Sterling, banks, British Gas and fraud

There’s just one story in the UK this morning: the Supreme Court has ruled that the Government cannot trigger article 50 without an act of parliament. News that parliament must vote on starting the Brexit process led to a slight drop in the pound. At the time of writing, the pound is 0.6 per cent lower against the dollar at $1.246. Against the euro, sterling is 0.3 per cent lower at €1.160.

Banks

A think tank has urged banks to offer basic bank accounts to people with mental health problems. At present, basic account options are offered to other vulnerable groups. Now the Money and Mental Health Policy Institute say that setting spending limits on cards and allowing people to set how banks contacted them would help people struggling with budgeting and paying bills.

British Gas Ofgem has instructed British Gas Business to pay a penalty of £9.5 million after its customers suffered billing and complaints issues.

The BBC reports on Ofgem comments which detail that accurate bills were not issued on time to business customers after British Gas installed a new £40 million computer system in 2014. The penalty will be paid as compensation and in a charity payment.

Fraud KPMG has published a new report which shows that the value of fraud committed in the UK last year exceeded £1 billion for the first time since 2011. The 55 per cent year-on-year rise in the value of fraud to £1.1 billion, reported in The Guardian, has prompted a warning about the risk of more large-scale scams as the economy comes under pressure. Meanwhile, The Telegraph reports that Lloyds Banking Group has become the latest lender to fall victim to a cyberattack after it emerged that online criminals laid siege to the firm for more than two days earlier this month. Speeding fines New sentencing guidelines for magistrates will mean that drivers responsible for the most serious speeding offences are set to face harsher penalties, according to The Telegraph. Fines for motorists caught going well above the speed limit will start from 150 per cent of their weekly income rather than the existing level of 100 per cent. The Telegraph said: ‘It means, for example, someone who is sentenced for driving at 101mph or faster in a 70mph zone will now be dealt with in a more severe bracket.’ Travel insurance ThisisMoney has urged winter sports holidaymakers to check the wording of their travel insurance policy to make sure they are fully covered.

According to new research from Defaqto, only 15 per cent of annual travel insurance policies and four per cent of single trip policies include cover for winter sports.

ISAs The over 50s continue to believe that cash is king when it comes to their ISA allowance, according to new research by Saga Investment Services. When asked about their ISA plans, a quarter say they plan to open a new ISA in 2017. Among those who plan to take advantage of a tax free account a third say they will look at a stocks and shares ISA, but almost half say they will be opting for a cash ISA. One in five say they will be looking to open both a cash and a stocks and shares ISA. Wasting money

The UK wastes a huge £17.6 billion a year by letting money leach away on takeaways, snacks, coffees, ready meals and items and services which aren’t used – that’s an average of £360 of unnecessary spending per person, per year.

New research commissioned by Gocompare.com Money identified takeaway food and drink as key areas where people felt they waste or ‘leak’ money.  Underused TV subscriptions, failure to shop around for cheaper deals on utility bills and insurances, as well as paying avoidable bank and credit card charges were all included in the nation’s list of the top 20 money leaks.