Originally Posted by
elefio
from first choice faqs
“If any change in our costs would cause a reduction in your holiday price, we will not make refunds of amounts less than 2% of your holiday price (calculated as above), but we will refund in full amounts exceeding such 2%, after deducting an administration charge of £1.“
I could be wrong but it looks as though that rule only applies when their costs go down. What seems to have happened in your case is their costs have remained the same they have just lowered the price that they sell the product for.