What’s the cost of staying loyal to providers of insurance, banking and financial services? According to Citizens Advice, loyalty is costing consumers more than £4bn a year. The figure was announced as the charity announced it has lodged a super-complaint with the Competition and Markets Authority. They are calling for the competition regulator to outline how this issue can be fixed. That consumers are being overcharged for failing to shop around for better deals is nothing new. Citizens Advice has repeatedly warned about the so-called ‘loyalty penalty’.
Super-complaint into the £4bn a year loyalty penalty
This 823 word blog post explains the reasons behind a new ‘super complaint’ by Citizens Advice, who are calling on the Competition and Markets Authority to take concrete action into the £4.1bn a year cost of consumer loyalty. Includes comments from Citizens Advice and the Financial Conduct Authority. Written on 30th September 2018.