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Beware of Flybe ' rewards' points - they could cost you more money

Hi,
I fly regularly on business with Flybe and have lots of 'reward' points.
I tried to book a flybe rewards flight from Edinburgh to Belfast City on 13 May, departing at 18.40 and returning on 15th May at 19.55.
When I tried to book using my rewards points, the total cost was 16 'reward points' and £64.51 for taxes.

Out of curiosity I tried to book the same flight (same times) but not using rewards points, and the total cost was £51.97 including taxes.

It appears Flybe are charging 'rewards' customers £64.51 for a flight that can be purchased for £51.97 (including taxes), which is not much of a 'reward' for loyal customers.

I have written to Flybe, but have not received a response.
Do anyone know who regulates this industry?:(

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