A crushing blow to uninsured drivers

The Greenaway report, a UK government-commissioned study into the problem of uninsured driving, signals the start of a crackdown on motorists that drive without insurance. This report should provide the catalyst for strengthening legislation and Datamonitor's James Greenwell argues that it will finally bring UK compliance levels in line with the rest of Europe...

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A decline in petrol sales illustrates behavior that may contribute to a dip in car insurance GWP

Datamonitor has forecast the private motor insurance market will plateau during 2012-15. One influence will be static growth in volume as the cost of driving spirals. Insurers are currently unconcerned while the size of the motor parc remains stable, with declining traffic signifying less risk exposure. Yet as drivers react and adapt their behavior, larger consequences for the market are expected.

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A government-backed central pool is the only way forward for insurers offering flood coverage

A central flood insurance pool such as those proposed by the ABI and Marsh will only be effective if it is administered by an organization with industry-wide support and backed by the government. It is essential that one of the plans is agreed upon and implemented in the next six months, as policy holders and the insurance industry are being exposed to significant uncertainty in the meantime.

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A new breed of hedge fund enters the market

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A slow rollout of EMV for US credit cards may benefit the prepaid sector

United Nations Federal Credit Union has launched the first credit card in the US market to feature globally valid EMV. Some issuers may well follow suit in the near term, but the process is likely to be slow given the general apathy towards EMV in the market, and the delay could allow prepaid travel cards to further differentiate themselves in the market.

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A Spanish offshore tax amnesty will have to be very lenient to encourage uptake

As part of Spain's tough new austerity package, the government has announced plans to launch an offshore tax amnesty. Such amnesties have been highly successful in other Western European countries such as the UK and Italy, but Spain will have to work hard to encourage wealthy individuals back into the struggling domestic banking sector.

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A strengthened financial services compensation scheme comes at a price

The UK's Financial Services Authority has called for the substantial strengthening of the Financial Services Compensation Scheme, which guarantees savings up to GBP50,000 in the event of a deposit taker collapsing. Although this is good news for depositors, the cost to financial institutions will be steep, which will hit them hard, particularly at a time when IT expenditure has been severely cut.

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A time bomb: China's wealth management products

In China, investments in wealth management products have soared in recent years. However, these products' underlying assets are often linked to high-risk real estate investments, which means that in the event of an economic slowdown the risk may not be systematic, but defaults, especially among smaller lenders, are likely.

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A total of 4.8 million Lloyds customers are to be moved to The Co-operative, but will any refuse?

Being transferred to The Co-operative Bank will likely mean that people will not be able to use their existing online and mobile banking facilities, and this may be enough to persuade some customers to stick with Lloyds.

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A&L/Abbey National: further consolidation may be on the cards

Alliance & Leicester is considered to be a prime target for a takeover bid. Recent reports suggest that Abbey National is one interested predator. This may be the start of a new round of domestic consolidation in the UK retail banking sector. However, the major players are likely to miss out for regulatory reasons.

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