Money news in 2022
362 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.
FCA warns of loan fee fraud rise in the run up to Christmas
The Financial Conduct Authority has warned that loan fee fraud cases are up by a fifth on last year, as Christmas spending pressure and the cost of living crisis leave consumers exposed to upfront fee scams.
Committee takes oral evidence on APP fraud reimbursement from PSR, FOS and Pay.UK
The Treasury Sub-Committee on Financial Services Regulations heard oral evidence on authorised push payment fraud reimbursement from the Payment Systems Regulator, the Financial Ombudsman Service and Pay.UK on 13 December 2022.
Pensions Dashboards Regulations 2022 come into force
The Pensions Dashboards Regulations 2022 came into force on 12 December 2022, setting the rules for pension schemes to connect to the dashboards ecosystem and for services that show savers their pensions in one place.
Child Support (Enforcement) Bill passes second reading with government support
Siobhan Baillie's Child Support (Enforcement) Bill passed its second reading in the House of Commons on 9 December 2022, with the government intending to support it.
First stage CCA reform consultation launched
HM Treasury opened a consultation on 9 December 2022 on modernising the Consumer Credit Act 1974, the first stage of reform covering credit cards, personal loans and consumer hire agreements.
HM Treasury opens consultation on reforming the Consumer Credit Act 1974
HM Treasury has opened a 14-week consultation on reforming the Consumer Credit Act 1974, seeking views on moving most of the Act into Financial Conduct Authority rules, with responses due by 17 March 2023.
Cross-party amendment on personalised financial guidance tabled at Report Stage of the Financial Services and Markets Bill
Harriett Baldwin MP tabled an amendment to the Financial Services and Markets Bill on 7 December 2022 that would let HM Treasury legislate for a personalised financial guidance regime, with 15 cross-party co-signatories.
NIESR projects peak Bank Rate effects on mortgage holders
The National Institute of Economic and Social Research projects that nearly four million UK households will face higher monthly mortgage repayments, typically around £400 more, once Bank Rate peaks.
£400 energy bill support paid to households
£400 was taken off energy bills for almost all UK households, with payments made through suppliers from October 2022, though some households were excluded from the scheme.
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.
FCA PRIIPs rule changes fully in effect and Treasury consults on wider overhaul
FCA rule changes on packaged retail investment products took full effect in December 2022, the same month the Treasury consulted on replacing the PRIIPs regulation with a new disclosure regime.
Government aims to lay SDRP regulations by end of 2022
The government has consulted on a statutory debt repayment plan for England and Wales, aiming to lay regulations by the end of 2022 with at least 18 months before the scheme starts.
Government launches Edinburgh reforms for financial sector regulation
The UK government has relaunched the Edinburgh reforms, described as the biggest shake-up of financial sector regulation for a generation, drawing a Bank of England warning against too much deregulation.
House purchase lending begins sustained year-on-year decline
UK Finance reports that lending to first time buyers and home movers fell year on year in every month from December 2022, with a further contraction expected in the fourth quarter of 2023.
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.
Joint statement issued on Child Support Collection (Domestic Abuse) Bill
Gingerbread and Surviving Economic Abuse have welcomed a Bill that names domestic abuse as a ground for using the Child Maintenance Service's Collect and Pay arrangement, but want amendments on charges, guidance and minimum payments.
MaPS tells DWP the PDP delivery timetable is no longer viable
The Money and Pensions Service told the Department for Work and Pensions in December 2022 that the Pensions Dashboards Programme delivery timetable was no longer viable, after a failed service standard assessment.
Minister announces Help to Buy - Wales extended to March 2025 with new price cap and EPC rules
The Welsh Government extended Help to Buy Wales to March 2025, raising the purchase price cap from £250,000 to £300,000 and requiring homes sold through the scheme to meet EPC B.
MTD for income tax rollout delayed to April 2026
The start of Making Tax Digital for income tax has been pushed back to April 2026, giving self-employed people and landlords affected by the cost of living crisis longer to prepare.
Negative budget share reaches highest point of 2022
The share of StepChange debt advice clients with a negative budget rose two percentage points to 35% in December 2022, the highest level recorded by the charity that year.
Rent not payable for unfit homes in Wales from 1 December 2022
From 1 December 2022 tenants in Wales under standard occupation contracts may not have to pay rent for any period when the property is unfit for human habitation, under rules that also changed how tenancies are made.
Scottish Child Payment to be fully introduced by the end of 2022
The Scottish Government has committed to pay £10 a week for every eligible child under 16 by the end of 2022, after early introduction for under sixes from early 2021.
Second consultation on draft BNPL regulations expected by end of 2022
HM Treasury has said a second consultation on draft buy now pay later regulations and a draft regulatory impact assessment will be needed, with publication expected by the end of 2022.
Suppliers reduce pre-payment debt repayment maximum from 40% to 20%
Electricity and gas suppliers have cut the maximum share of a pre-payment meter top-up that can be taken to repay debt from 40% to 20%, under a voluntary charter running to 31 March 2023.
- November 2022
Which? investigation finds six major banks' numbers spoofable
A Which? investigation has found that phone numbers belonging to six major banks could be spoofed because they were not registered on the industry database designed to block impersonation calls.
Auto-award of Early Learning and School Age Payments begins
Social Security Scotland began on 28 November 2022 paying Best Start Grant Early Learning Payment and School Age Payment automatically to eligible families already receiving Scottish Child Payment.
PSR consultation on mandatory APP scam reimbursement closes
The Payment Systems Regulator's consultation on mandatory reimbursement for authorised push payment scam victims closed on 25 November 2022, with a response published alongside proposals covering payments over £100.
Autumn Statement 2022 delivered by Jeremy Hunt
Jeremy Hunt's Autumn Statement of 17 November 2022 raised taxes, cut energy bill support from April and uprated benefits by 10.1 per cent, with the Resolution Foundation warning of a 7.1 per cent fall in household incomes.
Autumn Statement introduces sunset clause to SDLT relief
Chancellor Jeremy Hunt used the Autumn Statement on 17 November 2022 to add a sunset clause to the stamp duty land tax reduction, ending the relief in March 2025.
Autumn Statement sets benefits uprating at 10.1% and raises benefit cap
The Autumn Statement uprated most benefits by September's 10.1% CPI from April 2023, raised the benefit cap for the first time since 2016 and extended cost of living payments and energy support.
Chancellor announces second round of Cost of Living Payments
The Chancellor announced on 17 November 2022 a second round of means-tested Cost of Living Payments worth up to £900, paid in three instalments across 2023 and into spring 2024.
Energy Price Guarantee to become less generous from April 2023
The Energy Price Guarantee will be scaled back from April 2023, with a typical household bill rising to £3,000, the Resolution Foundation says in its analysis of Jeremy Hunt's Autumn Statement.
New housing element of Pension Credit postponed to 2028
The government has postponed the new housing element of Pension Credit until 2028, meaning pensioners who rent will keep receiving Housing Benefit in the meantime.
irESA migration to Universal Credit delayed until April 2028
The Department for Work and Pensions has delayed managed migration to Universal Credit for most people claiming income-related Employment and Support Allowance until April 2028, while some claimants move sooner.
Automatic payments introduced for Best Start Grant Early Learning and School Age Payments
Social Security Scotland now checks and pays Best Start Grant Early Learning and School Age Payments automatically for families getting Scottish Child Payment whose children meet the age conditions.
Scottish Child Payment set at £28.20 per week for children under 16
The Scottish Child Payment was extended to children aged 6 to 15 on 14 November 2022, with the weekly rate set at £28.20 per child under 16 and paid every four weeks.
Key statistics note published for Cost of Living Bill
The Scottish Government has published key statistics on housing costs, financial vulnerability and fuel poverty that underpinned the Cost of Living (Tenant Protection) Scotland Bill introduced on 3 October 2022.
Remaining provisions of S.S.I. 2022/271 come into force
The remaining provisions of the Council Tax Reduction and Council Tax (Discounts) (Miscellaneous Amendment) (No. 2) (Scotland) Regulations 2022 came into force on 3 November 2022, covering a cost of living payment capital disregard and revocations.
Amendment regulations extend Scottish Child Payment to children aged 6-15
Amendment regulations in force from November 2022 extended the Scottish Child Payment to children aged 6 to 15, and the weekly rate rose to £25 per eligible child.
Autumn Statement announces 2023/24 Cost of Living Payments
The 17 November 2022 Autumn Statement set out Cost of Living Payments for 2023/24, including £900 for people on means-tested benefits, £150 for disability benefit recipients and £300 for pensioners.
Autumn Statement freezes income tax thresholds and lowers top rate threshold
The November 2022 Autumn Statement froze personal income tax thresholds, lowered the top rate threshold, announced a means tested £900 cost-of-living payment and committed to the pensions triple lock.
Chancellor announced cost of living support package
Jeremy Hunt's 2022 Autumn Statement introduced a package of cost of living support, including three payments worth £900 for means-tested benefit claimants and extra help for pensioners and disabled people.
EBSS and EPG pass-through requirement comes into force in England, Wales and Scotland
Regulations requiring landlords, heat network operators and other intermediaries to pass on Energy Bills Support Scheme and Energy Price Guarantee benefits to end users came into force in England, Wales and Scotland on 1 November 2022.
Emergency Budget Review published
The Scottish Government published an Emergency Budget Review on 2 November 2022, identifying around £35 million for cost of living initiatives as inflation peaked at 11.1% in October 2022.
Energy Bills Support Scheme £400 credit begins in Northern Ireland
Households in Northern Ireland began receiving the £400 Energy Bills Support Scheme credit from November 2022, paid automatically through electricity suppliers in six monthly instalments.
FCA published Borrowers in Financial Difficulty (BiFD) report
The Financial Conduct Authority has published its Borrowers in Financial Difficulty report, finding that while some firms delivered good outcomes for borrowers, many fell short of expectations and caused harm.
FCA publishes consultation on simplified advice regime
The Financial Conduct Authority has published a consultation paper seeking a regime for simplified advice on investments into Stocks and Shares ISAs, it told the Work and Pensions Committee.
Full PIP rollout delayed, pausing managed migration of DLA claimants until April 2028
The November 2022 delay to the full rollout of Personal Independence Payment paused the managed migration of legacy Disability Living Allowance claimants until April 2028, saving £0.8 billion over five years.
Government consults on reforming the Consumer Credit Act 1974
The Government has issued a consultation on reforming the Consumer Credit Act 1974, the law covering credit cards, personal loans and most household credit agreements in the UK.
Government support packages lift household incomes relative to no-support scenario
The Office for Budget Responsibility says government support announced since March 2022 lifts real household disposable income per person by 4½ per cent in 2022-23, softening the largest fall on record.
NIESR responds to the 2022 Autumn Statement
The National Institute of Economic and Social Research said the Chancellor should have given households more support, criticising £60 billion of fiscal tightening and a universal energy subsidy.
OBR forecasts record fall in living standards for 2022-23
The Office for Budget Responsibility forecasts real household disposable income per person will fall 4.3 per cent in 2022-23, the largest drop since records began in 1956-57, followed by a 2.8 per cent fall in 2023-24.
Retirement Living Standards 2022 update published, showing the largest annual increases since the RLS began
The Retirement Living Standards for 2022 show the largest annual increases since the measures began in 2019, with all three budgets rising by more than the 9% rate of CPI in the year to April 2022.
Revised Energy Price Guarantee set at £3,000 from April 2023
The Energy Price Guarantee will expire in April 2023 and be replaced by a revised guarantee set at £3,000 for the average household, running until April 2024.
Scotland excluded from the scheme
A 2022 order inserted a fifth condition into the cold weather payment rules so that a claimant's home must be in England or Wales, taking Scotland out of the scheme.
Scotland to replace Cold Weather Payments with Low Income Winter Heating Assistance
Scotland is replacing the Cold Weather Payment from the winter of 2022 with a new Low Income Winter Heating Assistance, paying £50 to eligible households in February 2023.
Second UK Government Cost of Living Payment made
The second instalment of the 2022 Cost of Living Payment, worth £324, was paid in November 2022 to households on means-tested benefits, completing a £650 total for the year.
Warm Home Discount eligibility changes due to come into force
Changes to the Warm Home Discount due to take effect in November 2022 will remove entitlement from nearly 200,000 disabled people who receive disability benefits but not an income-replacement benefit.
- October 2022
Help to Buy: Equity Loan scheme closed to new applicants in England
The Help to Buy: Equity Loan scheme closed to new applicants in England on 31 October 2022, ending a route to buying a new build home with a smaller deposit.
Medium-term fiscal plans due on 31 October with spending cuts of tens of billions expected
The Government will set out medium-term fiscal plans on 31 October, with tens of billions of pounds of spending cuts expected after Jeremy Hunt reversed most of September's mini-Budget tax measures.
Main £150 cost-of-living payment scheme closes
The Welsh Government's main cost-of-living support scheme closed on 30 October 2022 after paying £146.6m to 977,483 eligible households, according to a Welsh Government paper.
FCA publishes consultation proposing measures to clamp down on greenwashing
The Financial Conduct Authority published a consultation on 25 October 2022 proposing new measures to tackle greenwashing, including rules on how terms such as "ESG", "green" and "sustainable" can be used.
Health and Social Care Levy Act 2021 repealed
The Health and Social Care Levy Act 2021 was repealed on 25 October 2022 by the Health and Social Care Levy (Repeal) Act 2022, removing the provisions that had modified national insurance contribution rules for the 2022-23 tax year.
Warm Home Discount (Scotland) Regulations 2022 made, continuing the scheme in Scotland to 31 March 2026
The Warm Home Discount (Scotland) Regulations 2022 were made on 19 October 2022 and came into force the next day, continuing the scheme in Scotland until 31 March 2026.
Chancellor statement sets end date for energy support schemes
The Energy Price Guarantee, the Energy Bills Support Scheme and the Energy Bill Relief Scheme are due to end in their current form on 31 March 2023, Consumer Scotland has said after the Chancellor's statement.
Government response to pensions dashboards further consultation published
The government has published its response to the second consultation on the draft Pensions Dashboards Regulations 2022, covering the Dashboards Available Point and data-sharing between MaPS and TPR.
Jeremy Hunt reverses around 60 per cent of mini-Budget tax cuts and scraps the 1p basic rate Income Tax cut
Jeremy Hunt has reversed around 60 per cent of the mini-Budget tax cuts, scrapped the 1p basic rate Income Tax cut and brought forward the end of the Energy Price Guarantee.
Bank of England gilt purchase intervention concluded
The Bank of England's gilt purchase intervention ended on 14 October 2022, with pension scheme data later showing deleveraging and asset falls continuing through the fourth quarter of that year.
Corporation Tax cut reversal announced the previous Friday
Jeremy Hunt reversed around 60 per cent of the tax measures from Kwasi Kwarteng's 23 September mini-Budget, including the £19 billion Corporation Tax cut, and brought forward the end of the Energy Price Guarantee.
Five steps to better pensions: time for a new consensus published
Research published on 12 October 2022 finds more than half of UK savers will miss the retirement income targets set by the 2005 Pensions Commission unless the pensions system is reformed.
JRF analysis shows constituencies affected by possible benefit uprating cut
The Joseph Rowntree Foundation has published constituency analysis showing which areas would be most affected if the Government does not uprate means tested benefits such as Universal Credit in line with inflation.
Starting threshold for main residential LTT rises to £225,000 in Wales
The Welsh Government raised the starting threshold for main residential Land Transaction Tax in Wales from £180,000 to £225,000 on 10 October 2022, with the first band from £225,000 to £400,000 taxed at 6%.
Scottish Child Payment to rise to £25 a week and extend to children aged 6 to 15
Scottish ministers have set out regulations to extend Scottish Child Payment to children aged 6 to 15 and raise it to £25 a week for all eligible children, with other changes to Best Start grants and foods.
Cost of Living (Tenant Protection) Scotland Bill introduced
The Cost of Living (Tenant Protection) Scotland Bill was introduced to the Scottish Parliament on 3 October 2022, alongside official statistics on housing costs, fuel poverty and financial vulnerability in Scotland's rented sectors.
Energy Bills Support Scheme to provide £200 off energy bills
Every domestic electricity customer in Great Britain will receive a £200 credit on their energy bill from October 2022 under the Energy Bills Support Scheme, with the money recovered through later bill instalments.
Energy Price Guarantee to end in April 2023, 18 months earlier than planned
The Chancellor has said the Energy Price Guarantee will end in April 2023, 18 months earlier than planned, a move the Resolution Foundation says could save the Treasury up to £40 billion next year.
Energy Price Guarantee introduced capping typical bills at £2,500 a year
The Energy Price Guarantee took effect on 1 October 2022, capping typical household energy consumption at £2,500 a year after the then Prime Minister announced it on 8 September 2022.
FCA issues updated guidance on branch and ATM closures or conversions
The Financial Conduct Authority published updated guidance on 11 October 2022 setting out how banks and building societies should handle branch and ATM closures or conversions, replacing guidance first issued in 2020.
Further price cap rise to around £2,500 expected in October 2022
The Resolution Foundation says commodity market prices point to the October 2022 energy price cap reaching around £2,500, which would put 7.5 million English families in fuel stress.
Government considering uprating some working-age benefits by earnings rather than inflation for April 2023
The Resolution Foundation reports the Government is considering raising some working-age benefits by average earnings of 5.5 per cent rather than September CPI inflation of around 10.1 per cent next April.
Government energy bills support scheme launched at the beginning of October 2022
The government energy bills support scheme began in October 2022, and StepChange recorded a 34% rise in visits to its page on government help with gas and electricity bills between September and October.
Help to Buy Equity Loan scheme closed to new applications in England and Scotland
The Help to Buy equity loan scheme closed to new applications in England and Scotland in October 2022, while the separate Welsh scheme continues and existing borrowers can still remortgage or repay.
Majority of existing CoP participants delivered SRD capabilities by August 2022
The Payment Systems Regulator has confirmed it will direct around 400 payment firms to offer Confirmation of Payee, with deadlines of October 2023 and October 2024, after most existing participants delivered secondary reference data capability.
Nationwide opens face-to-face cost of living expert appointments
Nationwide Building Society opened appointments with cost of living experts from October 2022, available face-to-face, by phone or by video, offering financial health checks and money management advice.
NIESR underlying inflation measure hits new series high
The National Institute of Economic and Social Research said its measure of underlying inflation, which strips out the largest and smallest price changes, reached a new series high of 8.8 per cent in October 2022.
PLSA publishes five-step pension reform proposals and opens consultation
The Pensions and Lifetime Savings Association has published five pension reform proposals, including raising automatic enrolment contributions from 8% to 12%, and opened a consultation on them.
PSR consults on requiring full reimbursement of APP scam victims over Faster Payments
The Payment Systems Regulator has set out plans to require banks and payment firms to reimburse victims of authorised push payment scams made over Faster Payments, splitting the cost between sending and receiving firms.
PSR publishes PS22/3 directing around 400 PSPs to implement CoP
The Payment Systems Regulator has directed around 400 payment service providers to implement Confirmation of Payee name checking, in two groups with deadlines of October 2023 and October 2024.
Social care reforms delayed to October 2025
Social care funding reforms for England, including a lifetime cap on personal care costs and higher capital limits, were delayed from October 2023 to October 2025 and then dropped altogether.
Warm Home Discount to rise to £150 in England and Wales
The Warm Home Discount will be worth £150 in England and Wales from October 2022, with a Scottish consultation proposing the same rate and 50,000 more eligible households.
- September 2022
FCA publishes Dear CEO letter on cost-of-living expectations for insurance firms
The Financial Conduct Authority has written to insurance chief executives setting out what it expects on fair value, premium finance, vulnerable customers and claims handling during the cost of living crisis, and warned of multi-firm reviews.
Welsh Government announces changes to main residential LTT rates and bands
The Welsh Government announced on 27 September 2022 that main residential rates of Land Transaction Tax would change on 10 October 2022, raising the starting threshold from £180,000 to £225,000.
Chancellor announces £45 billion of tax cuts
The Chancellor announced £45 billion of tax cuts on 23 September 2022, with analysis suggesting the richest five per cent gain 5.5 per cent while the poorest fifth lose 2 per cent.
Chancellor announces SDLT threshold increases
Kwasi Kwarteng announced on 23 September 2022 that stamp duty land tax nil rate bands would rise, cutting the tax for many buyers in England and Northern Ireland until March 2025.
Mini-budget triggers sharp fall in the pound
The pound fell sharply after Kwasi Kwarteng's mini-budget on 23 September 2022, with lenders pulling hundreds of mortgage deals and the Bank of England intervening to buy government bonds.
SDLT nil-band threshold change reflected in guidance
HMRC has updated its Stamp Duty Land Tax relief guidance to reflect the nil-band threshold change that took effect on 23 September 2022, covering first-time buyers and multiple dwellings.
New SDLT rates introduced on 23 September 2022
HMRC added worked examples to its leasehold Stamp Duty Land Tax guidance on 23 September 2022, showing the residential rates that took effect in England that day.
Government announced removal of 2% standard rate band and raised FTBR thresholds
The government announced on 22 September 2022 that the 2% standard rate of stamp duty land tax on the portion of a residential property price between £125,000 and £250,000 no longer applies.
BEIS announces £100 alternative fuels payment and EBSS extension
The UK government set out further detail on the Energy Price Guarantee on 21 September 2022, including a £100 payment for some off-gas-grid households and an extension of the £400 Energy Bills Support Scheme discount.
Consumer Scotland responds to CAP and BCAP consultation on mid-contract price rise ads
Consumer Scotland has welcomed proposed advertising guidance on mid-contract price rises in broadband and mobile ads, while raising points on prominence, inflation terminology and variable contracts.
Scottish Ministers make council tax reduction and discount amendment regulations
Scottish Ministers have laid amending regulations for council tax reduction and council tax discounts in Scotland, changing how non-dependants, disability premiums and cost of living payments are treated.
PIP award extension period increased
From 6 September 2022, existing Personal Independence Payment awards waiting for review have their automatic extension period raised from three months to twelve months.
Scotland introduces temporary private rent freeze and eviction ban
The Scottish Government introduced a temporary rent cap and eviction ban for most tenants from 6 September 2022, initially running until at least 31 March 2023.
Basic rate income tax cut announced then cancelled
Kwasi Kwarteng announced in September 2022 that the basic rate of income tax would fall from 20% to 19%, but the cut was cancelled the following month before it took effect.
Chancellor brings forward £45 billion package of tax cuts in first fiscal statement
The Chancellor has brought forward a £45 billion package of tax cuts, described as the biggest for 50 years, with gains concentrated among higher earners and in London and the South East.
Committee report calls for consensus on retirement adequacy and reforms to auto-enrolment
The Work and Pensions Committee has called for a consensus on retirement adequacy and legislation on the 2017 auto-enrolment review, with higher minimum contributions and action on self-employed saving.
Cost of living increase becomes most cited reason for debt among StepChange clients
StepChange says 22% of clients who sought debt advice in September 2022 named a cost of living increase as their main reason for debt, the most cited cause.
Emergency Budget Review published
The Scottish Government published an emergency budget review in September 2022 after high inflation eroded the value of the Scottish Budget, with the Finance Minister estimating it was worth around £1.7 billion less than in December 2021.
First tax credits Cost of Living instalment paid
The first instalment of the £650 Cost of Living Payment for households on Child Tax Credit or Working Tax Credit was paid in September 2022, with a second instalment due at the end of November.
FPC withdraws mortgage affordability test
The Bank of England's Financial Policy Committee has withdrawn its mortgage affordability test, which required lenders to check borrowers could still pay if rates rose by 3 percentage points.
Government announces Energy Price Guarantee intervention in the energy market
The government's Energy Price Guarantee, announced in late August 2022, will substantially reduce the inflation shock facing households this winter, though private renters still face sharply rising rents.
Growth Plan announced £45 billion a year of tax cuts
The Growth Plan's £45 billion a year of tax cuts, £2 billion of which have since been cancelled, have worsened the fiscal outlook and put April 2023 benefit uprating in doubt.
Impossible choices briefing published
The Money Advice Trust has published a briefing calling on the Government and regulators to uprate benefits, support people in arrears and introduce a social tariff for energy.
UK inflation reached 10.1%, the highest since 1982
UK inflation reached 10.1% in September 2022, the highest since 1982, a Scottish Government report said, setting out almost £3 billion of devolved cost of living measures.
LDI sector stress caused dysfunction in UK government bond markets
The Bank of England has said rapid and large moves in UK government debt interest rates in late 2022 exposed weaknesses in liability-driven investment funds, prompting regulatory action on resilience.
Liz Truss announces Energy Price Guarantee capping typical household energy bills at £2,500 for two years
Liz Truss announced an Energy Price Guarantee on her second full day as prime minister, capping typical household energy bills at £2,500 for two years.
Managed migration to Universal Credit begins without full trial
The Trades Union Congress says managed migration to Universal Credit has begun without a full trial or evaluation, in a report calling for the benefit to be replaced.
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.
PSR to consult on APP scam reimbursement approach
The Payment Systems Regulator will consult in autumn 2022 on its preferred approach to reimbursing victims of authorised push payment scams, after the government set out plans to remove a legal barrier to regulatory action.
Scottish Government launches cost of living support website
The Scottish Government launched a dedicated website in September 2022 setting out help available to the public during the cost of living crisis, Consumer Scotland's energy affordability tracker reports.
September 2022 fiscal event drove market reactions and a spike in mortgage rates
The September 2022 fiscal event pushed consumer confidence to its lowest recorded level and spiked mortgage rates, before most of the announced measures were rapidly unwound.
Sharp increase in gilt yields prompted short-notice collateral calls on LDI investments
A sharp rise in gilt yields in late September and early October 2022 triggered short-notice collateral calls on liability driven investment holdings, new official figures show.
Stamp duty cut announced, benefiting London first-time buyers most
The Resolution Foundation says the September 2022 fiscal statement's stamp duty cut will reduce the tax bill on the average first-time buyer home in London by £6,300, with no gain in the North East.
In-tenancy rent increase measures implemented in Scotland
Rent increase measures that applied in Scotland from September 2022 to March 2025 are cited by the Office for National Statistics as context for Scottish rent figures published in September 2026.
Welsh Government Fuel Support Scheme 2022-23 launches with wider eligibility
The Welsh Government's Fuel Support Scheme opened on 26 September 2022 with wider eligibility, part of £1.6 billion of support, as its own paper set out fuel poverty and debt pressures in Wales.
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
Pensions Policy Institute research for B&CE published on pension adequacy
Research published on 31 August 2022 for B&CE by the Pensions Policy Institute found that auto-enrolment combined with a reformed State Pension is not likely to give most people an adequate retirement income.
Full Fact finds Labour's energy plan understates cost by billions
Full Fact and the Institute for Fiscal Studies say Labour's £29 billion plan to freeze the energy price cap understates the cost by around £8 billion because it ignores higher winter energy use.
Labour calls for Parliament to be recalled over energy bills
Labour called on 18 August 2022 for Parliament to be recalled to freeze energy bills, but its £29 billion plan would not fully cover the cost of doing so, according to Full Fact and the IFS.
Labour announces £29 billion energy bills freeze plan
Sir Keir Starmer announced a Labour plan on 14 August to freeze domestic energy bills at the April 2022 price cap until the end of March 2023, at a stated cost of £29 billion.
Scottish Government opens consultation on reforms to statutory debt solutions and diligence
The Scottish Government has opened a consultation on reforms to Scotland's statutory debt solutions and debt recovery mechanisms, responding to recommendations from stakeholder-led policy reviews.
CfRC and Debt Justice publish joint response to SDRP consultation
The Centre for Responsible Credit and Debt Justice have jointly responded to HM Treasury's consultation on Statutory Debt Repayment Plans, calling for debts sold to collection agencies to be written down.
JRF estimates total cost of living increase of £2,550 between 2021/22 and 2022/23
The Joseph Rowntree Foundation estimates household costs will rise by £2,550 between 2021/22 and 2022/23, with energy accounting for £1,550 of that total and non-energy costs £1,000.
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.
Cost of living becomes most cited reason for debt
The cost of living became the most cited main reason for debt among new clients of the charity StepChange in August 2022, at 22%, after three consecutive months of two percentage point increases.
FCA withdraws BNPL adverts emphasising benefits without disclosing risks
The Financial Conduct Authority used its powers in August 2022 to withdraw buy now pay later adverts that emphasised the products' benefits without sufficiently disclosing the relevant risks.
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.
FPC withdraws affordability test Recommendation for mortgage lending
The Financial Policy Committee has withdrawn its affordability test Recommendation for mortgage lending from 1 August 2022, leaving the loan to income flow limit and the FCA's responsible lending rules in place.
Government announces Warm Home Discount eligibility changes removing disabled people
The government announced in August 2022 that disabled people claiming only disability benefits, without an income-replacement benefit, would lose Warm Home Discount eligibility from November 2022.
Nationwide to launch free cost of living telephone hotline
Nationwide Building Society is to launch a free telephone hotline in August 2022 for customers affected by the cost of living crisis, staffed by trained experts from its branches.
Scottish Government Resilience Committee convened on cost of living
The First Minister convened the Scottish Government Resilience Committee on 11 August 2022 to discuss urgent steps to mitigate the cost of living crisis, as inflation ran at its highest rate for 41 years.
TPR launches three-year strategy to tackle pension scams
The Pensions Regulator has launched a three-year strategy against pension scams, saying the cost of living crisis could leave more savers exposed to fraudsters targeting pension pots.
Which? responds to HM Treasury consultation on BNPL regulation
Which? has told HM Treasury that buy now pay later regulation is moving too slowly, should cover merchant-provided credit and short term interest free credit, and must not be held up by the Consumer Credit Act review.
- 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.
ONS publishes FYE 2021 taxes and benefits bulletin showing record share receiving more in benefits than taxes
The Office for National Statistics says 55.0% of individuals received more in benefits than they paid in taxes in the financial year ending 2021, the largest annual rise since records began in 1977.
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.
Resolution Foundation publishes assessment of workers' pension saving against 'living pension' benchmarks
Resolution Foundation research published on 28 July 2022 finds over 80 per cent of workers outside defined benefit pensions are not meeting any of its living pension benchmarks.
CMA issues Directions to Monzo Bank over transaction history failures
The CMA has issued Directions to Monzo Bank after it failed to send payment transaction histories to 13,566 account holders when their accounts closed between May 2021 and March 2022.
Adult Disability Payment extended to the whole of Scotland
Adult Disability Payment, Scotland's replacement for Personal Independence Payment, opened to new applicants across all of Scotland on 29 August 2022 after a phased rollout from March 2022.
Pilot expands to seven further council areas
Adult Disability Payment, Scotland's replacement for Personal Independence Payment and Disability Living Allowance for adults, expanded its pilot to seven further council areas on 25 July 2022.
Regulation 6A inserted restricting claims for housing benefit, income support or a tax credit
Regulations laid before Parliament in July 2022 inserted regulation 6A into the Universal Credit (Transitional Provisions) Regulations 2014, barring most new claims for housing benefit, income support and tax credits.
Guidance on leaseholder contribution caps first published
The government has published guidance setting out the maximum amounts qualifying leaseholders in England can be charged for non-cladding remediation, with caps based on property value and location.
Financial Services and Markets Bill published
The government published the Financial Services and Markets Bill on 20 July 2022, covering access to cash, scam reimbursement, stablecoin regulation, credit union products and the repeal of retained EU law.
First £326 cost of living payments begin
The first £326 cost of living support payments were issued from 14 July 2022 to households receiving Universal Credit, Pension Credit, income-related ESA, income-based JSA and Income Support.
First cost of living payment instalment transferred from 14 July 2022
The first instalment of the £650 cost of living payment for low-income households began transferring on 14 July 2022, with a second payment due in the autumn.
Government response to draft Pensions Dashboards Regulations consultation published
The government has published its response to the consultation on the draft Pensions Dashboards Regulations 2022, setting out how the rules for the pensions dashboards service will be turned into law.
Welsh Government launches Phase 1 consultation on council tax reform in Wales
The Welsh Government has opened a Phase 1 consultation on reforming council tax in Wales, covering revaluation, new bands and rates, discounts, exemptions and the Council Tax Reduction Scheme.
VAT rate for energy-saving materials in residential buildings in Great Britain cut to 0%
VAT on energy-saving materials installed in residential buildings in Great Britain is now 0%, HMRC guidance confirms, with the relief running until 31 March 2027.
Consultation CP22/2 on further Confirmation of Payee participation closed
The Payment Systems Regulator's consultation on extending Confirmation of Payee closed on 8 July 2022, with plans to direct around 400 more payment firms to offer the name checking service.
NAO report confirms DWP machine learning trial for Universal Credit fraud detection
The National Audit Office report on the DWP's 2021-22 accounts confirms a machine learning trial to detect fraud in Universal Credit claims, with payments potentially stopped before they are made.
Warm Home Discount (England and Wales) Regulations 2022 come into force
The Warm Home Discount (England and Wales) Regulations 2022 came into force on 7 July 2022, continuing the fuel poverty rebate scheme in England and Wales and setting a £150 prescribed rebate.
Primary threshold figure substituted
The National Insurance Contributions (Increase of Thresholds) Act 2022 substituted the sum in regulation 10(c) of the Social Security (Contributions) Regulations 2001 with effect from 6 July 2022.
July Financial Stability Report introduces cost of living adjusted DSRs
The Bank of England's Financial Policy Committee introduced cost of living adjusted debt service ratios in its July 2022 Financial Stability Report, deducting taxes and essential spending from income to gauge debt affordability.
Secretary of State confirms managed migration will resume without amendment to draft regulations
Therese Coffey has confirmed Universal Credit managed migration will resume without changes to draft regulations, with the move from legacy benefits to be completed by 2024.
Bank of England introduces new household debt affordability measure
The Bank of England's July 2022 Financial Stability Report set out a new measure of household debt affordability that adjusts income for essential spending and taxes before judging repayment burdens.
Committee recommends the UK Government consider legislating to mandate LINK membership
The Scottish Affairs Committee has recommended that the UK Government consider mandating LINK membership for card issuers and ATM operators through the Financial Services and Markets Bill.
Cost of living becomes most common reason for debt among StepChange new clients
One in five new StepChange debt advice clients in July 2022 cited the rising cost of living as the reason for their debt, the charity's monthly client data shows.
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.
First UK Government Cost of Living Payment made
The UK Government made the first Cost of Living Payment of £326 in July 2022 to people on means tested benefits owing to low income, with a second payment of £324 following in November 2022.
First means-tested Cost of Living Payment of £326 made
The first instalment of the 2022 means-tested Cost of Living Payment, £326, was paid in July 2022 to households entitled to a qualifying benefit in a six-week qualifying window.
Fit notes can be issued by more healthcare professionals
From 1 July 2022 fit notes supporting a New Style Employment and Support Allowance claim can be issued by a wider range of healthcare professionals, not only a GP or hospital doctor.
New NICs threshold takes effect from July 2022
From July 2022 the point at which employees start paying National Insurance rises to £12,570, aligning it with the income tax personal allowance and leaving a combined tax and NICs rate of 33.25% above that level.
Personal insolvency framework review call for evidence opens
The Insolvency Service opened a call for evidence in July 2022 as part of its review of the personal insolvency framework, asking whether existing statutory debt relief processes are fit for purpose.
Record heatwave drove surge in subsidence and fire claims
The record July 2022 heatwave, when temperatures passed 40°C, drove 18,000 subsidence claims in the second half of 2022 and a 500% rise in garden fire claims for one insurer.
- June 2022
Leasehold Reform (Ground Rent) Act 2022 comes into force
The Leasehold Reform (Ground Rent) Act 2022 came into force on 30 June 2022, ending financial ground rent on most new long residential leases in England and Wales.
Phase 1 CoP technical environment closes
Pay.UK closed the Phase 1 Confirmation of Payee technical environment on 30 June 2022, creating a single operating environment for the name checking service used to prevent misdirected payments and fraud.
TUC urges shelving of State Pension age rise to 67
The TUC has told the government's second State Pension age review that the rise to 67 should be shelved, with the State Pension age frozen at 66 and future decisions handed to an independent commission.
Building Safety Act 2022 leaseholder protections come into force
Financial protections for leaseholders in buildings at least 11 metres or five storeys high with historical safety defects took effect on 28 June 2022 under the Building Safety Act 2022.
Further consultation on Pensions Dashboards Regulations launched
The Department for Work and Pensions opened a second consultation on the draft Pensions Dashboards Regulations 2022 on 28 June 2022, covering the Dashboards Available Point and information sharing between MaPS and TPR.
RBS car insurance renewals end as U K Insurance Limited stops offering renewal
Royal Bank of Scotland car insurance policies will not be renewed from 24 June 2022 after underwriter U K Insurance Limited said it could not offer renewals, with RBS ending its involvement.
FCA announces data-led approach to tackling online scams faster
The Financial Conduct Authority is scanning about 100,000 new websites a day to spot apparent scams and asking hosts to shut them down, as part of an update on its data strategy.
Research quantifies local poverty premium across Britain
Research from Fair By Design and the University of Bristol puts the cost of the poverty premium at £4.5 million a year for each parliamentary constituency and £2.8 billion for the national economy.
Financial Policy Committee confirms withdrawal of affordability stress test Recommendation
The Financial Policy Committee confirmed it will withdraw its mortgage affordability stress test Recommendation, with the change taking effect from 1 August 2022, following a consultation in February.
Government publishes response to BNPL regulation consultation
HM Treasury has published its response to the consultation on regulating buy now pay later, setting out a wider scope that includes short-term interest-free credit from third-party lenders, with further information requested by 1 August 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.
Report says women need to work until 83 to close gender pension gap
A report by Now Pensions and the Pension Policy Institute says women reach retirement with £136,800 less than men on average and would need 18 more years of full-time work to close the gap.
Government announces intention to reform the Consumer Credit Act
The government announced on 16 June 2022 that it intends to reform the Consumer Credit Act 1974, the law covering credit cards, personal loans and consumer hire agreements, with a first consultation to follow.
FCA consults on updates to branch and ATM closure guidance
The Financial Conduct Authority consulted from 14 June to 26 July 2022 on updated guidance for bank branch and ATM closures, proposing to treat long-term cuts to opening hours or services as partial closures.
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.
Case transfers from Personal Independence Payment to Adult Disability Payment began
People in Scotland receiving Personal Independence Payment began to have their awards transferred to Adult Disability Payment from 13 June 2022, as part of the phased replacement of the UK benefit.
Consultation published on protecting customers claiming tax repayments
A June 2022 consultation sought views on restricting repayment agents' use of assignments over income tax repayments, a practice later rendered void from 15 March 2023.
Cost of living becomes most cited reason for debt among StepChange new clients
An increase in the cost of living became the most cited reason for debt among new StepChange clients in June 2022, at 18%, up from 7% in September 2021.
FCA consults on updated guidance for firms on branch and ATM closures or conversions (GC22/2)
The Financial Conduct Authority has opened a consultation on updated guidance for banks and building societies on branch and ATM closures, extending its expectations to partial closures and other changes.
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.
FCA 'stronger nudge' pensions guidance rules come into force
From 1 June 2022 pension providers must offer savers over 50 a free Pension Wise appointment before they access a UK-based defined contribution pension, under FCA "stronger nudge" rules.
Government announces intention to reform the Consumer Credit Act 1974
HM Treasury has set out plans to move most of the Consumer Credit Act 1974 out of statute and into Financial Conduct Authority rules, opening a consultation that runs to 17 March 2023.
Government plans new APP scam reimbursement regulation
The government plans new regulation on authorised push payment scam reimbursement after a reported 40 per cent rise in the fraud, according to a June 2022 financial news round-up.
Government plans overhaul of consumer credit legislation
The government plans to overhaul consumer credit legislation alongside new regulation of Buy Now Pay Later credit and authorised push payment fraud, a June 2022 round-up of financial regulation news reports.
Government plans to regulate Buy Now Pay Later
The government plans to bring Buy Now Pay Later into regulation and overhaul consumer credit legislation, with Martin Lewis criticising the pace of the changes.
Klarna starts reporting BNPL borrowing to credit reference agencies
Klarna began reporting buy now pay later borrowing to credit reference agencies in June 2022, making some shoppers' deferred payments visible to lenders for the first time.
Leasehold Reform (Ground Rent) Act 2022 comes into force
The Leasehold Reform (Ground Rent) Act 2022 came into force on 30 June 2022, ending ground rents on most new residential leases in England and Wales.
Ofcom introduces one-page pricing information rule
Ofcom has introduced rules requiring communications providers to give customers a one page document explaining pricing terms and conditions at the point of signing up, alongside guidance on example estimates for inflation-linked rises.
Providers must offer Pension Wise appointments to customers accessing pensions
From June 2022 contract-based pension providers must refer customers to Pension Wise guidance, explain what it is and offer to book an appointment when customers access their pension savings.
Regulations 18C to 18E requiring referral of members to pensions guidance inserted
Regulations requiring pension scheme trustees to refer members and survivors to pensions guidance before transferring or accessing flexible benefits were inserted in Great Britain and Northern Ireland with effect from 1 June 2022.
Stamp Duty holiday ended, equity withdrawal for purchase fell away
Equity withdrawal at remortgage to fund additional property purchases fell back towards pre-pandemic levels after the temporary Stamp Duty holiday ended, UK Finance's Q1 2022 review reports.
Stronger Nudge rules come into force
Stronger Nudge rules took effect on 1 June 2022, requiring pension providers to offer guidance to people accessing defined contribution savings, with take-up monitored afterwards.
Treasury Select Committee warns against international competitiveness mandate for regulators
The Treasury Select Committee has warned against an "international competitiveness" mandate for UK financial regulators, a measure embedded in the Financial Services and Markets Bill.
- May 2022
Chancellor announces cost of living payments for benefit claimants
The Chancellor announced a £15 billion cost of living support package on 26 May 2022, including a one-off £650 payment to more than eight million low-income households on means-tested benefits.
Ofwat publishes Paying fair guidelines on supporting residential water customers
Ofwat has published Paying fair, guidelines setting principles and minimum service expectations for water companies in England and Wales on helping residential customers pay bills, access help and repay debts.
Government announces FCA will receive new powers over cash access
The Government said on 19 May 2022 that the Financial Conduct Authority will get new powers to protect the availability of cash withdrawal and deposit facilities in local communities across the UK.
Government announces revamp of lasting power of attorney system
The government has set out plans to let people make a lasting power of attorney entirely online, with new identity checks, while keeping the paper route open.
CTR survey findings presented at IRRV Spring Conference
Eleven per cent of English councils changed how they calculate Council Tax Reduction for 2022/23, with most reducing minimum payments for the poorest households, a survey presented at the IRRV Spring Conference found.
Government publishes Statutory Debt Repayment Plan consultation
The government has published its consultation on the Statutory Debt Repayment Plan, a new statutory repayment scheme for England and Wales, with responses due by 5 August 2022.
BEIS consultation opened on expanding Warm Home Discount in Scotland
BEIS has opened a consultation on expanding the Warm Home Discount in Scotland to 50,000 more households, raising it from £140 to £150 and extending it to 2026.
Financial Services and Markets Bill announced in the Queen's Speech with provisions to protect access to cash
The Financial Services and Markets Bill announced in the Queen's Speech on 10 May 2022 includes provisions to protect access to cash, with new powers for the Financial Conduct Authority over the largest banks and building societies.
Post-consultation draft SDRP regulations published
The Treasury has published draft regulations for a statutory debt repayment plan scheme in England and Wales, setting out eligibility, a 10 year repayment limit and a 2024 start date.
Queen's Speech confirms new legislation to force banks to help scam victims
Legislation confirmed in the Queen's Speech on 10 May will force banks to help scam victims, as the regulator plans to extend Confirmation of Payee checks to a further 400 firms by mid-2024.
Treasury announces intention to legislate on APP scam reimbursement
HM Treasury said on 10 May 2022 that it intends to legislate so the Payment Systems Regulator can require banks and payment firms to reimburse victims of authorised push payment scams.
Universal Credit managed migration restarts
Managed migration to Universal Credit restarted on 9 May 2022 after a pause, beginning with pilots in Medway and Bolton before expanding to further areas later in the year.
Consultation on affordability test withdrawal closes
The Bank of England's Financial Policy Committee consultation on withdrawing its mortgage affordability test Recommendation closed on 6 May 2022, with a decision and formal withdrawal expected within 12 months.
Guidance updated with rates effective from 11 April 2022
The Department for Work and Pensions has updated its Pension Credit technical guidance with the latest benefit rates, effective from 11 April 2022, in a change recorded on 6 May 2022.
29 energy suppliers failed between July 2021 and May 2022
The National Audit Office reports that 29 energy suppliers failed between July 2021 and May 2022, affecting nearly four million UK households, and criticises Ofgem's oversight of the market.
Chancellor stated benefits would be uprated by September's CPI
In May 2022 the Chancellor said working-age benefits would be uprated by that September's CPI, a commitment later examined against proposals to raise some benefits by earnings instead.
Cost of living becomes second most commonly cited reason for debt among StepChange clients
StepChange reports that an increase in the cost of living became the second most commonly cited reason for debt among its new clients in May 2022, behind lack of control of finances.
Draft SDRP Regulations published post-consultation
The Treasury has published a post-consultation draft of the Statutory Debt Repayment Plan regulations for England and Wales, setting a ten-year repayment limit and a bar on fees charged to debtors.
DWP deploys machine learning model for UC advances
The Department for Work and Pensions began using a machine learning model in May 2022 to flag potentially fraudulent claims for Universal Credit advances, according to the National Audit Office.
FCA survey finds 47% of UK adults with characteristics of vulnerability
The Financial Conduct Authority's Financial Lives Survey 2022 found that 47% of UK adults had characteristics of vulnerability in May 2022, up from 46% in February 2020, an increase of nearly a million people.
Government announces £15 billion energy bill support package
The Government announced a £15 billion package of energy bill support in May 2022, when typical household bills were expected to reach about £2,800 a year from October.
Government announces substantial cost of living support package
The government added a substantial package of cost of living support in May 2022, including targeted payments through the benefits system and covering people on legacy benefits.
HM Treasury published the Summary of Responses to the Access to Cash Consultation
HM Treasury published the Summary of Responses to its Access to Cash Consultation in May 2022, setting out plans to legislate to protect cash access and to appoint the FCA as lead regulator.
Overdraft use fell across a wide range of demographic groups between 2020 and 2022
The FCA's Financial Lives 2022 survey found that the proportion of UK adults who were overdrawn, now or in the previous 12 months, fell across a wide range of demographic groups between 2020 and 2022.
PSR directs around 400 more financial firms to provide CoP
The Payment Systems Regulator directed around 400 more financial firms to provide Confirmation of Payee, with named Group 1 firms facing an October 2023 deadline and Group 2 firms October 2024.
PSR outlines plans to expand Confirmation of Payee to a further 400 firms by mid-2024
The Payment Systems Regulator has proposed extending Confirmation of Payee to around 400 more financial firms, with almost 50 required to adopt it by 30 June 2023 and the rest by 30 June 2024.
Retail instalment credit ownership rose among overdrawn adults while credit card and payday loan ownership fell
Among adults who were overdrawn in May 2022 or the previous year, ownership of retail instalment credit rose significantly between 2020 and 2022, while credit card and payday loan ownership fell.
Specific Direction 11 issued for second phase of Confirmation of Payee
The Payment Systems Regulator has issued Specific Direction 11, requiring the technical and system requirements for the second phase of Confirmation of Payee to be implemented by 31 May 2022.
SSAC publishes formal reference report on Universal Credit managed migration regulations
The Social Security Advisory Committee has published a formal reference report on the Universal Credit managed migration regulations, making 11 recommendations on oversight and governance to safeguard claimants.
Visits to Government energy bill help page rose 54% between April and May 2022
StepChange reports visits to its page on Government help with energy bills rose 54 per cent between April and May 2022, which it suggests may be an early sign of the energy price cap rise.
Work and Pensions Select Committee holds one-off session on UC Managed Migration
The Work and Pensions Select Committee held a one-off session in May 2022 on Universal Credit managed migration, raising concerns about the three-month migration notice period.
- April 2022
Motor Vehicles (Compulsory Insurance) Act 2022 passed
The Motor Vehicles (Compulsory Insurance) Act 2022 received Royal Assent on 28 April 2022, narrowing the scope of retained EU motor insurance law in Great Britain from 28 June 2022.
DWP stops fuel deductions from benefits
The Department for Work and Pensions stopped taking deductions from benefits for ongoing fuel consumption on 26 April 2022, with an exception where a claimant requests one.
Basic rate band values corrected to £37,700
HM Revenue & Customs corrected the basic rate band for England, Northern Ireland and Wales from £37,000 to £37,700 on 13 April 2022, in its published Income Tax rates and allowances guidance.
SDRP consultation opens on draft regulations
The government has opened a consultation on draft regulations for a statutory debt repayment plan, a new repayment-based debt solution for England and Wales, running until 5 August 2022.
Guidance updated with rates effective from 11 April 2022
Government guidance on the new State Pension and New Style Employment and Support Allowance was updated with benefit rates effective from 11 April 2022, part of the annual uprating of benefit amounts.
Mortgage Charter published covering UK mortgage borrowers including Scotland
The UK government has published the Mortgage Charter, setting out standards lenders will follow to help borrowers worried about higher rates, and it covers mortgage holders in Scotland.
Flat fee charge protections inserted
Regulations in force from 6 April 2022 inserted new provisions into the 2015 charges and governance rules for occupational pension schemes, covering flat fee charges and related governance duties.
Income Tax rates updated for 2022 to 2023
HM Revenue & Customs updated its published Income Tax rates, allowances and duties for the 2022 to 2023 tax year on 6 April 2022, with a correction to basic rate band values following on 13 April 2022.
State Pension uprated by 3.1% under suspended triple lock
The State Pension rose by 3.1% on 6 April 2022 after the earnings element of the triple lock was suspended for a year, giving pensioners an annual boost of up to £289.
Post Office Card Account access to benefits payments ends
From 5 April 2022 people receiving tax credits, child benefit and other statutory payments could no longer collect them through the Post Office, after the DWP contract with Post Office Limited ended.
1.25% NICs rate increase comes into effect in April 2022
The 1.25% National Insurance increase takes effect in April 2022, and analysis of the Spring Statement shows it cancels out the higher threshold for workers earning above £35,000.
£150 Council Tax rebate payments begin for Bands A to D in England
Payments of a £150 Council Tax rebate began on 1 April 2022 for households in Bands A to D in England, part of a package of support announced in February.
All members moved to the 2015 CARE scheme and final salary closed to accrual
The final salary sections of the NHS Pension Scheme in Scotland closed to further accrual on 1 April 2022, with all members moved into the 2015 career average scheme for future service.
Amendments to Best Start Grant, Best Start Foods and Scottish Child Payment regulations laid
Scottish ministers have laid amending regulations changing child responsibility, kinship carer definitions, automatic awards and payment timing across Best Start Grant, Best Start Foods and Scottish Child Payment.
Around 210,000 disability benefit claimants set to lose Warm Home Discount
Around 210,000 people claiming disability benefits are set to lose the Warm Home Discount under changes to the scheme, Fair By Design says, as the rebate rises from £140 to £150.
Basic rate of statutory maternity and parental pay set at £156.66 per week from April 2022
The basic rate of statutory maternity and parental pay stands at £156.66 a week from April 2022, equal to 47% of the National Living Wage for a 35-hour week, according to a maternity charity survey.
Benefits uprated by 3.1% while inflation stood at 9%
Most working-age benefits and the State Pension rose by 3.1 per cent in April 2022, based on September 2021 inflation, while the cost of living was already rising far faster.
Benefits to be uprated by September 2021 inflation in April 2022
Benefits including Universal Credit were uprated in April 2022 by September 2021's inflation rate, a figure likely to sit below the inflation households faced over the winter.
Cold weather payments responsibility transferred to the Scottish Government
Responsibility for cold weather payments in Scotland moved to the Scottish Government at the start of 2022-23, the Office for Budget Responsibility has confirmed in its latest welfare report.
Cost of living increase becomes second most cited reason for debt among StepChange clients
StepChange's April 2022 monthly client data shows 15% of new clients cited a cost of living increase among their main reasons for debt, up from 7% in September 2021.
Council Tax Reduction (Scotland) Regulations 2021 come into force
The Council Tax Reduction (Scotland) Regulations 2021, made on 23 June 2021 and laid before the Scottish Parliament on 25 June 2021, came into force on 1 April 2022 for the financial year beginning on that date.
CPI inflation reaches 40-year high
UK consumer price inflation reached 9% in April 2022, a 40-year high driven by energy bills and food prices, according to a Scottish Parliament committee report published in July 2022.
New debt packaging rules could come into force
The Financial Conduct Authority has proposed banning referral fees for debt packagers, with new rules expected to come into force in April 2022 subject to a consultation that closed in December 2021.
DWP launches ongoing Pension Credit awareness campaign
The Department for Work and Pensions ran an ongoing Pension Credit awareness campaign from April 2022, with increased advertising, as later figures showed take-up falling and unclaimed amounts rising.
DWP publishes Completing the Move to UC policy document
DWP statistics published in February 2026 show 2.35 million people in 1.82 million households were sent migration notices moving them from legacy benefits to Universal Credit between July 2022 and December 2025.
DWP requires consent for new or increased Fuel Direct deductions for ongoing energy costs
From 1 April 2022 the Department for Work and Pensions will only agree to new or increased deductions for ongoing energy costs from benefits where the customer gives consent.
ECO4 scheme starts with changes to benefit eligibility
The fourth phase of the Energy Company Obligation begins on 1 April 2022, removing several disability benefits from automatic eligibility and requiring claimants to receive another qualifying benefit.
Energy bills support scheme announced
The UK government announced the Energy Bills Support Scheme in April 2022, a £400 payment to eligible households, alongside a separate guarantee that fixed the Ofgem price cap.
Face-to-face support for initial Universal Credit claims ended
Face-to-face support for the initial Universal Credit claim ended in April 2022, the TUC has said, as part of a submission warning that benefit levels remain inadequate.
FCA warning list additions up over a third year on year
The Financial Conduct Authority added 1,966 possible scams to its consumer warning list between May 2021 and April 2022, over a third more than in the same period a year earlier.
Four-year Income Tax threshold freeze to begin
The four-year freeze on Income Tax thresholds begins in April 2022, part of a package of tax and energy cost increases that the Resolution Foundation says will hit the typical household by over £1,000 a year.
Fuel Direct scheme paused
The Fuel Direct scheme, which allowed energy and water bills to be paid directly from benefits, was paused in April 2022, so suppliers can no longer approach the Jobcentre Plus to arrange payments.
UK Government announced energy support package for almost all GB households
The UK government announced a support package in April 2022 for almost all households in Great Britain, including the £400 Energy Bills Support Scheme and a guarantee capping the unit price for a typical bill.
Government announced Warm Home Discount changes for the UK
The government has announced changes to the Warm Home Discount that will extend eligibility to 750,000 more households, including people receiving housing benefit, and has opened a consultation on the scheme in Scotland.
Government responds to Warm Home Discount consultation with expanded scheme
The government has published its response to the Warm Home Discount consultation, extending the scheme, raising the rebate to £150 and lowering supplier thresholds, though disability benefit claimants are set to lose out.
National Insurance contributions increased
National Insurance contribution rates rose by 1.25 percentage points from April 2022 under the health and social care levy, adding to household costs alongside energy and council tax increases.
National Insurance rates rise and Income Tax thresholds frozen
National Insurance rates rose and Income Tax thresholds were frozen in April 2022, with the Resolution Foundation saying higher inflation makes the threshold freeze a bigger tax rise than planned.
National Insurance rise implemented between April and November 2022
Full Fact has examined Labour's claim of 25 tax rises since 2019, finding the party's list omits a National Insurance rise implemented between April and November 2022.
National Minimum Wage and National Living Wage rates rise
The National Living Wage rose to £9.50 an hour on 1 April 2022, with new statutory minimum rates for all age groups and apprentices, benefiting around 2.5 million UK workers.
Negative budgets among new StepChange clients rose to 32%
StepChange's April 2022 client data shows 32% of new debt advice clients were in a negative budget, up from 29% a year earlier, with cost of living cited by 15%.
Pension credit rates to rise from April 2022
Pension Credit rates rise from April 2022, with guarantee credit up to £182.60 a week for a single person and £278.70 for a couple, as official figures show £1.7 billion went unclaimed.
Prospective remedy regulations come into force and legacy schemes close to future accrual
Regulations bringing the first phase of the 2015 public service pension remedy into force took effect on 1 April 2022, moving all active members to reformed schemes and closing legacy schemes to future accrual.
Scammers target households with fake £150 council tax energy rebate calls
The Local Government Association has warned that cold calls, texts and emails offering a £150 council tax energy rebate are scams seeking bank details from households.
Scottish low income benefits uprated by 6% in April 2022
Scottish low income benefits rose by 6% in April 2022 while most reserved benefits rose by 3.1%, a gap the Scottish government later cited in its analysis of the cost of living crisis.
Senedd sets Welsh rates at 10% for 2022-23
The Senedd set the Welsh rates of income tax at 10% across all bands for 2022-23, leaving total rates paid by Welsh taxpayers matching UK rates at 20%, 40% and 45%.
Social rents set to rise by up to 4.1 per cent, the largest rise in a decade
Social rents in England can rise by up to 4.1 per cent from April 2022 under the CPI plus 1 percentage point cap, the largest increase in a decade, adding £202 a year for the average social renter family.
Third instance of undelivered statutory communications identified and reported
The Pensions Regulator has reported that NOW: Pensions identified a third failure to deliver statutory member communications in April 2022, with 30,919 communications unsent, and that both operating entities were later fined.
Triple lock temporarily suspended for 2022/23
The triple lock on the State Pension was suspended for 2022/23, the only year it has not applied since it began in 2011/12, after volatile earnings growth following the coronavirus pandemic.
Universal Credit and benefits due to rise by 3.1% in April
Benefits including Universal Credit are due to rise by 3.1 per cent in April 2022, a figure the charity Gingerbread says should be 6 per cent to match projected inflation.
Warm Homes Discount extended and Energy Company Obligation funding confirmed
The government has extended the Warm Homes Discount to 2025/2026 and confirmed £1 billion a year for the Energy Company Obligation until 2026, alongside energy bill support worth over £9.1 billion.
- March 2022
All active teachers now in career average scheme
The Teachers' Pension Scheme final salary section closed to new contributions on 31 March 2022, so from 1 April 2022 all active teachers build up pension in the career average scheme.
English councils' Household Support Fund schemes close
English councils' Household Support Fund schemes closed on 31 March 2022, the same day the fund was reported to have been extended in England to March 2023.
Transitional protection for free school meals in England ended
Transitional protection that kept free school meals for some pupils in England after their households stopped qualifying has ended, with eligibility now based on receiving an eligible benefit.
Remaining universal credit provisions brought into force
The remaining provisions of the Welfare Reform Act 2012 and the equivalent Northern Ireland Order were brought into force on 30 March 2022, completing the statutory framework for universal credit.
Spring Statement 2022 announces National Insurance threshold rise, Fuel Duty cut and Household Support Fund increase
The Chancellor raised the National Insurance threshold to £12,570 from July, cut Fuel Duty by 5p and added £500 million to the Household Support Fund in the Spring Statement.
NIESR publishes February 2022 inflation analysis showing underlying inflation above 5 per cent
NIESR reports UK headline consumer price inflation of 6.2 per cent for February 2022 and underlying inflation of 5.1 per cent, and forecasts inflation will average 7 per cent over 2022.
Disability Assistance for Working Age People (Scotland) Regulations 2022 come into force
Regulations establishing Adult Disability Payment for working age people in Scotland came into force on 21 March 2022, setting out eligibility rules, components and rates for the devolved benefit.
Right to claim PIP extinguished for most people in Scotland as adult disability payment launches
From 21 March 2022 most people in Scotland aged 16 or over who can apply for adult disability payment can no longer claim personal independence payment, under regulations phasing the change in by area.
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.
Quinquennial Review of the Fund (2020) published
The Government Actuary's Department has confirmed that the most recent long-term review of the National Insurance Fund, published on 17 March 2022, projected the Fund would be exhausted by 2085.
Consultation on draft Pensions Dashboards Regulations 2022 closes
The Department for Work and Pensions consultation on the draft Pensions Dashboards Regulations 2022 closed at 11:45pm on 13 March 2022, after running from 31 January 2022.
Report projects worst parliament on record for income growth
The Resolution Foundation projects that 2019-20 to 2024-25 will be the worst parliament on record for income growth, with the median falling 2 per cent as inflation outpaces pay and benefits.
DWP report shows £1.7 billion of pension credit went unclaimed in 2019/20
Department for Work and Pensions figures show £1.7 billion of pension credit went unclaimed in 2019/20, with as many as 850,000 families missing out on the benefit.
National Audit Office publishes report on the Child Maintenance Service
The National Audit Office has published a report finding fundamental flaws in the Child Maintenance Service, with arrears projected to reach £1bn by 2031 and enforcement delays leaving parents owed money.
Adult Disability Payment first introduced in Scotland
Adult Disability Payment began a pilot in Scotland in March 2022, replacing Personal Independence Payment and Disability Living Allowance for claimants aged 16 to State Pension age, ahead of full roll-out.
Chancellor announces £3,000 increase in NICs threshold in Spring Statement
The Chancellor raised the National Insurance threshold by £3,000 to £12,570 in the Spring Statement, a change worth £330 to most workers but far less to those on means-tested benefits.
Cost of living rises among most cited reasons for debt among StepChange new clients
StepChange said 13% of new clients in March 2022 named the increased cost of living as a main reason for debt, up from 7% in September 2021, as negative budgets also rose.
DWP plans to drop the 10,000-case limit and press ahead with managed migration through a "Discovery Phase"
The Social Security Advisory Committee has published minutes and correspondence showing it opposed dropping the 10,000-case limit on Universal Credit managed migration, as DWP pressed ahead with a "Discovery Phase".
ERC standards require penalty-free partial repayments
Lifetime mortgages meeting Equity Release Council standards have had to allow voluntary, penalty-free partial repayments since March 2022, though limits and early repayment charges still apply.
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.
Fraudulent advertising brought into scope of Online Safety Bill
The government brought fraudulent advertising within the scope of the Online Safety Bill when it entered Parliament in March 2022, after campaigning by Which? and others.
UK headline CPI inflation rises to 7.0 per cent
UK headline consumer price inflation rose to 7.0 per cent in March 2022 from 6.2 per cent in February, the National Institute of Economic and Social Research said.
Healthy Start scheme fully digitalised with prepaid card replacing paper vouchers
The NHS Healthy Start scheme completed its move from paper vouchers to a prepaid card in March 2022, with participation rising from 60% to 72% during the rollout across England, Wales and Northern Ireland.
Managed migration expected to complete March 2022
The managed migration of existing benefit and tax credit claimants onto Universal Credit was expected to be completed in March 2022, according to a published rollout timetable.
Negative budget clients reach highest proportion in six months
StepChange reports that 33% of new clients in March 2022 had a negative budget, the highest share in six months and up four percentage points from January, as cost of living pressures grow.
OBR forecasts largest fall in living standards since records began for 2022-23
The Office for Budget Responsibility forecasts real household disposable income per person will fall 2.2 per cent in 2022-23, the largest drop in any single financial year since ONS records began in 1956-57.
Payment Systems Regulator's Specific Direction 12 came into effect
Specific Direction 12 took effect in March 2022, making LINK accountable for maintaining a broad geographic spread of free-to-use cash machines across the UK.
Scottish Government to have allocated almost £3 billion in cost of living mitigation by end of March 2023
The Scottish Government says it will have allocated almost £3 billion in cost of living measures by the end of March 2023, including a rise in the Scottish Child Payment to £25 per week.
SMR consumer survey on bank branch closures conducted with 1,003 consumers
Social Market Research surveyed 1,003 consumers in March 2022 on the impact of bank branch closures, as part of Consumer Council research into access to banking services in Northern Ireland.
Social Justice and Social Security Committee publishes findings on low income and problem debt
The Scottish Parliament's Social Justice and Social Security Committee has called on the Scottish Government to move quickly on a mental health moratorium for people in problem debt, as ministers prepare enabling legislation.
Spring Statement announces £17.6 billion of household support
The Office for Budget Responsibility said the Spring Statement's £17.6 billion of household support would not prevent the largest fall in living standards in any single financial year since records began in 1956-57.
- February 2022
FPC opens consultation on withdrawing affordability test Recommendation
The Bank of England's Financial Policy Committee is consulting on withdrawing its 2017 mortgage affordability test Recommendation, while keeping the loan to income flow limit in place.
Dormant Assets Act 2022 receives Royal Assent
The Dormant Assets Act 2022 received Royal Assent on 24 February 2022, extending the dormant assets scheme beyond bank and building society accounts to insurance, pension, investment and securities assets.
England Test and Trace Support scheme end date
The Test and Trace Support payment in England closed to new self-isolation periods on 24 February 2022, with claims for earlier periods still open for 42 days.
Russia launches full-scale invasion of Ukraine, energy prices spike
Russia's full-scale invasion of Ukraine on 24 February 2022 pushed already rising wholesale gas and electricity prices to record highs, setting up the largest domestic energy bill increases in Great Britain since the energy crisis began.
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.
Wales announces £150 council tax rebates
Welsh finance minister Rebecca Evans has announced £150 council tax rebates for households in bands A to D and those in the council tax reduction scheme, to be paid as soon as possible.
Scotland announces £150 council tax rebate for 1.85m households
Scotland's finance secretary Kate Forbes announced on 10 February 2022 that 73% of Scottish households, about 1.85 million, will receive a £150 council tax rebate in April 2022.
Welsh and Scottish governments claim no extra money for council tax rebate equivalents
The Welsh and Scottish governments said on 9 February 2022 that they would receive no new money to match England's £150 council tax rebate, though both receive Barnett consequentials offset by revised health spending.
Northern Ireland Welfare Mitigation scheme expanded
Northern Ireland's Welfare Mitigation scheme was expanded on 8 February 2022 to cover more households affected by the bedroom tax or the Benefit Cap, with further changes following on 10 February.
Job search restriction period reduced for new Universal Credit and JSA claimants
From 5 February 2022 new Universal Credit and Jobseeker's Allowance claimants can restrict their job search to fields where they have previous experience for four weeks rather than thirteen.
First Homes scheme launched as new Government scheme
The Building Societies Association has published a factsheet on the First Homes scheme, a government programme offering homes to local first-time buyers and key workers at a discount to market price.
Chancellor announces cost of living support package
Chancellor Rishi Sunak set out a package of council tax rebates, repayable energy bill credits and an expanded Warm Home Discount on 3 February 2022, after Ofgem announced a £693 rise in the energy price cap.
UK government announces £150 council tax rebate for England and Barnett funding for devolved governments
The UK government announced a £150 council tax rebate for homes in England in bands A to D on 3 February 2022, alongside about £565 million in Barnett consequentials for the devolved governments.
Ofgem energy price cap announcement means bills likely to rise
Ofgem's energy price cap announcement means household electricity and heating bills are likely to rise by an average of £693 a year, prompting a package of support measures from the Chancellor.
Which? updates BNPL comparison table on Clearpay credit scores
Which? updated its buy now pay later comparison table on 2 February 2022 to state that Clearpay users' credit scores will not be affected if they miss a repayment.
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.
Chancellor announces energy support package in February
The Chancellor's February energy support package offsets about half of April's bill increase for most households, but analysis finds five million English households still face fuel stress.
Committee takes evidence on the cost of living crisis
The Work and Pensions Committee first took evidence on the cost of living crisis in February 2022, when inflation was forecast to peak at 7.25% in April 2022, and published its findings that July.
Consultation on future financial services regulation closes
The government's consultation on the future of financial services regulation closed in February 2022, with civil society groups arguing against a proposed competitiveness objective.
DWP updates staff guidance on waiving overpayment recovery
The Department for Work and Pensions updated its staff guidance in February 2022 on when to waive recovery of benefit overpayments, adding factors to consider but limiting waiver to severe welfare cases.
Invasion of Ukraine caused energy prices and inflation to skyrocket
Russia's invasion of Ukraine in February 2022 pushed up oil and gas prices, drove UK inflation to double digits and triggered a wave of government support for household energy bills.
Negative budgets among new clients reach a 12-month high
StepChange says 32% of new clients had a negative budget when they received debt advice in February 2022, the highest share in the previous 12 months.
PSR issues direction for CoP transition to a single technical environment
The Payment Systems Regulator has issued a direction moving Confirmation of Payee to a single technical environment and extending the fraud prevention tool to around 400 more financial firms.
Social Security Benefits Up-rating Order 2022 debated
The Social Security Benefits Up-rating Order 2022 was debated in February 2022, and a later Commons committee report said the Government did not mention legacy IT problems when uprating was discussed.
Storms Dudley, Eunice and Franklin hit the UK, with insurers expected to pay out hundreds of millions of pounds
Storms Dudley, Eunice and Franklin brought record winds to the UK, with insurers expected to pay out hundreds of millions of pounds and the Association of British Insurers saying it is too early to estimate the cost.
Treasury announces plans to regulate BNPL providers
The Treasury has announced plans to regulate buy now pay later providers, with legislation promised as soon as parliamentary time allows, leaving the market unregulated until then.
Welsh Government announces £150 Winter Fuel Payment and £25m Discretionary Fund
The Welsh Government has announced a £150 payment for households in council tax bands A to D and a £25m Discretionary Fund for local authorities, alongside a doubled Winter Fuel Support Scheme payment.
Winter Fuel Support Scheme Payment doubled to £200
The Welsh Government has doubled its Winter Fuel Support Scheme Payment to £200, the Bevan Foundation reported on 24 February 2022, as energy bills rise and more Welsh households are expected to fall into fuel poverty.
- January 2022
Consultation on draft Pensions Dashboards Regulations 2022 opens
The Department for Work and Pensions opened a consultation on 31 January 2022 on draft Pensions Dashboards Regulations, with responses due by 13 March 2022 and an indicative draft of the Regulations published alongside.
Abstract of DWP benefit rate statistics 2021 published
The Department for Work and Pensions has published its annual abstract of benefit rate statistics for 2021, covering uprating history, the value of benefits over time and historical figures back to 1948.
FCA publishes 2022 Final Report on competition in retail banking markets
The Financial Conduct Authority published its 2022 Final Report on competition in retail banking markets on 20 January 2022, finding competition is driving choice and lower prices despite the pandemic.
CP21/10 APP scams consultation closed
The Payment Systems Regulator's consultation on measures to tackle authorised push payment scams closed on 14 January 2022, with the regulator publishing its response to the proposals.
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.
Government announces leaseholders will not pay to remove unsafe cladding
The Government announced on 10 January 2022 that no leaseholder living in their own flat would have to pay to remove unsafe cladding, and that it will fund removal in buildings over 11 metres.
Fair By Design publishes response to HM Treasury Buy Now Pay Later regulation consultation
Fair By Design has published its response to HM Treasury's consultation on regulating Buy Now Pay Later, setting out its views on how the deferred payment credit market should be overseen.
Regulation of Buy-Now Pay-Later consultation closes
HM Treasury's consultation on regulating buy now pay later closed on 6 January 2022, part of a process that began with the Woolard Review and is expected to lead to secondary legislation in mid-2023.
AXA UK simplifies pricing so renewal quotes match new quotes
AXA UK has simplified its pricing so that new quotes and renewal quotes for car and home cover are the same, based on individual circumstances, from 1 January 2022.
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.
FCA bans car and home insurance loyalty penalty
The Financial Conduct Authority's ban on the car and home insurance loyalty penalty took effect on 1 January 2022, ending price walking and changing how renewals are priced.
FCA General Insurance Pricing Rules come into force
The Financial Conduct Authority's general insurance pricing rules took effect on 1 January 2022, requiring insurers to charge new and existing home and motor customers the same price.
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.