Consumer Protection news: page 3
- July 2024
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.
- December 2023
FCA publishes findings of Retail Banking Consumer Duty multi-firm work
The FCA has published findings from a review of 70 product journeys at 47 firms, assessing how retail banks applied Consumer Duty frameworks, target market definitions and support for customers in financial difficulty.
- November 2023
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
- October 2023
Ofgem publishes new customer services standards for energy suppliers
Ofgem has published new customer services standards setting out rules energy suppliers must follow when customers contact them and when supporting those struggling with bills.
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
- August 2023
Financial Services and Markets Act 2023 inserts fraud liability provisions into Regulation 90
The Financial Services and Markets Act 2023 inserted new provisions into regulation 90 of the Payment Services Regulations 2017 on 29 August 2023, preserving payment providers' liability under certain requirements where a payment order is executed after fraud or dishonesty.
- July 2023
Consumer Duty implementation deadline for firms
The Financial Ombudsman Service says its Consumer Duty engagement work will continue past the 31 July implementation deadline, as the new rules start to apply to firms' acts and omissions.
FCA Consumer Duty comes into force
The Financial Conduct Authority's Consumer Duty came into force in July 2023, setting higher standards of consumer protection and supporting the Mortgage Charter agreed with lenders and the Chancellor.
- June 2023
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
- April 2023
Consumer Panel responds to HM Treasury Payment Services Regulations Call for Evidence
The Financial Services Consumer Panel has told HM Treasury that its review of payment services rules must put consumers at the centre and toughen the regulatory gateway for payment firms.
Which? research finds banks mishandling Power of Attorney registration
Which? research published on 3 April 2023 found that banks mishandle power of attorney registration, restrict attorneys' online access and give misleading advice, while building societies performed better.
- March 2023
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
Silicon Valley Bank and Credit Suisse collapse sparks FSCS review
The Bank of England is reviewing the deposit guarantee scheme after the March 2023 collapses of Silicon Valley Bank and Credit Suisse, including whether to raise the £85,000 protection limit.
- February 2023
FCA to write to firms on Consumer Duty expectations and risks
The Financial Conduct Authority is to write to firms setting out its expectations for implementing the Consumer Duty, alongside regional events, after reviewing firms' implementation plans.
- January 2023
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.
- 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.