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Chip and PIN security flaws

Chip and pin machines
BBC Radio 4's Money Box
Saturday, 17 October 2009 at 1204 BST On Radio 4 and Online

Earlier this month, Money Box reported flaws in the security of personal data kept on credit cards by the chip and pin system.

After a big response by listeners, this week we revealed serious problems in a system used by Britain's biggest bank to help customers who have forgotten their PIN.

The problem was identified by one Lloyds TSB customer who got in touch with us.

Related information:

Cheap pensions

Elderly couple sitting on a bench
Watching your pension fund grow?

Money Box recently highlighted how up to 40% of a private pension pot can disappear because of fees.

We examined how seemingly small charges on pension funds can actually add up to tens of thousands of pounds.

This week we heard practical advice on how to find good - but low-cost - pension schemes from Tom McPhail, head of pensions research at Hargreaves Landsdowne.

Related information:

The costs of fund management

Sack of money

And how transparent are the costs of investing in a managed fund?

Not very, according to City insider Alan Miller - formerly a director of the major fund New Star Asset Managment, now an investment manager of SCM private, a wealth management company.

He told Money Box there are hidden costs that can eat away into your investments.

Lehman-backed investments

Lehman Brothers' former headquarters
Lehman collapsed in September of last year

Investors who bought products from two financial firms affected by the collapse of Lehman Brothers could be in line for compensation.

NDF and Defined Returns Ltd (DRL) have gone into administration.

Both offered a number of structured financial products backed by Lehman.

Customers had previously been told they would not be covered by the Financial Services Compensation Scheme for losses they suffered when Lehman Brothers went bust.

The fall of the two companies could change this.

Money Box interviewed the administrators.

Listen to Money Box's original report on NDFA and DRL from March 2009:

Related information:

Equitable Life

Equitable Life sign
There are signs of hope for Equitable Life customers

Equitable Life policyholders have a better chance of receiving payments after the High Court criticised the Government's response to the plight of pensioners who have lost up to £5bn.

A pressure group - the Equitable Members' Action Group - who launched the judicial review, claims the ruling means that the Government's ex gratia payments scheme could be applied to hundreds of thousands more policyholders.

Last year the Government rejected a call by the Parliamentary Ombudsman that all policyholders should be compensated.

Paul Braithwaite of the Equitable Members Action Group gave his reaction to the latest developments.

Related information:

BBC Radio 4's Money Box was broadcast on Saturday, 17 October 2009 at 1204 BST.

The programme was repeated on Sunday, 18 October 2009 at 2102 BST.

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