Loyalty Tax
Increasing Costs
The hope behind this approach is that customers, once they’ve settled into the convenience of their current arrangement either still believe they have best value without looking or see as a hassle to swap.
The Know How
This trend is particularly evident in various sectors, such as insurance, telecommunications, and subscription-based services
Price Creep
This subtle and gradual increase in costs, known as “price creep” or “loyalty tax,” can lead to customers paying more than they should for the same level of service compared to new customers or those who have switched providers. It is essential for existing customers to remain vigilant and proactive in monitoring their financial commitments regularly.
Useful Information
This is the UK’s national reporting centre for fraud and cybercrime where you should report fraud if you have been scammed, defrauded or experienced cyber crime.
The FCA is a financial regulatory body in the UK, but operates independently of the UK government, and is financed by charging fees to members of the financial services industry. They provide information on how to report scams and unauthorised firms.
The NFIB is a police unit in the UK responsible for gathering and analysing intelligence relating to fraud and financially motivated cyber crime. They work alongside Action Fraud.
They provide free, confidential and independent advice to help people overcome their problems, including guidance on how to report financial fraud.
They provide advice and support for the public and private sector in how to avoid computer security threats. You can report phishing emails to them.
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