A report by insurer More Th>n warns that five million people in the UK are at risk of flooding, with 1.5 million being at high risk.One of the concerns in the report is that around 200,000 properties are planned to be built in flood risk areas. Also, the future of the Thames Barrier is uncertain. Substantial development is planned behind the barrier, which is only designed to be effective until 2030. Planned development and ageing defences could leave many households and businesses uninsurable. More Th>n says there must be more investment in flood prevention as climate change begins to affect weather patterns. Climate change studies suggest at least an extra 10m to 30m more is needed, year on year, starting now. David Pitt, head of insurance at More Th>n, says: “More must be done, particularly with the potential for climate change to drastically affect weather patterns. “Our claims are on average 30,000 after a significant flood event to get a property back to normal. Norwich Union says one in three UK flood victims fear the threat of flooding is increasing, and nearly half believe their property will be at risk. Despite this, 80% of home owners say they would not consider making changes to their homes to provide better protection against flood damage. To help combat the problem, Norwich Union is launching the first flood resilient demonstration house to show the steps owners can take to limit the impact of a flood.
Roy Leighton has taken over as chairman of the Financial Services Practitioner Panel. He succeeds Jonathan Bloomer, who assumes the role of deputy chairman for one year. Leighton is chairman of Nymex Europe. The Panel is a statutory body that represents the spectrum of regulated firms and the interests of practitioners.
Over half of landlords and letting agents polled on the Local Housing Allowance Pathfinders scheme say it has made them less likely to want to let to Housing Benefit tenants. Awareness of the scheme was common among respondents. Some 85% of landlords and letting agents had heard of the benefit.
Using a foreign exchange specialist rather than a high street bank when organising the finance for an overseas mortgage offers benefits to clients and brokers, says Marc Morely-Freer
Research by Key Retirement Solutions has revealed 56% of consumers believe equity release is risky, suggesting the general public has serious misconceptions about these products. The most common reason consumers felt equity release was risky was due to the threat of negative equity, with 61% of consumers concerned about being left with a house worth […]
What does a well-diversifed portfolio look like? What were the quarterly trends in model portfolios in Q4 2015? The Portfolio Barometer highlights trends uncovered by analysis of 210 model risk-rated portfolios managed by UK financial adviser and wealth management firms in the three months from October to December 2015. The model portfolios under review were […]
News and expert analysis straight to your inboxSign up