Sandtander Overdraft Rate Santander is to set a 40% overdraft rate with effect from 6 April in response to new rules by the Financial Conduct Authority. The rules will require banks and building societies to charge a simple annual interest rate on all overdrafts and to abolish fixed fees. Most customers, mainly those with an […]
Issues with smart meter displays Smart meter displays for Co-op Energy and Octopus Energy have shown customers incorrect energy readings – the decimal point was in the wrong place. However the companies have assured customers it will not affect billing. Parking penalties New rules issued by the British Parking Association mean that private operators will […]
Universal Credit adverts banned for being misleading The government ran a series of advertisements in May and June claiming to debunk myths about Universal Credit. However, following complaints the Advertising Standards Agency has banned the adverts from appearing again in the form complained about. It also told the DWP to ensure it had sufficient evidence […]
End of paper prescription service Electronic prescriptions are currently used by 70 per cent of surgeries in the UK, but from November the system will be rolled out nationally with a completion date of next summer. A patient can opt to have their medication details sent directly from the doctors to a local nominated pharmacy […]
Nationwide customers to be refunded £6m in overdraft charges Bank customers must receive a text alert before they are charged for entering unarranged overdrafts so they have time to take action to avoid the unexpected overdraft charges. Nationwide failed to make it clear in texts that customers could incur charges if they did not take […]
Ladbrokes Coral fined after customer lost £98,000 The owner of Ladbrokes Coral has been fined £5.9m for not protecting vulnerable customers and for failings in its anti-money laundering measures. The Gambling Commission said that over a three-year period, Ladbrokes and Coral failed to put effective safeguards in place to “prevent consumers suffering gambling harm”. Claudia’s […]
Plans to allow renters to access to the Rogue Landlords Database The Rogue Landlords Database, launched in 2018, contains information about private landlords and letting agents who have been prosecuted or fined. At the moment there are only ten names on the database. The list is only available to local authorities, but government plans would […]
Leasehold ban The government has proposed that all new-build houses must now be sold as freehold and ground rents in leasehold contracts must be set as zero. However the ban will not be applied retrospectively. Flats will still be able to be sold leasehold. Legislation will be required. The government has also launched a two-month […]
Holiday Booking Fraud Research by travel association ABTA suggests more than 5,000 people were the victims of holiday booking fraud last year. Over half (53%) of the fraud cases related to the sale of airline tickets. In particular scammers targeted those visiting family and friends in Africa and the Indian subcontinent. One in four cases […]
Smart Meters The number of smart meters being installed in homes fell in the last three months of 2019 meaning firms have little chance of meeting the Government’s 2020 deadline. Budgeting app Natwest is trialling a free smartphone app to help customers budget. It is called Mimo (money in, money out) & has been designed […]