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Energy firms overcharged one million switching customers

Energy firms overcharged one million switching customers

Business
Getty ImagesMore than one million people were overcharged by energy firms during the process of switching suppliers, the regulator Ofgem has said.When a customer decides to switch, the rules state they should be protected from price rises while moving - which could take up to three weeks.Eighteen suppliers made errors leading to overcharging of £7.2m.They are refunding the money and making extra payments in some cases, taking the compensation total to £10.4m.The biggest names in the sector - including British Gas, E.On, EDF, Npower, Scottish Power, SSE and Octopus - made the mistakes.They failed to protect customers who switched tariffs or suppliers after price rises were set between 2013 and 2020.Although the average amount overcharged was only £6.27, the sums would be higher for those wi...
LIC allows online switching of Ulips

LIC allows online switching of Ulips

Finance
MUMBAI: To help policyholders during the pandemic, the national life insurer LIC has allowed them to switch online funds under ulip policies through its portal. The facility will be available for those policyholders who are registered for its premier services, LIC said in a statement on Friday. This online switching of funds will be available for the new endowment plus (Plan 935), Nivesh plus (Plan 849) and the SIIP (Plan 852), it added. There is no fee for doing so. One switch is allowed per day per policy through an OTP-based authentication system, it added. The insurance behemoth has also launched a multilingual call centre by extending the support to Marathi, Tamil and Bengali. The corporation plans to add more regional languages in the near future. Call centre services were availa...
Now you need not file separate EPF transfer claim on switching jobs

Now you need not file separate EPF transfer claim on switching jobs

Finance
NEW DELHI: Retirement fund body EPFO's subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs as it will now be done automatically. Now, at the time of joining new employer, the employees' can give details of their previous EPF account in new composite F-11 form to give a declaration about their details, a senior official said. Once the old EPF account details are provided in F-11 form, the funds will be automatically transferred by the EPFO to new EPF account, the official added. The Employees' Provident Fund Organisation (EPFO) has decided to use new F-11 composite form, which is a declaration document filed by the employee through the employer to provide details like bank account number and Aadhaar. At present, the formal sector e...