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Press release: CMA tackles loyalty penalty charges

first_img Details of our consumer law investigation into the anti-virus software sector can be found on the anti-virus software investigation page. The CMA has not reached a final view on whether the terms and practices it is concerned about breach consumer protection law. Enquiries should be directed to [email protected] or 020 3738 6460. Setting out clearly the principles businesses across all markets should follow, such as people being able to leave a contract as easily as they enter it. The CMA will also be looking at whether consumer law should also be reinforced. A super-complaint is a complaint submitted by a designated consumer body that any feature, or combination of features, of a market in the United Kingdom for goods or services is or appears to be significantly harming the interests of consumers. The CMA has also made recommendations to the FCA and Ofcom in each of the 5 markets, where work is currently underway. These include: Firms should be publicly held to account for charging existing customers much more; regulators should publish the size of the loyalty penalty in key markets and for each supplier on a yearly basis. The key pieces of consumer protection legislation relevant to the CMA’s investigation are the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) and Part 2 of the Consumer Rights Act 2015 (CRA). The CPRs contain a general prohibition against unfair commercial practices and specific prohibitions against misleading actions, misleading omissions and aggressive commercial practices. Part 2 of the CRA aims to protect consumers against unfair contract terms and notices, and requires contract terms to be fair and transparent. Within 90 days after the day on which a super-complaint is received, the CMA must say publicly how it proposes to deal with it. Insurance: there is evidence of firms continually raising prices in this market. The FCA must look closely at these pricing practices in its current market study and take action to prevent people being exploited by firms. This should include considering pricing interventions. Our work has uncovered a range of problems which leave people feeling ripped off, let down and frustrated. They shouldn’t have to be constantly ‘on guard’, spending hours searching for or negotiating a good deal, to avoid being trapped into bad value contracts or falling victim to stealth price rises. Millions of loyal or vulnerable customers are being taken advantage of each year by firms – and end up paying much more than they should do. This must come to an end. That’s why we have today recommended a robust package of reforms. There must be a step change to protect the people being hardest hit, including targeted price caps where necessary. Together the CMA, regulators and government must act more promptly and powerfully to hold firms to account, stop them exploiting their customers and restore people’s trust in markets. Cracking down on harmful business practices using enforcement and regulatory powers to clamp down on harmful practices that stop people getting better deals. The CMA has today opened a consumer law enforcement investigation in the anti-virus software sector. This is a first step and further action may be taken by the CMA and regulators against other companies.center_img Mobile: providers must stop charging pay-monthly customers the same rate once they’ve effectively paid off their handsets at the end of the minimum contract period. Ofcom should continue its work to challenge this practice and bring it to an end. More should also be done to make people aware of sim-only packages. Follow us on Twitter, Facebook and LinkedIn. Sign up to our email alerts to receive updates on the markets cases. Citizens Advice describes the “loyalty penalty” as the cost of being a long-standing customer, compared to a new customer receiving the same product or service. The Competition and Markets Authority (CMA) has investigated concerns raised by Citizens Advice in a ‘super-complaint’, that companies penalise existing customers by charging them higher prices than new customers.The CMA has looked at the 5 markets highlighted by the super-complaint – cash savings, mortgages, household insurance, mobile phone contracts and broadband – and found that there is a total loyalty penalty of around £4 billion a year in these markets. It also found that vulnerable people, including the elderly and those on a low income, may be more at risk of paying the loyalty penalty.The investigation has uncovered damaging practices by firms, which exploit unsuspecting customers. These include continual year on year stealth price rises; costly exit fees; time-consuming and difficult processes to cancel contracts or switch to new providers; and requiring customers to auto-renew or not giving sufficient warning their contract will be rolled over.Millions of people are affected – from around 1 million in the mortgage market to nearly 12 million in the insurance market. The loyalty penalty is also likely to arise in many other markets, where people’s contracts are rolled over to a higher price.A number of recommendations are being made to regulators and government to help stop loyal consumers being ripped off. These include: The Enterprise Act 2002 (the Act) makes provision for designated consumer bodies to make super-complaints. Citizens Advice is a designated consumer body. Targeted price caps to protect the people worst hit by the loyalty penalty, such as the vulnerable, where needed. Other recommendations have also been made in the mortgages, cash savings and broadband markets on ways that regulators can tackle the loyalty penalty and protect those being hit the hardest.The CMA considers urgent action is required. It will be taking forward these recommendations, along with government and regulators. If sufficient progress isn’t made, it may take further action.Andrea Coscelli, Chief Executive of the Competition and Markets Authority said: Further details of the CMA’s super-complaint investigation are available on the loyalty penalty investigation page.Notes to editors The CMA is the UK’s primary competition and consumer authority. It is an independent non-ministerial government department with responsibility for carrying out investigations into mergers, markets and the regulated industries and enforcing competition and consumer law.last_img read more

First Daughter Suite Will Remain a Little Longer Off-Broadway

first_img View Comments Show Closed This production ended its run on Nov. 22, 2015 Related Shows Michael John LaChiusa’s First Daughter Suite will extend off-Broadway through November 22; it had originally been set to shutter on November 15. Starring Broadway alums Caissie Levy, Alison Fraser, Betsy Morgan and more, the world premiere is playing at the Public Theater.Directed by Kirsten Sanderson, the show is a follow-up to LaChiusa’s 1993 musical First Lady Suite and explores the complex relationships between First Ladies and their daughters.The cast also includes Rachel Bay Jones, Mary Testa, Barbara Walsh, Theresa McCarthy, Isabel Santiago and Carly Tamer. First Daughter Suitelast_img read more

CUNA, leagues continue Durbin repeal push with action alert

first_imgCUNA and the leagues issued an action alert Monday to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers.Stakeholders can use CUNA’s Voter Voice system to send a message to their member of Congress.The CHOICE Act passed the House Financial Services Committee earlier this month with a provision repealing the Durbin Amendment included.The Durbin amendment requires the Federal Reserve to limit fees charged to retailers for debit card processing.CUNA and the leagues support the repeal language because of the harm the Durbin amendment has caused credit unions and their members, costing credit unions and their members over $1 billion since it was put in place. 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Batesville MS Golf Invitational Results

first_imgCricket Ridge Golf Course hosted the Second Annual Batesville Middle School Golf Invitational on Saturday, May 16th. Through a light drizzle, the Bulldog Boys’ and Girls’ teams both took second place while the Greensburg teams took both first place slots.Outstanding performances by eighth graders Meredith McCreary and Kelly Gole earned them first and third place in the individual girls division. The Bulldogs finished the season 20 – 6.Boys and Coed Team Results1. Greensburg Junior High Boys = 1832. Batesville Middle School Boys = 2023. Benjamin Rush Middle School = 2094. Franklin County Schools = 2185. St. Louis Catholic School = 222Batesville Individual Boys Results1. Andy Gutzwiller – 482. Zach Stoneburner – 483. Shane Meer – 534. Sam Bowman – 585. Joseph Cerniglia – 53Girls Team Results1. Greensburg Junior High Girls = 2032. Batesville Middle School Girls = 216Batesville Individual Girls Results1. Meredith McCreary = 422. Kelly Gole = 513. Kacy Harsh = 614. Shalee Harrington = 655. Sarah Ronnebaum = 62Courtesy of Bulldogs Coach Chase Mears.last_img read more

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