Alastair Douglas

CEO at TotallyMoney

[Alastair Douglas @alasdoug]

We've just launched energy switching at @TotallyMoney to help the 22 million households paying the maximum allowable.

Competition in the market is quite literally heating up

https://t.co/iW7QK4IMyq

[Alastair Douglas @alasdoug]

@kmei_

[Alastair Douglas @alasdoug]

@TOther_Simon Wiggles for adults! Amazing

[Your Money @YourMoneyUK]

Alastair Douglas, CEO of @TotallyMoney: “Check your eligibility before applying, and keep an eye out for offers which come with pre-approval, guaranteed credit limits, guaranteed rates, and guaranteed 0% offer durations."

https://t.co/ogaT4QmKYr

[Alastair Douglas @alasdoug]

To help @TotallyMoney customers avoid expensive borrowing habits, we notify them when they’re about to reach their overdraft, and inform them of the cheaper options available.

https://t.co/u9vZD0b9kH

[Alastair Douglas @alasdoug]

Yesterday, @LloydsBank , @HalifaxBank and @BankofScotland announced that overdraft rates could top 50% - as much as some subprime loans. I spoke to @Palomak24 at @YourMoneyUK about what this means for customers, and why for some, overdrafts are a ghost debt.

[Alastair Douglas @alasdoug]

Regulation will not only protect customers, but will also benefit providers, encourage competition and innovation, while establishing BNPL as a recognised financial product.

[Alastair Douglas @alasdoug]

Today, the Australian government announced it’s moving to regulate buy now pay later, to improve customer outcomes.

I hope that if the Labour Party comes into power, it’ll do the same, following @TulipSiddiq's letter to the Conservatives last year, which called for regulation.

[Alastair Douglas @alasdoug]

The current government has allowed BNPL to pass under the radar for too long, perhaps so it can paper over the cracks of how desperate people’s financial situations have become.

[Alastair Douglas @alasdoug]

This will result in greater personalisation, fairer outcomes, and a step forward for financial inclusion. /end

[Alastair Douglas @alasdoug]

Credit scores and reports are holding us back — they were designed decades ago for the banks, and by the banks. They haven’t kept pace with changes to people’s lives or the economy, and it’s leaving behind huge numbers of people...

[Alastair Douglas @alasdoug]

The wide-spread adoption of open banking will not only benefit consumers, in allowing them to better understand and manage their money, but also banks, who will have better insights into their customers' financial lives.

[Alastair Douglas @alasdoug]

It must support businesses who adopt open banking, while encouraging traditional institutions to stop dragging their heels. Along with the FCA, the government has a duty to ensure that the system which allows people to spend, save and borrow is inclusive and fit for purpose.

[Alastair Douglas @alasdoug]

While the opposition has echoed his sentiment, saying that it will “embrace innovation and fintech as the future of financial services”. And the winning party must double down on this.

[Alastair Douglas @alasdoug]

Over the past couple of years, the main parties have set out proposals for the UK to become a fintech leader, and a global standard-setter. The Prime Minister has talked about the UK being at the “forefront of innovation”, and his desire to “boost growing fintechs”

[Alastair Douglas @alasdoug]

New research from the Joseph Rowntree Foundation found that 9.7 million people are living in deep poverty, going without essentials, and skipping meals.
🧵

[Alastair Douglas @alasdoug]

They’ll need to set out a clear plan of action, which not only provides direct support for those who need it most, but to also work with the financial services to create a system which works for everybody and is built for the future.

[Alastair Douglas @alasdoug]

And although inflation has fallen in recent months, prices remain eye wateringly high — meaning that whoever wins the election next month has their work cut out if they really want to put pounds back in people’s pockets.

[Alastair Douglas @alasdoug]

https://t.co/KtgBJMenHS

[Alastair Douglas @alasdoug]

I spoke to The Sun about the importance of packing the right card, and how holidaymakers can avoid getting burnt by bank fees this summer🌞