Ofgem has set out its key objectives and priorities to help carry out its principal duty to “protect the interests of existing and future consumers” in a rapidly changing energy sector. A major transformation is underway in the way energy is generated, used and purchased as the UK makes the transition to a low carbon,…
Water companies are failing to convince enough households their bills are fair and they provide value for money, according to a new report by the Consumer Council for Water (CCWater). The consumer group’s latest annual Water Matters survey shows there remains a gulf between customers’ high satisfaction with their water and sewerage services and much…
The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
New research, undertaken by Opinium, on behalf of UK lender Elevate Credit, reveals that nearly half (45%) of sub-prime borrowers, equating to 7.1 million people in the UK, would need to cut back their spending significantly if their earnings were reduced by £25 per week or £3.50 per day – just 50p more than a supermarket meal…
Research by the Stepchange debt charity has found that almost one in five people who have taken out a high-interest rate, sub-prime credit card were unemployed at the time it was issued. Around four million people have a sub-prime credit card (defined as cards with an interest rate APR of 30-70%). The research found a…
The majority of consumers are still living in the ‘age of austerity’, more than 10 years after the recession, a study has found. The study has found that 96 per cent are looking for ways to reduce their spending on a daily basis. Shopping in the reduced section, using price comparison sites and withdrawing cash…
Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…
Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…
Newcastle Building Society has announced that is set to transform the way it helps customers in financial difficulty by launching a digital debt help service, with integrated Open Banking technology. Newcastle Building Society’s new online facility, which has been developed by Paylink Solutions, will be available to customers of the Society who are facing financial…
A new report released by the Money and Pensions Service (MaPS) is calling on the retail banking sector to promote customer wellbeing. The Money and Pensions Service says that using saving goal-setting pots to spending analysis tools and features to find better energy deals, the retail banking sector has made significant inroads to help customers…