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Money news round-up

In the week where Open Banking dominated the headlines, we take a look at what was happening in the world of finance. Including the ban on credit card fees, false holiday compensation claims and tackling rip-off energy prices.

Banking the digital way

A new change in the law has paved the way for open banking. Banks and building societies must now allow regulated businesses access to a customer's financial data (with the customer's permission), including apps and online services that analyse spending. It could potentially mean better deals on everything from loans and mortgages to shopping and broadband.

One in five millennials say they're not confident managing money

That's one of the findings from a new report by the Money Advice Service in association with Britain Thinks. Money is also seen as a taboo, with the same number feeling embarrassed to talk to friends and family about finances.

Cheaper energy by Christmas?

A cap on standard variable tariffs for our energy could be in place by Christmas this year, according to Ofgem. A government plan to impose controls on prices was announced in October last year as figures show bills have doubled in Britain over the past ten years.

False compensation claims

Watchdog Association of British Travel Agents (ABTA) has revealed 9.5 million people have been approached about making holiday sickness claims despite never falling ill. The most common way people said they were approached was over the phone, followed by text and email, although some were approached in person whilst on holiday.

According to a YouGov survey, almost one in five people have been contacted about making a compensation claim with many not knowing that it can lead to a prison sentence.

No more charges for paying on plastic

It could be good news for those of us that pay by card as those surcharges added to our bills, from airlines to takeaway apps, are now banned. The fees which were estimated to be costing Britons £166 million a year, are now to be absorbed by the seller and includes PayPal, Apple Pay, credit transfers and direct debits.

Lending to mates

We're a generous bunch of people, but apparently we should think twice about it. In the last year Brits lent friends £793 million, but around four in ten have not been paid back, according to Barclays.

And finally…

A third of Brits would apply for a job as a 'money mule' even though it comes with the risk of being locked up for 14 years in prison. With 8,652 cases of 18-24-year-olds becoming 'mules' in the UK last year, the advice being given is "if an offer of easy money sounds too good to be true, it probably is."

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