Stop arguing and pay up

Mortgage lenders and other financial institutions often complain of the public's lack of interest in shopping around to make the most of their money. Yet they themselves go out of their way to confuse and befuddle.

Last week the Financial Ombudsman ruled against Halifax bank in a case testing the lender's right to offer two standard variable mortgage rates, one to set payments for established discount deals and one for others. The borrower who complained will receive compensation and, from the headlines, other borrowers similarly affected might have assumed they would be too.

Not a bit of it. They must fight individual cases, and their success or failure will depend on their circumstances, says Halifax.

Other lenders - Abbey National, HSBC and Nationwide - entangled in similar rows show little enthusiasm for ending this problem.

They and Halifax should stop arguing, pay up and shut up. Their tactics caused confusion, and even the aftermath is similarly mired.

No wonder the 'to hell with it' factor rules among consumers, who would rather spend than save.