
Insurance firms slammed for adding up to £51 a year to bills paid in monthly instalments
Customers may also pay more for the initial premium in a practice called 'double dipping'.
The Financial Conduct Authority said monthly bill payers face APRs of 20-30 per cent, adding £19-£28 to home insurance and £35-£51 to car insurance costs.
With about half of such policies paid monthly in 2023, many customers are hit with these extra costs simply because they can't afford annual payments.
Consumer group Which? director Rocio Concha urged the FCA to crack down on 'bad practice'.
She said too many customers are forced into higher costs out of financial necessity.
Insurers claim the charges reflect the cost of the agreements.
But the FCA's rules state that premiums must not be increased without a 'reasonable basis'.
The Association Of British Insurers insists its members follow 'fair and transparent' principles.
Earlier this year Which? revealed that some firms charge APRs comparable to credit card rates, with One Insurance Solution and The Insurance Factory imposing above 30 per cent.
The FCA also found motor insurance claims were subject to delays, lack of oversight on outsourced services and high complaint levels.
It is taking action against the companies involved.
FOOD CRUNCH
GROCERY bills are biting harder as food prices rise at their fastest rate in 18 months.
Inflation hit 5.2 per cent this month, adding an average £275 to annual spending, Worldpanel data showed.
Grocery spending rose 4.6 per cent in the 12 weeks to July 13, with online grocer Ocado leading growth at 11.7 per cent.
Lidl grew 11.1 per cent while leader Tesco saw a 7.1 per cent sales increase.
RANSOMS BAN
PUBLIC sector organisations including the NHS, schools and councils will be banned from paying ransoms to cybercriminals.
Security Minister Dan Jarvis pledged to 'smash the cybercriminal business model' and safeguard essential services.
Businesses outside the ban must now tell authorities before paying ransoms.
The new rules come after attacks on Marks & Spencer and the Co-Op.
GOOD WORKS PAY OFF
THE WORKS is celebrating success in its turnaround strategy as profits surged 20 per cent to £8.3million.
The books and stationery retailer saw 6.4 per cent growth in like-for-like sales in its final quarter, driven by improved store standards and new products, despite a 2 per cent dip in annual revenues.
Online sales struggled but store sales led the charge.
Boss Gavin Peck highlighted strong trading in the new financial year, with sales up 5 per cent.
Shares jumped 9.4 per cent yesterday

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


BBC News
9 minutes ago
- BBC News
Al-Nassr agree £43.7m deal with Chelsea for Felix
Al-Nassr have agreed a deal worth up to £43.7m for Chelsea forward Joao 25-year-old has been given permission to travel to Riyadh for his medical to complete the will link up with fellow Portugal international Cristiano Ronaldo at the Saudi Pro League side after they saw off interest from his former club recoup the £45m they paid Atletico Madrid for Felix last summer, having also sent the attacker out on loan to AC Milan for six months in January for a £5m loan Blues, who won the Club World Cup this month, have already sold goalkeepers Djordje Petrovic and Kepa Arrizabalaga and winger Noni Madueke to balance the books this have raised about £130m with further players like forward Raheem Sterling, left-back Ben Chilwell, midfielder Renato Veiga and striker Armando Broja currently up for have spent £212m on signings like striker Liam Delap, winger Jamie Gittens and forward Joao Pedro with interest in midfielder Xavi Simons and defender Jorrel Hato they are also under pressure from Uefa to come out of the summer with a "positive transfer balance" after being initially fined £27m with conditions placed on the club to comply with rules, or risk not being able to register new signings for the Champions League this season.


Reuters
9 minutes ago
- Reuters
US expects to result of probe into chip imports in two weeks
TURNBERRY, Scotland, July 27 (Reuters) - The Trump administration will announce the result of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, without providing details. Lutnick told reporters after a meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen that the investigation - which is expected to result in tariffs on chips imports - was one of the "key reasons" the EU sought to negotiate a broader trade agreement that would "resolve all things at one time." Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs.


The Sun
9 minutes ago
- The Sun
Shoppers spot two new Cadbury's chocolate bars on UK shelves for first time
SHOPPERS are flocking to supermarkets after a brand new Cadbury chocolate bar hits the shelves. The confectionery giant has launched a new Bournville dark chocolate at Sainsbury's, and it's a huge hit for nut fans. The treat is packed with chopped hazelnuts and has a luxurious salted caramel flavouring woven through each piece. An eagle-eyed customer shared a snap of their find with members of the Food Finds UK Official Facebook group. "New Cadbury Bournville bar spotted in Sainsbury's," they wrote on the post. "I love Bournville, I need to try these new bars," one commented. Other members excitedly tagged friends in the post. The £2.20 bar is listed on Sainsbury's website but isn't available to order yet. We've asked Cadbury's owner, Mondelez International, which other stores will stock them and will update once we know more. A spokesperson said: "We're excited to be introducing two delicious new flavours to our Cadbury Bournville range, Salted Caramel and Chopped Hazelnut. "The new products will be available at retailers nationwide from late July and will be a permanent addition to our range." Bournville's new Chopped Hazelnut flavour isn't the only new one to delight sweet-toothed shoppers. There is also a salted caramel flavour and a simple yet delicious dark chocolate. The packaging has also had a huge update, the first Bournville has seen in 50 years. It puts a fresh spin on the iconic red and gold colours and reintroduces the iconic 'B' on each square from Bournville's 1908 debut. Valorie Doeringer, Brand Manager for Cadbury Bournville: "Our first campaign in over fifty years aims to cut through the pretentiousness and complexity often associated with the dark chocolate market and communicates that Cadbury Bournville is an accessible, smooth dark chocolate that everyone can enjoy, without the fuss. "The modernised new look of our range, alongside the introduction of our Salted Caramel and Chopped Hazelnut NPD, help us to drive excitement in the segment, and invite more consumes to discover the smooth taste of Cadbury Bournville.' The launch of the new Bournville bars comes just months after The Sun exclusively revealed Cadbury was bringing out a new Dairy Milk bar. The chocolatier unveiled its Dairy Milk Iced Latte flavour in May, combining classic Dairy Milk chocolate with a creamy coffee filling and crunchy biscuit pieces. The brand also introduced four limited edition Dairy Milk summer edition bars with packaging that changed colour based on temperature. Shoppers have also been going wild for the limited edition Cadbury Twirl White Dipped that's been landing on shelves. The bars, branded "outstanding" by customers, are similar to the classic milk chocolate Twirl but with a white chocolate coating.