Posted on: 16th May 2014 2:43pm
E.ON, one of the country's "Big Six" Energy firms have been fined a record £12m, the largest single penalty to date by the energy regulator Ofgem. This fine comes after an investigation discovered poor phone and door-to-door selling practices. The final bill for E.ON could reach as much as £20m with compensation payments likely to reach £8m added to the imposed £12m penalty.
Posted on: 15th May 2014 3:50pm
Npower have been plagued with a number of issues resulting in financial chaos for its customers. Issues including late billing, new account errors and cancelled direct debit payments top the list. The problems are believed to stem from a new computer billing system which went live in 2013. Npower have seen a surge in complaints this month at around 4,000 nearly three times higher than April 2014 according to Ofgem.
Posted on: 14th May 2014 5:12pm
ITV has received complaints after it aired an advert for the Church of Scientology on Monday evening. The 30-second clip aired at primetime between two of the country's most popular soaps, Emmerdale and Coronation Street. ITV has been accused of allowing the church to target potentially vulnerable viewers. The advert asked viewers to...“Imagine science and religion connecting. Imagine technology and spirituality combining. Now imagine that everything you ever imagined is possible.”
Posted on: 24th April 2014 6:31pm
British Gas have recently launched the Hive which is a connected thermostat that alerts home owners if they have left the heating on at home. It also lets customers use an App to automatically switch their heating on as soon as Hive is aware the home owner is on their way home. The leaves the customer in full control of their heating. Over 75,000 customers are now using the Hive and it is aiding customers manage their energy costs. Hive is reducing annual energy costs by around £150.00 British Gas are fitting Hive free of charge saving clients a further £199.00
Posted on: 15th April 2014 8:50pm
Barclays Group has appointed a new chair of its remuneration committee. This appointment will replace the current boss Sir John Sunderland. Barclays investors have recently complained about the banks decision to increase it's bonus scheme by 10% to a grand total of £2.4bn despite a fall in profits of 10%.
Posted on: 26th March 2014 6:10pm
Scottish & Southern Energy PLC, one of the UK's big six energy providers has decided to freeze their domestic energy tariffs until 2016. This twenty month commitment comes after most of SSE's competitors raised their tariffs at the end of 2013. SSE is the UK's second largest energy provider and serves five million households. SSE chief executive Alistair Phillips-Davies has indicated that profits will suffer which will in part be offset by five hundred job cuts and the scaling back of its offshore wind farm operations. SSE estimate a saving of £100m in operational costs as a result of these measures.
Posted on: 25th March 2014 7:40am
Lloyds Banking Group is reducing the amount of compensation it pays to claimants mis-sold payment protection policies through a legal loophole called alternative redress. The saving for Lloyds using this method is estimated at £60m. Lloyds have set aside a further £1.8 billion to use in compensations claims for mis-selling payment protection insurance. This additional fund will bring the total bill for Lloyds PPI claims to £9.8 billion. Despite this significantly increase in the Lloyds' PPI bill it is expected to return a £6.2 billion profit this year. The total PPI bill for all banks is said to be in the region of £20 billion according to the Financial Conduct Authority.
Posted on: 24th March 2014 8:24pm
Virgin Media are the last of the big four UK ISPs to turn on content filtering. Content filtering blocks access to websites that contain pornography, drug use, violence and self harm types of content to protect children and vulnerable users. New Virgin Media customers will be asked whether they want the blocking service switched on or off with their account and aim to give all existing customers this choice by the end of 2014. The Virgin system works at the customers gateway (router) so that all wired and wireless devices connected are protected against accessing this type of blocked material.