The weather has rarely been out of the news over the past few months following devastating flooding across the country. Today there’s a glimmer of hope for homeowners as Flood Re gets underway.
Under the terms of this new government-backed scheme, people who live in areas susceptible to flooding should be able to access cheaper home insurance. The scheme is partly funded by a charge to insurers for each policy passed to the scheme and a levy on all UK home insurers. But research by home insurer Admiral suggests more needs to be done to educate those affected as only one in seven of us have heard of the scheme.
Dominating the headlines on Sunday afternoon was a huge leak of confidential documents which revealed how the rich and powerful use tax havens to hide their wealth. Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca. They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax. But the company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing. Gerard Ryle, director of the International Consortium of Investigative Journalists, said: ‘I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents.’
The Observer reported that house prices in the London commuter belt fall by more than £3,000 for every minute further away the property is by train from the capital. Savills estate agents researched property prices around 314 stations in places surrounding the capital on direct commuter lines into the city. It found that average property prices within half an hour’s train ride from London were £458,000, compared with £606,000 in inner London.
Over the weekend, Lancastrians were warned to be vigilant following the news that a number of Santander cash machines had been shut down due to ‘potential criminal activity and vandalism’. Lancashire Police warned people not to use Santander machines across the county due to criminals targeting them to steal card details and cash. Of its network of cash machines, Santander said the ‘five ATMs in question were shut down immediately’ but added that customers should always be ‘vigilant’.
Ahead of the end of the tax year tomorrow, financial companies have issued a slew of press releases encouraging savers to make the most of their new ISA allowance. Among them was analysis by Andrew Hagger of Moneycomms who said that Fund ISA holders with £30,000 invested through one of the leading platforms could save up to £230.25 a year by switching the same portfolio to a cheaper provider.
Following Spectator Money’s mention of a financial April Fool on Friday (SunLife Pet Insurance claimed it was launching a courtesy pet replacement – ‘while your pet’s in for repair, don’t despair’), the spoof video was viewed more than 130,000 times and thousands asked to take up the service. Just goes to show that you shouldn’t take anything seriously on April 1.
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