Life insurance product from Barclays classed as “simple”

life insurance news Barclays Bank

Life insurance policy is the first of its kind to be designated as a “simple” product A new life insurance policy being sold by Barclays and underwritten by Aviva has become the first product of its kind to be classified as “simple” by the British Standards Institution. Last year, the Bank of England issued a report regarding the need for simplistic products within the financial services sector. Typically, many insurance products are difficult to understand because of their complex nature. This can make it difficult for people to find the…

Read More

Barclays sets aside funds to deal with insurance news controversy

life insurance news Barclays Bank

Barclays continually caught in scandal Major British bank Barclays has announced that it will be setting aside approximately $1.1 billion in funds to mitigate the financial impact of its inappropriate sale of insurance to consumers. Earlier this year, Barclays was steeped in a rate-rigging scandal that damaged the company’s reputation. In the wake of this insurance news scandal, the bank purchased nearly $1.7 billion worth of payment protection insurance for its employees. Now, the company is setting aside funds in case it receives more claims concerning inappropriate sales of insurance…

Read More