9am Lowdown: Accountants are the worst drivers by profession
Good morning. How safe are you behind the wheel? While your clients trust you with financial advice, a study believes accountants shouldn’t be trusted in a car.
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Accountants are the worst drivers by profession
Accountants are trusted as advisers but a new study has found accountants not to be trusted on the road.
According to figures revealed by car insurers First Central, accountants have been judged the worst drivers by profession after being involved in more than 16,000 accident claims a year. Solicitors trail accountants in second position, with doctors and financial adviser following as the most accident prone professions. On the other end of the scale, roofers were found to be the safest drivers, with only 3,850 accidents claimed last year.
Pete Creed, co-founder and chief underwriting officer at First Central said: "Our data dispels a number of these myths, but it's interesting to see that a number of professions we trust with our safety are actually the worst on the road."
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Stricter rules proposed on BTL lending
The Prudential Regulation Authority (PRA), an arm of the Bank of England, has recommended banks and building societies should be stricter on granting buy-to-let landlords mortgages.
According to the BBC, the PRA recommends that banks use an affordability test when assessing the BTL contract, which includes taking into account of all the costs a landlord might have to pay when renting out a property, any tax liability associated with the property, a landlord's personal tax liabilities, and living costs, and the landlord's additional income.
The PRA’s consultation follows the Bank of England's warning in December that mass selling by landlords could “destabilise” the market. The PRA’s proposals could dent lending to landlords up to 20% over the next three years. Landlords have been dogged by tax changes by the government, like the 3% stamp duty surcharge which has caused many landlords to push through last minute property purchases this week.
In their consultion document, the PRA said: “The PRA’s proposals seek to ensure that firms conduct their buy-to-let business in a prudent manner. They aim to prevent a marked loosening in buy-to-let underwriting standards and to curtail inappropriate lending and the potential for excessive credit losses”.
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Accountant joins The Island
An accountant has been marooned on a desert island in the Pacific as one of the contestants on the Channel 4 reality television show, The Island with Bear Grylls .
Shaney, a chartered accountant from Kettering, joined the seven other women contestants on the Island, who are unaware that a men group are stranded on the opposite side of the island. The Island is sure to offer more treacherous activities than Shaney's last outdoor excursion, which was a caravan holiday when she was 10.
On her Island profile, Shaney says she applied for The Island because she feels she hasn't challenged herself physically or emotionally so far. She also feels her life up to this point has been about studying and her job and she wants to prove she is more than the just the qualifications she has worked for and get out of her comfort zone.