MONEY MORSELS

Not so smart

THE number of smart meters being installed in homes fell in the final three months of last year. This is despite energy giants rolling out a newer version of the gadget, which will work when customers switch supplier.

Critics warn that dwindling installation numbers mean firms have little hope of meeting the Government’s 2020 deadline.

Extra protection

INVESTORS can claim up to £85,000 in compensation if the firm that gave them advice or managed their portfolio collapses. Previously only £ 50,000 per investor was protected under the Financial Services Compensation Scheme (FSCS). You cannot claim just because your investment did not perform well.

Budgeting app

NATWEST is trialling a free smartphone app to help customers budget. The app, called Mimo (Money In, Money Out), will warn customers about bills and highlight where they use their debit card the most. Initially, Mimo will be available only to 1,000 customers, but it is expected to be rolled out more widely later in the year.

Fake emails

FRAUDSTERS are targeting Virgin Media customers over email in an attempt to steal their login details. Action Fraud, the cybercrime reporting service, received 100 reports concerning the fake Virgin Media messages that threaten to disconnect the recipient if they do not update their billing information.

Do not respond to emails that request financial information and do not click on any links or attachments.

Baggage fine

FLYBE is charging passengers a £50 penalty for breaking its strict hand baggage limits. Passengers can carry on board one bag measuring 55cm x 35cm x 20cm, and a handbag or laptop case. The total weight of both bags must not be more than 10kg.

Mortgage rates

LENDERS have slashed mortgage rates for buyers with a 5 pc deposit. The average two-year fixed rate has fallen from 4.19 pc to 3.3 pc since October 2017, according to data firm Moneyfacts. At the start of this year it stood at 3.46 pc.

On a typical £150,000 mortgage, buyers with a 5 pc deposit would now pay £698 a month, compared with £767 in 2017.

Claim chasers

AS OF April 1, claims management companies must abide by new rules set by the Financial Conduct Authority (FCA). They must now be upfront about fees and provide a letter summarising the service they provide. They are also banned from encouraging fraudulent or unfounded claims.