Under new Financial Services Authority (FSA) rules, financial firms who collect an excessive amount of complaints against them are to be named and shamed reports MoneySavingExpert news.

Over a six month period companies who receive 500 or more complaints will, under the rules, have to publish the numbers of complaints twice a year so consumers can see which firms draw the most ire.

Under the rules, companies must state complaints numbers in a prominent position on their website including:

• How many complaints they have opened and closed
• The percentage closed within eight weeks
• The percentage of complaints upheld

The number of complaints will also be available on the FSA website. FSA rules differs from those of the Financial Ombudsman Service rules in that FSA numbers will include all complaints and not just those that have gone to the Ombudsman.

Sheila Nicoll, FSA conduct policy director, says: “For the first time, people will be able to see how many complaints particular firms receive and how they handle them.”

All affected firms must publish figures by 31 August 2010, with the FSA following in September.

No related posts.

Not something I have ever really thought about before, but I just stumbled on a post on LifeHacker about How To Clean Your Credit Card and I guess it does make some sense if you are someone who constantly has to get a replacement card because the magnetic strip keeps refusing to swipe properly everytime you are in a shop with a queue of people behind you.

For myself it is always the signature and security code which tend go first and there is little I can think of (most obviously the use of clear nail polish) which will cure that problem without the risk of constant queries over whether you have tried to tamper with the card.

If anyone does have any suggestions, please let us know otherwise I will just have to continue eating shop assistants to get over my embarrassment at having my card rejected again.

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1. Praying for the death of credit card cheques
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3. Credit card interest free periods may not be all they appear

It’s been a long time coming and will lead to major changes for those seemingly ‘white knights’ of the finance world – the price comparison sites.

In the finance world, there is a little known black art used by these sites which mean a lot of price comparison websites will rank certain financial providers sites at the top of their lists of recommended best buys based on the commission they’ll get from these providers, even when they are not the cheapest.

This gives a false impression to the user that the provider is either cheaper than everybody else or, for some esoteric reason known only to those with the combined secret finance knowledge of the Gnomes Of Zurich and the Bilderberg Group, that it a better product. This means you could potentially actually end up with a worse deal for taking the best buy advice than you could have got by choosing a different product or going direct to another provider.

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It seems as though everything just keeps getting worse and worse for the 20 and 30 something generations.

As I look around at the economic landscape I just have to dispair these days. On the one hand the government suggests a bright future with great high paying jobs available for all graduates, and on the other hand there is the reality of Britain’s and the indeed most of the rest of the world’s economic situation.

- Difficulties getting onto the first rung of the property ladder
- Younger workers representing the majority of those losing their jobs in the current economic climate
- Increased debt at the start of working life due to the removal of student grants
- Few genuine “graduate” level jobs which actually provide the increased pay rates and prospects widely touted
- and now announcements about pensions deficits meaning companies can no longer provide decent final-salary schemes to either new or existing members of staff and that the retirement age will have to rise too.

Even the safety net of the public state pension, and all those index-linked civil service pensions, which have for a long time been seen as sacrosanct, are in serious difficulties due to shortfalls. The Adam Smith Institute seems to be despairing at the situation as well, “The government’s pension schemes would not even pass its own laws and regulations. Indeed, if the cabinet were private-sector pension trustees, they would all have been carted off to Pentonville Jail long ago. Now there’s a thought to keep you happy in an impoverished retirement.”

This dinosaur knows that there have always been financial difficulties for those just starting out on their working lives, but currently it seems as though almost everyday something new comes along to compound the issue.

There must be some good news out there? Surely.

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As of the 27th Google Checkout will stop accepting Maestro cards. Maestro is run by Mastercard. Mastercard credit cards are unaffected and can still be used. There are more than 500 million Maestro debit card holders around the world and so this is a significant move from the Googleborg.

It’s odd that Google would want to ditch the card. It’s also odd the Google are doing this at such sort speed. In the last week they’ve been sending out this email.

Thank you for using Google Checkout, the fast, secure way to shop at stores across the web.

As of 27th July, Maestro cards will no longer be accepted as a payment method by Google Checkout. You are receiving this notification because your default card is a Maestro card that will no longer be supported.

To ensure that your Checkout account is ready for purchases the next time you shop, you will need to select a new default credit/debit card. Accepted payment methods are listed at http://checkout.google.com/support/bin/answer.py?hl=en-uk&answer=105916

You may update your payment information now by clicking ‘Edit payment methods’ after signing in to your Google Checkout account at http://checkout.google.co.uk

If you prefer, you also have the option of updating your payment information when you make your next purchase.

While you will be unable to place new orders with Maestro cards, refunds and chargebacks for previous orders will be unaffected.

We apologize for any inconvenience. If you have any further questions, please visit our Help Centre at https://checkout.google.com/support/?hl=en-GB

Kind regards, The Google Checkout Team

As savvy Cashzilla readers will know there are certain risks in storing too much money in sites like PayPal. If someone tricks you out of your password or the company decides to freeze your account then you’re in trouble.

Purchases made this way don’t have the same sort of protection as direct credit card purchases either. Most of all; if you store money in PayPal then it’s not in the bank earning interest.

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This call by a major political party came in a white paper on the subject of banking reform, not only criticised bank charges, but also stated they would force credit card, overdraft and mortgage charges to be clearly visible to bank customers.

According to the Tory’s, “There have been numerous examples of unfair treatment of consumers – the mis-selling of payment protection insurance and unfair bank charges.”

Alan O’Sullivan, banking and credit card correspondent at This is Money commented: “The fact that a major political party has come out and branded bank charges unfair should be celebrated although, given the legal case on charges is now in its latter stages, they could have stepped in sooner.”

As the legal row over the legality of bank charges for unauthorised overdrafts hit the House of Lords last month, the additional pressure from a mainstream political party will hopefully provide a boost to the calls by consumer groups who had hoped the banks would accept the appeal court’s original ruling.

As the chief executive of Which?, Peter Vicary-Smith, said to the Guardian last month: “It is disappointing that nearly two years since this saga began, little has changed for the millions of consumers being hit with these charges.”

He added: “If you’re struggling with basic living costs such as rent and utility bills then you may be eligible to get your claim fast-tracked under the terms of the waiver. The FSA must take action against any bank ignoring the financial plight of its customers.”

Now if only the government would listen and lodge their support too.

Growl.

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Interesting news stalwart Cory Doctorow at BoingBoing is to be thanked for bringing this to our attention.

Visa have recorded a $23, 148, 855, 308, 184, 500.00 charge on a prepaid card.

The Consumerist, who broke the story, point out that’s 2,000 times larger than America’s national debt of $11 trillion and that the ever-vigilant billing team at Visa remembered to add the $20 charge for being in the red. Yes; the card was also suspended.

Prepaid cards are an interesting idea. They work in a very similar way to credit or debit cards except you can only spend the balance that has been assigned to the card. In theory this means it is impossible to run in to debt (as there’s no overdraft option) and therefore ideal for giving to teenagers.

Cards are usually assigned a PIN number and can be used at ATM machines, online or even over the telephone.

They’ve become popular with travellers as they’re seen as being a handy as plastic but much less of a risk. They’re often more discreet than cash as well. Normally, that is, unless a drug store tries to charge you all the money in the world and the bill ends up on the internet. When that happens they’re not so discreet.

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1. It pays to query your credit card APR
2. Don’t let the bank use the postal strike as an excuse to take your money
3. Credit card interest free periods may not be all they appear

So, what can you do to make sure that you’re not one of those unnecessarily lining the coffers of your credit card company? During this current round of postal strikes there are two risks – firstly, you may not receive your statement as usual but it’s unlikely that credit card companies are going to be too sympathetic if you subsequently don’t make your minimum payment or make it late. They will argue that the onus is on you to ensure that your payment is made on time so the sensible thing to do is to take a pro-active stance and either telephone your card company for details of your minimum payment or alternatively go online to access your statement.

After tussling with my local bank recently, I can testify that there are in fact more annoying things, than “being penalised by your credit card company for paying your bill a couple of days late”, however it is extremely irritating and it is definitely worth pointing out that even if you don’t receive your statement, that will not stop your bank, credit card, or utility provider wanting payment, so whilst the postal strike may at first seem like a simple nuisance, delaying a delivery from Amazon, it could actually cost you dearly if you don’t pay attention.

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I have just read the news section of the personal finance comparison site Moneynet, “Credit products should carry so-called ‘wealth warnings’, the ex-chief of Halifax has maintained”, and I cannot say that I am particularly surprised.
This news should also not come as much of a surprise to most people in the UK, however with the continually ever increasing debt problem which this nation is facing, perhaps there is a need to point out such obvious facts.

With credit card interest rates now averaging around the 16%APR mark, this put them on average at over eleven per cent above the Bank of England base rate of 4.75%. This situation is especially bad for many younger people who generally will not have time to have built up a particularly good credit rating and so will generally only be offered credit towards the upper end of the rate scale, and who are often the least well informed to make these types of financial decisions. Combine this with the sneaky raising of fees, charges and rates by many credit providers to compensate for the enforced reduction of late payment charges, alongside the implementation of card transfer fees to counteract the losses experienced due to introductory 0% offers, and then the subsequently bewildering different rates assigned for new purchases, currency conversions, credit card cheques (don’t ever use them!! They are evil!!), etc, and you have a very confusing brew of financial information for anyone to deal with.

The introduction of personal summary boxes, minimum payment boxes, and improved transparency from the banks is a big improvement, but with the constant financial reports showing the huge profitability of the larger institutions, as they claw back any reductions in profits from one area by increasing rates or introducing new fees in other areas, it is unlikely that any real financial benefit will be gained for the average consumer.

Only by constantly reviewing all aspects of your personal finances, keeping an eye on small print and noting any changes that are introduced to the products, and then compare credit cards on a like for like basis of what is available, is it possible to get the best deals.

After all, it is your money, you should keep it, not the banks.

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1. It pays to query your credit card APR
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