BORD GáIS TOLD ME IT IS THE CHEAPEST. SO IS IT?
QI just had Bord Gáis Energy call to my door and they insist they are the cheapest dual fuel suppliers yet they didn’t feature in your ‘Best Buys’ section last week. Are they correct?
AIt’s complicated. We quoted data provided by comparison site Switcher.ie. The Commission for Energy Regulation does not allow comparison sites to take into account cash-back deals. Accordingly, under CER comparison rules, Energia is the cheapest dual-fuel deal at €1,736.90 per year. BGE and Electric Ireland charge a basic rate of €1,893.
However, the former offers a cash back discount of €150 and the latter €175, bringing their annual cost for standard usage down to around €1,719, just below Energia. The reasoning for CER’s ruling is that people need to claim the cash back and, incredibly some do not bother. But I would say it’s a pity the CER seems to make it so hard for comparison sites to simplify deals for consumers.
Most customers will claim the cash back deal and on that basis Electric Ireland and Bord Gáis Eireann should get credit for being the cheapest, by taking that into consideration. Accordingly, we will rank energy providers from here on in by including the cash back deal, thanks to your contribution.
QCould you advise on the merits of Pure Telecom (Broadband and Phone). I see from the internet that there are mixed reviews. According to Switcher it is the cheapest for my area, Lifford Co. Donegal.
AThere have been issues with satellite broadband reception in rural areas, but Pure Telecom is a fibre broadband provider. This means they utilise the open Eir and SIRO wholesale networks, which should be as good as most providers.
I asked Switcher if they had noted any problems with Pure Telecom reported by customers. CEO Eoin Clarke said: ‘We switch hundreds of customers to them each month, they are a smaller provider but offer good value. The unlimited fibre bundle is their most popular plan.’
QI’ve just got two penalty points. I now have four. Will insurers know about this? And what will this do to my insurance bill?
AUp to 4 points tends to be borderline okay. But any more you could be in trouble. Six or more points warrant either a higher premium or even getting turned down by an insurer.
If you lie about your penalty points, you will ultimately pay for it when it comes to claiming as it will become obvious then.
QI am using a financial advisor who is a multi-agency intermediary. What are the pros and cons of this type of adviser?
AThere are three types of investment intermediaries – tied agents, multi-agency intermediaries and authorised advisors. The first two act on behalf of one or more than one companies respectively and shouldn’t advise in relation to others.
That’s fine if you only want to know what, say Standard Life or Friends First, has to offer. Although limited in the investment advice they can offer, some multi-agency intermediaries can get you good deals on certain execution-only investments. The third type is an authorised advisor who should ‘recommend the most suitable investment product available in the market,’ the Central Bank states.