The insurance industry has denied that it is seeking to use genetic test results from breast and ovarian cancers to charge those carrying inherited mutations higher premiums for life and health insurance.
It was reported last week that the Association of British Insurers (ABI) was set to make an application to the Genetics and Insurance Committee (GAIC), the body that advises the government on this area, to use adverse results from genetic tests for the BRCA1 and BRCA2 genes. These are responsible for about 5 per cent of new cases of breast cancer and 10 per cent of ovarian cancers diagnosed in Britain each year.
The insurance industry is signed up to a voluntary moratorium which prevents the use of genetic testing results until 2011 for policies worth under £500,000. However, the GAIC states on its website that it expects the ABI to submit four applications later this year for the use of adverse results from tests of the BRCA1 and BRCA2 genes.
'We are not submitting any applications and have no plans to do so. There was some confusion over this last week and the GAIC's expectations are not accurate,' said an ABI spokesman.
A spokesman for the Department of Health on behalf of the GAIC said that the statement had been on the website since the end of last year and was updated following each GAIC meeting, which an ABI representative attended. The last one was in November and the next one is in March. 'The GAIC website is updated based on information given by the ABI at those meetings. If the ABI attend this meeting in March and say they have changed their plans to submit an application we will update that on the site,' said the spokesman.
Currently the only genetic test results that can be used for insurance purposes are those for Huntington's disease.
Barclays bids to attract savers with 10pc interest
Barclays is fighting back against increasing competition by launching a savings account with a headline rate of 10 per cent interest for a year.
The Regular Saver account will pay 10 per cent gross on savings between £25 and £250 a month. It will pay this rate for 12 months on the first month's deposit, then for 11 months on the second deposit and so on for each subsequent deposit. However, this system means that someone who put in the maximum £3,000 over the year would earn £163.63 in interest, rather than the £300 they might expect. Customers will also have to pay in a minimum of £1,000 a month into a current account with the bank.
'Although 10 per cent is a great rate of interest, it's hard to see Barclays attracting many new customers because their current account proposition is weak,' said Stuart Glendinning, director of savings at moneysupermarket.comp. 'Anyone thinking of switching should opt for the Alliance and Leicester Premier Direct current account which is the market leading current account and comes with a 10 per cent regular saver account.'
For those not wanting to switch current accounts, Bradford and Bingley recently launched its Christmas Saver account, which pays 10 per cent and is not linked to use of any other product. It allows contributions of up to £150 each month and restricts the account to 10 months rather than 12.
Looking for love? Don't be fooled by net dating scam
As the warm glow of Valentine's Day fades, the Office of Fair Trading is warning those who are still looking for love to be wary of an online dating scam which could leave the victim out of pocket.
The OFT says tricksters are using online dating services to create a false profile of a person seeking romance or a soul mate. Once they have convinced the recipient they are in love with them, they will ask for money to be wired over so that they can come and visit.
According to the OFT, warning signs include if your online date is young and beautiful - they could be using a stolen photograph - and if they are not your usual dating type offline but are showing you particular attention online. An example, says the OFT, is if you are over 50 and you are being frequently contacted by a person under 30.
Anyone who comes across the scam should report it to the dating site and contact the OFT's consumer helpline on 08454 04 05 06.
