Overdrafts, BHS, debt and pensions

A decision by the competition regulator not to recommend a cap on excessive overdraft charges could be re-examined, the Financial Conduct Authority says.

In its report on bank accounts published in August, the Competition and Markets Authority decided against a cap on charges. The BBC reports that the FCA has now announced that it is to examine the issue in detail itself. It said the inquiry could look at a compulsory limit on overdraft charges. BHS

The Pensions Regulator has launched enforcement action against Sir Philip Green and other former owners of BHS, according to the BBC.

The regulator said it was seeking redress for BHS’s 20,000 pension scheme members following an investigation. It has sent warning notices to Sir Philip, his retail group, and Dominic Chappell, who was the owner when the department store chain went under. But Sir Philip said he had given the regulator ‘a credible and substantial proposal’ for the BHS pension deficit. Debt More than 500,000 people have had their payday and car finance loans written off after the main City watchdog stepped in to protect them from ‘unfair practices’ by a debt collection firm, The Guardian reports. These individuals became customers of debt purchase and collections firm Motormile Finance UK, which has agreed to write off £414 million of debt after the Financial Conduct Authority criticised the way it was pursuing people for the sums it said they owed. Pensions

Workers have been left baffled by changes to the state pension, a report says today.

The National Audit Office will reveal a catalogue of failures in the creation of flat-rate payments, accusing ministers of offering too little clear information, according to the Daily Mail.

It has found one in four workers approaching retirement are still completely unaware of the changes. Fewer than half (43 per cent) of those nearing retirement know how much they are likely to receive, rising to over three-quarters among all people of working age.

Rent

The average rent for a UK property grew by 0.05 per cent in October, slowing from 0.09 per centin September as falling rents in London (-0.11 per cent) weighed down otherwise resilient rental growth in the rest of England (0.15 per cent) and UK (0.14 per cent), according to the latest Landbay Rental Index, powered by MIAC.

PPI

Fresh complaints about the mis-selling of payment protection insurance continue to dominate the workload of the Financial Ombudsman Service.

The BBC reports that the ombudsman received an extra 43,000 PPI complaints between July and September after banks rejected their customers’ claims for compensation. More than half of the PPI complaints during the quarter – 57 per cent – continued to be upheld in favour of the customers. Bonfire Night

Over half a million households will break from tradition this Bonfire Night, choosing not to host firework displays at home in favour of organised, professional events. According to new research, the number of households planning on hosting their own has declined from 1.52 million in 2015 to just 1 million this year, amid growing health and safety concerns.

Internal claims data from home insurer Policy Expert reveals fire claims over Bonfire Weekend in 2015 and 2014 were twice the monthly average, showing a distinct spike in claim volume during the festivities.

Furthermore, additional data suggests that you’re five times more likely to get injured in November from a fire related claim. This means millions of people could be putting themselves and their property at risk by holding potentially dangerous parties at home with friends and family – suggesting a possible reason behind the decline in domestic displays.

Post Office

Post Office has become the first major high street travel insurance provider to offer flight delay assistance cover as part of its travel insurance offering.

The service will provide customers who experience flight delays of two or more hours with access to 650 lounges in over 300 airports, allowing them to use their amenities and services while they wait for their flight. The service is free to customers who purchase Premier and Premier Plus cover.  To qualify, customers need to register their flight details at least 24 hours before departure.

Finally… Sterling jumped briefly past $1.24 for the first time in more than three weeks after the High Court ruled the Government must seek parliamentary approval to begin the formal process of leaving the European Union. The Bank of England will release its latest inflation report at midday, and also announce any changes to interest rates.