When lies don’t matter. Lying about an insurance claim has always been a valid reason for an insurer to reject a claim, says the Mail. But the UK’s Supreme Court has changed all that (Financial Advisors Clifton).
In a recent judgement it said that if the lie was irrelevant to the claim, then that could not justify non-payment by the insurer. And it did not matter if the lie was deliberate or inadvertent – the point was the relevance. Insurers unsurprisingly were aghast at the judgement but consumer advocates said it was long overdue and would reduce insurers’ ability to wriggle out of valid claims.
Self-employment boost shows changing retirement pattern
The Financial Times dug into recent data on the growth of self-employment in the UK, which has soared from 3.2 million in 2000 to 4.8 million now. The fastest growth, though, has been among older people, with an 88% rise in the number of part-time self-employed workers and with 40% of all self-employed people now aged over 50. The Office for National Statistics said the data showed people were using self-employment to manage their way into retirement. The FT concluded: ‘Your typical new self-employed person is not a builder, nor a tech whizz in Shoreditch, but a 60-something part-time management consultant in Kent.’
Higher inflation is on the way
Forget low interest rates, says the Financial Times. The big news for savers and investors is that a big rise in inflation is coming. The fall in sterling, which hit a 31-year low against the US dollar recently, means UK consumer prices are sure to rise. With another 10% fall in the £, Deutsche Bank reckons UK inflation could breach the 5% level within three years, and even without that, CPI inflation is likely to top 3% by 2018. This at a time when interest rates are almost certain to remain at current low levels. Despite recent worries over UK property funds, commercial property could be a good bet in such an environment.
Tax threat to Britons abroad
BREXIT could spell trouble ahead for Britons living abroad, says the Financial Times. It was only judgements of the European Court of Justice that forced Spain, France and other countries to withdraw tax rules that levied higher taxes on foreigners than their own citizens – because they contradicted EU law. But if Britain is no longer in the EU, such discriminatory tax policies will not only be possible but could be attractive to cash-strapped governments.
Young at greater risk of identity theft
Contrary to what you would expect, it is young people who are greatest risk from identity theft, says the Independent. The number of fraud victims under 30 has doubled in the past five years. Young people may be more tech-savvy than their parents, but they are much more careless. For example, they store PIN numbers for cards and accounts on their mobile phones – which they don’t protect with a password – and they tend to use the same password for multiple accounts. They also make much more personal data easily available on Facebook, such as birthdays, making it easier for fraudsters to create a profile. It sounds like granny needs to give them a good ticking-off.
Financial Advisors Clifton, Bristol
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.