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The Consumer Council's response to the FCA Vulnerable Consumer Guidance consultation
The Consumer Council welcomes the opportunity to contribute to the Financial Conduct Authority’s consultation on Guidance for Firms on the Fair Treatment of Vulnerable Consumers.
Of the devolved UK nations, Northern Ireland has the lowest median wage with median weekly earnings for 2018 at £521 compared to the UK average of £569 . A recent report released from Which? shows that only half (49% ) of those in Northern Ireland were content with their income, over a quarter (26% ) do not have money saved for a “rainy day”, and 50% of consumers have less than £300 left after mortgage/rent and essential bills in a typical month.
- Personal Finances
The Consumer Council's response to the FCA's Pension Transfer Advice consultation
The Consumer Council welcomes the opportunity to contribute to the Financial Conduct Authority’s consultation on Pension Transfer Advice: contingent charging and other proposed changes.
Alongside responding to the questions posed by the FCA, The Consumer Council has highlighted some unique considerations about Northern Ireland consumers which should also be considered.
- Personal Finances
Expected impact of Brexit on NI consumers
The Consumer Council commissioned Perceptive Insight to undertake quantitative research with a representative sample of consumers across Northern Ireland (NI). The aim of the research was to ascertain public perceptions about the likely impacts of Brexit for NI consumers, particularly in relation to: Utilities/energy; Transport; Postal services; and General consumer detriment.
- Cost of Living
- Other
- Food
- Business
- Consumer Skills
- Post
- Personal Finances
- Water
- Energy
- Transport
Following today’s publication of Translink’s Passenger Charter standards performance results, The Consumer Council is happy to see that Northern Ireland consumers continue to show their satisfaction with Translink’s overall service.
- Transport
The Financial Conduct Authority (FCA) has alerted that consumers may experience significant delays in the resolution of PPI complaints. A significant increase in the volume of complaints received in the run-up to the August 2019 deadline has created a backlog, with some firms estimating that it may be summer 2020 before consumers receive a final response.
- Personal Finances
The Consumer Council is renewing its call for drivers to shop around for car insurance as the confused.com car insurance price index reveals another significant increase in the average annual renewal cost for Northern Ireland drivers - up 8% to £942 per year.
- Cost of Living
- Personal Finances
- Transport
The Consumer Council is advising ATOL protected Thomas Cook customers to claim their refund as soon as possible.
- Transport
The Consumer Council has had a successful year in 2018/19, advising and signposting a total of 1,213 consumers. Throughout the period, 3,782 enquiries and complaints were investigated, resulting in £212k being returned to the pockets of consumers in Northern Ireland.
- Consumer Skills
- Post
- Water
- Energy
- Transport