Watchdog announces crackdown on firms overcharging loyal customers - MSE News

Former_MSE_Megan_F

Firms that overcharge loyal customers should be publicly named and shamed, and vulnerable customers should be protected by price caps, the competition watchdog has said after it found consumers overpay by £4 billion a year in total...

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'Watchdog announces crackdown on firms overcharging loyal customers'

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agrinnall

MSE_Megan_F wrote: »

Firms that overcharge loyal customers

Wouldn't a list that names firms that don't do it be considerably shorter to compile? Really, who doesn't know already that this has been happening for many years?

Consumerist

So this thread opened 19 Dec 2018. It is now Oct 2020.

An example of our regulators working at lightning speed to act for consumers?

eskbanker

I don't know what sort of speed you were expecting for a substantial change programme resulting from such a wide-ranging review but, even without the obligatory C-word hindering progress, it was never going to be quick and easy to introduce significant measures for all of the many different industries and products within its scope, given the requirement for extensive consultations, etc, so it's one thing for a watchdog to make high-level recommendations but an entirely different matter for regulators and suppliers (in that order) to design, implement and test changes.

https://www.gov.uk/cma-cases/loyalty-penalty-super-complaint#response-to-super-complaint summarises progress, with the most recent update published at https://assets.publishing.service.gov.uk/media/5f0861a13a6f405a06944398/Loyalty_penalty_update_July_2020_-_web_---_pdf_-.pdf

https://www.fca.org.uk/news/news-stories/citizens-advice-supercomplaint-cma-update is the FCA's version of events for the elements that are within their remit - granted, the consultation on the first of the areas referred to there (cash savings) has had its closing date extended twice so far, but it's clear to see that the industry, like all others, is facing unprecedented challenges this year....