grave 300x300 Hargreaves Lansdown will take care of your ISA  so long as you never dieOver the past few months, investment houses and fund shops have come under scrutiny over new and ‘improved’ fees and charges information. While these charges might seem small at the time (if you even see them), the power of compound growth means they can have a huge impact on the size of your investment at the time you come to draw on it.

The UK’s largest fund supermarket, Hargreaves Lansdown, was criticised for high charges earlier in the year, which resulted in some of those charges being reduced owing to market pressures. Now, it seems, there is another sneaky charge, which will get all of us in the end.

When someone dies, their executor has to collect together information on all of their assets to ascertain whether inheritance tax is due, and to whom the asset will pass. If someone dies holding an ISA, then the executor needs to request the relevant information from the ISA provider.

Now Hargreaves Lansdown is under fire again for levying noticeably higher charges for these probate valuations that anyone else. Under their pricing structure, when an investor dies, Hargreaves also charges £36 per fund including VAT for a probate valuation with a minimum £120 and a maximum £600. So if someone held ten funds in their portfolio, the charge would be £360, paying the full whack on 17 funds plus.

But it doesn’t have to cost that much. Charles Stanley Direct makes no charge for a probate valuation, though it will charge £5 if you want it posted. Bestinvest and TD Direct Investing each charge £12 per fund, putting them in the mid-range, and three times cheaper than Hargreaves Lansdown.

The Share Centre charges £50 to administer the affairs of a deceased customer, no matter how many funds or accounts they hold and large fund supermarkets Fidelity Personal Investing and Barclays Stockbrokers do not charge for  probate valuations.

Danny Cox, of Hargreaves Lansdown, told This is Money: “The charge for the probate valuation includes the administration of the account. Until recently we did not charge for probate valuations and the administration of an estate.

“Our new pricing aims to be proportionate and charge those clients fairly for the services they use. The process of administering a deceased client’s holdings is labour-intensive and our charges reflect this.”

Hargreaves Lansdown also highlights its customer service and the efficiency of its systems. Given its size and efficiency, therefore, some groups are questioning why on earth Hargreaves Lansdown need to charge so much more than competitors-

“It is one thing to make a small administration charge, another to make a profit. Why would it cost Hargreaves three times more to administer probate than it costs other companies?” said James Daley of Fairer Finance, a website that aims to get a better deal for consumers.

He went on to describe Hargreaves Lansdown as “heartless and crass” for “making money out of bereaved people”, finishing that “as the market leader and a FTSE 100 company, you would expect them to set  an example.”

Yes, an example of how to make 66p profit per £1 of income. Even out of dead people.

Customers getting pay-outs from missold CPP

April 17th, 2014 5 Comments By Mof Gimmers

creditcards Customers getting pay outs from missold CPPA lot of people got insurance products that offered card protection or identity fraud protection from a business called Card Protection Plan (CPP).

Many obtained it through their banks and credit card issuers. However, the Financial Conduct Authority ruled that a lot of these products were mis-sold and fined CPP £10.5m in 2012.

Well, it seems like CPP are finally getting the cheques out to customers who put a claim in, and some of them are getting paid around £1,000 for their trouble.

If you haven’t put a claim in, you’ve still got until 30th August to get some money back.

You should’ve received a letter from CPP, which you may have thrown away thinking that it was a circular, but no worries.

You can get information about their compensation scheme by visiting or call them on a freephone number at 08000 83 43 93. If you’re outside the UK, then dial +44 1144 520 800. If you have had a form, but think you’ve completed it incorrectly, then call the number and ask for a new one, then complete it in black ink, in block capitals and send it back in the pre-paid envelope.

Separate letters are being sent if you happen to have been mis-sold card and identity protection. Fill out both forms to claim for your compensation.

As ever, with things like this, be wary of scams. If you have any concerns it is always best to ring CPP to make sure. Good luck, and give us a yell if you get some money from them!

virgin media logo2 300x281 Virgin Media   still getting the hang of emailVirgin Media have had to apologise to customers after an email distribution list error.

Anyone pressing ‘reply all’ on a recent customer service email was sent out, was able to message everyone on the mailing list.

The email was sent to inform the company’s customers of new changes to Google services.

Soon many customers inboxes were filled with up to 700 emails, many of them spam or just customers having a bit of banter.

Virgin Media said the problem related to a “sub set” of its email customers, but it did not know the precise number affected.

According to the BBC, Bob Alexander, 69, from Taunton, said he had suffered “a great deal of inconvenience and stress” after receiving more than 700 emails.

“I am a quadriplegic and to delete 700 emails from my Blackberry handset has taken me all evening.”

Naturally a Virgin Media bot was on hand to trot out the traditional “We apologise for the inconvenience caused.”

The tools.

neil diamond 300x300 Neil Diamond costs foolish phone user over £2600It doesn’t take a genius to work out that downloading stuff abroad is likely to incur roaming charges. However, it seems you need to be cleverer than a maths teacher, after a Warwickshire woman failed to calculate that an £8.99 album would cost over £2,600 once roaming charges were added.

Teacher Katie Bryan, 43, was visiting her boyfriend’s family in South Africa when she decided to download a multiple-track “best of Neil Diamond” CD from iTunes to her phone for £8.99. When she returned to the UK, she was dismayed to find that, not only did she still have a Neil Diamond album on her phone, her bank account was more than £2,000 overdrawn after Orange took a direct debit of £2,609.31.

No-one, not even Miss Bryan herself, can explain what possessed her. She admits to having had “a bit” of wine, but claims it was “not too much”, thereby scotching the drunk-and-didn’t-know-what-I-was-doing excuse. She can’t even claim the moral high ground on musical taste despite describing herself as “really not that big a Neil Diamond fan”, after admitting to not only owning a Neil Diamond cd in the UK, but actually having it in her car, as well as claiming to be “more of a James Blunt fan”.

Upon her return to the UK, Miss Bryan called Orange, who laughed at her were initially unable to help her, reiterating the published tariffs which meant her 20 minute download, which used 326 MB of data, had been charged at £8 per megabyte once her 10MB monthly foreign allowance had been used up. Nevertheless an enterprising employee then came up with the solution of selling her a backdated bundle which would bring the data cost down to a still-scandalous £400.

Unfortunately, the powers that be at Orange tried to rescind the offer, entitled as they rightly were to the full £2,600, but last Friday the executive office agreed to the £400 compromise, refunding the hapless teacher £2,209.31. Orange also apologised for the stress they had caused. Presumably adhering to the customer service school of the customer is always right, even when they are an idiot.

Miss Bryant said: “I think Orange are preying on people who make a mistake while abroad. Why such a massive difference in cost? In England you would just pay the album price. There is no way this huge bill relates to the actual cost to Orange.” Grossly inflated roaming costs are currently under investigation by the European Commission within the EU, but this would not have helped someone holidaying in South Africa. Besides, no phone company ever claimed that roaming costs bore any resemblance to the costs incurred.

Miss Bryant continued bleating: “You hear of people doing this and you think ‘stupid person – why did you do that?’ I do feel foolish.” No-one, anywhere, argued with her.

“But I also feel it is morally wrong to be expected to pay this sort of money for a Neil Diamond album” she finished. Now there’s something we can agree with.

Fare dodging arse gets caught

April 14th, 2014 7 Comments By Ian Wade

oyster swipe Fare dodging arse gets caughtFare dodging can be quite funny. Although we’re talking mainly as in a ‘happy accident’ way, and nothing to the level of a hedge fund manager avoiding £42,550.

That’s an actual pisstake.

The git-heel would travel from Stonegate in East Sussex, and regularly travelled back and forth to the capital. He’d get off at London Bridge and then change for his office in Cannon Street, which with his Oyster, would cost a third less than his whole journey.

The station at Stonegate has no Oyster tappy barriers, and so his usual journey was significantly less when tapping in and out of Cannon Street.

He also successfully avoided any ticket inspectors on the trains.

He was discovered last November, when a ticket inspector was standing at a terminal at Cannon Street and spotted awry behaviour. He paid back the £42,550 in dodged fares, plus £450 in legal costs, within three days as part of an out-of-court settlement.

Southeastern trains were made aware of the man’s expired season ticket hadn’t been updated since 2008.

He has, unsurprisingly, also now updated his season ticket.

Customer fines Npower £50 for ineptitude

April 11th, 2014 1 Comment By Thewlis

npowerlate 220x300 Customer fines Npower £50 for ineptitudeYou know how it is when a service provider provides a bad service and you just wish you could fine them, or charge them for your wasted time trying to sort out their  incompetence? Well that’s exactly what one man has done, after getting increasingly frustrated with Npower’s apparent inability to refund his credit balance after he switched supplier.

Dave Clark, was not only sick of not finding a cheque on his doormat every morning, but was also getting more and more peeved at receiving final demand letters from Npower, when it was they who owed him money since the previous November.

So he decided to respond in kind. He wrote and emailed npower using the language from their demands, culminating in the issue of a final demand  (complete with obligatory red capital letters) which included a £50 fine on top of the £137.41 he had overpaid. And Npower not only paid it, they apologised.

Mr Clark, who outlined the whole sorry process on his website, said: “I’m satisfied. The regulator should be looking into the days and weeks it takes to pay someone’s money back and if the likes of Npower persistently refuse to give money back straight away they should be fined heavily.

“They’re very quick to bill the rest of us so perhaps if we all hit them with charges they would realise they need to improve service.”

Guy Esnouf, director of external communications at Npower said: “We are very sorry. Where we know we’ve caused inconvenience we’ll look to a goodwill gesture because we don’t want to cause our customers inconvenience.”

Mr Esnouf added: “We said in December we are having system problems. We are making good progress, but we made it clear we wanted to improve, we are trying to improve and we are.”

So surely now everyone else to whom Npower owe money can expect a nice windfall and better service…

zzzw4 300x195 Tesco stands firm on nuts may contain nuts labelsTesco have defended their mildly demented ‘May Contain Nuts’ labelling after a social media backlash thing.

Allergy campaigners had been all up in the retailer’s grill recently, about unnecessary warnings on such products as yoghurt, sweet potatoes and ham.


Tesco had argued that the warning labels were only be applied to items if there was a genuine risk of cross contamination.

It’s not just loony labelling when you have a nut allergy. Oh no. Many of the campaigners were parents of nut-allergy nippers, and it’s no joke when trying to prevent them from death by potentially nutty ham.

New EU rules on allergy labelling are due to come into force later this year, and retailers have started to amend their packaging to suit.

But as many campaigners wonder if it’s a ‘one size fits all’ legal disclaimer which can be pointed out when challenged, is in fact highlighting a myriad of issues that suggest standards aren’t being fully adhered to.

And dear God, we can do without another month of weak puns on twitter that happened in the wake of the horse meat crisis.

Here comes Atom, the bank with no phones!

April 10th, 2014 No Comments By Ian Wade

Bank 300x193 Here comes Atom, the bank with no phones!The co-founder of Metro Bank and First Direct’s former boss are planning to launch a digital bank.

Former Metro Bank chairman Anthony Thomson and Mark Mullen, who until last month was chief executive of First Direct, HSBC’s online portal are creating Atom, which they plan to launch next year to be an online only affair.

It will have a full range of services, including savings accounts, loan products and credit cards.

There will be a helpline for customers experiencing technical difficulties, but they will not be able to do bank things on it.

Talking about the reasons behind Atom, Thomson said: ”Telephony as a means of accessing bank accounts is in decline. All of the explosive growth is in digital generally and mobile in particular.”

“Designed entirely for the digital age and with none of the legacy issues of the past, Atom will be UK’s first real alternative to the established banks. Atom will be led and governed by an experienced and imaginative team who have a passion for people and know what it takes to put the customer at the heart of an organisation.”

There’ll be no physical branches and there will be an HQ based in the north east of England, should you become so angry you want to do a dirty protest around actual humans.

Wonga ad banned for glossing over 5,853% APR

April 9th, 2014 No Comments By Lucy Sweet

Wonga is in hot water again, this time for an ad that claimed that their flabberghastingly high APR of 5853% wasn’t really that important and you should just forget about it – la la la.

wonga ladies 300x282 Wonga ad banned for glossing over 5,853% APR

The rubbery puppets of doom are shown ‘simplifying’ the terms of Wonga loans, thus: ‘Right, we’re going to explain the costs of a Wonga short-term loan. Some people think they will pay thousands of per cent of interest. They won’t of course – that’s just the way annual rates are calculated. Say you borrowed £150 for 18 days, it would cost you £33.49.’

BUT, 31 people complained to the ASA, saying that they were misleading customers with a confusing message which encouraged them to disregard their insane interest rates.

Wonga said that they were only trying to give a transparent example of a typical Wonga loan but they regretted confusing customers.

However, the ASA said they understood that APR did not apply for the time period for a short term loan, but banned it anyway, because it irresponsibly encouraged people to take out loans without considering the APR. They said:

‘We considered that, though it attempted to clarify the costs associated with a Wonga loan, the ad created confusion as to the rates that would apply. On that basis, we concluded that the ad was misleading.’

Maybe if Wonga are looking for an example of a representative loan, they could show the puppets struggling to make ends meet and turning to rubbery prostitution to pay it back?

Sainsbury’s on the slide

April 9th, 2014 7 Comments By Ian Wade

sainsburys local 300x200 Sainsburys on the slideSainsbury’s share of the UK grocery market has fallen by the largest amount in a decade.

The supermarket had long been the best performing of the big four supermarkets, but stiff competition from the likes of Lidl and Aldi, and shoppers no longer sticking to one brand of supermarket due to better bargains elsewhere.

This drop is the latest in a long line of supermarket woes, with the main four suffering cuts and lower profits.

Analysts at Deutsche Bank said: “These numbers will raise questions as to whether Sainsbury’s is participating sufficiently in recent price investments to maintain its competitiveness.”

Tesco’s sales also fell 3%, and saw its market share reduced to 28.6% after a tricky period which has led to an overhaul in its price promise and marketing spend.

In the 12 weeks to March 30, Morrisons sales also fell 3.8%. The best performer out of the “big four” was Asda, whose sales still fell 0.5%. Meanwhile, Aldi and Lidl grew at a record pace in the last 12 weeks, and now have an overall combined share of 8%.

If you’ve been in any of these shops lately, not one bit of it will surprise you. The big guns really need to look at the way they do business.

potdog Potdog gets rid of the bun and ruins EVERYTHINGThe hotdog is a singularly successful snack. Why? Because of the bun. The bun contains the sausage and the toppings and condiments and allows you to hold it comfortably in your hand. It is a perfect symbiosis of carbohydrate and protein which can be conveniently eaten on the move, and as such is the favourite snack for busy fatties everywhere.

But now two insufferable sounding advertising execs – one of whom is called ‘Didz’ – have decided to dispense entirely with the bun and just serve up a big wet mash up of sausage and mustard in a cup and call it Potdog.

David ‘Didz’ Parker and his pal Alex King have a stall at Borough Market (where else?). They use gourmet artisan sausages to create such delicacies as the ‘Randy’ which contains a gloopy blob of sausage, fried onions and hash browns. To be frank(furter), it’s a MESS.

Sadly, such is the appetite for street food amongst the young wanker population, that the Potdog could soon be a British food phenomenon. The stall turns over £600 a day, and the owners think that the Potdog is far superior to the hotdog.

‘The fillings always drop out and you end up eating a horrible stale bit of bread,” said ‘Didz’. ‘We wanted to raise the game.’

*beats Didz to death with a stale bun with an iron bar in it*

Mmm, don’t you just love a tasty burger? Well, maybe you won’t any more, if the latest warning from UK food inspectors turns into a reality. They’re concerned that more infected animals could enter the UK food chain thanks to a proposed change in abbatoir inspection processes.

butcher 286x300 Its lunchtime! How about some infected meat?

In the last two years, inspectors have successfully thrown out the diseased and infected carcasses of animals with many delicious types of pestilence, including tapeworm, peritonitis, milkspot, tumours, and – everybody’s favourite – FAECES CONTAMINATION.

However, new rules from the EU are diluting inspectors powers and shifting responsibility onto the food companies involved. Unison are concerned that the industry is incapable of policing itself and needs inspectors to act as independent quality controllers. And you only have to look at the horsemeat scandal to see that they have a point.

Pig carcasses have already been affected by the European Commission rules – inspectors would cut into their heads to examine for diseases, but now they are only required to give a visual inspection.

Heather Wakefield from Unison was pretty graphic about the changes, saying:

‘The UK government’s agenda will result in food that repulses us being dished up on our plates. Most people do not know that there are a small group of meat inspectors and vets that keep them safe from harmful and repulsive additions to our sausages, Sunday roasts and beef pies. They work in some of the most awful conditions in blood and animal discharges every day. They are always the first to come under attack, not only from the food business operators, but also from our government.’

(Discharges. Ewwww.)

Who fancies a kale smoothie?

EE announces price rise

April 8th, 2014 2 Comments By Ian Wade

zzzw EE announces price riseAs seems to be the case with mobile providers, EE has joined in by increasing the monthly cost of phone bills by 2.7%. That’s what happens when everyone says you’re the best mobile network around.

Subscribers on EE, Orange and T-Mobile will be affected by the price hike, which comes into effect from May 28th.

Additional charges for usage beyond customers’ monthly allowance will also increase. GOOD TIMES.

And as the price rise is linked with inflation, customers will not be able to cancel their contract early, unless they joined or upgraded after January 23rd.

The network has warned that those who signed up or upgraded within the last 30 days may still receive a letter about the move, but will not be affected by the changes.

What are EE saying on their website? “We know price rises are never great news, but we work hard to keep costs down while offering our customers great value on the UK’s biggest and fastest network. As a result of rising business costs, we are increasing the price of EE, Orange and T-Mobile monthly plans.”

Looks like the mobile companies are pre-emptively trying to make some money back now that roaming charges are to get the chop.

House of Lords want BOGOFs to bog off?

April 7th, 2014 1 Comment By Thewlis

bogof 300x209 House of Lords want BOGOFs to bog off?Some say politicians live in ivory towers, divorced from the real life the rest of us have to face, and perhaps none more so than those unelected bods in the House of Lords. Not that that stops them meddling in the lives of the little people, and the latest tirade to emerge from the maroon benches is denigrating supermarket offers.

Specifically, the House of Lords European Union Committee is particularly dismayed by the ever-popular BOGOF offers, claiming that, rather than saving shoppers money, these bargains just lead to excess food waste.

Committee chair Baroness Scott of Needham Market described it as ‘morally repugnant’ that at least 90million tonnes of food were dumped each year in the EU, including 15million in Britain.

“We are calling on the new European Commission, which will be appointed in November this year, to publish a five-year strategy for reducing food waste across the EU, and to do so within six months of taking office,” she said.

“We are urging supermarkets to look again at offers such as ‘buy one get one free’, which can encourage excess consumption, which leads to food waste.”

She also suggests “tax incentives” might be employed in order to “encourage” supermarkets to ensure unsaleable food goes for actual human consumption, such as through food banks.

So is this the beginning of the end for BOGOFs? And how will it impact on your pocket? Or is the committee right, and it will just make your wheelie bin lighter?

Energy complaints rise by a whopping 224%

April 7th, 2014 No Comments By Mof Gimmers

energy bills 300x300 Energy complaints rise by a whopping 224%Energy companies are just taking the piss now aren’t they? Complaints about the UK’s energy firms have rocketed to the highest level on record in the first three months of 2014, going up by 224% according  to the energy sector’s ombudsman.

Between January and March, there were 10,638 complaints. Compare that to the same period last year, where the figure was 3,277. Compare that to the small matter of there being 17,960 complaints in total in 2013, and it looks like we’re going to see record levels of gripes from customers. Crucially, are the energy companies going to even care?

The main concerns for customers is that they’re not receiving bills, angry about billing charges and unhappy with poor customer service.

This comes on the back of regulator Ofgem announcing that they would be referring the whole of the energy sector to the Competition and Markets Authority for an in-depth investigation.

The Chief Ombudsman Lewis Shand Smith said: “Consumer frustration and dissatisfaction is something that we hear about every day, and we welcome any attempts by Ofgem to make the energy market fairer.”

“With energy complaints trebling in the first quarter of this year and problems relating to billing the greatest concern, increased transparency is something that should be addressed.”