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By Julia Kukiewicz Editor
Friday, 10 July 2009
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Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (03 Jul 09)
The week in money with Julia Kukiewicz: find out what a credit card crackdown actually involves, who thinks energy bills aren't high enough and why everyone's paying off their mortgage.
Money News Roundup (26 Jun 09)
The week in money with Julia Kukiewicz: find out why Brits could soon be getting £5000 a year energy bills, how credit card spending is shrinking and why lottery money is going unspent by charities.
Money News Roundup (19 Jun 09)
Find out why credit card holders have been left with Egg on their faces, how young women risk bankruptcy and who would engage in some Hitchcock-inspired fraud in this week's money news round up. By Julia Kukiewicz.
Money News Roundup (12 Jun 09)
This week in money we find out why the young and single are prime targets for fraudsters, panic over money may be justified and mortgage approvals are on the rise. By Julia Kukiewicz.
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BARCLAY'S objections to changes to PPI, a fine for E.ON makes no change for consumers and why Brits are in denial over savings.
Barclays and PPI
PAYMENT Protection Insurance or PPI could finally face increased regulation from the Competition Commission but not if Barclays get their way.
According to Which? many consumers are still being sold the insurance unnecessarily and without good advice on what it actually is.
According to the Financial Ombudsman Service complaints about PPI rose threefold during the 2008/09 financial year.
PPI is usually sold alongside credit cards, loans and other credit agreements to cover repayments if the borrower is unable to work because of accident, sickness or unemployment.
The Commission proposed a ban on single premium PPI and that companies must wait before selling PPI to people that have bought credit products from them. Barclays have now launched an appeal to the Commission's proposals.
£478m Fine for E.ON
E.ON was fined a cool £478m for anti-competitive behaviour this week which has been pushing up UK gas prices.
The EU took exception to the energy supplier reaching an agreement with other companies to not supply gas to other countries.
EU Competition Commissioner Neelie Kroes said in a statement: 'This decision sends a strong signal to energy incumbents that the Commission will not tolerate any form of anticompetitive behaviour.'
Meanwhile, gas bills for E.ON customers stay high. Thanks EU.
Brits in Denial over Savings, Survey says
BRITS are in denial over the amount that they need to earn in order to start saving according to Omnibus.
25 million non-savers believe they need (on average) £518 more every month before they can save any money.
However, a separate survey for MoneySupermarket.com found that just 46% of British adults said they would save an extra £518 a month if they had it.
The remaining 54% confessed that home improvements, holidays and nights out would come first.
Kevin Mountford, head of banking at MoneySupermarket.com, said - perhaps a little bit smugly that saving requires too much "discipline and self-sacrifice" for most people.
Quote of the Week
CONTINUING in our series of specious awards this week’s quote of the week goes to Warren Buffett, the world’s second-richest man.
The investor called Barack Obama's $787bn stimulus 'half a tablet of Viagra and a bunch of candy'.
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