Santander UK has reached out to nearly 150,000 customers it expects to be most severely affected by soaring energy costs. The bank identified 146,000 vulnerable customers likely spending more than 10% of their monthly income on energy payments after the July price cap increase, contacting them via email and its mobile app to offer support. A team of around 400 financial and customer care specialists is providing tailored budgeting advice and help for those in serious arrears. The move comes as the Iran war drives up energy prices, with the price cap forecast to rise by 2% in October from £1,862 to £1,906 a year, adding further pressure on households.
Banco Santander S.A.Santander UK's outreach to vulnerable customers may improve customer relations but also signals potential credit risk from energy bill strain.