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CPP to review sales procedures

credit cards
BBC Radio 4's Money Box
Saturday, 25th February 2012 at 1204 GMT On Radio 4 and Online

Hundreds of thousands of people who bought identity theft and card protection from the firm CPP may be due compensation.

The firm has agreed to review how it sold these products to see if they were miss-sold, following an investigation by the Financial Services Authority (FSA).

But millions of people who bought the same products through their bank are not included and so will not be able to get any redress.

Bob Howard reports and Paul Lewis speaks to Paul Stobart, CPP group chief executive and Mike Dailly from the FSA's Consumer Panel.

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Payday lender apologises to customers

A payday lender has apologised to customers who received emails threatening to contact their employers if they didn't settle their debts, following a BBC investigation.

The regulator, the Office of Fair Trading (OFT) says companies should not act in a way that is likely to cause debtors public embarrassment.

Minicredit says it's taken steps to ensure it does not happen again.

The programme hears from 5 live Investigates presenter Adrian Goldberg, who has uncovered the story.

And Paul Lewis talks to David Fisher, director of consumer credit at the OFT.

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Beware pension liberation schemes

Strong warnings have been issued this week about the dangers of trying to release money from your pension fund before you reach age 55.

Regulators and HM Revenue & Customs (HMRC) say companies offering to help you access your cash early are on the increase, but that they are often scams.

If you take the companies up on their offers, the authorities say a lot of your money could disappear in hefty fees and uncertain investments, and that you are also likely to face substantial charges from the taxman.

Paul Lewis speaks to Bill Galvin, chief executive of the Pensions Regulator; Brian Spence, director of Dalriada Trustees; and Jonathan Phelan, head of the Financial Service Authority's unauthorised business department.

FSA Consumer Helpline: 0845 606 1234 (call rates may vary).

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Checking your tax code

The tax office is busy sending out millions of letters to taxpayers showing their tax code for 2012/13.

If this is one of those official letters that you put under the bread bin for reading later - you do need to look at it closely.

This document sets how much tax you will pay next year and if it is wrong you will pay too much - or too little.

This year HMRC can use your coding notice to recover debts - underpaid tax or overpaid tax credits.

We know that every year HMRC deducts too much or too little tax from millions of people. So it is worth a few minutes to check it makes sense and to query it if it is wrong.

Jane Moore, technical manager at the tax faculty of the Institute of Chartered Accountants in England and Wales, explains what the numbers and letters of tax coding mean.

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BBC Radio 4's Money Box is broadcast on Saturday at 1204 GMT.

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