Fees for winning financial claims cases such as mis-sold payment protection insurance are to be capped, under proposals to protect consumers from high charges by some claims management companies (CMCs).The Ministry of Justice plans to cap the maximum completion fee at 15% on ‘bulk claims’ with a single lender, and cap the overall charge for claims worth more than £2,000 at £300. The government said the changes will stop companies charging ‘exaggerated prices’, which it said can amount to as much as 40% of total financial compensation. According to the government, CMCs have taken an estimated £3.5bn in charges since 2011. It said that there is ‘widespread concern’ from consumer groups, banks and insurers that CMCs continue to make speculative claims through aggressive marketing and nuisance calls. The proposals also include introducing a maximum ‘cancellation’ fee of £300 for bulk claims, as well as bans on referral fees for PPI or packaged bank accounts claims, upfront fees, and fees where no relationship is found between the consumer and a lender. The MoJ has also proposed capping the maximum fee to 25% of total compensation in any other financial cases. http://www.lawgazette.co.uk/law/new-caps-on-financial-claim-fees/5053644.fullarticle The consultation seeks views and further evidence in relation to proposals to: cap the maximum completion fee to 15% (including VAT) for bulk claims (such as mis-sold payment protection insurance claims) with a single lender and cap the overall charge for claims worth more than £2,000 in total to £300 introduce a maximum ‘cancellation’ fee of £300 for bulk claims when a consumer cancels their contract with a claims management company after the initial 14 day ‘cooling off’ period ban CMCs from receiving or making any financial payment for referring or introducing a consumer to a third party in relation to a PPI or PBA claim ban any fees where no relationship is found between a consumer and a lender ban all upfront fees for all financial claims, where CMCs ask to be paid before any work is carried out cap the maximum completion fee to 25% (including VAT) of the final amount of compensation awarded in all other types of financial case https://consult.justice.gov.uk/digital-communications/cutting-costs-for-consumers-finanical-claims

A cap on the fees that banks charge businesses to process credit card payments could save UK retailers up to £700m a year. From December 9, the fees banks can charge will be capped at 0.3% for credit card transactions and at an average of 0.2% for domestic debit card transactions. It's hoped that retailers will pass on the savings to consumers. But a number of major credit card providers, have already scaled down cashback and loyalty point schemes, citing the forthcoming caps as the reason why. http://www.belfasttelegraph.co.uk/business/news/credit-card-fee-caps-could-save-700m-31594631.html

http://www.bbc.co.uk/news/business-30641877 Does this have any impact on our members who are already struggling with payday loan sharks?

Hi I have previously posted about a situation regarding a friend of mine. Husband on ESA (Assessment Phase) awaiting tribunal hearing. She has recently closed her business. She tried to sign on Jobseeker's but was told she would be added to her Husband's claim. It could well be she didn't have the relevant contributions as she paid Class 2 and Class 4. It is now some eight weeks since the DWP were informed about this but they are still only receiving her Husband's £71.70 a week ESA. Their only other income is approximately £62/£63 a week private pension. They have no savings. Can someone please advise is income of approximately £135.00 deemed enough to live on? They have applied for CTB but heard nothing back. They have returned all necessary forms. CT is £155.00 a month (12 months). They have a mortgage of in excess of £800 a month which is now in arrears as is their CT (both 1 month). Her husband has been informed that it could be approximately 4 months before he hears about a Tribunal Hearing. I have tried to look at information for them and it would appear that he is entitled to Pension Credit from January 2014. That said, it looks like changes may effect this from October 2013 as my friend is younger than he is and it appears they may then go off the youngest age. Sorry for rambling on - trying to help a friend in need. Thank you for any advice. VUB

Although this doesnt affect me, I am taking an interest - I didnt realise that it only affected those living in 4 council areas until September. I wonder why those 4 areas have been chosen for the Pilot scheme ? Hopefully by then, it will be proved to be another disaster and it will be stopped. Read more : http://uk.finance.yahoo.com/news/why-you-ll-be-more-broke-next-month--151600586.html

Here is an overview of new mobile phone roaming charge caps with effect from 1st.July 2012 The caps apply for travel within the EU although there will be notifications for non EU Cost of mobile calls per minute will be fixed at 23p (currently 28p) and this will go down to 15p by summer 2014. The maximum operators will be able to charge for recieving a call and sending a txt will be 7p. The cost of using internet will be capped at 56p per MB falling to 16p in 2014. Customers using mobiles outside the EU will remain unaffected by the caps,but operators will be obliged to send warning messages to users approaching £40 or 50 euro of charges.