Don't let inertia soak up your hard earned cash!
Is inertia costing you money?
According to a recent announcement from Citizens Advice, loyal customers who stay with their current suppliers, often due to inertia are losing up to £4.1bn a year.
Citizens Advice made a super-complaint stating that this scam is causing losses amounting to an average of £877 per person with the elderly and more vulnerable people in society bearing the brunt of the losses.
Thankfully, it is now being investigated on behalf of consumers by The Competition and Markets Authority (CMA).
Gillian Guy, chief executive of Citizens Advice, said: “It’s completely unacceptable that consumers are still being ripped off for being loyal to companies they rely on every single day.
The main areas where consumers are being ripped off for showing loyalty are:
Mobile phone contracts
This has also come to the notice of the Financial Conduct Authority (FCA).
The FCA regulates most types of mortgages and insurance in the UK and has stated they have been concerned by the issue for a long time.
The FCA’s chief executive, Andrew Bailey said, “We expect firms to look after the interests of all customers and treat them fairly, whether they are new or long-standing.”
You can rest assured that as clients of Buckingham James Financial Services you will always benefit from our position as whole of market, independent advisers because we keep a constant eye on both the mortgage and the insurance market to ensure you get the best rates and the best arrangements available at the time.