'My £70,000 was missing for 10 days – but Nationwide's compensation is ridiculous' | Money blog – Sky News
The UK competition watchdog is launching investigations into eight companies over online pricing practices. It comes as we focus on consumer rights in the Money blog, with the team answering a reader’s dispute every day this week.
Tuesday 18 November 2025 07:27, UK
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By James Sillars, business and economics correspondent
Stubhub and viagogo are among eight companies facing investigation over online pricing.
The Competition and Markets Authority (CMA) made the announcement as the government reportedly prepares to separately confirm a ban on the resale of tickets for live events above their face value, as part of a crackdown on touts.
In its statement, the regulator said StubHub, viagogo, AA Driving School, BSM Driving School, Gold’s Gym, Wayfair, Appliances Direct and Marks Electrical were facing a formal inquiry.
Sarah Cardell, chief executive of the CMA, said:”At a time when household budgets are under constant pressure and we’re all hunting for the best deal possible, it’s crucial that people are able to shop online with confidence, knowing that the price they see is the price they’ll pay, and any sales are genuine.
“It’s our job to protect consumers from misleading prices and illegal pressure selling, and today marks an important milestone as we take action across the economy to make sure businesses do the right thing by their customers.”
The CMA added that 100 other firms had been sent advisory letters covering pricing and sales practices.
The letters target specific sectors, including holidays, rail travel, parking and airport parking, bus and coach travel, luggage storage providers, cinemas; live event tickets, food and drink delivery companies, letter and parcel delivery, gyms and fitness, fashion, and online vouchers.
These businesses must now review their practices and ensure they are in line with the law to avoid the risk of future enforcement action.
Every day this week we’re intervening in your disputes with retailers as part of our Consumer Rights Week. You can WhatsApp us here or email moneyblog@sky.uk with your own Money Problem. Today’s is…
I wonder if you could assist with an issue I have with Nationwide. In a nutshell, we attended a local branch to make a major overpayment to my mortgage (£70,000). This was meant to be a really happy time and milestone moment as it would have reduced my mortgage by more than £800 a month. The joy was short-lived as the mobile app made no sense and after multiple calls by me, it was revealed they had simply “lost” my money and had no idea where it was. This dragged on for 10 days and untold stress, sleepless nights and anxiety. I had no idea where my money was. I was feeling physically sick. We attended the branch and had more calls and lots of talk but no actual action. It has all now been sorted and appears correct but it took 14 days. My gripe is the parsimonious offer of £200 compensation. They have upheld my complaint and admitted fault. My partner is disabled and had a flare-up during this episode and was prescribed steroids. This happened due to Nationwide and the trigger of the stress it caused. I am open to reasoned debate on the ridiculous amount of £200 in compensation but they will not budge and are now refusing to answer exactly where the money was for 10 days and how much interest they earnt while it was in their account and not mine.
Robert Milne
Thanks for your email, Robert – we were sorry to hear about your case.
My first thought was that £200 doesn’t seem like a lot to compensate for the stress you and your partner went through.
It’s even less when you consider you could easily have earned more than £100 in interest on that money in a 14-day period.
I reached out to Nationwide about your case and they didn’t dispute most of the facts you presented – though they told me they’d reassured you the money was not lost.
After receiving my email, they called you again to apologise, you told me, but wouldn’t budge on the £200 compensation.
That might surprise some readers who sympathise with your case, given the building society was named Which?‘s Banking Brand of the Year 2025.
That said, others have clearly been dissatisfied with the customer service they get, given the 1.9 average from more than 7,600 reviews on Trustpilot.
‘This is a serious failure’
I talked through your case with consumer disputes expert Scott Dixon, who thinks it goes beyond the “service failures” for which banking staff typically hand out anything from £25 to £100.
“This was not a trivial error,” he told me. “Temporarily losing £70,000 is a serious failure. The stress, sleepless nights and impact on your partner’s health clearly exceeds the offer of £200 compensation.
“You are entitled to an explanation of what happened, repayment of interest Nationwide earned while the funds were misapplied, and compensation that fairly reflects the stress and harm caused.”
Dixon pointed to the Financial Conduct Authority’s Consumer Duty rules, which require firms to put customers’ needs first, act in good faith, avoid causing foreseeable harm and enable and support retail customers to pursue their financial objectives.
In my correspondence with you, Robert, you do not say that you suffered any discrimination in this case – but as a side note it’s worth discussing briefly.
All firms are bound by the Equality Act 2010. The legislation talks about indirect discrimination: when an organisation creates rules and policies that have a worse impact on those with a protected characteristic. Designing rules and regulations that work against elderly and disabled people could be classed as indirect discrimination.
Regardless of this, Dixon thinks you have “clear-cut” case to take to the ombudsman.
“Nationwide has upheld your complaint and admitted liability,” he said.
His advice is to escalate your complaint and ask for a “final response” (otherwise known as a deadlock letter) from Nationwide, then refer your case to the Financial Ombudsman Service (FOS) for a free review.
“Financial institutions don’t like complaints being referred to the Financial Ombudsman as it costs them money – up to £650 for each complaint,” Dixon said.
“The ombudsman takes a dim view on vulnerable customers being unfairly treated and fobbed off with derisory sums to close complaints, and are likely to award you with higher compensation.”
The FOS routinely awards £300-£750 for serious distress and inconvenience with major banking errors that caused stress and anxiety – here’s an example.
Higher awards (£750-£1,500) are made where there’s a clear, documented health impact, prolonged distress or repeated communication failures.
“I take the view that a fair and proportionate settlement would be in the region of £750-£1,000 plus interest while the money was missing,” Dixon said.
“I would put this to them and mention Consumer Duty and the Equality Act 2010 when you ask for a ‘final response’ (deadlock letter) to help them focus their minds a bit more closely on the gravity of your complaint.”
His final advice: Don’t give up and don’t be fobbed off. Perseverance breaks resistance every time.
What Nationwide said
This is what the building society told me: “We’re very sorry for any stress this may have caused our customer.
“Due to an error, there was a short delay in crediting their mortgage, but we reassured Mr Milne at the time that the funds were never lost and he would not be out of pocket as we would backdate the credit.
“We’ve also offered £200 as a goodwill gesture for the inconvenience.”
This feature is not intended as financial advice – the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:
All this week, we’re intervening in reader disputes with retailers and bringing you daily articles about your consumer rights.
Our hope is that as Black Friday comes around, you’ll go into the sales season armed with all the knowledge you need to buy confidently and never be fobbed off when things go wrong.
Here’s what you need to read if you’re just catching up on our Consumer Rights Week…
Wizz Air is cutting down flights from Gatwick Airport over costs.
The operator told the Money blog its Gatwick-Athens route had been suspended, and that its Gatwick-Hurghada (Egypt) flights would follow suit next month.
It comes after chief executive Jozsef Varadi told The Telegraph it would move one of its aircraft to Luton.
“Wizz Air UK is implementing a strategic capacity realignment across both airports to optimise performance,” the spokesman said.
Varadi said it was losing money flying from Gatwick due to higher operating fees and awkward departure times.
Once the move is complete, Luton’s airport will host 13 Wizz Air aircraft while Gatwick will have just seven.
Three Gatwick–Tel Aviv services will replace the Egypt rotation.
Councillors in London have called for a tourist tax to be imposed to generate more money from overnight visitors.
Lambeth Labour, which holds a 63-seat majority on the South London borough council, has launched a campaign for a visitor levy to be introduced across the capital.
It comes as The Times reports that Rachel Reeves, the chancellor, is preparing to give sweeping powers to mayors across the country to introduce the levy.
Tourist taxes are a charge paid by overnight visitors on top of their accommodation costs. The money raised through the charge is then reinvested into the local area.
Edinburgh is implementing a 5% charge from July that is expected to yield £50m a year for the city, and several other European capitals already have a tourist tax in place.
Lambeth is home to some of London’s most visited attractions, including the London Eye, Brixton’s O2 Academy, Oval Cricket Ground and the South Bank.
Lambeth Labour councillors said: “We’re incredibly proud of this, and we want to do everything we can as a council to expand and strengthen our borough as a leading destination to visit and live in.
“The revenue from what Lambeth Labour calls the Love Lambeth Levy could be allocated towards public realm improvements, such as street cleaning and general upkeep and maintenance of the borough and promote Lambeth as a leading destination to visit and enjoy.”
UK Hospitality has sharply criticised the idea of a tourist tax, pointing out that the government said it had no plans to introduce one two months ago.
“I know the government is worried about the cost of living, but this holiday tax is little more than a higher VAT rate for holidaymakers. Brits take over 89 million overnight trips in England, and stay for a total of 255 million nights,” Kate Nicholls, chair of the trade body, said.
“This is a bill we will all have to pay, and will only serve to ramp up prices and drive inflation. We need to get consumers spending. But this, on top of the huge damage from last year’s budget, would only mean people cut back more – and more jobs are lost.”
A Ministry of Housing, Communities and Local Government spokesperson told Money: “We are always open to hearing views from local leaders on issues like this.
“Places can already choose to introduce a levy on overnight stays through the Accommodation Business Improvement District model.”
TalkTalk has joined a long list of broadband (and mobile) providers to announce a hike in its mid-contract price rise.
New and re-contracting customers will face a £4 per month rise from April 2026, it was announced yesterday.
Unlike O2’s mid-contract rise, TalkTalk’s change will not affect existing contracts.
Ernest Doku, broadband expert at Uswitch, said: “On TalkTalk’s 24-month 150Mbps plan for £25, the £4 per month annual price increase represents a huge 16% rise.”
A TalkTalk spokesperson told Money: “We’re changing our price rise terms for new and re-contracting customers only, to help us carry on investing in our services. Customers who are currently in-contract won’t see any difference, and as ever we’re always here to help with any questions or concerns.”
Affected customers will be contacted throughout March 2026, TalkTalk added.
TalkTalk’s move follows similar announcements from BT, EE, Plusnet and Virgin Media, all of which will apply the same £4 monthly increase to new customers from next April.
O2 has faced heavy criticism for announcing its mid-contract increase from £1.80 to £2.50 – which is applicable to existing customers as well.
We’ve also reported on Vodafone and Three’s hikes – see details here.
Doku warned that consumers should carefully consider the long-term cost of contracts before signing: “If you’re currently out of contract and looking to renew or switch providers, it’s never been more important to compare deals and costs for the whole of your contract period.”
Providers such as Trooli and YouFibre have committed to no annual bill increases, offering potential alternatives for cost-conscious Britons.
The average new seller asking price has fallen by 1.8% month-on-month, the biggest November drop since 2012.
That’s according to property website Rightmove, which released the figures.
The average price drop in November over the past decade has been only 1.1%.
This month’s 1.8% drop meant that newly listed British homes were available at £364,833, £6,589 less than one month earlier.
Moreover, over a third (34%) of homes on sale saw their prices reduced, with the average reduction being 7% – both of which were the highest figures since February last year.
Rightmove property expert Colleen Babcock said the unusual drop was grounded in the “decade-high number of homes available on the market”.
The late budget this year also created uncertainty, with buyers waiting to see the impact, Babcock added.
There is speculation about a number of new taxes that could make homes worth over £500,000 more expensive.
Rising repair costs have been blamed for a more than 30% increase in abandoned vehicles.
Some 99,095 were abandoned last year, up from 73,738 in 2022, according to Churchill Motor.
Nicholas Mantel, head of Churchill Motor Insurance, said repair costs were partly responsible: “There are many likely reasons behind the increase in abandoned vehicles.
“Higher repair costs can make fixing older vehicles uneconomical, and the cost of having a broken down vehicle towed away, combined with minimal value received for scrapping them, can reduce the incentive for some owners to dispose of cars correctly.”
Average repair costs for the UK’s 10 most popular used cars increased by 20% last year compared with 2023, according to vehicle warranty provider Warrantywise.
The highest sale price achieved by 160 councils for abandoned cars was £1,068 on average.
All of which fits nicely with our Consumer Rights Week feature on how to tell if a mechanic is ripping you off…
Domino’s is expanding into fried chicken as consumers change habits.
The company announced earlier this autumn that it is rolling out its Chick ‘N’ Dip brand to 187 of its 1,400 branches in the UK and Ireland.
“We recognise that people’s diets are slightly changing,” he said. “When you look… globally, chicken is the fastest-growing protein. So [it] seemed pretty obvious to me.”
Domino’s orders fell 1.5% in the three months to September, although its market share has been rising. The wider pizza sector is under pressure: Pizza Hut is shutting dozens of restaurants and Papa John’s has recently closed more than 70 outlets.
Domino’s chief executive Andrew Rennie admitted there was not “massive growth” left in the country’s pizza market.
Meanwhile, chicken brands such as Popeye’s, Dave’s, Wingstop and others are expanding aggressively.
“Chicken is already bigger than pizza [in the UK],” Rennie said. “We don’t need to get that much of the chicken market [for it] to actually have a big impact on [us].”
Rennie is not concerned the chicken-boom could stall.
“As things like beef get more expensive, chicken becomes even better value,” he said. “And as more health experts talk about the need for more protein, I think it’s going to grow as well.”
Domino’s was one of the bidders for Wingstop’s UK franchise last year, but it was ultimately bought by US investment group Sixth Street for £400m.
Financial markets are clinging to two events this week.
The first is next week’s budget. Yes. Still.
The wait is almost over but the (extended) build-up has proved a rollercoaster of rumour.
While all the speculation has taken a toll on the pound, the apparent U-turn by the chancellor on Friday that ruled out an income tax hike meant that the UK’s already elevated borrowing costs ticked up.
We saw the yield – the interest rate demanded by investors to hold UK debt – rise widely. There was a 16-basis-point hike to 4.58% for 10-year bonds at one stage.
It stood around the same level early this morning.
Andy Haldane, the former Bank of England chief economist, used an interview on Mornings With Ridge and Frost to call for curbs on budget build-ups.
Watch Haldane’s full interview
He argued that official figures clearly showed a link between the run-up to the big speech and a slowdown in the economy as consumers and businesses fretted over the likely measures.
Haldane offered that food for thought as another big test of investor appetite loomed even larger.
Nvidia reported its third quarter results on Wednesday night.
The chipmaker, which has cast itself at the front of the AI revolution, is the world’s most valuable listed company at $4.6trn. It’s been the darling of the stock market for years.
But any sign of a loss in AI momentum could prove costly for us all.
There have been fears swirling for months that tech firms in the AI development space are overvalued, creating a bubble fit to burst.
Despite Donald Trump’s export restrictions, which blocked sales to China earlier this year, Nvidia still expects to deliver revenue of $54bn – up from $47bn in the previous quarter.
US stock market values would see the worst pain should any big correction take place.
Stock markets are generally trading around record levels across much of the world, despite recent wobbles over those tech valuation concerns.
The FTSE 100, which suffered as UK bond yields climbed on Friday, was a further 0.1% down at 9,684 in early Monday trading.
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