Bank of Cyprus will Compensate in Event of Lost Savings [4th Jun 2012]
UK savers who have invested their money into the Bank of Cyprus are being contacted by the bank this week to inform them that their savings will be protected in the same way as it would be under a UK bank. It is thought that UK savers have £1 billion invested in the Bank of Cyprus UK which operates banks in the UK and has done so for fifty years. However it is only now that the bank has offered UK authorisation. In the past, savers have needed to apply to authorities in Cyrpus to get any compensation if the bank went under. In the UK savers are offered compensation up to £80,000 for their savings if a bank collapses. There is some concern that the bank of Cyprus would be under financial pressure if Greece left the Euro. This is because the bank has lent Greece money in the past which may not be honoured. Related Stories: Bank of Cyprus says British savers get UK protection - www.thisismoney.co.uk The Financial Services Compensation Scheme has issued a warning to consumers over an ad for a claims form which wrongly uses the scheme's name. The FSCS carried the warning on its website and warned customers that the claims firm may be trying to mislead them. It seems that the claims firm is using the FSCS initials in its advertising and anyone using a search engine to search for the FSCS could easily come across this claims company. Professional Personal Claims comes up as a sponsored search on Google and it is thought that this could cause some confusion. The FSCS will be contacting the company regarding the advert. Related Stories: FSCS warns consumers of "misleading" claims firm - www.moneymarketing.co.uk A Waverton carnival which has taken place for the last 80 years is to be cancelled this year due to a compensation claim made by the parents of a boy who was injured at the carnival two years ago. Organisers have said that they cannot get insurance for this year's carnival because of the recent claim which is still to be settled. The boy, who was 10 at the time, injured his leg while playing an unsupervised game at the event. His parents are asking for £30,000 in compensation from the owner of the equipment he was playing on. Geoffrey Hughes from the town council has described the problem as a sign of the times. He believes it to be part of the compensation culture in the UK. He points out that the family involved wanted to pull out of the litigation but couldn't because they would have to pay their legal fees incurred so far. The carnival usually raises around £1500 for the local area. Related Stories: The historic carnival killed off by claim culture - www.dailymail.co.uk The Office of Fair trading has said that they believe the car insurance market to be "dysfunctional" and that the Competition Commission will be looking into artificially high car hire and repair charges. It is thought that these charges add £225 million to drivers premiums each year and that some insurers are allowing garages and car hire companies to charge more because the other insurance company will be paying for the fees. Nick Starling from the Association of British Insurers agrees that an investigation is needed. He says that inflated rates for car hire and repairs have led to higher premiums and the costs are uncontrolled and taken advantage of by people who know the system. It is believed that insurance companies can get a fee from a repair company for repairs which are referred to them - this inflates the overall cost which is then passed on to the at fault insurance company. The insurance companies have recently blamed increased premiums on the cost of no win no fee lawyers and personal injury claims leading to compensation payments. However the OFT is hoping to show that that there is some fault coming from the industry itself. Related Stories: Car insurance facing Competition Commission study - www.bbc.co.uk  |
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