Insurance fraud is at an all-time high, with deceitful claims costing the industry upwards of £1 billion a year and the average customer an extra £50 in premiums.
Thankfully something is being done to stop this unfair practice and give fraudsters a taste of their own medicine.
This is in the form of the newly launched Insurance Fraud Register, a secure database that contains details of all known insurance fraudsters.
Compiled by the Association of British Insurers, it gives insurers a way to check for a history of insurance fraud during the quote process. Those found to have made bogus claims are likely to find it more difficult and expensive to get cover.
Importantly, the data will be shared with other financial providers so could impact a 'fraudster's' ability to get approved for credit and other financial products too.
While records will be removed after 5 years and it will be possible to appeal, if you want to avoid becoming an insurance-outlaw it's best to play it safe and only ever claim on your insurance if you genuinely need to. You can find out more about the Insurance Fraud Register on the ABI's website.
If all goes according to plan an additional 600,000 employees will be paying into an occupational pension by the end of the year, with those working for Britain's largest companies joining first. The scheme will officially launch on 1st October marking the biggest shake up of workplace pensions in decades.
They'll rise from 4.24% to 4.74% and add around £26 a month to repayments on a £100,000 mortgage. Santander will also be increasing the Cap on some Santander mortgages to 5.49%, 4.99% above the Bank of England base rate, from 24th September. If you're on a Santander variable rate you need to look at your options and make sure your current deal is still the most competitive you can get.
A fifth successive monthly price rise has bumped the average rent up to £734 a month - 2.9% higher than last year. London has seen an even greater increase over the past 12 months with rental costs rising by 4.9%.
That's thanks to the government's new Start-Up Loan scheme. They've started extending loans of up to £2,500 to budding entrepreneurs aged between 18 and 24, and introducing them to mentors that will help them develop their business ideas. As many as 30,000 start-up businesses will be able to benefit.
They hope that by replicating the JOBS Act that proved so successful in the USA they'll make it easier for entrepreneurs and high-growth companies to float on the UK exchange, and in doing so help cement Britain's reputation as the best place in the world to run and grow a business.
The hope is that the move will support the city's economy, with less cash leaving the city. More than 300 businesses have signed up to accept the Bristol pound so far making it the most widely accepted local currency In the UK.
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