Banks & Supermarkets ripping off customers plus Winners & Losers, Most Read & Chart of the Day
Episode 1518, Jul 04, 2023, 11:41 AM
3 Top Business Stories
1. Bank chief executives have been summoned by the UK's financial watchdog to address concerns that savings rates are not rising as fast as mortgages.
Bosses at Lloyds, HSBC, NatWest and Barclays are to meet the Financial Conduct Authority (FCA) on Thursday.
Higher interest rates have seen banks raise mortgage costs but there are concerns that higher returns are not being passed on as quickly to savers.
(Click here to read more)
2. Energy suppliers have been warned they should retain profits rather than pay out returns to shareholders, to ensure firms can weather future price shocks.
Regulator Ofgem said firms "must learn the lessons of the energy crisis", adding "a return to the practices we saw before isn't on the table".
(Click here to read more)
3. Supermarkets and other fuel retailers will be forced to publish live prices under a new scheme aimed at stopping them overcharging, the government says.
It comes after Britons were found to have paid an extra 6p per litre for fuel at supermarkets last year as weak competition let them charge more.
Under the scheme drivers will be able to compare up-to-date prices online so they can find the cheapest option.
Driving groups say the idea, which is used elsewhere in Europe, is overdue.
Morrisons' and Asda's targeted fuel margins for 2023 had doubled and tripled respectively since 2019. Sainsbury's and Tesco had followed suit and raised their prices, suggesting competition had "weakened".
(Click here to read more)
In a Trading Update today, Simon Roberts, Chief Executive of J Sainsbury plc, said:
"Food inflation is starting to fall and we are fully committed to passing on savings to our customers.
1. Bank chief executives have been summoned by the UK's financial watchdog to address concerns that savings rates are not rising as fast as mortgages.
Bosses at Lloyds, HSBC, NatWest and Barclays are to meet the Financial Conduct Authority (FCA) on Thursday.
Higher interest rates have seen banks raise mortgage costs but there are concerns that higher returns are not being passed on as quickly to savers.
(Click here to read more)
2. Energy suppliers have been warned they should retain profits rather than pay out returns to shareholders, to ensure firms can weather future price shocks.
Regulator Ofgem said firms "must learn the lessons of the energy crisis", adding "a return to the practices we saw before isn't on the table".
(Click here to read more)
3. Supermarkets and other fuel retailers will be forced to publish live prices under a new scheme aimed at stopping them overcharging, the government says.
It comes after Britons were found to have paid an extra 6p per litre for fuel at supermarkets last year as weak competition let them charge more.
Under the scheme drivers will be able to compare up-to-date prices online so they can find the cheapest option.
Driving groups say the idea, which is used elsewhere in Europe, is overdue.
Morrisons' and Asda's targeted fuel margins for 2023 had doubled and tripled respectively since 2019. Sainsbury's and Tesco had followed suit and raised their prices, suggesting competition had "weakened".
(Click here to read more)
In a Trading Update today, Simon Roberts, Chief Executive of J Sainsbury plc, said:
"Food inflation is starting to fall and we are fully committed to passing on savings to our customers.