Consumer Protection news in 2022
21 stories, newest first.
- December 2022
Suppliers commit not to compel customers in debt onto pre-payment meters over Christmas
Energy suppliers in Northern Ireland have agreed not to force customers in debt onto pre-payment meters between 16 December 2022 and 20 January 2023 under a voluntary charter.
Bulb taken over by Octopus Energy
Octopus Energy took over Bulb's energy supply in December 2022, according to Citizens Advice, which lists the supplier among the takeovers announced since January 2022.
EDF remotely switched couple's smart meter to prepayment, cutting off their power supply
EDF Energy remotely switched a Perthshire couple's smart meter to prepayment mode in December 2022, leaving their home without electricity, and later offered £180 compensation.
Industry announced voluntary pause on mortgage possessions over the festive season
UK Finance reported that lenders agreed a voluntary pause on mortgage possession activity over the festive season, as possessions fell to 860 in the final quarter of 2022.
- September 2022
Polling shows UK public oppose financial services deregulation in Financial Services and Markets Bill
Polling published before the second reading of the Financial Services and Markets Bill found 66% of a representative sample thought financial services regulation should increase or was about right, with 9% supporting less.
Which? publishes report calling for reform of UK consumer protections to support economic growth
Which? has published a September 2022 policy report arguing that reforming UK consumer protections would raise productivity and growth, and calling for updated rules, stronger CMA powers and wider access to alternative dispute resolution.
- August 2022
Citizens Advice reports 1 in 7 people still overpaying four years on
Citizens Advice says one in seven people are still overpaying for mortgages, broadband or mobile contracts four years after it first raised the loyalty penalty with the competition watchdog.
Final Consumer Duty rules set to be introduced
The Financial Conduct Authority's final Consumer Duty rules were set to be introduced by 1 August 2022, following consultation on higher standards of care for retail financial services firms.
- July 2022
FCA regulation of funeral plan providers begins
From 29 July 2022 the Financial Conduct Authority regulates firms and intermediaries providing and arranging pre-paid funeral plans, with FSCS protection for customers of authorised providers.
FCA publishes final rules and guidance for new Consumer Duty
The Financial Conduct Authority has published final rules and guidance for a new Consumer Duty, setting higher standards of consumer protection across financial services and giving firms until July 2023 to comply.
FCA becomes regulator of funeral plans
The Financial Conduct Authority became responsible for regulating pre-paid funeral plan providers in July 2022, after concerns about the conduct of some firms in the sector.
- June 2022
UK Government sets out plans to regulate Buy-Now-Pay-Later
The Treasury set out plans on 20 June 2022 to bring buy now pay later lending under FCA regulation, with affordability checks, Ombudsman access and draft legislation due later in the year.
FOS publishes Discussion Paper on future funding model
The Financial Ombudsman Service has published a Discussion Paper on possible changes to how it is funded, proposing that the levy on firms recover its fixed overheads and that case fees be restructured.
FCA sends Dear CEO letter to more than 3,500 retail lending firms on supporting customers in financial difficulty
The Financial Conduct Authority wrote to more than 3,500 retail lending firms in June 2022 setting out its expectation that they support customers in financial difficulty, including those affected by the rising cost of living.
- March 2022
NAO publishes investigation into BSPS pension transfer advice and redress
The National Audit Office published a value for money investigation into the British Steel Pension Scheme on 18 March 2022, finding that 47% of the advice given to transferring members was unsuitable.
FCA expects to consult on consumer redress scheme for BSPS members
The Financial Conduct Authority expects to consult on a consumer redress scheme for British Steel Pension Scheme members by the end of March 2022, subject to final approval from its board.
- February 2022
FCA secures changes to unfair and unclear BNPL contract terms at four firms
The FCA has secured changes to potentially unfair and unclear contract terms at Clearpay, Klarna, Laybuy and Openpay, with three of the firms agreeing to refund some late payment fees.
Briefing published on relending and the proposed Consumer Duty
The Centre for Responsible Credit has published a briefing on how the Financial Conduct Authority's proposed Consumer Duty could address long-standing problems with relending in UK consumer credit markets.
- January 2022
Which? warns tax refund companies charge up to 48% of rebates
Which? has found tax refund companies charging fees of 25% to 48% of rebates, with some sending letters styled like HMRC correspondence and the industry facing no FCA regulation.
Compensation window for prepayment meter installations
Energy suppliers may owe compensation to households that had a prepayment meter installed, or were moved onto prepayment remotely, between 1 January 2022 and 31 January 2023.
ICOBS 6A.6 rules on cancellation of automatic renewal took effect
Rules requiring general insurers to let consumers cancel the automatic renewal feature of their policies by the same methods used to buy them, free of charge, took effect on 1 January 2022.