Alan & Thomas Insurance Group

Insurance industry regulator to be disbanded

2010-07-02T08:16:00.000-07:00

The Chancellor George Osborne has sounded the death knell for the Financial Services Authority (FSA).

Before the election the then shadow Chancellor announced his intentions to give the Bank of England responsibility for maintaining financial stability.

Speaking in the House of Commons on 16th June, the Chancellor said the current system of financial regulation had "failed spectacularly." Osborne confirmed his plans to dismantle the existing regulatory systems, led by the FSA. He also told the Commons that the government is "committed to handing over micro-supervision to the Bank of England"

The details of his plans were outlined by the Chancellor later that day during his first speech to The Lord Mayor's dinner to the Bankers and Merchants of the City of London. Supervision of the financial sector is to be transferred to a new body under the Bank of England. The FSA’s role in fighting serious financial crime will be undertaken by an Economic Crime Agency. The regulation of authorised financial firms, including insurance sector, will be undertaken by a new Consumer Protection and Markets Authority (CPMA).

In describing the CPMA’s role, George Osborne said: “It will also be responsible for ensuring good conduct of business in the UK’s retail and wholesale financial services, in order to preserve our reputation for transparency and efficiency as well as our position as one of the world’s leading global financial centres.”

Commenting on the plans to disband the FSA, British Insurance Brokers’ Association Chief Executive Eric Galbraith said: “We are pleased that our concerns over splitting the regulation for our sector have been taken on board and that insurance intermediaries appear to be falling under the scope of one new regulator, the Consumer Protection & Markets Authority.”

The Chancellor has promised to implement these changes to the UK's regulatory architecture by the end of 2012 following a consultation period.

Fit note replaces sick note from today

2010-04-08T06:17:00.000-07:00

From April 6 2010 the system of sick notes has changed to become a system of fit notes. The new system recommended in 2008 by Dame Carol Black, the national director for work and health, in her review of sickness absence has been designed to encourage people back to work, attempting to remove the challenges that are often faced by employers and their staff.

The new Statement of Fitness for Work or ‘fit note’ will continue to allow doctors to advise that an employee is unfit for work but will also offer a new option ‘may be fit for work taking account of the following advice’

The aim is to give employers and employees greater flexibility in managing sickness absence. A doctor can now suggest some ways that could facilitate an employee to return to work earlier, such as:

· A phased return to work

· Altered hours

· Amended duties

· Workplace adaptations

In addition they can provide additional written comments making further suggestions to assist an employee to return to the workplace

The advice on the Statement is not binding to employers. If it is not possible to make the adaptations this should be explained to the employee and then ‘The Statement’ should be used as if the doctor had advised ‘not fit for work’.

If your employee has a condition covered under the Disability Discrimination Act (DDA), your obligations under the law have not changed.

Your liability insurance should not prevent employees who may be ‘fit for work’ returning or remaining in the workplace. Also you do not need a Medical Statement stating fitness for work for an employee to return to work. However you will still need to continue to manage employees appropriately through risk assessment based on evidence from the Doctor, your knowledge of the work and workplace and further support where necessary.

Please see the Employers guide on the DWP website for further information : www.dwp.gov.uk/docs/fitnote-employer-guide.pdf

Alan & Thomas Reinvigorated by Transformation

2010-04-01T09:34:00.001-07:00

Today Alan & Thomas has two reasons to celebrate. The Bournemouth-based broker has moved into new purpose-built offices and has launched its brand new website in partnership with Ignition, confirming its position as one of the leading insurance brokers in the south of England.

Managing Director, Julian Boughton, said: “Today marks the next step in the development of Alan & Thomas. Since 1975 we have continued to grow and progress our business. We are confidently positioned to meet the insurance and risk management needs of businesses, large and small, as well as supporting individuals with their insurance and wealth management requirements.

“Our new website demonstrates our commitment to our customers, providing them with easy-access to valuable information, whilst our new offices provide an environment in which our loyal staff and customers alike can be sure of a warm reception”.

To see the new Alan & Thomas website, visit www.alan-thomas.co.uk or to arrange to meet the team to discuss your needs, call them on 01202 754 900.

Insurance claims rocket on Bonfire Night

2010-04-01T05:21:00.001-07:00

Statistics released by AXA Insurance show that Bonfire Night is the worst time of the year for malicious damage claims. Malicious damage claims are where the damage was caused by a deliberately destructive act rather than through accident or negligence.

The insurer's statistics show that the incidence of malicious claims is 350% greater on 5 November than on an average day. Last year AXA received many claims for malicious firework damage, mainly where devices were pushed through letterboxes, resulting in an average claim of nearly £1,000.

Nick Kidd, Head of Household Underwriting at AXA said: "We don't want to ruin anybody's fun but people do need to be vigilant. Although it is difficult to avoid someone putting something through the letterbox, people should take extra care to ensure windows and doors are locked, garden gates are secured and outbuildings, such as garages or sheds are locked".

AXA calls for homeowners to be vigilant on Guy Fawkes night is backed up by a report by fellow insurer Aviva. The firm reveals that it receives 25% more claims for theft from the home on November 5 than on an average day.

Simon Machell, customer services director at Norwich Union, said "It's a perfect opportunity for burglars who take advantage of the dark, the distraction and the noise of the fireworks to take people's valuables - often walking in through the front door because people haven't thought to lock it while they're busy with bonfires, barbecues and fireworks.

"We'd urge anyone planning to celebrate November 5 to make sure they've secured their home before they step outside to watch the fun.