Money News in Brief: An Olympic-Sized Scam...
by from money.co.uk, 9 months ago

If you bought Olympic tickets from anywhere other than the official London 2012 website you need to double check they're valid asap!

Money News in Brief: An Olympic-Sized Scam...

Thousands of people have been conned by rogue traders and shelled out for tickets only to be turned away at the stadiums.

The OFT have cracked down on one seller in particular - Andreas Gyrre, the director of Euroteam AS, Uncus AS and Ticket and Travel AS.

Together his companies sold 20,000 Olympic tickets - even though they only had 5,000 tickets available and weren't even authorised to do so!

If you ordered from one of these companies you need to be aware that your tickets may not materialise and, if they do; that they may not get you entry to the games.

However, you will be able to recoup their full cost.

To claim your refund you need to send a copy of your receipt and tickets (if they arrived) to the address on the website you bought them from.

You can check the London 2012 site if you're unsure whether you bought your tickets from an official reseller.

What else is happening?

RBS have set aside £125m to compensate customers badly affected by their computer glitch

Their technical issues caused problems for millions, however only those that were severely impacted are likely to be in line for a payout. You need to lodge a complaint with your bank if you feel you should be compensated.

The Bank of England base rate will remain at 0.5% for another month

The Monetary Policy Committee has voted against any changes to the base rate. They also decided against from pumping more money into the economy via Quantitative Easing.

A range of 'simple' financial products that make life easier for consumers are on their way

If recommendations from a government steering group are implemented we're likely to see a range of straightforward savings accounts and life insurance policies introduced to the market - each will be easy to compare and bear a 'kite mark' and a 'Simple Products' badge so they're easily identifiable.

Homeowners that get solar panels fitted from now on will earn less when they sell their excess energy back to the National Grid

Through the new Feed-in-Tariff they'll only be able to recoup 16p/kWh instead of 21p/kWh for 20 years instead of the previous 25. Those that had solar panels installed before 1st August won't be affected by this change.

Bankruptcies in England and Wales are at their lowest level since 2003

According to new figures, the number agreeing IVAs is down too. However, that's not to say fewer people are in financial strife; Debt Relief Orders have increased by 10%.

Get our free money saving newsletter
Join over 480,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...
Join Our Community

Get fast answers to your money questions, Expert insight, top tips & much more...