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UK companies could face instant fines in ‘loyalty penalty' crackdown

1 month ago   |   By The Big Issue

Mobile, insurance and broadband firms could soon be fined for overcharging loyal customers in a move that could save consumers up to £4bn a year.
The government will consult on giving the Competition and Markets Authority power to punish providers that mislead customers and exploit long-term customers - who often end up paying more than £1,000 more than people who switch providers regularly, according to Citizens Advice research.
Business secretary Greg Clark also said the government would give the same powers to other regulators, like Ofcom and the Financial Conduct Authority , to protect...
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