MONEY MORSELS
Refunds on scams
BANKS have just three months to work out how they will fund a refund scheme for bank scam victims long term. In July, trade body UK Finance proposed a 2.9p levy on faster payments over £30, which banks could pass on to customers. A consultation on the plan ended yesterday, with a final decision expected at the end of November.
Loyalty penalty
HOMEOWNERS who fail to switch at the end of their initial mortgage term are overpaying by an average of £4,500 per year. Research by online mortgage broker Trussle shows that two million people are paying the ‘ultimate’ loyalty penalty after being moved on to their lender’s standard variable rate.
Hope for women
WOMEN born in the 1950s should learn today whether changes made to their state pension age were lawful. The age at which women can claim their pension has risen from 60 to 65 to match the equivalent for men. Campaigners took the Government to the High Court for a judicial review in June. A judgment is expected tomorrow.
Holiday let-downs
COMPLAINTS about holiday lets have more than doubled in 12 months. Some 1,754 complained last year, compared with 864 in the 12 months to April 2018, according to consumer rights website Resolver. The most common issues include facilities not being as described and inaccurate pricing.
Pension rise
THE new state pension is likely to rise by 4 pc next April following growth in earnings, according to Aegon. It would mean that pensioners would receive £175.35 a week, instead of £168.60. Those with the old state pension would see weekly payments rise from £129.20 to £134.35.
Database flop
ENERGY watchdog Ofgem has dropped plans for a database of customers’ details. It was to be shared with suppliers, sparking fears it would result in households being bombarded with spam.
Monzo less
DIGITAL bank Monzo has ditched its paid-for account Monzo Plus after just five months following poor customer feedback. The account cost between £5 and £12 a month and offered extra features such as travel insurance and contents cover.
Car insurance up
CAR insurance premiums rose by 2 pc last year because of a change in rules affecting compensation payouts, says data analysts Consumer Intelligence. Insurers have warned that changes to the discount rate will lead to them paying out more to accident victims.