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Wednesday, December 19, 2018

Watchdog plans price caps to stop £4bn loyal customer rip-off

Radical reforms aim to stop insurance, mortgage, phone and broadband firms overcharging

The competition watchdog has laid down a set of radical reforms to how the insurance, mortgage, mobile phone and broadband markets operate after finding that loyal customers are being overcharged by £4bn.

Following a “super complaint” by Citizens Advice, the Competition and Markets Authority investigated concerns that firms penalise existing customers by charging them higher prices than new customers.

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