Connect with us

Business

TSB revamps £50 sign-up bonus’s terms after they were called unclear

Published

on

tsb revamps 50 sign up bonuss terms after they were called unclear

TSB has clarified the terms of a £50 current account cashback offer it launched last October which were decried by some of its customers as ‘unclear’ and left others out of pocket despite them appearing to follow the rules.

This is Money reported the issue with the perk a fortnight ago, with the bank telling us it would be making changes to ‘remove any ambiguity’.

The changes, made on Monday on cashback website Quidco, appear to vindicate those customers who were initially turned down for the cashback or had not yet received a decision either way, because of the way they had interpreted the terms and conditions.

The bank told This is Money it had handed out cashback to around 300 more customers after revisiting their cases.

Confused by the small print: TSB launched a cashback offer in October in partnership with Quidco, but those who signed up complained certain details of the offer were unclear

Confused by the small print: TSB launched a cashback offer in October in partnership with Quidco, but those who signed up complained certain details of the offer were unclear

Confused by the small print: TSB launched a cashback offer in October in partnership with Quidco, but those who signed up complained certain details of the offer were unclear

Previously, the terms stated the offer was available for those who opened a Classic, Classic Plus or Student account and ‘for the first three months from account opening you pay in at least £500 each month and make two transactions per month.’

TSB has confirmed those who now sign up must pay in at least £500 ‘in three out of the first four calendar months’ after opening the account, and that the two transactions out could include direct debits, standing orders and bank transfers, as well as debit card transactions.

The clarification vindicates one TSB customer who was told by the bank’s own customer service team that the two transactions needed to be debit card payments.

Despite this, some customers – many of whom took to an online forum which has now reached 61 pages in length to discuss the issues with the sign-up bonus – were given the cashback despite only making direct debits back out again each month and not using their debit cards.

Meanwhile the introduction of ‘calendar month’ clears up confusion over whether those who signed up to the cashback offer had three 30-day periods in which they had to make payments, while also bringing relief for those who opened accounts towards the end of a calendar month.

TSB told This is Money it would update the terms to remove any ambiguity after we contacted the bank about it at the end of May

TSB told This is Money it would update the terms to remove any ambiguity after we contacted the bank about it at the end of May

TSB told This is Money it would update the terms to remove any ambiguity after we contacted the bank about it at the end of May

These customers may have been unable to make payments with their debit cards in time because they may not have arrived.

Instead, if someone opened an account towards the end of June, they would need to pay in £500 and make two transactions out again in three months out of June, July, August or September.

While this is likely welcome clarification for some customers, one of whom, a user named ‘Yorkshire_Pud’, told the forum post that TSB should have thanked them ‘for helping us to draft these terms and conditions in a way that customers can actually understand’, some have lost out.

In a blow for those who opened multiple accounts with TSB to claim the cashback bonus multiple times, which was within the rules, the bank has now limited it to just one £50 award per person.

Normally customers can open one Classic Plus account in their name plus another joint account, but the new terms state: ‘If you open more than one TSB Classic Plus account via Quidco, you will only be paid cashback on the first account you open.’

This is Money has asked TSB whether the new terms apply only to accounts opened after they were clarified on 8 June, or also apply to accounts opened under the old rules.

It said any accounts open now will be judged on the new terms, but having reviewed all previous Quidco sales it had paid out cashback to an additional 300 customers.

A TSB spokesperson said: ‘Following feedback from customers, we made changes to our T&C’s to ensure they can make the most of our offer going forward. We have also reviewed previous applications and paid around 300 additional customers. 

‘If customers have any questions they should contact us. We apologise for any inconvenience this has caused.’

Powered by: Daily Mail

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Financier Lord Spencer leads £4m fintech fundraiser

Published

on

By

financier lord spencer leads 4m fintech fundraiser

Financier Lord Spencer has doubled down on his investment in a technology company shaking up the bond market. 

The former Conservative party treasurer has led a £4.3m fundraise for Digital Debt Capital Markets (DDCM), a London-based firm making it easier for companies to manage bond sales. 

Grandee: Former Conservative party treasurer Lord Spencer has led a £4.3m fundraise for Digital Debt Capital Markets

Grandee: Former Conservative party treasurer Lord Spencer has led a £4.3m fundraise for Digital Debt Capital Markets

He had already invested in the company’s first £2.5m seed fundraising personally, and this time has invested through his private investment group IPGL, along with David Rutter, the chief executive of US technology company R3. 

DDCM’s Agora software streamlines the way bonds are managed, from their issuance to their repayment. 

Many firms still use clunky systems and spreadsheets to manage bonds, and several jobs are inadvertently duplicated by bankers and lawyers. 

Backing from Spencer, founder of inter-dealer broker Icap, will help DDCM as it builds its software and attracts customers. 

Powered by: Daily Mail

Continue Reading

Business

Second coronavirus wave fear engulfs markets

Published

on

By

second coronavirus wave fear engulfs markets

Business leaders last night pleaded with Boris Johnson for more support as fears of more lockdowns wiped £52billion off the value of Britain’s biggest firms. 

Shares in housebuilders, pub groups and travel firms all fell sharply as the UK’s chief medical adviser Chris Whitty hinted that further restrictions are crucial to combat a surge in Covid19 infections. 

With the Prime Minister expected to today announce a 10pm closing time for pubs across England as part of the Government’s latest plans to stop the spread of the virus, Whitty said: ‘If we do too little, this virus will go out of control. 

Fear: Chris Whitty (pictured) hinted that further restrictions are crucial to combat a surge in Covid-19 infections

Fear: Chris Whitty (pictured) hinted that further restrictions are crucial to combat a surge in Covid-19 infections

‘But if we go too far the other way, then we can cause damage to the economy which can feed through to unemployment, to poverty deprivation, all of which have long-term health effects.’ 

The stark warning came as a report by Capital Economics warned that even a two-week national lockdown at any point would hold back the UK’s economic recovery by a year and reduce GDP by 5 per cent. 

The threat of tough new restrictions spooked global stockmarkets, with governments struggling to tackle a second wave of the virus without crippling their economies. 

The FTSE 100 index endured its worst day in three months, falling 3.4 per cent – or £52billion – to a two week low of 5,804.29. 

Shares in British Airways owner IAG plunged 12.1 per cent, as investors feared fresh travel bans could be imposed. 

Rail operator FirstGroup and ticket retailer Trainline fell more than 12 per cent and nearly 11pc respectively, while pub group Mitchells & Butlers slid more than 15 per cent, and Wetherspoons fell 9 per cent. 

But stockmarkets across Europe were also hit, with the German Dax down 4.6 per cent, and the French Cac 40 dropping 3.9 per cent. 

And shares fell on Wall Steet, with the S&P shedding 2.4 per cent in early trading. 

Pressure is growing on Boris Johnson to get a grip on the pandemic, as cases are rising rapidly across the UK. 

But business owners and bosses are terrified that a tightening of lockdown measures could cripple firms that are only just getting back on their feet. 

Yesterday they appealed to the Government to make sure any restrictions are targeted, and come with more support for firms that are affected. 

Kate Nicholls, chief executive of trade association UK Hospitality, said her sector ‘remains on a knife-edge’, with the near-1m people employed in the industry still furloughed at risk of losing their jobs. 

She added: ‘Any restrictions that impact a sector which is already on its knees and that has shown itself to be the home of responsible and safe socialising must be targeted carefully, and come with full Government support, to minimise seismic and inevitable damage to business.’ 

Claire Walker, co-executive director of the British Chambers of Commerce, said: ‘Any new restrictions must be accompanied by a comprehensive support package for the hardest hit firms forced to close or reduce capacity through no fault of their own.’ 

It is thought that new restrictions could involve curfews on pubs and restaurants. 

More radical options which have been discussed include a two-week ‘circuit breaker’ lockdown during schools’ half-term holidays where the public is told to stay at home as much as possible, and a return to working from home where possible.

Powered by: Daily Mail

Continue Reading

Business

KPMG comes under fire in Carillion audit probe

Published

on

By

kpmg comes under fire in carillion audit probe

KPMG is in the firing line again after regulators delivered a critical report on its audits of Carillion before the construction group’s dramatic failure. 

The Big Four auditor gave Carillion a clean bill of health in March 2017, but within ten months the Government contractor’s finances had deteriorated so much that it collapsed. 

It was one of the worst corporate catastrophes in years, with the company leaving behind debts of £7billion, pension liabilities of £1billion and thousands without jobs. 

Warning signs: Thousands lost their jobs after Government contractor Carillion folded

Warning signs: Thousands lost their jobs after Government contractor Carillion folded

The Financial Reporting Council (FRC) launched a probe just two weeks later, looking into audits carried out by KPMG from 2013 to 2017. And yesterday the regulator revealed it had finished an initial report and sent it to KPMG, suggesting that rule breaches have been uncovered. After carrying out initial investigations, the FRC usually closes enforcement cases or, if rule breaches are found, delivers an initial investigation report. Auditors are then given eight weeks to respond to allegations, before the FRC decides whether to press ahead with enforcement action.

KPMG received the report on August 28, and has until October 23 to respond. It could choose to contest the findings at an independent tribunal. 

A spokesman said: ‘We believe it is important that regulators acting in the public interest review the audit work related to high profile cases such as Carillion and we are cooperating fully with the FRC’s investigation.’ 

The collapse of Carillion in January 2018 triggered widespread calls for tough reforms of the audit sector, with an inquiry by MPs accusing KPMG of being ‘complicit’ in directors’ ‘increasingly fantastical figures’. 

They said Carillion’s failure to turn a profit from key contracts was masked ‘by a continuing stream of new work’ and misleading accounting practices. 

At the same time, bosses approved ever-increasing dividends that gave the impression it was a healthy firm. But Carillion’s shares went into free-fall after a stock market announcement exposed its problems in July 2017, slashing its value from more than £2billion to £90m in months. 

MPs said KPMG was partly to blame for failing to be sceptical enough during its 19 years working for the company, which saw it amass £29m in fees. 

Along with Big Four rivals Deloitte, EY and PwC, KPMG carried out work worth £72m for Carillion in the lead up to its failure, which saw the auditors accused of ‘feasting on what was soon to become a carcass’. 

The FRC focused particularly on the financial performance of Carillion’s major contracts in the construction and services divisions, and whether this was properly reported.

Powered by: Daily Mail

Continue Reading

Trending

Copyright © 2020 DiazHub.