Money news in 2023
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- December 2023
Guidance amended to reflect energy price cap of £1,928 from 1 January 2024
The Accountant in Bankruptcy has amended its Common Financial Tool guidance to reflect the Ofgem energy price cap of £1,928 a year, which took effect for January to March 2024.
PSR publishes interim report on UK-EEA cross-border interchange fees
The Payment Systems Regulator has proposed a temporary cap on cross-border interchange fees charged on online card payments from the European Economic Area, saying UK businesses paid an extra £150m to £200m last year.
FCA publishes findings of Retail Banking Consumer Duty multi-firm work
The FCA has published findings from a review of 70 product journeys at 47 firms, assessing how retail banks applied Consumer Duty frameworks, target market definitions and support for customers in financial difficulty.
Resolution Foundation publishes October 2023 cost of living survey findings
The Resolution Foundation reports that most indicators of how families are faring remain far more concerning than two or more years ago, with 22 per cent of people in moderate or severe food insecurity in October 2023.
£299 Cost of Living Payment qualifying and payment dates added
The government has published the qualifying dates and payment dates for the final £299 Cost of Living Payment for people on low income benefits and tax credits, paid in February 2024.
Finance Bill 2023-24 passes second reading
The Finance Bill 2023-24, which carries the Autumn Statement tax measures including National Insurance cuts and the abolition of the pensions lifetime allowance, passed its second reading on 13 December 2023 by 291 votes to 54.
Consumer Council research finds BNPL is second highest form of credit used
Consumer Council research published on 6 December 2023 found buy now pay later was the second highest form of credit used in Northern Ireland over the past three years.
Average weekly Pension Credit amount updated to over £75
The Department for Work and Pensions has updated its Pension Credit toolkit, raising the stated average weekly amount of Pension Credit from over £67 to over £75.
42% of new mortgages extend beyond state pension age
Bank of England data obtained by a freedom of information request shows 42% of new mortgages granted in late 2023 will run past the borrower's projected state pension age, up from 31% in 2021.
DWP expects to complete State Pension underpayment correction by end of 2023
The Department for Work and Pensions expects its exercise to correct historical State Pension underpayments to run until the end of 2023, having underpaid an estimated 134,000 pensioners.
FCA consults on proposed access to cash rules
The Financial Conduct Authority has published a consultation on proposed rules to protect access to cash, using new powers granted by the Financial Services and Markets Act 2023.
Managed migration planned to complete by end of 2023
The Joseph Rowntree Foundation has responded to a consultation on draft regulations for moving remaining working-age benefit claimants to Universal Credit, setting out a timetable running from January 2019 to the end of 2023.
Mortgage arrears rise for fifth consecutive quarter in Q4 2023
UK Finance's Q4 2023 review shows mortgage arrears rose for a fifth consecutive quarter, with 107,250 mortgages in arrears of at least 2.5 per cent of balance in December 2023.
Personal deposits end 2023 lower than a year earlier for the first time on record
UK Finance's Household Finance Review for the fourth quarter of 2023 reports that personal deposits ended the year two per cent lower than a year earlier, the first such annual fall on record.
PSR issues call for views on expanding VRPs
The Payment Systems Regulator has issued a call for views on expanding variable recurring payments, setting out practical ways to widen the open banking payment method beyond its current uses.
PSR to publish claim excess and reimbursement cap by end of 2023
The Payment Systems Regulator will publish the claim excess, maximum reimbursement level, guidance on gross negligence and all legal instruments for bank transfer fraud refunds by the end of 2023.
PSR published final APP scams reimbursement policy statement and legal instruments
The Payment Systems Regulator published its final PS23/4 policy statement and three legal instruments on APP scams reimbursement in December 2023, setting a start date of 7 October 2024.
Vanguard launches Managed Personal Pension
Vanguard launched its Managed Personal Pension in December 2023, a service in which the firm selects funds and manages the portfolio on the client's behalf rather than leaving investment decisions to the saver.
- November 2023
House agrees Ways and Means resolutions for Finance Bill 2023-24
The House of Commons voted on the 37 Ways and Means resolutions behind the Finance Bill 2023-24 on 27 November 2023, dividing on none of them, which allowed the Bill to be introduced.
Leasehold and Freehold Reform Bill introduced to Parliament
The Leasehold and Freehold Reform Bill was introduced to Parliament on 27 November 2023, setting out measures to change lease extension, freehold purchase and service charge rules in England and Wales.
Fair By Design responds to Ofgem consultation on additional debt related costs
Fair By Design has published its response to an Ofgem consultation on additional debt related costs, calling for the removal of energy payment premiums that fall disproportionately on low-income households.
Mortgage Guarantee Scheme deadline extended to 30 June 2025
The government has extended the deadline for new 95% mortgages under its Mortgage Guarantee Scheme to 30 June 2025, updating the scheme's policy paper on 23 November 2023.
Ofgem to announce energy price cap for January to March 2024
Ofgem was due to set the energy price cap for January to March 2024 on 23 November 2023, with analysts forecasting a five per cent rise in the typical household bill.
Tax Information and Impact Note published alongside Autumn Statement 2023 NICs rate changes
A Tax Information and Impact Note covering Class 2 National Insurance contribution changes was published on 23 November 2023 alongside the wider NICs rate changes announced at Autumn Statement 2023.
Autumn Statement 2023 announces Isa rule changes from April 2024
Savers will be able to pay into more than one Isa of the same type each tax year, make partial transfers and keep dormant accounts open from April 2024 under Autumn Statement changes.
Autumn Statement 2023 raises working-age benefits by 6.7% and state pension by 8.5% for 2024-25
Chancellor Jeremy Hunt has raised working-age benefits by 6.7% and the State Pension by 8.5% for 2024-25, while tightening sanctions for claimants who do not look for work.
Chancellor announces cut in main National Insurance rates
Jeremy Hunt used the Autumn Statement on 22 November 2023 to cut the main rate of National Insurance paid by employees and the self-employed, with separate legislation following a day later.
Chancellor to deliver Autumn Statement
The Chancellor was due to deliver the Autumn Statement on Wednesday 22 November, with Ofgem's energy price cap decision the following day and forecasts pointing to higher bills from January.
Chancellor presents Autumn Statement 2023
Jeremy Hunt presented the Autumn Statement 2023 to the House of Commons on 22 November, cutting employee and self-employed National Insurance and abolishing the pensions lifetime allowance.
DWP publishes ad hoc statistics estimating families and individuals benefitting from April 2024 benefit uprating
The Department for Work and Pensions has published ad hoc statistics estimating how many families and individuals in Great Britain receive benefits due to be uprated in April 2024.
Government announces package of pension reform at Autumn Statement
The government has announced a package of pension reforms covering small pot consolidation, a lifetime provider model, Local Government Pension Scheme pooling and a cut to the authorised surplus payments charge.
Energy Bills Support Scheme has ended
The Energy Bills Support Scheme, which gave households £400 off their bills last winter, has ended, the Bevan Foundation said, as energy prices remain high and further rises are forecast.
Main regulations come into force
Regulations 8 to 15 of the Carer's Assistance (Carer Support Payment) (Scotland) Regulations 2023 came into force on 19 November 2023, setting the rules for Scotland's carer benefit.
Consumer Scotland publishes briefing on winter energy bill support options
Consumer Scotland has published a briefing on delivering household energy bill support this winter, setting out options for the Chancellor to consider at the Autumn Statement.
Committee publishes Cost of living support payments report
The Work and Pensions Committee published its first report of the session on cost of living support payments on 14 November 2023, and the Government responded on 12 January 2024.
Consultation launched on restricting ground rent for existing leases
The government has opened a consultation on capping the ground rent that residential leaseholders in England and Wales can be required to pay on existing leases, setting out five possible options.
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
£300 Winter Fuel Payment boost began reaching pensioners
An extra £300 was added to the Winter Fuel Payment for 2023 to 2024 and paid automatically to around eight million pensioners from 1 November 2023.
£400 energy discount (EBSS) not repeated for winter 2023/24
The £400 energy discount paid to households in monthly instalments between November 2022 and March 2023 is not set to be repeated this winter, Which? reports.
Autumn Statement 2023 announced ISA simplification changes
The government has set out ISA rule changes announced at Autumn Statement 2023, including allowing more than one ISA of the same type per tax year and widening the Innovative Finance ISA.
Autumn Statement cuts main employee NI rate by 2p
The Chancellor has cut the main rate of employee National Insurance by 2p, the first proper cut to that rate since 1985, with the change taking effect in January.
Autumn Statement extends mortgage guarantee scheme to June 2025 and cuts employee National Insurance by 2p
The Chancellor has extended the mortgage guarantee scheme to June 2025 and cut the main rate of employee National Insurance by 2p, alongside tax and spending measures worth around £17 billion a year.
Autumn Statement papers published with pensions focus
The government published a set of pensions papers alongside the Autumn Statement, covering small pots, a lifetime provider model, collective defined contribution, master trusts and trustee skills.
Carer Support Payment first introduced in Scotland
Carer Support Payment replaced Carer's Allowance in Scotland, piloted from November 2023, rolled out fully from November 2024 and with case transfer completed in Autumn 2025.
Chancellor announces exploration of one pot for life reforms
The Chancellor has announced that the Government will explore reforms to let people choose their own pension scheme for automatic enrolment, and a call for evidence on a "pension pot for life" has opened.
Cold Weather Payment scheme opens for winter 2023-24
The Cold Weather Payment scheme has opened for winter 2023-24, running from 1 November 2023 to 31 March 2024 and paying £25 for each seven-day period of cold weather.
DWP confirms multiple default consolidator plans
The Department for Work and Pensions has confirmed it will proceed with a multiple default consolidator model, under which small inactive workplace pensions are transferred automatically to an authorised consolidator.
DWP consultation on WCA reforms launched ahead of Autumn Statement
The High Court has ruled that the DWP's 2023 consultation on Work Capability Assessment reforms was unlawful, finding it misleading, rushed and unfair, and that cost savings were a primary rationale.
Energy Price Cap to rise to £1,928 in January 2024
Ofgem's energy price cap will rise to £1,928 for a typical household in January 2024, up from £1,834, adding to winter bills for consumers across Great Britain.
November 2023 Autumn Statement reforms the Work Capability Assessment
The November 2023 Autumn Statement reformed the Work Capability Assessment, removing the mobilising descriptor and amending the substantial risk and getting about descriptors, the Office for Budget Responsibility has recorded.
Welsh council leaders commit to accredited enforcement firms only
All council leaders in Wales have committed to using only accredited enforcement firms to collect Council Tax, making Wales the first UK nation to do so, according to the Welsh Government.
- October 2023
Work Capability Assessment consultation closes on 30 October
The government consultation on changing the Work Capability Assessment closed on 30 October, with any resulting proposals able to be costed in time for November's Autumn Statement.
Government changes work rules for single parents with children aged 3 to 12
The government changed the work-related rules for single parents claiming Universal Credit whose youngest child is aged between 3 and 12, with the change taking effect on 25 October 2023.
Individual earnings threshold for main carers of children aged 3 to 12 based on 30 hours a week
From 25 October 2023 the individual earnings threshold for main carers of a child aged between 3 and 12 in Universal Credit is based on 30 hours a week rather than 35 hours.
JRF publishes briefing on an income safety net
The Joseph Rowntree Foundation has published a briefing proposing reforms to the UK social security system, including a new Essentials Guarantee, to stop people being pushed into destitution.
Ofgem publishes new customer services standards for energy suppliers
Ofgem has published new customer services standards setting out rules energy suppliers must follow when customers contact them and when supporting those struggling with bills.
Five Steps to Better Pensions Final Report published
Pensions UK has published its Five Steps to Better Pensions final report, warning that most people in the UK will retire with inadequate pension income without policy intervention.
Move to UC migration phase starts in Northern Ireland
The next phase of migration from legacy benefits to Universal Credit, known as Move to UC, began in Northern Ireland on 16 October 2023, the Department for Communities has said.
Consumer price transparency consultation closes
The Department for Business and Trade has closed its consultation on consumer price transparency and product information, setting out plans to amend the Price Marking Order 2004 and tackle drip pricing and fake reviews.
Metro Bank holds talks with PRA amid reports of £600m funding raise
Metro Bank held urgent talks with the Bank of England's Prudential Regulation Authority on 5 October 2023 as national media reported it was seeking £600m, sending its shares down 25%.
Chancellor claims halving inflation means a 5p boost to real disposable incomes
Jeremy Hunt said on 2 October 2023 that halving inflation would be a 5p boost to real disposable incomes, a claim Full Fact said holds only against a counterfactual of unchanged inflation.
Council tax in Scotland frozen until April 2025
First Minister Humza Yousaf has announced that council tax in Scotland will be frozen at current levels until April 2025, keeping rates unchanged for around 2.5 million households in 2024-25.
CPI inflation falls to 4.6 per cent in October
UK consumer price inflation fell to 4.6 per cent in October 2023, driven mainly by a reduction in the energy price cap, though core and services inflation stayed higher.
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
UK Government launches consultation on bringing BNPL into FCA regulation
The UK Government opened a six-week consultation in October 2023 on draft legislation to bring buy now pay later products inside the Financial Conduct Authority's regulatory perimeter.
Help to Repay findings published
The Money Advice Trust has published findings from October 2023 showing 6.4 million UK adults behind on energy bills, and is leading a coalition of charities calling for a temporary Help to Repay scheme.
Households in serious financial difficulty rise to 4.8 million
The number of UK households in serious financial difficulty rose from 2.8 million in October 2021 to 4.8 million in October 2023, according to a survey tracking household finances.
Move to Universal Credit migration begins in Northern Ireland
The Department for Communities began moving Tax Credit and legacy benefit claimants in Northern Ireland to Universal Credit in October 2023, a process known as Move to Universal Credit.
Ofgem introduces new lower TDCVs from October 2023
Ofgem cut the assumed typical household energy use it uses to express the price cap, lowering gas from 12,000 kWh to 11,500 kWh and electricity from 2,900 kWh to 2,700 kWh from October 2023.
PSR to consult on Draft Direction for Payment Service Providers
The Payment Systems Regulator will consult in October 2023 on a Draft Direction for payment service providers, as part of its new reimbursement requirement for authorised push payment fraud.
PSR to give final legal instruments to Pay.UK
The Payment Systems Regulator will hand final legal instruments to Pay.UK in October 2023, with a further consultation on the instrument for payment service providers, ahead of mandatory fraud reimbursement in 2024.
PSR published PS23/3 and PS23/4 setting the APP reimbursement requirement parameters
The Payment Systems Regulator has set out the detailed parameters for mandatory reimbursement of authorised push payment scam losses through Faster Payments, with the policy starting on 7 October 2024.
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
Revised AS TM1 to come into force from 1 October 2023
Revised AS TM1 guidance from the Financial Reporting Council takes effect from 1 October 2023, requiring money purchase schemes to provide pension projections and annualised accrued values through dashboards.
Rollback of remediable service to the legacy scheme takes effect
From 1 October 2023 pensionable service built up between 1 April 2015 and 31 March 2022 is treated as always having been in the legacy scheme, under the public service pensions remedy.
Second 2023/24 Cost of Living Payment issued
The second means-tested Cost of Living Payment of £300 was paid between 31 October and 19 November 2023, the middle instalment of a £900 award for 2023/24.
Supreme Court ruling extends PPI court claim time limit
A Supreme Court ruling has changed the time limit for court claims over mis-sold payment protection insurance, moving the six-year clock to the end of the underlying credit agreement.
New tiered contribution rates proposed from 1 October 2023
The Scottish Public Pensions Agency has consulted on draft regulations that would replace the NHS Scotland pension scheme's single contribution table with two new tables from 1 October 2023.
Work hour expectations raised for main carers of children aged 3 to 12
Main carers of children aged 3 to 12 claiming Universal Credit can no longer ask for lower expected work hours, after adjustments of 16 and 25 hours a week ended in October 2023.
- September 2023
Draft v0.7 of APP reimbursement scheme rules approved for PSR consultation
Pay.UK has approved a final draft of the APP Reimbursement Scheme Rules for Faster Payments, sending version 0.7 to the Payment Systems Regulator for consultation.
Over half a million more pensioners could pay income tax after 8.5% state pension rise, experts warn
LCP estimates around 650,000 more people aged 65 and over would become income taxpayers if the state pension rises 8.5% in April 2024 while the personal allowance stays frozen at £12,570.
£300 Cost of Living Payment qualifying and payment dates added
The government added the qualifying dates and payment dates for the £300 Cost of Living Payment for people on low income benefits and tax credits on 20 September 2023.
Consultation CP23/6 on APP fraud excess and maximum reimbursement level closes
The Payment Systems Regulator's consultation on the excess and maximum reimbursement level for Faster Payments and CHAPS closed on 12 September 2023, with the regulator publishing its response.
CP23/7 consultation on the consumer standard of caution closed
The Payment Systems Regulator's consultation on the consumer standard of caution for authorised push payment fraud closed on 12 September 2023, with a response published alongside it.
Record earnings figures revealed by ONS
ONS figures released on 12 September showed average wage growth of 8.5% including bonuses for May to July, the highest regular annual growth rate since comparable records began in 2001.
Warm Home Discount eligibility statement for England and Wales published
The government has published the eligibility statement setting out who qualifies for a Warm Home Discount rebate under Core Group 2 in England and Wales from the 2023 to 2024 scheme year.
Extra 300,000 people projected to fall into absolute poverty in 2024-25
The Resolution Foundation projects an extra 300,000 people will fall into absolute poverty in 2024-25, with median non-pensioner household income flat for a third year.
Resolution Foundation projects three-year household income stagnation around 2024 election
The Resolution Foundation projects zero real growth in median non-pensioner household income in 2023-24, 2024-25 and 2025-26, a three-year stagnation after a sharp fall in 2022-23.
Government opens consultation on changes to the Work Capability Assessment
The government has opened a consultation on changes to the Work Capability Assessment that would make it less likely some claimants qualify for the LCWRA element of Universal Credit.
Government launches consultation on consumer price transparency and product information
The Department for Business and Trade has published its response to a consultation on price transparency and product information, confirming plans to change unit pricing rules and ban fake reviews.
Automatic enrolment extension reforms receive Royal Assent
A Private Members Bill extending automatic enrolment to workers under 22 and removing the Lower Earnings Limit has received Royal Assent, the Pensions and Lifetime Savings Association has confirmed.
Benefit Cap (Annual Limit) (Amendment No 2) Regulations (Northern Ireland) 2023 come into force
The Benefit Cap (Annual Limit) (Amendment No 2) Regulations (Northern Ireland) 2023 came into force in September 2023, keeping the higher benefit cap rates set in April 2023 in place in Northern Ireland.
Plan 5 introduced for students starting university in 2023-24
Students starting university in England in 2023-24 borrow under Plan 5, which charges RPI-only interest, sets a lower repayment threshold and writes off debt after 40 years rather than 30.
Recent rule change makes 200,000 more benefit claimants eligible for SMI loan
A rule change to the government's Support for Mortgage Interest loan has extended eligibility to 200,000 more benefit claimants, according to Which?, which reports the figure alongside new survey findings on borrower reluctance.
In-work conditionality rules change
From September 2023, people earning above 15 hours a week at the National Living Wage but below full time hours must look for more or better paid work.
In-Work Progression Offer to roll out from September 2023
Low earners on Universal Credit will be required to meet their work coach every quarter under the In-Work Progression Offer, which begins a phased rollout from September 2023.
- August 2023
Financial Services and Markets Act 2023 inserts fraud liability provisions into Regulation 90
The Financial Services and Markets Act 2023 inserted new provisions into regulation 90 of the Payment Services Regulations 2017 on 29 August 2023, preserving payment providers' liability under certain requirements where a payment order is executed after fraud or dishonesty.
Section 72 of the Financial Services and Markets Act 2023 comes into force
Section 72 of the Financial Services and Markets Act 2023 came into force on 29 August 2023, requiring the Payment Systems Regulator to draft and then impose reimbursement rules for Faster Payments fraud cases.
CP23/4 consultation on draft APP fraud reimbursement legal instruments closes
The Payment Systems Regulator's consultation on draft legal directions for mandatory authorised push payment fraud reimbursement closed on 25 August 2023, with implementation proposed for 2 April 2024.
Treasury publishes Cash Access Policy Statement
The Treasury published its Cash Access Policy Statement on 18 August 2023, setting out government policy on cash deposit and withdrawal services, and the FCA published its own statement the same day.
Consumer Council research finds Northern Ireland lost 27% of bank branches in under three years
The Consumer Council has found that Northern Ireland lost 27% of its bank branch network in under three years, with vulnerable consumers and rural areas most affected.
NIESR publishes report on impact of rising interest rates on housing costs
The National Institute of Economic and Social Research has published analysis of how fast-rising interest rates affect housing costs for mortgage holders and renters across the United Kingdom.
Cabinet Office confirms McCloud remedy regulations will proceed
The Cabinet Office has confirmed it will proceed with regulations implementing the second phase of the McCloud remedy for the Civil Service Pension Scheme, with the rules expected to take effect from 1 October 2023.
Which? reports on FCA findings that millions cancelled insurance policies during the cost of living crisis
Which? has reported FCA survey findings that 3.6 million people cancelled, reduced or switched an insurance policy in the six months to January 2023 to cut costs.
AJ Bell projects 2.7m savers to pay tax on savings interest in 2023-24
AJ Bell predicts 2.7 million savers will pay tax on savings interest in 2023-24, up from 1.8 million last year, as rising rates meet a frozen personal savings allowance.
HM Treasury publishes cash access policy statement
HM Treasury published a policy statement in August 2023 setting minimum expectations for cash deposit and withdrawal services, under powers in the Financial Services and Markets Act 2023.
Housing Loss Prevention Advice Service introduced
The Legal Aid Agency introduced a Housing Loss Prevention Advice Service on 1 August 2023 for people at risk of losing their home, with no legal aid financial eligibility test.
Mortgage Charter agreed by Government, FCA and lenders
The Government, the Financial Conduct Authority and mortgage lenders agreed a Mortgage Charter in August 2023, signed by lenders representing around 90% of the mortgage market.
Plan 5 applies to courses started on or after 1 August 2023
Students who began undergraduate courses through Student Finance England on or after 1 August 2023 are on repayment Plan 5, with a £25,000 income threshold and a 40-year write-off.
PSR to consult on claim excess and reimbursement cap
The Payment Systems Regulator will consult in August 2023 on the claim excess banks may charge fraud victims, the maximum reimbursement cap and guidance on the gross negligence test.
Student loan repayment rules changed for new students from August 2023
Students starting university from August 2023 face a lower repayment threshold of £25,000, a 40 year write-off period and interest capped at RPI, under repayment rules that differ from earlier cohorts.
- July 2023
FCA guidance on insurance customers in financial difficulty comes into force
The Financial Conduct Authority's guidance on how insurers should treat customers in financial difficulty took effect on 31 July 2023, sitting alongside the Consumer Duty.
FCA sets out 14-point action plan on cash savings
The Financial Conduct Authority has launched its Consumer Duty rules and set out a 14-point plan on cash savings to make banks and building societies pass on interest rate rises to savers.
Consumer Duty implementation deadline for firms
The Financial Ombudsman Service says its Consumer Duty engagement work will continue past the 31 July implementation deadline, as the new rules start to apply to firms' acts and omissions.
JRF publishes summary arguing inadequate Universal Credit is a barrier to work and calls for an Essentials Guarantee
The Joseph Rowntree Foundation has published a summary arguing that inadequate Universal Credit acts as a barrier to work, and calling for an Essentials Guarantee setting support against the cost of essentials.
Tax information and impact note published on abolishing the pensions lifetime allowance
HMRC has published a tax information and impact note on abolishing the pensions lifetime allowance from April 2024, limiting tax-free cash to £268,275 and lump sums before marginal rate taxation to £1,073,100.
Government, FCA and TPR publish Value for Money consultation response
The government, the Financial Conduct Authority and the Pensions Regulator have published their response to a consultation on disclosing, assessing and comparing the value for money of workplace pension schemes.
Government publishes CCA reform consultation response
The government has published its response to the first stage consultation on reforming the Consumer Credit Act 1974, saying stakeholders backed an overhaul, with a second consultation planned for 2024.
Participating lenders to offer rate lock up to six months ahead of expiry
From 10 July 2023, lenders signed up to the Mortgage Charter began letting borrowers lock in a new mortgage rate up to six months before their existing fixed deal ends.
Which? finds six of top 10 instant-access accounts restrict penalty-free withdrawals
Which? analysis of Moneyfacts data has found that six of the ten highest-paying instant-access savings accounts limit withdrawals or require a minimum balance before penalties apply.
End of £400 universal winter Government energy support
The £400 universal Government energy support paid to households over the winter ended as the Ofgem price cap replaced the Energy Price Guarantee, cutting typical annual bills to £2,074 from July.
Energy price cap reductions began lowering domestic fuel budgets
Reductions in the energy price cap from July 2023 cut the domestic fuel element of the Pensions UK Retirement Living Standards budgets by more than a quarter for every household type, new research shows.
Energy Price Guarantee coverage narrowed to prepayment meter customers
Households without a prepayment meter lost Energy Price Guarantee support from July 2023, while prepayment customers remain covered so their costs align with Direct Debit customers.
Energy Price Guarantee made less generous, rising to £3,000 a year
The Energy Price Guarantee became less generous in July 2023, rising to £3,000 a year, but a fall in the price cap meant it no longer set maximum prices and bills fell.
FCA Consumer Duty comes into force
The Financial Conduct Authority's Consumer Duty came into force in July 2023, setting higher standards of consumer protection and supporting the Mortgage Charter agreed with lenders and the Chancellor.
Government announces plan to let employed customers pay the HICBC through their tax code
The government has set out plans to let employed parents pay the High Income Child Benefit Charge through their tax code rather than registering for Self Assessment.
HM Treasury published policy statement proposing contract termination reforms
HM Treasury has published an explanatory memorandum to 2025 regulations requiring payment firms to give at least 90 days' notice and specific reasons before terminating an indefinite-period payment contract.
Lower energy price cap commenced
The lower energy price cap that took effect in July 2023 pushed the headline rate of CPI down materially again, as UK Finance reported in its Q2 2023 household finance review.
Ofgem cuts typical domestic consumption values used in price caps
Ofgem has cut the typical domestic consumption values used to calculate the typical household bill in the energy price cap, reducing assumed gas use by 17 per cent and electricity use by 7 per cent.
Ofgem lowers energy price cap to £2,074 for England, Wales and Scotland
Ofgem has lowered its energy price cap for England, Wales and Scotland so that a typical household bill falls to £2,074 a year from July, £426 less than under the Energy Price Guarantee.
Prepayment price premium removed
Households with prepayment meters have not been charged more for their energy than comparable direct debit customers since 1 July 2023, when a long-standing price premium on prepayment tariffs ended.
PSR to consult on draft legal instruments for reimbursement
The Payment Systems Regulator will consult in July on draft legal instruments for mandatory reimbursement of authorised push payment fraud victims, with the requirement due to come into force in 2024.
Universal Credit childcare maximum amounts to rise
The maximum childcare costs that working parents on Universal Credit can claim rise from July 2023 to £951 a month for one child and £1,630 for two or more.
- June 2023
Barclaycard payment protection and income protection policies automatically end
Barclaycard payment protection and income protection policies closed on 30 June 2023, with cover and new claims limited to events before that date, except Barclaycard PPI.
Barclays withdraws Android NFC contactless payments from its app
Barclays has withdrawn contactless payments of up to £300 made through its app on NFC-enabled Android devices, with the feature ending on 30 June 2023 under terms issued in April and October 2023.
FCA publishes policy statement and revised rules to bring the Mortgage Charter into force
The FCA published a policy statement and revised rules on 30 June 2023 to bring the government's Mortgage Charter into force, giving lenders new options for borrowers in financial difficulty.
Mortgage Charter support for borrowers up to date with payments takes effect
From 30 June 2023 borrowers who are up to date with their mortgage can ask their lender to switch to interest only for up to six months or extend their term without an affordability assessment.
Financial Services and Markets Act receives Royal Assent
The Financial Services and Markets Act 2023 became law on 29 June 2023, giving the Financial Conduct Authority a duty to seek reasonable provision of cash withdrawal and deposit services across the UK.
Words in regulation 7(1) substituted by the Social Security, Universal Credit and State Pension (Miscellaneous Amendments) Regulations (Northern Ireland) 2023
Northern Ireland regulations substituted wording in regulation 7(1) of the 2016 Universal Credit transitional rules with effect from 29 June 2023, alongside matching changes to claims and payments rules.
Statutory consultation on Involuntary PPM licence changes opens
Ofgem has opened a statutory consultation on plans to write its Involuntary PPM Code of Practice into electricity and gas supply licence conditions, with responses due by 26 July 2023.
SMI eligibility rule changes for Universal Credit claimants documented
The Department for Work and Pensions has added information about changes to Support for Mortgage Interest eligibility rules for Universal Credit claimants to its statistics background and methodology note.
Government publishes Mortgage Charter with lenders covering 85% of mortgage market
The government published the Mortgage Charter on 26 June 2023, with lenders covering 85% of the UK mortgage market committing to measures for borrowers in financial difficulty.
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.
New mortgage support measures agreed by lenders, Chancellor and FCA
On 23 June 2023 the principal mortgage lenders, the Chancellor and the Financial Conduct Authority agreed new support measures for residential mortgage holders, as mortgage rates rose.
Bank of England raises base rate to 5.00%
The Bank of England raised the base rate by 0.50 percentage points to 5.00% on 22 June 2023, taking it from 4.50% and continuing a run of increases that affects mortgages, savings and borrowing costs.
Committee publishes Payment Systems Regulator response on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published the Payment Systems Regulator's response to its report on scam reimbursement, as a special report dated 14 June 2023.
PSR publishes policy statement on new APP fraud reimbursement requirement
The Payment Systems Regulator has published a policy statement setting out a new reimbursement requirement for victims of authorised push payment fraud, with an implementation date proposed for 2 April 2024.
HMRC warns of rise in scams impersonating the tax agency ahead of tax credits renewal deadline
HMRC has warned of a rise in scam calls, emails and texts impersonating the tax agency, including phishing emails sent from Japanese addresses, ahead of the 31 July tax credits renewal deadline.
Plan 1 to 5 loan definitions inserted by 2022 Amendment Regulations
Regulations defining plan 1 to plan 5 student loans were inserted into the Education (Student Loans) (Repayment) Regulations 2009 with effect from 6 April 2023.
Consumer Scotland publishes response to Ofgem's Consumer Standards Framework consultation
Consumer Scotland has published its response to Ofgem's consultation on a framework for consumer standards and policy options covering priority customer service issues in the energy market.
Access to Banking Services in Northern Ireland published by CCNI
The Consumer Council Northern Ireland published an analysis of bank closures across Northern Ireland from 2020 to early 2023, showing 21% of consumers had seen their local bank close.
Amending regulations replace staged connection timetable with single deadline of 31 October 2026
The Pensions Minister laid amending regulations in June 2023 replacing 23 staged connection deadlines for pensions dashboards with a single mandatory deadline of 31 October 2026.
Cost of living increase remains most common reason for debt at 26%
The cost of living increase remained the most common reason for debt among new StepChange clients in June 2023 at 26%, down one point on May but eight points above June 2022.
Council tax and water arrears among clients rise to 33% and 23%
The share of StepChange clients behind on council tax rose to 33% and on water to 23% in June 2023, both up two percentage points on May and back to levels last seen in March.
Coutts closed Nigel Farage's bank account
Coutts closed Nigel Farage's account in June 2023 after raising concerns about his political views, prompting an FCA review of account closures and draft government rules on notice periods.
Energy Price Guarantee extended to end of June 2023
The Energy Price Guarantee was extended to the end of June 2023, Consumer Scotland said in its response to an Ofgem call for input on the debt-related costs allowance in the energy price cap.
FCA prohibits debt packager remuneration from debt solution providers
The Financial Conduct Authority has banned firms from taking commission, fees or other payment from debt solution providers for referrals, under a rule that took effect on 2 June 2023.
Financial Services and Markets Act 2023 receives royal assent
The Financial Services and Markets Bill became the Financial Services and Markets Act 2023 in June 2023, carrying provisions on cash access services and Bank of England oversight of the wholesale cash industry.
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
First review of the 2021 transfer conditions regulations published
The Department for Work and Pensions has published an options assessment setting out proposed amendments to the 2021 pension transfer regulations, including a new red flag for transfers into Small Self-Administered Schemes.
Free access to cash protection added to the Act
The Financial Services and Markets Act 2023 received royal assent on 29 June, after the government amended the Bill to protect free access to cash following a campaign by Which?.
Government aims to lay secondary legislation on BNPL regulation in mid-2023
HM Treasury has set out its response to the buy now pay later consultation, confirming plans to lay secondary legislation in mid-2023 that would set the scope and framework of the new regime.
Law Centre NI publishes Cost of Living Support Payments 2023-2024 poster
The Law Centre NI has published a poster setting out the amounts, qualifying benefits and dates for the 2023-2024 cost of living support payments, including three means-tested payments and a pensioner payment.
Major mortgage lenders extend repossession threshold to 12 months of arrears
The UK's major mortgage lenders agreed in June 2023 to extend the point at which repossession orders can begin from three months of arrears to 12 months, a change the government estimated covered 90% of the market.
Majority of mortgage lenders sign new mortgage charter
The majority of UK mortgage lenders signed a new mortgage charter in June 2023, confirming support options for borrowers and protecting those who miss payments from repossession without consent for at least 12 months.
Market expectations for peak Bank Rate rise to nearly 6 per cent after stronger than expected inflation and pay data
Financial markets raised their expected peak for Bank Rate to nearly 6 per cent in mid-2024 after stronger than expected April inflation and pay data, the Resolution Foundation said.
Mortgage Charter agreed by lenders, FCA and government
The UK's largest mortgage lenders, the Financial Conduct Authority and the Chancellor agreed the Mortgage Charter in June 2023, setting standards for helping borrowers worried about higher rates.
Mortgage Charter protection against quick eviction
Lenders covering 85% of the UK mortgage market have committed to a charter that stops them forcing borrowers out of their homes within a year of a first missed payment.
Ofgem consults on new involuntary PPM requirements
Ofgem has opened a statutory consultation on licence conditions that would put its April 2023 Involuntary PPM Code of Practice into electricity and gas supply rules, with responses due by 26 July 2023.
ONS June 2023 data shows RHDI per capita fell 1.9 per cent in 2022-23, less than the 3.7 per cent fall forecast in March 2023
ONS outturn estimates from June 2023 show real household disposable income per person fell 1.9 per cent in 2022-23, less than the 3.7 per cent the fiscal watchdog had forecast in March 2023.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR increases reimbursement time limit from 48 hours to five business days
The Payment Systems Regulator has confirmed that victims of authorised push payment fraud must be reimbursed within five business days, extending its proposed 48-hour limit, under rules taking effect in 2024.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
Resolution Foundation publishes mortgage crunch analysis
The Resolution Foundation estimated households whose fixed-rate mortgage deals expire in 2024 face an average annual repayment increase of £2,900, a figure Labour quoted as applying to this year.
State pension top-up deadline extended to April 2025
HMRC has confirmed that people will have until April 2025 to pay voluntary National Insurance contributions for historic gaps, extending a deadline that had already been moved once.
- May 2023
HMRC warns tax credits customers about renewal deadline scams
HMRC has warned around 1.5 million tax credits customers to watch for scams mimicking government communications ahead of the 31 July renewal deadline, as it reported new fraud tactics.
FCA opens CP23/13 consultation on Tailored Support Guidance
The FCA has opened a consultation on folding its Tailored Support Guidance for consumer credit and mortgages into its rulebooks, with responses due by 13 July 2023.
Consultation on proposed changes to member contributions opens
The Scottish Public Pensions Agency has opened a twelve-week consultation on proposed changes to member contribution rates in the NHS Pension Scheme (Scotland), running from 23 May to 15 August 2023.
Fair By Design responds to Ofgem consultation on payment method cost differentials
Fair By Design has published its response to an Ofgem consultation on payment method cost differentials, arguing that low income consumers should not pay more for energy because of how they pay.
Treasury Committee recommends regulating unbacked cryptoasset trading as gambling
The Treasury Committee has told the Government to regulate retail trading and investment in unbacked cryptoassets as gambling, not as a financial service, in a report published on 17 May 2023.
User-generated fraud included in draft Online Safety Bill
The Government has added user-generated fraud to the draft Online Safety Bill, a change the Financial Services Compensation Scheme called a step in the right direction.
Cost of living increase remains most common reason for debt among StepChange clients
StepChange reports that a cost of living increase was the most common reason for debt among its clients in May 2023, cited by 27 per cent, up from 16 per cent a year earlier.
Dual fuel bill arrears among StepChange clients up six percentage points since January 2023
StepChange reports that 57% of clients responsible for dual fuel bills were in arrears in May 2023, six percentage points above both January 2023 and May 2022.
DWP reveals £670m of state pension underpaid in 2022-23
The Department for Work and Pensions underpaid £670m of state pension in 2022-23, the highest underpayment rate on record, with official error the main cause.
entitledto publishes updated estimates of unclaimed means-tested benefits
entitledto has updated its estimate of unclaimed means-tested benefits, putting the total at £15.06 billion across 5,745,000 families, with Universal Credit accounting for just over £8 billion of that figure.
FCA consults on rules to strengthen protections for borrowers in financial difficulty (CP23/13)
The Financial Conduct Authority has confirmed final rules requiring lenders to support borrowers in financial difficulty, replacing pandemic-era guidance from 4 November 2024.
Hargreaves Lansdown survey finds one in seven workers have stopped pension contributions
A May 2023 survey of 2,000 people for Hargreaves Lansdown found one in seven had stopped pension contributions and 8% had cut them back, with younger workers most likely to have done so.
Most local authorities changing CTR schemes for 2023/24 made them more generous
Of the 39 English councils that changed their Council Tax Reduction schemes for 2023/24, 29 increased maximum support for the poorest households and one reduced it, a survey of all 296 schemes found.
Record net withdrawal from UK savings in May 2023
Bank of England data shows households withdrew £4.6bn more from savings accounts than they paid in during May 2023, the largest net withdrawal since monthly records began in October 1997.
Saltus survey finds one in five would cut pension contributions to cover mortgage costs
A May 2023 survey of 2,004 people by financial planning firm Saltus found one in five said they would have to cut pension contributions to cover rising mortgage costs.
Survey finds 44% of UK adults struggling with bills and credit commitments
StepChange says 44% of UK adults found it difficult to keep up with household bills and credit commitments in May 2023, and 8% met its definition of severe problem debt.
- April 2023
Digital Markets, Competition and Consumers Bill 2022-23 introduced in the House of Commons
The Digital Markets, Competition and Consumers Bill was introduced in the House of Commons on 25 April 2023, with new powers for the Competition and Markets Authority over consumer law enforcement.
Ofgem publishes new Code of Practice on involuntary prepayment meter installations
Fair By Design has welcomed Ofgem's new voluntary Code of Practice on involuntary prepayment meter installations, saying suppliers must now weigh a household's finances and physical vulnerability.
Consumer Panel responds to HM Treasury Payment Services Regulations Call for Evidence
The Financial Services Consumer Panel has told HM Treasury that its review of payment services rules must put consumers at the centre and toughen the regulatory gateway for payment firms.
PSR call for evidence on competitive constraints in card payment systems closes
The Payment Systems Regulator's call for evidence on the competitive constraints Mastercard and Visa face when setting scheme and processing fees closed at 5pm on 11 April 2023.
Benefits uprating and benefit cap rise in line with inflation
The UK Government uprated working age benefits and the benefit cap by 10.1 per cent from April 2023, a decision confirmed in the November 2022 Autumn Statement and applied to rates from 10 April 2023.
Amendment (No. 4) Regulations 2022 changes take effect
Amendments to the Education (Student Loans) (Repayment) Regulations 2009 made by the Amendment (No. 4) Regulations 2022 took effect on 6 April 2023, changing repayment rules including a plan 5 repayment holiday.
Amendments to ISA and Child Trust Funds legislation take effect
HM Revenue and Customs has published amendments to Individual Savings Accounts and Child Trust Funds legislation, taking effect from 6 April 2023, covering safeguards for investors and clarification of doubtful cases.
Dividend and capital gains tax allowance cuts take effect
The dividend and capital gains tax allowances announced in Jeremy Hunt's 2022 Autumn Budget took effect on 6 April 2023, halving the amounts that can be earned before tax is due.
Income Tax rates updated for 2023 to 2024
HM Revenue & Customs updated its published Income Tax rates and allowances for the 2023 to 2024 tax year on 6 April 2023, with later corrections to Scottish rates and earlier figures.
New interest thresholds and plan 5 interest rules come into force
Repayment regulations for student loans changed on 6 April 2023, introducing plan 5 loans for courses starting from August 2023 and new interest and threshold rules.
Lifetime Allowance charge abolished and pension tax limits increased
From 6 April 2023 the lifetime allowance charge is removed and the pension commencement lump sum is capped at 25% of the current lifetime allowance, while four pension tax limits rise.
Backdating of SMI claims limited to 3 April 2023 for claimants with earnings in every assessment period before that date
Official guidance confirms that Universal Credit claimants who had earnings in every assessment period before 3 April 2023 can only backdate a Support for Mortgage Interest loan to that date.
SMI opened to employed Universal Credit claimants
The Department for Work and Pensions has changed Support for Mortgage Interest so employed Universal Credit claimants can qualify, cutting the waiting period from nine months to three.
Which? research finds banks mishandling Power of Attorney registration
Which? research published on 3 April 2023 found that banks mishandle power of attorney registration, restrict attorneys' online access and give misleading advice, while building societies performed better.
ONS research shows majority of England private rents rose in the year to February 2023
ONS research reported by Which? shows 50.6% of privately rented properties in England had a rent increase in the year to February 2023, with London highest at 66.8%.
Additional rate threshold lowered from £150,000 to £125,140
The point at which income tax is charged at 45p in the pound fell from £150,000 to £125,140 from April 2023, and the threshold has been frozen at that level since.
Beagle Street publishes The Mortgage Cover Gap Report
Beagle Street's Mortgage Cover Gap Report estimates £433bn of mortgage debt across Great Britain has no life insurance behind it, based on the most conservative assumption that 26% of mortgage households hold no policy.
Cost of living payments kept cash benefits for the poorest fifth in line with FYE 2022
Official figures show cost of living payments kept cash benefits for the poorest fifth of UK households level with the previous year after inflation, though final incomes fell overall.
DAF payment rules changed for all applicants
From 1 April 2023 all applicants to the Discretionary Assistance Fund in Wales became eligible for three payments in a 12-month rolling period, with an 11% increase to emergency awards and a shorter gap between applications.
Fair By Design and SMF launch report on insurance poverty premiums
Fair By Design and the Social Market Foundation have published research finding that paying monthly for car insurance costs more than paying annually, with some people giving up cover as a result.
First 2023/24 Cost of Living Payment issued
The first instalment of the 2023/24 means-tested Cost of Living Payment, £301, was paid to most eligible households between 25 April and 17 May 2023, the opening part of a £900 award.
Full-scale managed migration to Universal Credit started
Full-scale managed migration to Universal Credit began in April 2023, moving legacy benefit claimants across Great Britain onto Universal Credit in stages and replacing Income-related ESA over time.
Full new State Pension rose to £203.85 a week
The full new State Pension rose to £203.85 a week from April 2023, with the annual figure reported as £10,636.60, as the triple lock uprating took effect.
Government £400 energy discount scheme ended in April 2023
The £400 energy discount paid to every UK household from October 2022 ended in April 2023, as the energy price cap continued to set bills for most households.
Government announced replacement credits system
The National Insurance replacement credits service for parents who missed out on credits after opting out of child benefit has been delayed from April 2026 to April 2027.
Government consultation on BNPL regulation closes
A government consultation on regulating buy now, pay later services closed in April 2023, with the Financial Conduct Authority potentially overseeing the sector by the end of that year.
Help to Buy 2 scheme ended in England
The Help to Buy 2 equity loan scheme closed to new applications in England at the end of March 2023, after two years in which it was restricted to first-time buyers.
Help to Buy - Wales opens to first-time buyers and home movers with a 5% deposit for homes up to £300,000
The Welsh Government's Help to Buy Wales shared equity loan scheme applies to new-build homes up to £300,000 from 1 April 2023, for first-time buyers and home movers with a 5% deposit.
Help to Buy - Wales price cap rises to £300,000 with EPC B requirement
The Help to Buy Wales purchase price cap rose from £250,000 to £300,000 on 1 April 2023, and every home sold through the scheme must now meet a minimum energy rating of EPC B.
HM Treasury Call for Evidence on the Payment Services Regulations 2017 concluded
HM Treasury has concluded that existing rules on payment service contract terminations are deficient, and has laid regulations extending the minimum notice period to 90 days from 28th April 2026.
JROC publishes roadmap for next phase of Open Banking
The Payment Systems Regulator and fellow members of the Joint Regulatory Oversight Committee published a roadmap in April 2023 setting out three phases of delivery for open banking, with a full set of open banking payments targeted for 2025.
Large pension schemes to connect to dashboards digital architecture from April 2023
The Government's draft Pensions Dashboards Regulations propose that the largest occupational pension schemes connect to the dashboards digital architecture between April 2023 and September 2024.
Managed Migration started in Northern Ireland
Managed Migration to Universal Credit began in Northern Ireland in April 2023, initially inviting only Tax Credits only claimants, after the process had already been running in England and Wales.
Minimum wage rise of almost 10 per cent takes effect
The minimum wage rose by almost 10 per cent on 1 April 2023, with 1.7 million workers gaining directly, according to the Resolution Foundation.
Most Scottish councils raise council tax bills by at least 5% for 2023-24
Most Scottish councils raised council tax by at least 5% for 2023-24, with Orkney Islands up 10%, and ministers have proposed letting councils double bills on second homes from April 2024.
Move to UC begins for tax credit claimants
The Department for Work and Pensions began moving tax credit claimants onto Universal Credit in April 2023, a process the Office for Budget Responsibility says enabled the tax credit system to close in April 2025.
National Minimum Wage and National Living Wage rates rise on 1 April 2023
All National Minimum Wage rates rose on 1 April 2023, with the National Living Wage for workers aged 23 and over increasing 9.7 per cent to £10.42 an hour.
Northern Ireland Managed Migration Trial commences
Northern Ireland began inviting people on legacy benefits to claim Universal Credit in April 2023 under a Managed Migration Trial, with Tax Credit claimants among the first to receive notices.
SMI qualifying period cut to three months and zero earnings rule removed
From April 2023 the Support for Mortgage Interest qualifying period for Universal Credit claimants fell from nine months to three, and working claimants became eligible for the first time.
- March 2023
Energy Price Guarantee scaled back from April 2023
The Energy Price Guarantee is being scaled back from April 2023, capping typical household energy bills at £3,000 rather than £2,500, alongside a package of Cost of Living Payments.
Government announces delay to State Pension Age increase
The government has delayed the increase in State Pension Age, prompting the International Longevity Centre to warn that the decision leaves future governments facing difficult choices on tax or spending.
Government announces Great British Insulation Scheme extending grants to council tax bands A-D
The government has announced the Great British Insulation Scheme, extending insulation grants to households in council tax bands A to D and adding 300,000 homes to the eligible pool.
£301 Cost of Living Payment eligibility and payment dates published
The government has published the qualifying dates and payment dates for the £301 Cost of Living Payment for people receiving low income benefits, with most payments due between 25 April and 17 May 2023.
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
Budget announces childcare expansion, pension tax changes and higher benefits conditionality
The March 2023 Budget expanded free childcare, abolished the lifetime limit on tax-free pension savings and raised benefits conditionality, requiring 800,000 more people to work.
Chancellor announces first Budget with Energy Price Guarantee extension and childcare reforms
Jeremy Hunt's first Budget extends the Energy Price Guarantee to the end of June, restructures Universal Credit childcare payments and scraps Work Capability Assessments.
Government freezes pension commencement lump sum limit at £268,275 and removes Lifetime Allowance charge
The Government has removed the Lifetime Allowance tax charge and frozen the pension commencement lump sum limit at £268,275 across all pension arrangements, effective from 6 April 2023.
Health and Disability White Paper published alongside Budget
The Health and Disability White Paper, published with the Spring Budget on 15 March 2023, proposes abolishing the Work Capability Assessment for new Universal Credit claims by disabled people.
Spring Budget 2023 announced
The Chancellor's Spring Budget 2023 set out measures under four priorities, Employment, Education, Enterprise and Everywhere, including changes to childcare support, Universal Credit conditions and the Energy Price Guarantee.
Spring Budget announces £4bn free childcare expansion and upfront UC childcare payments
The Spring Budget of 15 March 2023 set out a £4bn expansion of free childcare, upfront payment of childcare costs for benefit claimants and tougher Universal Credit sanctions.
Consumer Scotland publishes response to Ofgem call for evidence on prepayment rules
Consumer Scotland has published its response to Ofgem's call for evidence on prepayment meter rules, citing survey data on the harms reported by households using the meters.
FCA publishes guidance for firms supporting mortgage borrowers affected by living costs
The Financial Conduct Authority published finalised guidance on 10 March 2023 setting out how firms should support existing mortgage borrowers affected by rising living costs.
Welsh Government publishes evaluation of removing imprisonment sanction for Council Tax non-payment in Wales
Welsh Government research published on 8 March 2023 finds higher Council Tax collection rates in Wales than England and Scotland after the imprisonment sanction for non-payment was removed.
Government announces Dormant Assets Scheme can support financial education and capability
The government has said it will examine whether the Dormant Assets Scheme can fund financial education and capability, alongside £76 million already allocated for affordable credit.
ISA Regulations amended for Dormant Assets Act 2022, recognised schemes, investment trusts and junior ISA manager rules
The Treasury has amended the ISA Regulations 1998 with effect from 6 April 2023, changing dormant account definitions, recognised scheme status, investment trust share rules and junior ISA manager withdrawal.
Annual CPI inflation falls to 10.1 per cent
Annual CPI inflation fell to 10.1 per cent in March 2023 from 10.4 per cent in February, a seventh consecutive month of double-digit inflation, while food inflation reached a 45-year high.
Budget sets out OBR forecast of falling living standards
The Office for Budget Responsibility's Budget forecast shows living standards falling this year and next and not returning to pre-pandemic levels until the back end of the decade, with mortgagors facing the largest income falls.
Consumer Scotland recommends continuing the pause on prepayment meter installations
Consumer Scotland has recommended that the pause on prepayment meter installations continue until Ofgem is confident that individual suppliers are complying with their licence conditions.
Debt adviser redundancies increasingly likely at Citizens Advice
A leaked Citizens Advice e-mail says a recruitment freeze has failed to deliver the savings needed, making compulsory redundancies of debt advisers increasingly likely as Money and Pensions Service funding falls.
Energy Bill Support Scheme payments ended
The Energy Bill Support Scheme, which gave households £400 off energy bills between October 2022 and March 2023, ended in March 2023, with no repeat announced in the Spring Budget.
Energy companies agree to stop force-fitting prepayment meters in vulnerable customers' homes
All energy companies have said they will stop force-fitting prepayment meters in vulnerable customers' homes, according to the government, and magistrates have temporarily stopped signing off warrant applications.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
UK food price inflation peaks at 19.2%
Scottish Government analysis puts annual food price inflation at 19.2 per cent in March 2023, the highest rate of increase in food prices since 1977, as overall UK inflation eased to 10.1 per cent.
FPC recommends minimum resilience levels for LDI funds
The Bank of England's Financial Policy Committee has recommended that The Pensions Regulator set minimum resilience levels for the LDI funds and mandates that pension scheme trustees can invest in.
Government shelves plans to bring state pension age to 68 sooner than planned
The government has shelved plans to bring the state pension age to 68 sooner than planned, confirming the rise to 67 will go ahead between 2026 and 2028.
Help to Buy scheme closed in England
The Help to Buy equity loan scheme in England closed at the end of March 2023 after ten years, with an official evaluation later finding it supported first-time buyer sales but also pushed up prices in some areas.
Low Pay Commission opens consultation on 2024 minimum wage rates
The Low Pay Commission is consulting on minimum wage rates for April 2024 and beyond, running from 23 March to 9 June 2023, with recommendations to the Government due in October.
March 2023 Budget increases UC childcare support
The March 2023 Budget raised the Universal Credit childcare element to £951 for one child and £1,630 for two children from July 2023, and paid the first month of childcare costs upfront for parents moving into work.
NIESR underlying inflation hits series high
The National Institute of Economic and Social Research said its trimmed-mean measure of underlying UK inflation rose to a series high of 9.9 per cent in March 2023, as food inflation reached a 45-year high.
Pensions Minister announces reset of the Pensions Dashboards Programme
The Pensions Minister announced in March 2023 that the Pensions Dashboards Programme would be reset, allowing more time to build the digital architecture and connect pension providers and schemes.
Silicon Valley Bank and Credit Suisse collapse sparks FSCS review
The Bank of England is reviewing the deposit guarantee scheme after the March 2023 collapses of Silicon Valley Bank and Credit Suisse, including whether to raise the £85,000 protection limit.
Spring Budget 2023 pension tax changes incorporated into relief forecasts
HMRC's December 2024 tax relief statistics confirm that official forecasts for pension tax relief now include the abolition of the Lifetime allowance and the Annual allowance increase announced at Spring Budget 2023.
Spring Budget announces expansion of free childcare and Universal Credit childcare cap increase
The Chancellor has announced a phased extension of free childcare in England to working parents of children from nine months old, alongside higher Universal Credit childcare caps paid upfront.
StepChange advises 17,267 new debt advice clients in March 2023
StepChange advised 17,267 new debt advice clients in March 2023, 7% more than in February 2023 and 15% more than a year earlier, with 26% citing the cost of living as their main reason for debt.
Support for Mortgage Interest waiting period reduced
The waiting period for Support for Mortgage Interest is to be cut from nine months to three months in spring 2023, alongside changes to the zero earnings rules, according to a benefits timetable.
Top-up deadline moved to 31 July 2023
HMRC has given people until 31 July 2023 to top up National Insurance credits, extending a deadline that had been due to fall on 5 April.
- February 2023
HMRC warns of fake tax refund email scam
Fraudsters are sending fake tax refund emails that use HMRC branding and a claim link, and HMRC has issued a warning about the scam, according to Which?.
Tenth JRF report finds 29.1% of UK individuals below MIS in 2020-21
The Joseph Rowntree Foundation's tenth Minimum Income Standard report estimates 19.2 million people, including 5.7 million children, lived in households below the benchmark in 2020-21.
HM Treasury publishes consultation on draft BNPL legislation
HM Treasury has opened a consultation on draft legislation that would bring interest-free Buy-Now Pay-Later products under Financial Conduct Authority regulation, with responses due by 11 April 2023.
Fair By Design responds to Ofgem's call for evidence on prepayment meter rules
Fair By Design has responded to Ofgem's call for evidence on prepayment meter rules and protections for domestic consumers, calling for more targeted bill support and reform of standing charges.
Bereavement Support Payment eligibility extended to unmarried cohabiting parents
Eligibility for Bereavement Support Payment was extended on 9 February 2023 to unmarried cohabiting parents bereaved on or after 6 April 2017, with backdated claims possible to 30 August 2018.
Extension to cohabiting couples comes into force
The extension of the definition of "partner" to include cohabiting couples who were not in a legal union when one of them dies came into force on 9 February 2023.
Schedule 4ZA temporarily modified by the Stamp Duty Land Tax (Temporary Relief) Act 2023
The Stamp Duty Land Tax (Temporary Relief) Act 2023 modified Schedule 4ZA of the Finance Act 2003 from 8 February 2023, changing the higher rates of stamp duty land tax for additional dwellings.
Stamp Duty Land Tax (Temporary Relief) Act 2023 receives Royal Assent
The Stamp Duty Land Tax (Temporary Relief) Act 2023 received Royal Assent on 8 February 2023, putting higher SDLT thresholds into law until 31 March 2025.
Bank of England and HM Treasury publish digital pound consultation paper
The Bank of England and HM Treasury have published a consultation paper on a digital pound, setting out proposals for a new form of money for households and businesses.
Bill to legislate for 2023/24 Cost of Living Payments introduced in Commons
The Social Security (Additional Payments) (No. 2) Bill 2022-23 was introduced to the House of Commons on 7 February 2023 to legislate for two Cost of Living Payments in 2023/24.
Parliament committee publishes report on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published its Thirteenth report, Scam reimbursement: pushing for a better solution, on authorised push payment fraud reimbursement.
FCA to write to firms on Consumer Duty expectations and risks
The Financial Conduct Authority is to write to firms setting out its expectations for implementing the Consumer Duty, alongside regional events, after reviewing firms' implementation plans.
Alternative Fuel Payment to be made automatically into electricity accounts in February for off-gas-grid GB households
Households in Great Britain that have an electricity supplier but no gas grid connection will receive the £200 Alternative Fuel Payment automatically in February, the government has confirmed.
Bank bosses questioned by Treasury Committee over passing on base rate rises
High street bank bosses were questioned by the Treasury Committee in February 2023 over why Bank of England base rate rises had not been passed on to savers.
Consultation launched on a regulatory regime for BNPL applying the CCA's provisions
The government has set out plans to bring buy now pay later products under Financial Conduct Authority regulation, publishing an impact assessment alongside secondary legislation laid in May 2025.
Council and housing association tenancies exempted from rent cap
Council and housing association tenancies in Scotland stopped being covered by the temporary rent cap on 26 February 2023, while the cap continued for most private tenancies until it ended on 31 March 2024.
DWP launches consultation on small pension pots
The Department for Work and Pensions has opened a call for evidence on deferred small pension pots, running to 27 March 2023, setting out two possible approaches to consolidation.
Low Income Winter Heating Assistance payments begin in Scotland
Scotland has begun paying the new Low Income Winter Heating Assistance benefit, one of a series of benefit changes scheduled across the UK during 2023.
NatWest extends repayment period for customers missing several payments on unsecured debt
NatWest is extending the repayment period for customers who have missed several payments on an unsecured debt such as a loan or overdraft from 18 to 24 months, from February 2023.
Ofgem yn gofyn i gyflenwyr oedi gosodiadau rhagdalu gorfodol
Ofgem asked all energy suppliers in February 2023 to pause forced and remotely switched prepayment meter installations until a new set of guidelines had been agreed.
Share of first-time buyers taking ultra long-term mortgages more than doubles
UK Finance figures show 18% of first-time buyers took out a mortgage term longer than 35 years in February 2023, up from 8% a year earlier, as longer terms spread among home movers too.
StepChange reports 16,076 new debt advice clients in February 2023, up 19% year on year
StepChange advised 16,076 new clients in February 2023, 19% more than a year earlier, with a record share citing a cost of living increase as their main reason for debt.
Winter Heating Payment replaces Cold Weather Payment in Scotland
The Winter Heating Payment replaced the Cold Weather Payment in Scotland from February 2023, paying a guaranteed annual sum to people on certain benefits rather than depending on how cold the weather gets.
- January 2023
Ofgem prepayment meter review leads to compensation and debt write-off
Ofgem's compliance review found prepayment meters were wrongly installed at eight suppliers between 1 January 2022 and 31 January 2023, leaving affected customers due automatic compensation and, for some, debt write-off.
Value for Money consultation on pension scheme metrics, standards and disclosures opens
The Department for Work and Pensions, the Financial Conduct Authority and The Pensions Regulator opened a consultation on 30 January 2023 on disclosing, assessing and comparing the value for money of workplace pension schemes.
New agency set up to regulate bailiffs and debt collection enforcement
A new body, the Enforcement Conduct Board, is reported as the first independent regulator for debt collection in the UK, covering bailiffs and enforcement agents.
Scottish Government publishes summary of responses to statutory debt solutions and diligence policy review consultation
The Scottish Government has published responses to its review of statutory debt solutions and diligence, showing majority support for most proposals but weaker backing for the Standard Financial Statement and full surplus income in bankruptcy.
Work and Pensions Secretary rejects change to cost of living payment qualifying rules
Mel Stride has rejected a Work and Pensions Committee call to protect Universal Credit claimants with nil awards in the qualifying period for the 2023/24 cost of living payments.
HM Treasury consults on future financial services regulatory regime for cryptoassets
HM Treasury has opened a consultation and call for evidence on a future financial services regulatory regime for cryptoassets, setting out plans to bring crypto activities within the existing framework of financial regulation.
JRF report finds falling housing subsidies explain decline in renter affordability
The Joseph Rowntree Foundation says falling housing subsidies explain a 40 year decline in renter affordability, and calls for 700,000 more social homes and an end to the Local Housing Allowance freeze.
Interest rate cap at prevailing market rate inserted for plan 2, 3 and 5 loans
Regulations made on 13 December 2022 cap interest on plan 2, 3 and 5 student loans at the prevailing market rate, with parts commencing on 16 January 2023 and the remainder on 6 April 2023.
Resolution Foundation publishes briefing note on government savings policies
The Resolution Foundation has published a briefing note assessing government support for household saving, recommending that Help to Save be extended beyond 2023 and that tax-free ISA savings be capped at £100,000.
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
PSR publishes working paper on UK-EEA cross-border interchange fee increases
The Payment Systems Regulator has published a working paper on UK-EEA cross-border interchange fees, setting out its understanding of recent increases and inviting feedback by 19 January 2023.
SDLT Bill amendments and third reading in Commons
Amendments making the stamp duty land tax reduction temporary were tabled and the Bill had its third reading in the Commons on 10 January 2023, ahead of Royal Assent on 8 February 2023.
ONS release published on how changes in housing costs are impacting households
The Office for National Statistics published an analysis on 9 January 2023 examining how rising mortgage rates and rents are affecting UK households, including those whose fixed deals are due for renewal.
£600 energy support payments to begin for Northern Ireland households in January 2023
Northern Ireland households will start receiving a one-off £600 energy support payment in January 2023, combining £400 under the Energy Bills Support Scheme NI and £200 under the Alternative Fuel Payment.
Administrative Earnings Threshold increase
The Administrative Earnings Threshold rose in January 2023 to £617 a month for single people and £988 a month for couples, the level below which Universal Credit claimants must look for more work.
Administrative Earnings Threshold to rise to 15 hours at National Living Wage
The Administrative Earnings Threshold for Universal Credit rises from January 2023 to the equivalent of 15 hours a week at the National Living Wage, bringing more low-earning claimants into intensive work coach support.
Consumer Council publishes Access to Banking research
The Consumer Council's Access to Banking Services research found 52 Northern Ireland bank branches closed between May 2020 and January 2023, 27% of the network, figures later cited by a Stormont committee.
Deduction tables last updated in 2023 ahead of usual cycle
Scottish Ministers have laid regulations to raise the earnings threshold at which wages can be arrested for debt from April 2025, with the protected minimum amount rising to £750 a month.
FCA became lead regulator on access to cash
The Financial Conduct Authority became the lead regulator on access to cash in 2023, taking over the role from the Payment Systems Regulator, which had previously examined cash access, use and acceptance.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.
Gov.uk online portal and phoneline for energy support applications to open in January
Households in Great Britain without an electricity supplier can apply for £400 energy support through a Gov.uk online portal opening in January, with a phoneline for those unable to use the internet.
Health and Social Care Levy to exist from 2023
National Insurance rates rose by 1.25 percentage points in April 2022 as a precursor to the Health and Social Care Levy, which the Resolution Foundation said would exist from 2023.
Phone theft spate exposes weak bank login reset checks
A spate of phone thefts in early 2023, many involving raided gym lockers, led Which? to find some banks asked only for basic information to reset app login details.