MONEY MORSELS

Care cost

FAMILIES are underestimating the annual cost of care by almost £17,000 on average, according to campaign group Which?. The average self-funder pays £959 a week for care, or £1,384 in London.

New customer ban

SMALL energy firm Avro Energy has been banned from taking on new customers after failing to join the national smart meter network. It means customers with a smart meter who switch to Avro find their meter no longer works properly or goes ‘dumb’. All energy firms were required to join the network by November 25, 2017.

Equity release rise

THE number of retirees releasing money from their homes to pay off debts has risen to a three-year high, according to equity release adviser Key. Some 35 pc of pensioners used equity release plans to clear credit card balances and loans in the first three months of 2019, compared to 30 pc the year before. Almost a third (28 pc) used the money to pay off mortgages.

Banking gripes

REVOLUT has received the most complaints of all small digital banks in the past three years. The Financial Ombudsman Service dealt with 171 cases between 2015 and 2018. During the same time period rival Monzo received 82 complaints and Starling 51.

Financial abuse

HSBC customers who are victims of financial abuse can now close joint accounts on their own. The bank is the first to allow this without requiring both account holders’ consent. The bank is training 16,500 staff to spot abuse. Eleven banks and building societies signed up to a code of conduct in October.

Tax break error

TWO million couples are missing out on a tax break, double the number previously reported. Last year, the Treasury claimed three million out of four million eligible couples, who are married or in civil partnerships, were taking up the marriage allowance. But HM Revenue & Customs now admits only two million make use of the tax break which allows non-taxpaying spouses to transfer 10 pc of their £12,500 personal allowance to their partners.

Fraudulent claims

FRAUDULENT insurance applications have risen by a fifth, according to figures recorded by Aviva. The insurer detected 16,600 sham applications in 2018, a 20 pc increase from the previous year. The fraud includes scammers trying to use stolen credit cards and those who alter address and driving history to get cheaper quotes.

Childcare bill

PARENTS face an average childcare bill of £250 per household over the summer holidays — with one in 20 families spending more than £500, according to Hargreaves Lansdown’s survey of 2,000 parents.