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Thousands face current accounts shut down

The latest news from the world of personal finance. Norwich and Peterborough current accounts need new homes. Plus workplace pension concerns.

Around 100,000 current account customers with Norwich and Peterborough Building Society have until the end of August to move their money elsewhere. It follows the decision by its owner, Yorkshire Building Society, to exit the current account market in order to focus on its savings and mortgage products. Guest: Mike Regnier, Chief Executive of Yorkshire Building Society.

The growth of automatic enrolment workplace pension schemes reached a milestone this week. For the first time the number of people in schemes where both the employee and employer pay contributions has overtaken membership numbers for schemes based on years worked and salary earned. It comes as two separate reports highlight concerns for some of the smaller firms and lower paid staff who are in, or due to join, them. Bob Scott, Chairman of the Association of Consulting Actuaries and Andrew Warwick-Thompson, Executive Director at the Pensions Regulator discuss.

More transparent overdraft charges and simplifying the process of switching bank accounts. Those are just two of the changes which the Competition and Markets Authority now want to see banks put into practice following its review of the industry. Alasdair Smith Chair of the CMA's retail banking investigation outlines why and how banks will be working much harder for their customers.

The energy supplier npower has announced plans to raise prices for its duel fuel customers. From 16 March standard tariff electricity prices will go up by 15% and gas prices by 4.8%. Independent consumer champion Ann Robinson explains what's behind the price increase.

Reporter: Tony Bonsignore
Presenter: Paul Lewis
Producer: Charmaine Cozier
Editor: Andrew Smith.

Available now

30 minutes

Last on

Sun 5 Feb 2017 21:00

Chapters

  • Norwich and Peterborough Building Society

    Thousands of current account customers are told to move their cash

    Duration: 07:24

  • Competition and Markets Authority

    The CMA explain why banks will be working harder for their customers

    Duration: 04:46

  • Auto Enrolment

    Should there be more help for micro firms and staff on low wages?

    Duration: 06:49

  • Energy price rise

    npower announces the biggest energy price rise in years

    Duration: 03:36

Related links

Norwich and Peterborough Building Society

Auto Enrolment

Competition and Markets Authority

Npower price rise

Broadcasts

  • Sat 4 Feb 2017 12:04
  • Sun 5 Feb 2017 21:00

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