Good news! The OFT have provisionally asked the Competition Commission to investigate the 'dysfunctional' car insurance market.

They've found evidence that suggests anti-competitive behaviour between insurers is driving up the cost of premiums by around £225 million each year, not exactly an insignificant amount!

Specifically, it's the way in which claims by 'not-at-fault drivers' are dealt with that the OFT will ask the Competition Commission to look at.

It seems it's become customary for 'not at fault' insurers to arrange for inefficient repairs to be carried out by a costly garages and to refer policyholders to expensive hire car companies. This inflates the cost to their competitor and in doing so forces them to drive up their premiums!

Of course, this increased cost is passed on to their customers - simply put the OFT's findings suggest that drivers are being taken for a ride!

The consultation will close on the 6th July when the OFT will come to a decision about whether Competition Commission involvement is necessary. Rest assured we'll be letting you know the outcome!

Read our guide: 10 Top Tips for Cutting the Cost of Car Insurance for some ideas to help you curb your costs in the meantime.

What else is happening?

Plans to cap tax relief on charitable giving have been scrapped in yet another government turnaround.

They cancelled the planned 'pasty tax' and proposed increase on VAT for static caravans earlier this week.

Road tax could be on its way up and the way it's charged reformed completely according to reports from the Treasury.

The increased efficiency of many of the new models on the market makes them eligible for no, or low rate VED, causing the government to lose out on much needed revenue. A single, upfront VED levy payable on all new cars is apparently one of the options being considered.

House prices crept upwards in May, taking the sale price of the UK's average property to £166,022.

Nationwide's House Price Index (its 60th!) showed a 0.3% increase over the last month, although prices are down 0.7% on a year ago.

You can now pay for goods and services worth up to £20 using contactless technology.

The limit on card payments that don't need your PIN has risen by £5 to match the standard amount used by banks on the continent.

We Brits are changing the way we borrow according to new figures from the Bank of England.

Apparently we're relying more on loans and overdrafts and paying off our credit cards, but total borrowing is still going up.

You could see your pension forecast downgraded in the near future if FSA proposals get the go-ahead.

They intend to force both pension and investment companies to provide more realistic projections about likely growth and profits so you're not caught short when it comes to cashing in your nest egg.

Premier League clubs are spending more than ever on players' wages.

Last season's total spend on wages was up 14% - that's equivalent to £1.6 billion! The question is, do the players really deserve it!?!