Article preview: How much is loyalty to various product providers costing you each year? The so-called loyalty penalty has been in the news a lot this year, following a ‘super complaint’ by Citizens Advice claiming significant amounts are lost to consumers staying loyal to cash savings, mortgages, household insurance, mobile phone contracts and broadband providers. It’s an important issue because vulnerable consumers, including the elderly and those on a low income, are more exposed to the loyalty penalty. Responding to the earlier super complaint, the Competition and Markets Authority (CMA) has now announced a package of measures designed to deal with the loyalty penalty.
Action to tackle the £4bn loyalty penalty
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This 1,126 word blog post examines the Competition and Markets Authority response to an earlier ‘super complaint’ made by Citizens Advice into the £4bn a year loyalty penalty relating to cash savings, mortgages, household insurance, mobile phone contracts and broadband providers. Includes comments from Andrea Coscelli, Chief Executive of the Competition and Markets Authority, Eric Leenders, Managing Director, Personal Finance, UK Finance, and Gillian Guy, Chief Executive of Citizens Advice. Written on 20th December 2018.
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