Consumer Protection news in 2024
21 stories, newest first.
- December 2024
Nationwide payment outage on 22 December leaves customers waiting for wages
Nationwide customers reported waiting for wages and seeing Direct Debits bounce during a payment outage on 22 December, one of four faster payment problems at the building society in recent months.
FCA announces temporary rules on motor finance commission complaints
The FCA has extended temporary complaint handling rules so firms have longer to answer motor finance commission complaints and consumers have longer to take cases to the ombudsman.
Ombudsman guidance on motor valuations and write-offs updated
The Financial Ombudsman Service has updated its guidance on motor valuations and write-offs, saying it will now typically consider adverts when assessing what a written-off vehicle was worth.
Barclays loses judicial review over FOS car finance ruling
The High Court upheld a Financial Ombudsman complaint against Barclays Partner Finance in December 2024, as the FCA widened its pause on car finance complaint handling.
- November 2024
Barclays takes over Tesco Bank's savings, credit cards and loans
Barclays completed its takeover of Tesco Bank's savings, credit cards and loans on 1 November 2024, meaning the two brands now share a single £120,000 FSCS protection limit.
FCA and FOS publish joint Call for Input on Modernising the Redress System
The Financial Ombudsman Service and the Financial Conduct Authority opened a joint Call for Input in November 2024 on modernising the redress system, closing on 30 January 2025 with over 140 responses.
- October 2024
Court of Appeal rules for borrowers against Close Brothers and FirstRand Bank
The Court of Appeal ruled on 25 October 2024 that car finance companies acted unlawfully by not telling customers about commission earned, in a case brought against Close Brothers and FirstRand Bank.
CMA publishes consumer protection guidance for Will-writing
The Competition and Markets Authority has published consumer protection guidance for unregulated Will-writing providers and the public, following its investigation into unregulated legal services.
PSR introduces APP scam reimbursement rules
The Payment Systems Regulator brought in mandatory reimbursement for victims of authorised push payment scams from 7 October 2024, with firms paying out unless a customer was grossly negligent.
- September 2024
FOS warns of rise in card-based authorised fraud
The Financial Ombudsman Service warned in September 2024 that more people were inadvertently using credit or debit cards to pay fraudsters, a pattern it says has continued to grow.
- August 2024
FOS reports 70% rise in complaints in Q1 2024/25
The Financial Ombudsman Service received 74,645 new complaints in the first quarter of 2024/25, up 70% on the same quarter a year earlier, with credit cards the most complained about product.
FCA launches Pure Protection Market Study
The Financial Conduct Authority launched its Pure Protection Market Study in August 2024 to establish whether the protection market offers fair value to customers, examining four product areas.
- July 2024
Consumer Duty applies to incidents from this date
From 31 July 2024 the Financial Ombudsman Service may consider the Consumer Duty when looking at complaints about incidents that happened on or after that date.
Consumer Duty rules to extend to closed products by July 2024
The second phase of the Financial Conduct Authority's Consumer Duty takes effect for closed products and services from 31 July 2024, extending rules already in force for new and on-sale products since July 2023.
FCA marks one year of the Consumer Duty with speech by Sheldon Mills
The Financial Conduct Authority has marked one year of the Consumer Duty with a speech by Sheldon Mills setting out progress, examples of improved consumer outcomes and priorities including price and value work.
- May 2024
Automatic referral to Small Claims Mediation Service for defended money claims
Defended money claims under £10,000 issued on or after 22 May 2024 are automatically referred to the Small Claims Mediation Service, though claims started online before 5 November 2024 are excluded.
- April 2024
FCA publishes PS24/2 confirming final rules to strengthen protections for borrowers in financial difficulty
The Financial Conduct Authority has published final rules that move pandemic-era guidance on supporting borrowers in financial difficulty into its formal rulebook, taking effect on 4 November 2024.
DMCC Act 2024 comes into force
The Digital Markets, Competition and Consumers Act 2024, in force since April 2024, has revoked the EU derived 2015 ADR Regulations, opening the way for secondary legislation on consumer dispute resolution standards.
FOS award limits increase from 1 April 2024
The Financial Ombudsman Service award limits rose on 1 April 2024 to £430,000 for complaints about acts or omissions from 1 April 2019, and £195,000 for earlier ones.
Which? reveals Revolut fraud complaints outstrip all banks
Which? published Financial Ombudsman Service data showing that fraud complaints about Revolut in 2023 outstripped those about every bank, as the firm remains an e-money institution without a UK banking licence.
- January 2024
Ombudsman News 188 published covering car finance commission complaints and consultation deadline
The Financial Ombudsman Service has published Ombudsman News 188, covering temporary complaint-handling rules for car finance commission complaints and a consultation closing on 30 January 2024.