Fraudulent claims, new £5 note, pensions and cowboy builders

The number of fraudulent insurance claims rose to 2,500 a week last year, according to industry figures.

In total there were 130,000 fraudulent claims, up 6 per cent on 2014, the Association of British Insurers (ABI) said. Dishonest motor claims remained the most common crime, accounting for over half the total. But fraudulent claims for injury, supposedly as a result of negligence, such as so-called ‘slip and trip’ claims, was the fastest-growing crime. False claims in this area were up by over a third compared to 2014, the ABI said. New plastic

The new plastic £5 note is being launched in England and Wales today, but most people may have to wait up to a week to get one.

The polymer note – which is much more durable than the old fiver – will initially only be available from a handful of banks and cash points. ATMs in London, Manchester, Birmingham, Leeds, Hull and Cardiff will be among the first to stock them. But only about 7 per cent of cash machines dispense £5 notes in any case. However most bank branches are expected to have the notes within a week or so, suggesting those who want to obtain one may have to go into a bank and ask for one. Pensions Senior staff at the Bank of England have had their own pension scheme protected just weeks after the Bank introduced a new quantitative easing programme which has damaged the pension schemes of millions of ordinary workers, according to The Telegraph. Last night MPs and financial experts accused the Bank of hypocrisy after using taxpayers’ money to provide the most generous pensions in the country, despite its recent quantitative easing programme having pushed some private company pension schemes to the brink of collapse. Yesterday it emerged that the amount of money paid by the Bank into its final-salary pension scheme had doubled since 2011. The Bank’s contributions towards staff pensions are now the equivalent of 54 per cent of each staff member’s pensionable salary. Inflation UK inflation remained at 0.6 per cent in August, the same level as July, and lower than many economists expected. The 0.6 per cent rate was driven by ‘rising food prices and air fares, and a smaller fall in the price of motor fuels than a year ago,’ says the Office for National Statistics. Brexit

Employers in six out of nine sectors are less optimistic about adding jobs in the wake of the Brexit vote, a survey has found.

Financial services, construction and utilities reported the biggest falls in confidence, according to the Manpower Employment Outlook Survey. The survey was conducted in the weeks after the referendum was held. Although UK job prospects have held firm, Manpower said that ‘cracks in the ice are appearing’. Buy-to-let

Mortgage lenders are slicing percentage points off their buy-to-let mortgage rates in a bid to woo landlords purchasing new properties, according to Thisismoney.

Both TMW and Accord have cut their fixed rate deals in the past week while Keystone is due to drop its prices later this week.

Rates from Accord, part of the Yorkshire Building Society, will be available at 2.29 per cent for a two-year fix at 65 per cent loan-to-value with a £800 fee, or at 2.89 per cent for a 75 per cent LTV which comes with fee-free options.

Students

M&S Bank is urging university students planning on living away from home to make sure their possessions are fully covered before flying the family nest this September as research reveals that 45 per cent of students surveyed don’t have insurance. That’s despite respondents taking an average of £2,150 worth of belongings to university last year, with one in ten estimating that they took over £4,000 worth.

Not surprisingly, 94 per cent took their mobile phone/smartphone with them to university last September and 92 per cent said they took a laptop. 60 per cent took their own kitchen appliances and 21 per cent took a bike. Cowboy builders One in ten home-building projects fail to please home owners, leaving a trail of unhappy customers, according to new research from the Federation of Master Builders (FMB). Of the home owners who are unhappy with their building work, the top reasons cited include: shoddy workmanship (49 per cent), cost overruns (27 per cent) and delays (23 per cent).