16/11/2013 Your Money


Similar Content

Browse content similar to 16/11/2013. Check below for episodes and series from the same categories and more!



calls. Hello and welcome to Your Money `


your weekly guide to making the most of your cash here every weekend on


BBC News television AND available all week on the BBC iPlayer. The


service that's supposed to stop unwanted phone calls. You keep


telling us it doesn't work. The boss of the Telephone Preference Service


is here to defend it. Saving money for the future. It's


never too early to start. But what's the best way to do it? The mother of


the one on the left finds out. And how can you save if you don't


have any money spare at the end of the month? We'll get some tips.


PPI. Cheap holidays abroad ` no catch. Shares that are an


unbelievable bargain. Investments in diamonds that are yet to be


discovered. There's no end to the ways that people try to part us from


our money over the phone. If only there was some sort of system we


could sign up for that said ` please don't call me, I'm not interested.


But there is! It's the Telephone Preference Service. I've signed up


for it. You've signed up for it. And yet the nuisance calls keep on


coming. Some of you got in touch when we last mentioned this.


And those were the polite comments. The Telephone Preference Service is


run by this gentleman. You are launching a new certification


scheme. How's that going to make difference? It is an accreditation


service for the telemarketing industry and brings all of the


existing legislation and best practice into one place to allow


companies to be assessed. It is there to combat the damage to


reputation done by companies like the one you just mentioned that


cause a lot of nuisance calls and complaints and are bringing the


legitimate telemarketing industry into disrepute. How does it change


the fundamental issue, which is that Telephone reference service does not


seem to work? The Telephone Preference Service is not a call


blocking system, it is basically a service that allows people to


register their telephone number, it is a free service and watch your


number is registered it is the law. It becomes a legal requirement for


companies to screen their lists and against the CPS file before making


the calls. The problem we have is that with companies that are willing


to ignore the law in order to take advantage of short`term financial


opportunities like some of the ones you mentioned, particularly PPI, and


often some of the calls come from overseas and are there to basically


just collected data through some sort of survey or a questionnaire


that is passed on to other companies that make further calls. That is the


fundamental problem. You say it is the law that if you register with


the service, these companies should not call you. They still call. They


do still call. There is not just one solution to this problem, there is


not a silver bullet. There are many things being done. One of the things


is the introduction of TPS assured, so that we can help differentiate


the legitimate telemarketers from those rules that we discussed. But


also there are many other things. `` those rogues we discussed. Everyone


with a stake in this problem, from government through to telecom


providers, one of the most serious things is enforcement. The Telephone


Preference Service does not have powers of enforcement. All of the


complaint data we collect we pass on to the Information Commissioner and


they are the organisation to issue fines of up to 500,000 pounds. So


you have no enforcement powers of your own? No. We run the service,


collect the numbers, and we talk to the companies that make the


complaints `` that get the complaint but all of the information is passed


to the Information Commissioner. Though these cold calling companies


should look at you register and note who does not want these calls, but


you cannot force them to do it and they carry on making the calls and


there is nothing you can do about it. There is nothing that the


Telephone Preference Service can do. What is the point of it? Today legal


requirement. But these companies keep ignoring it. `` it is a legal


requirement. Why is the law not enforced? The organisation with the


power to enforce the law is the Information Commissioner. One of the


things that the government is trying to do at the moment is lower the


threshold of the burden of proof for the Information Commissioner because


at the moment they have a high burden of proof to issue a fine. The


Information Commissioner has been issuing a lot more find recently, he


had been working hard on the issue of nuisance calls. But if the law


could be amended slightly to lower the burden of proof so they did not


have to prove significant damage or distress, they could law that to a


nuisance, I believe they will be able to issue a lot more find that


that would have a huge effect on the number of nuisance calls. Is it not


time to change the law a stage further and license direct marketing


companies and create a regulator with the power to strike them off if


they pester people? I think that that is something that has been


brought up in the past, the current government is not really, does not


want to introduce a amount of extra burden on businesses with additional


legislation. `` introduce a huge amount. Just out of curiosity, who


pays for the Telephone Preference Service? It is paid by the companies


that benefit from the calls being made. So this is self regulatory,


you're a creature of the cold callers, just a PR front. It is a


legal requirement. Any company making outbound sales calls need to


use Telephone Preference Service. These companies pay for you, that


means that you are never, ever going to get tough with them. I would be


happy to get tough with them. There are other people get with them, the


more people will want to use the Telephone Preference Service and the


less nuisance calls there will be. OK. If someone is getting these cold


today, aside from unplugging the phone, how should the deal with it?


How can people stop these calls? The first thing I recommended they must


make sure they are registered on the Telephone Preference Service. Then


they have the ability to make a complaint about any of the calls.


They can complain to the Telephone Preference Service or if it is about


a recorded message, that goes to the Information Commissioner. Thank you


for coming in. So now we are six. The last of the


Big Six energy firms has said it will put up its prices. E.ON has yet


to tell us by how much prices will rise ` the wicked tease ` but it's


coming. Three of its rivals ` SSE, Npower and EDF ` says they'll cut


their bills if the Government reduces green taxes. That might


happen in the autumn statement on the 5th of December. But the public


spending watchdog ` the National Audit Office ` has warned we face 17


years of energy and water bills going up by more than other prices


or wages ` as we've got to pay for new pylons, wires and pipes. Savers


suffered too long from low interest rates, meaning you've got less to


live on? Don't bank on an earlier rise in interest rates just because


the economy is revving up. The Bank of England had said interest rates


would go up if unemployment fell below 7% ` now the bank's key


figures say unemployment might fall to that level faster than expected `


but they might leave interest rates on hold anyway. What else is


happening with money? The cost of renting a house or a flat is up


again, 11% higher than last year. And one of the biggest banks is


scrapping the fee for bouncing a cheque or other payments. HSBC and


First Direct customers won't have to pay the current ?25 fee ` from


November 24th. It's something grandparents ask every Christmas and


every birthday ` should we save some money for the little darlings? What


IS the best way to save for children? The Government has a


savings plan for young people. It's the Junior ISA. One problem. Few


seem to have heard of it ` or know how it works. That may or may not


include new mum and Your Money reporter ` Maryam Moshiri. We asked


her to look into them. These babies are too young to know


what a piggy bank is for but many parents and grandparents believe


saving for their children or grandchildren now is the best way to


ensure they do not lose out in later life. Take`up of Jim Muir ISA since


their launch has been disappointing, with research showing some parents


find them too confusing to consider. `` take`up of junior Isa. There is


not a lot of time to go and investigate all of those issues. So


it gets really confusing where to start. You end up doing nothing.


Junior ISAs come in two forms, a cash ISA and a stocks and shares


one. The latest research shows that of the nearly 300,000 people who


chose to invest in an ISA, only a small number to us to invest in


stocks and shares. This did make the fact that stocks tend to outperform


cash, meaning the returns you get if you're kept back is invested in the


stock market could be much higher. For example, cash deposited in


stocks and shares Junior ISAs would give you a return of over 15%,


whereas the same amount invested in the Best Buy cash E.ON will divide a


return of just under 3%. Inflation, the rate at which prices increase,


is growing faster than the amount you get in interest. Over a


long`term and for a child that could be the next 18 years until they get


the money, that money could buy a very small proportion of what it


would buy today. Stocks and shares are risky and many parents are


unsure and prefer not to take that risk. It can beat him for parents


try to work out which kind of E.ON Jews. If they choose stocks and


shares, issued over the long`term do better. `` which kind of Junior ISA


to choose. You have to look at the charges. They can make a difference


over the longer term. Junior ISAs are not the best way to save for


your children. The advice is to save for your children. The advice and


image you shop around for in the long`term even the smallest amount


can make a big difference. It is harder to save money when


energy bills and food prices are rising so much. Many of us just


don't have spare money to put aside for a rainy day. Research from HSBC


this week says one in three adults would not last a week if we mist a


single pay packet. Around 9 million households have less than ?250 set


aside for safety set. A quarter of those people have nothing in saving


at all. Some people will have money left over, they just don't know it


is there. The first thing is to do a budget. Absolutely. Ideally, we


should have enough money to cover ourselves or six months, really. So


you should do a budget, work out how much money you need a month to keep


the roof over your head, multiply that by six, and that is the amount.


So if it costs ?1000 a month, you would need 6000 in a savings account


which you can access. That will sound like an impossibly high figure


for some will stop `` for some. Even one month is better than nothing. If


you lose your job, it usually takes six months to get back on your


feet, but even one or two months that you do not touch until it goes


pear shaped is a help. If you take a cold, hard look at how you spend


your money, some people will find things they can cut back on. You are


right, many are genuinely struggling, but with others it is a


lack of organisation. So if you look at what you don't have to spend on


and cut back on that for a couple of months. Concert tickets? Yes, going


out to eat, just go cold turkey and put the money aside. There are other


ways of looking at this, and that is to do something which owns you some


money. Yes, on my website, we are always advocating making some extra


money on the side. It could be making cakes, walking dogs. ?15 per


dogs per hour on it is good money. There are lots of ways of doing it


and it will help you sleep at night. That is all from the


programme this week. Advice on savings, borrowing and spending all


week long on the website. And you can get updates by following us on




Download Subtitles