to be even higher than in 2006.”

Despite Mr Coogan’s positive outlook for the housing market during 2007, he does have a word of warning in light of the recent interest rate rises.

“The recent increases in interest rates might make many aspiring home-owners think twice about getting on to the property ladder, and we expect to see levels of activity dampen as the year progresses,” he added.

Tags: cent rise, fact, Council, activity, Economic history of the United States, General, council of mortgage lenders, house price