Money news in 2024
341 stories, newest first.
- December 2024
Nationwide payment outage on 22 December leaves customers waiting for wages
Nationwide customers reported waiting for wages and seeing Direct Debits bounce during a payment outage on 22 December, one of four faster payment problems at the building society in recent months.
FCA introduces modified complaint handling rules for motor finance commission complaints
The FCA has added rules to its complaints rulebook applying modified complaint handling requirements to motor finance commission complaints, effective 20 December 2024.
FCA announces temporary rules on motor finance commission complaints
The FCA has extended temporary complaint handling rules so firms have longer to answer motor finance commission complaints and consumers have longer to take cases to the ombudsman.
Median UK household income after taxes and benefits fell 4.7% in FYE 2023
The Office for National Statistics says median UK household income after all taxes and benefits fell by 4.7 per cent in real terms in the financial year ending 2023, the third consecutive annual fall.
Welfare Supplementary Payment schemes extended to 31 March 2028
The Minister for Communities has extended Northern Ireland's Welfare Supplementary Payment mitigation schemes, which were due to end on 31 March 2025, for a further three years to 31 March 2028.
Budgeting Advance repayment period extended to 24 months
Budgeting Advance loans taken out from December 2024 can be repaid over 24 months rather than 12, under a change announced in the March 2024 Budget.
Ombudsman guidance on motor valuations and write-offs updated
The Financial Ombudsman Service has updated its guidance on motor valuations and write-offs, saying it will now typically consider adverts when assessing what a written-off vehicle was worth.
Scottish Budget 2024 unveiled at Holyrood
Shona Robison's Scottish Budget raises income tax thresholds, funds a new pensioner winter payment and sets out plans to scrap the two-child benefit cap from 2026.
SPICe publishes Scottish Budget 2025-26 taxes infographic
The Scottish Parliament has published an infographic of the Scottish Fiscal Commission's 2025-26 tax forecasts alongside the proposed Scottish Income Tax bands and rates set out in the Scottish Budget.
CfRC report finds MaPS debt need estimate excludes 5 million people
The Centre for Responsible Credit says the Money and Pensions Service method for counting people who need debt advice leaves out 5 million people, in a report published on 3 December 2024.
Consultation launched on permitted insurance fees for landlords, freeholders and property managing agents
The UK and Welsh governments have set out plans to replace opaque buildings insurance commissions paid by leaseholders with a permitted insurance fee, under powers in the Leasehold and Freehold Reform Act 2024.
Barclays loses judicial review over FOS car finance ruling
The High Court upheld a Financial Ombudsman complaint against Barclays Partner Finance in December 2024, as the FCA widened its pause on car finance complaint handling.
CRM Code wound down as statutory APP fraud reimbursement scheme introduced
The Lending Standards Board has confirmed that its Contingent Reimbursement Model Code ran from 2019 to 2024 and was wound down when the Payment Systems Regulator introduced statutory mandatory reimbursement for authorised push payment fraud.
December 2024 survey shows total arrears down 8% on Universal Credit accounts
The National Housing Federation's December 2024 survey found total rent arrears on Universal Credit accounts fell 8% to £58m, with arrears for residents paying by other means also down 8% to £23m.
FCA cash access rules intended to be in force
The Financial Conduct Authority intends its rules making cash access reviews a legal requirement to be in force by the end of 2024, under powers granted by the Financial Services and Markets Act 2023.
FCA opens consultation on CCI disclosure requirements
The Financial Conduct Authority opened a consultation in December 2024 on what information firms must give retail investors about consumer composite investments, with final rules planned for 2025.
Government sets out Get Britain Working plan alongside £3 billion disability benefit cuts
The government has set out a Get Britain Working plan of jobcentre and employment support reforms, alongside £3 billion of disability benefit cuts announced at the autumn budget.
Government target to finish moving existing claimants onto Universal Credit
The government hopes to complete managed migration of existing benefit and tax credit claimants, except those on income-related Employment and Support Allowance, onto Universal Credit by the end of 2024.
'Lack of control over finances' overtakes 'cost of living increase' as main reason for debt among StepChange clients
StepChange says a lack of control over finances overtook the cost of living increase as the main reason for debt among its clients in December 2024, the first change since June 2022.
Ofgem announces consultation on debt support scheme
Ofgem has announced a consultation on a debt relief and repayment matching scheme, set to launch in 2025, alongside a consultation on improving debt standards for energy customers.
Pension credit processing delays peaked at 87 working days
DWP pension credit processing times peaked at 87 working days in December 2024, when 85,600 claims were outstanding, according to figures reported by Which? on 2 September 2025.
Pensions Policy Institute research estimates lost pension pots hold £31.1 billion
Research published by the Pensions Policy Institute estimated that lost pension pots in the UK contained £31.1 billion in assets, with 3.3 million pots separated from their owners.
UK Personal Allowance confirmed frozen at £12,570
The Scottish Government has confirmed the UK-wide Personal Allowance stays frozen at £12,570 for 2025-26, while raising the Starter and Basic rate bands in Scotland and freezing its higher thresholds.
PSR publishes final report confirming UK-EEA cross-border interchange fee concerns and consults on price cap remedy
The Payment Systems Regulator has confirmed that Mastercard and Visa likely raised UK-EEA cross-border interchange fees to an unduly high level, and is consulting on a two stage price cap.
Romance fraud losses reach £99.4m in 2024
Reported romance fraud losses reached £99.4m across 9,096 cases in 2024, according to Action Fraud data obtained by Which?, with men in their twenties the largest group of victims.
- November 2024
DISP 2.7.6R updated to extend eligible complainant relationships
The Financial Conduct Authority updated DISP 2.7.6R on 30 November 2024, extending the relationships that make someone an eligible complainant to the Financial Ombudsman Service, including for alleged authorised push payment fraud.
FCA exit communications rules for pensions dashboards take effect
Rules requiring firms to tell customers when they are leaving a qualifying pensions dashboard service, and where they are being sent, took effect on 30 November 2024.
BNPL draft legislation consultation closes
HM Treasury's consultation on draft legislation to bring Buy-Now Pay-Later products into regulation closed at 11:59pm on 29 November 2024, with the government saying it will now lay the draft statutory instrument.
Annual CPI inflation rises to 2.3 per cent in October 2024
Annual CPI inflation rose to 2.3 per cent in October 2024 from 1.7 per cent in September, a reversal attributed in part to the recent increase in the Ofgem energy price cap.
Lifetime allowance charge provisions amended for tax year 2024-25 onwards following abolition of the lifetime allowance charge
Amending regulations have changed tax provisions in three pension statutory instruments for the 2024-25 tax year onwards, following the abolition of the lifetime allowance charge.
Regulations come into force on 18 November 2024
Regulations abolishing the lifetime allowance charge come into force on 18 November 2024, setting new lump sum and death benefit allowances that apply from the 2024-25 tax year.
Government announces National Payments Vision in Mansion House speech
The Chancellor set out a National Payments Vision on 14 November 2024, naming innovation, security and competition as its pillars, and the Payment Systems Regulator has responded with its plans.
Interim report of pensions investment review published
The government published the interim report of its pensions investment review on 14 November 2024, proposing consolidation of defined contribution schemes and changes to the Local Government Pension Scheme.
Pensions Investment Review consultation launched on DC workplace pension reforms
The Department for Work and Pensions and HM Treasury have set out final plans to shrink the number of defined contribution default funds and require minimum scale, with legislation promised in the Pension Schemes Bill.
Fair By Design responds on the ban on acquisition tariffs
Fair By Design has published its response to Ofgem's consultation on the ban on acquisition-only energy tariffs, saying the ban has had a positive impact.
Genuine and sufficient link requirement omitted from regulations 22 and 23
The words "genuine and sufficient link" have been omitted from regulations 22(c) and 23(c) of the Personal Independence Payment Regulations 2013, in a change taking effect in England and Wales on 7 November 2024.
Genuine and sufficient link wording omitted from regulations 9A and 9B
Words in regulations 9A(1)(c) and 9B(c) of the Social Security (Invalid Care Allowance) Regulations 1976 were omitted in England, Wales and Scotland from 7 November 2024, with corresponding Scottish regulations.
Carer Support Payment rolled out nationally
Carer Support Payment, Scotland's replacement for Carer's Allowance, became available across all 32 council areas on 4 November 2024 after a year of pilot rollouts.
CONC 5D rules and guidance updated with effect from 4 November 2024
The Financial Conduct Authority's overdraft repeat use rules in CONC 5D, which require firms to monitor customers' overdraft patterns and intervene, carry an effective date of 4 November 2024.
FCA rules for borrowers in financial difficulty come into force and TSG withdrawn
The Financial Conduct Authority's final rules on protecting borrowers in financial difficulty took effect on 4 November 2024, replacing pandemic-era guidance with Handbook requirements for lenders.
FCA updated CONC 7.2 arrears and default rules and guidance
The FCA Handbook's CONC 7.2 section on arrears and default policies was last updated on 4 November 2024, covering arrears procedures, vulnerable customer treatment and policy review.
FCA updated MCOB 13.3 rules on payment difficulties, vulnerable customers and record keeping
The FCA's mortgage conduct rules on payment difficulties, vulnerable customers and record keeping were updated on 4 November 2024, with further provisions dated 2025 and 2026.
FCA updates CONC 5D rules on identifying repeat overdraft use and supporting customers in financial difficulties
The Financial Conduct Authority has revised its overdraft repeat use rules, updating definitions, monitoring duties and intervention requirements for firms, including sustainability tests and objective income and expenditure assessments.
FCA updates P2P creditworthiness assessment guidance on financial difficulties and vulnerability
The FCA Handbook has been updated with guidance dated 4 November 2024 requiring peer-to-peer lenders to have regard to signs that a borrower is in financial difficulties or is vulnerable.
Rules on forbearance, sustainable repayment arrangements and repossession as a last resort took effect
FCA rules requiring lenders to show forbearance to borrowers in or approaching arrears, to agree sustainable repayment arrangements and to treat repossession as a last resort took effect on 4 November 2024.
Strengthened intervention rules for repeat overdraft users in financial difficulty take effect
The Financial Conduct Authority's strengthened rules for banks and lenders dealing with repeat overdraft users in financial difficulty took effect on 4 November 2024, requiring prompt contact and assessment of options.
Autumn Budget 2024 extends Making Tax Digital for Income Tax to those with qualifying income over £20,000
The Autumn Budget 2024 extended Making Tax Digital for Income Tax to sole traders and landlords with qualifying income over £20,000, with the change to be introduced by the end of this Parliament.
Autumn Budget cuts Winter Fuel Payment and adds NHS and social care funding
Age UK has said the Autumn Budget leaves the Winter Fuel Payment cut in place for most pensioners, while announcing extra NHS and social care funding and changes to Carer's Allowance.
Barclays takes over Tesco Bank's savings, credit cards and loans
Barclays completed its takeover of Tesco Bank's savings, credit cards and loans on 1 November 2024, meaning the two brands now share a single £120,000 FSCS protection limit.
Cold Weather Payment 2024 scheme opens in England, Wales and Northern Ireland
The Cold Weather Payment scheme for 2024 has opened in England, Wales and Northern Ireland, with eligible households receiving payments during periods of very cold weather.
Defendants lodge Supreme Court appeal in motor finance commissions case ahead of deadline
The defendants in the motor finance commissions case have lodged an appeal with the Supreme Court, ahead of the 22 November deadline, after a Court of Appeal ruling that surprised the industry.
DWP approves refreshed fraud and error strategy
The Department for Work and Pensions approved a refreshed fraud and error strategy in November 2024, setting five objectives focused on preventing inaccurate benefit payments.
FCA firms required to engage early with customers in payment difficulty
Consumer credit firms have been required since November 2024 to engage early with customers in or approaching payment difficulty, under rules cited in a new review of problem debt and homelessness.
FCA and FOS publish joint Call for Input on Modernising the Redress System
The Financial Ombudsman Service and the Financial Conduct Authority opened a joint Call for Input in November 2024 on modernising the redress system, closing on 30 January 2025 with over 140 responses.
FCA review finds long delays in life insurance payouts
The Financial Conduct Authority's review of 15 life insurers covering more than 75% of the market found significant delays and inconsistencies in bereavement claims handling, with term insurance claims taking 53 to 122 days.
Labour government considering whether to change auto-enrolment
The Labour government said in November 2024 it would consider if and when to change automatic enrolment, weighing improved pension outcomes against the effects on businesses.
Lifetime allowance charge provisions of the FAS tax regulations removed for tax year 2024-25 onwards
The lifetime allowance charge provisions in the Financial Assistance Scheme tax regulations were removed from 18 November 2024 for the 2024-25 tax year and later years.
Mandatory work placements for Universal Credit claimants in England and Wales from late 2024
People in England and Wales who have not found work after 18 months on Universal Credit will have to take mandatory work placements from late 2024, or risk their claim being closed.
PSR intends to consult on changing its obligations on Pay.UK for the New Payments Architecture
The Payment Systems Regulator has said it intends to consult on changing its obligations on Pay.UK over the New Payments Architecture, after the Government set out its National Payments Vision.
Storms Bert and Conall flood more than 680 properties in England
Storms Bert and Conall flooded more than 680 properties in England in November 2024, as analysis of home insurance policies shows most storm claims were rejected in the same year.
Winter Heating Payment replaces Cold Weather Payment in Scotland
Scotland's Winter Heating Payment has replaced the DWP Cold Weather Payment, paying £58.75 automatically to people on qualifying low-income benefits, with payments expected each February.
- October 2024
Autumn Budget raises employer National Insurance contributions
The Autumn Budget of 30 October 2024 raised employer National Insurance contributions by 1.2 percentage points, cut the threshold at which employers start paying and increased the Employment Allowance.
Benefit uprating statistics first published
The Department for Work and Pensions has published ad hoc statistics estimating how many families and individuals would benefit from the uprating of benefits from April 2025, covering England, Scotland and Wales.
Budget confirms working-age benefits uprating of 1.7%
The Chancellor's Budget statement on 30 October 2024 confirmed working-age benefits will rise by 1.7% in April, less than half the 4.1% increase for pensioners.
ESA claimants to migrate to Universal Credit by 2026
The Budget confirms all Employment and Support Allowance claimants will move to Universal Credit by 2026, two years earlier than planned, alongside a 1.7% rise in working-age benefits.
Government announces Inheritance Tax reform including pensions measure at Autumn Budget 2024
At Autumn Budget 2024 the government announced that most unused pension funds and pension death benefits will count towards a person's estate for Inheritance Tax from 6 April 2027.
HICBC household-basis reform shelved
The Chancellor has shelved plans to move the High Income Child Benefit Charge to a household basis, after the estimated £1.4 billion cost of doubling the income threshold proved too high.
Inheritance Tax thresholds to be frozen for 2028 to 2030
HM Revenue & Customs has confirmed that Inheritance Tax thresholds will stay at their current levels for the 2028 to 2029 and 2029 to 2030 tax years, extending the freeze on the nil-rate band and residence nil-rate band.
Labour delivers first Budget in 14 years, first delivered by a woman
Rachel Reeves delivered Labour's first Budget in 14 years on 30 October 2024, the first ever delivered by a female chancellor, with employer National Insurance rises and a £40 billion overall tax increase.
Payment Services (Amendment) Regulations 2024 come into force
Rules allowing banks and payment firms to hold back suspected fraud payments for up to four business days came into force on 30 October 2024, with new duties to tell customers and cover their costs.
Pension-age Housing Benefit to end from 2026
The Budget confirmed that pension-age Housing Benefit will end, with all new claims for housing costs from 2026 administered with Pension Credit instead.
Technical consultation launched on IHT reporting and payment processes for pensions
The government has published a technical consultation on bringing unused pension funds and death benefits into Inheritance Tax from 6 April 2027, with responses due by 22 January 2025.
Government accepts Low Pay Commission recommendations for April 2025 minimum wage rates
The Government has accepted the Low Pay Commission's recommended minimum wage rates for April 2025, raising the National Living Wage for workers aged 21 and over to £12.21 an hour.
Fair By Design responds to consultation on eliminating poverty premiums
Fair By Design has published its response to Ofgem's consultation on the consumer vulnerability strategy, setting out measures it wants from the regulator and government to cut poverty premiums.
Fair By Design responds to Ofgem consultation on consumer vulnerability strategy
Fair By Design has responded to Ofgem's consultation on refreshing its consumer vulnerability strategy, calling for automatic enrolment into support and direct involvement of people with lived experience.
Court of Appeal rules for borrowers against Close Brothers and FirstRand Bank
The Court of Appeal ruled on 25 October 2024 that car finance companies acted unlawfully by not telling customers about commission earned, in a case brought against Close Brothers and FirstRand Bank.
Court of Appeal rules broker commission requires customer's informed consent
The Court of Appeal ruled on 25 October 2024 that brokers must obtain a customer's informed consent before receiving any commission from motor finance lenders, a decision that surprised the industry.
Pension Age Disability Payment replaced Attendance Allowance in Scotland
Pension Age Disability Payment has replaced Attendance Allowance for people of State Pension age in Scotland, administered by Social Security Scotland with two weekly rates and no mobility component.
CMA publishes consumer protection guidance for Will-writing
The Competition and Markets Authority has published consumer protection guidance for unregulated Will-writing providers and the public, following its investigation into unregulated legal services.
High Court approves transfer of Tesco Bank banking business to Barclays
The High Court approved the transfer of Tesco Bank's banking business to Barclays Bank UK PLC on 17 October 2024, with the transfer completing on 1 November 2024.
Publication of ISA and Child Trust Fund (Amendment No 2) Regulations 2024 tax information and impact note
HM Revenue and Customs has published a tax information and impact note on rules for fractional shares in ISAs and Child Trust Funds, National Insurance number checks on new ISA applications and ISA transfers.
Bank of England publishes 2024 Q3 Credit Conditions Survey
The Bank of England's 2024 Q3 Credit Conditions Survey, published on 10 October 2024, reports how banks and building societies changed credit availability, demand, pricing and defaults in the three months to end-August 2024.
Payment Services (Amendment) Regulations 2024 made
The Treasury made regulations on 8 October 2024 giving payment service providers a power to delay certain sterling payments made within the UK where they suspect the order followed third-party fraud.
PSR introduces APP scam reimbursement rules
The Payment Systems Regulator brought in mandatory reimbursement for victims of authorised push payment scams from 7 October 2024, with firms paying out unless a customer was grossly negligent.
Statutory reimbursement framework introduced and CRM Code retired
The Payment Systems Regulator's statutory reimbursement framework for authorised push payment scams took effect on 7 October 2024, the same day the voluntary Contingent Reimbursement Model Code was retired.
CRM Code stops applying to bank transfer scam transactions
The Contingent Reimbursement Model Code no longer applies to bank transfer scam transactions made from 7 October 2024, when mandatory reimbursement rules replaced the voluntary scheme.
Which? finds budget home insurance policies often lack key cover features
Which? analysis of 75 home insurance policies found 12 budget products generally scored poorly, with gaps including missing accidental damage cover, low trace and access limits and higher excesses.
Pension withdrawals surge 20% in 2023/24
Savers withdrew more than £52bn from their pensions in 2023/24, a 20% rise on the previous year, according to Financial Conduct Authority data reported on 4 October 2024.
Which? research finds 32% of credit report checkers found a mistake
Which? research published on 3 October 2024 found that 32% of people who checked their credit report in the past five years discovered a mistake, and the consumer body is calling for reform of the credit reporting system.
Over 350 more firms to join Confirmation of Payee
More than 350 additional payment firms are to join the Confirmation of Payee name checking service by the end of October 2024, alongside new mandatory APP fraud reimbursement rules starting on 7 October.
ABI publishes lost pension pot statistics
The Association of British Insurers has put the number of lost pension pots in the UK at 3.3 million, with each one worth an average of £9,470, figures dated October 2024.
Autumn Budget 2024 announces expansion of Help-to-Save eligibility to all working Universal Credit claimants
The Government announced at Autumn Budget 2024 that working Universal Credit claimants will be able to open a Help to Save account from 6 April 2025, replacing the previous 16 hours a week earnings test.
Autumn Budget announces tax rises and higher spending
The Chancellor announced tax increases of just over £40 billion a year by 2029/30 and additional spending of more than £70 billion by the end of the forecast period.
Autumn Budget unveiled £40bn of tax rises and froze IHT thresholds until 2030
Rachel Reeves' Autumn Budget set out £40bn of tax rises and froze inheritance tax thresholds until 2030, with the next fiscal statement due on 26 March.
Capital gains tax rates on assets increased
Capital gains tax on assets rose to 18% for basic-rate taxpayers and 24% for higher-rate taxpayers, taking effect immediately after the Autumn Budget.
Climate Adaptation Strategy for Wales published
The Welsh Government published its Climate Adaptation Strategy for Wales in October 2024, setting out its commitment to responding to the changing climate, including equitable insurance coverage for households and businesses.
Consultation published on a regulatory regime disapplying CCA information requirements for BNPL
The Government has published an impact assessment for legislation bringing interest-free buy now pay later agreements into FCA regulation, with most Consumer Credit Act information rules disapplied.
DWP confirms Local Housing Allowance rates and benefit cap frozen from April 2025
The DWP has confirmed that Local Housing Allowance rates and the benefit cap will be frozen from April 2025, while most working-age benefits rise by 1.7 per cent.
ESA and JSA recipients begin Universal Credit migration notices
From October 2024, people receiving income-related ESA or income-based JSA, including those who also get Housing Benefit, start receiving Universal Credit migration notices.
Government confirms MoneyHelper dashboard will launch before private sector dashboards
The government has confirmed the MoneyHelper Pensions Dashboard will be made available to the public before private sector dashboards, with six months' notice promised before launch.
Inheritance tax freeze extended until 2030
Inheritance tax thresholds that were due to stay frozen until 2028 will now remain unchanged until 2030, keeping the £325,000 nil-rate band and residence allowances at their current levels.
October 2024 Budget announced pensions to enter inheritance tax from April 2027
Pensions will be brought into inheritance tax calculations from April 2027 under Budget reforms, a change expected to raise nearly £1.5bn in 2029-30 and affect around 8% of estates.
Option 2 recommended for the 2024 Regulations
The Scottish Government has recommended uprating the earnings arrestment tables with minor banding reform, raising the protected minimum amount from £655.83 to £750 a month from 6 April 2025.
Phase 2 of new contribution structure proposed from 1 October 2024
The Scottish Public Pensions Agency has consulted on phasing in a revised NHS Scotland pension contribution structure, with a second phase proposed from 1 October 2024 and the top tier falling to 12.7%.
SDP section removed and child element guidance clarified
The Department for Work and Pensions has removed the Severe Disability Premium section from its guidance on the Universal Credit transitional element and clarified how the child element and Child Tax Credit are treated.
Secondary Threshold reduced to £5,000 and secondary Class 1 rate raised to 15% announced
The Secondary Threshold for employer National Insurance will fall to £5,000 and the secondary Class 1 rate will rise to 15% from 6 April 2025, under regulations giving effect to Autumn Budget 2024.
Sixth iteration of Household Support Fund opened with £500 million for England
The sixth Household Support Fund opened on 1 October 2024 with £500 million for local authorities in England, running until 31 March 2025 alongside Barnett funding for the devolved governments.
Unspent pension pots to be included in estates for inheritance tax from April 2027
Unspent pension pots will count towards a person's estate for inheritance tax from April 2027, under a change announced in the 2024 Autumn Budget.
Virgin Money acquired by Nationwide Building Society
Virgin Money's banking business transferred to Nationwide Building Society on 2 April 2026, after Court approval on 23 February 2026, combining the two businesses under mutual ownership.
Warm Home Discount Scheme reopens
The Warm Home Discount Scheme reopens in October 2024 for households in England, Wales and Scotland, offering £150 off electricity bills for eligible claimants.
Winter Fuel Payment restricted to benefit recipients for winter 2024-25
For winter 2024-25 the Winter Fuel Payment was restricted to pensioners on income-related benefits such as pension credit, ending the universal payment that had applied until winter 2023-24.
- September 2024
Household Support Fund schemes end
Disability Rights UK states that Household Support Fund schemes end on 30 September 2024, while Turn2us dates the fund's closure to 31 March 2025, leaving the final date unclear.
CP24/11 consultation closes on the maximum level of reimbursement for Faster Payments APP scams
The Payment Systems Regulator's consultation on lowering the maximum reimbursement for Faster Payments APP scams from £415,000 to £85,000 closed on 18 September 2024, with the policy start date unchanged.
FCA access to cash rules come into force
Rules requiring designated banks and building societies to assess and fill gaps in local cash provision came into force on 18 September 2024, after being published by the FCA on 24 July 2024.
Scam text impersonates government Cost of Living Payments with bogus 'annual living allowance'
Which? has reported a scam text and copycat gov.uk website that ask people to apply for a fake "annual living allowance" and hand over personal and financial details.
Guidance on the interest rate cap updated
Government guidance on student loan interest rate caps was updated on 16 September 2024, covering Plan 2 and Plan 5 loans, with the cap applied at 6% for Plan 2 and not currently applied for Plan 5.
Winter Fuel Payment Regulations 2024 come into force
The Social Fund Winter Fuel Payment Regulations 2024 came into force on 16th September 2024, setting the qualifying conditions and payment amounts for winter fuel payments in England and Wales.
Warm Home Discount eligibility statement for England and Wales published
The government has published the Warm Home Discount eligibility statement for England and Wales covering scheme year 14, which runs from 2024 to 2025, and future scheme years.
Specific Direction 21 issued for CHAPS APP scam reimbursement
The Payment Systems Regulator has published Specific Direction 21, requiring firms participating in CHAPS to reimburse victims of authorised push payment scams from 7 October 2024.
Government has repaid £594m to 99,558 people underpaid state pension due to errors
The government has repaid £594m to 99,558 people who were underpaid their state pension because of system errors, covering the Home Responsibilities Protection error and the LEAP correction exercise.
Royal London analysis shows 49% of new state pension recipients missed the full amount
Royal London analysis of 2023-24 figures shows 49% of new state pension recipients were paid less than the full weekly amount, with 149,317 pensioners receiving under £100 a week.
2024 MIS report published with first full rebase of all household budgets in the same year
The Centre for Research in Social Policy at Loughborough University has published the 2024 Minimum Income Standard, rebasing budgets for every household type in the same year for the first time since 2008.
UK banks commit to 350 banking hubs over next five years
UK banks committed in 2024 to opening 350 banking hubs over five years, as new rules on cash access took effect and branch closures continued across the UK.
Call for evidence published on pensions investment review
The government has published a call for evidence in its pensions investment review, asking for views on consolidation, value for money and investment in the UK.
DWP to contact remaining tax credit, Income Support, JSA and housing benefit claimants by September 2024
The Department for Work and Pensions plans to contact 440,000 mixed tax credit households and all Income Support, income-based JSA and housing benefit claimants by September 2024 as managed migration continues.
ESA to UC managed migration underway with completion brought forward to 2026
Employment and Support Allowance claimants have begun moving to Universal Credit, with the Department for Work and Pensions now planning to complete the transfer by 2026 rather than 2028.
Expanded free hours childcare subsidy scheme scheduled to start in England
The Joseph Rowntree Foundation's 2024 Minimum Income Standard reports that expanded free hours childcare is scheduled for September 2024 and September 2025, with the scheme's availability uncertain.
FCA cash access rules come into effect
Rules giving the Financial Conduct Authority responsibility for protecting cash access took effect in September 2024, requiring banks to assess an area before closing services that affect withdrawals and deposits.
FOS warns of rise in card-based authorised fraud
The Financial Ombudsman Service warned in September 2024 that more people were inadvertently using credit or debit cards to pay fraudsters, a pattern it says has continued to grow.
Free childcare extended to eligible working parents of children from 9 months to two years
From September 2024 eligible working parents in England with children aged nine months to two years can access 15 hours of government-funded childcare a week, the next stage of a phased expansion.
UK Government establishes Floods Resilience Taskforce
The UK government set up a Floods Resilience Taskforce in September 2024 to oversee national and local flood resilience, with a flood insurance taskgroup among three established.
Government secures industry commitment to 350 banking hubs
The Government says it secured an industry commitment in September 2024 to roll out 350 banking hubs by the end of this parliament, alongside new access to cash rules.
Household Support Fund extended until September 2024 with extra £500 million
The Household Support Fund received an extra £500 million so it could be extended until September 2024, with the government confirming a further six-month extension in September 2024.
Managed migration opens to income-based Jobseekers Allowance claimants
People claiming income-based Jobseekers Allowance are being sent Migration Notices from September 2024, inviting them to claim Universal Credit as the legacy benefit ends.
PAWHP eligibility restricted to pensioners on qualifying benefits for winter 2024/25
Scottish Ministers have restricted Pension Age Winter Heating Payment eligibility for winter 2024/25 to pensioners receiving qualifying benefits, after the UK Government ended universal Winter Fuel Payment eligibility.
Pension age Tax Credits recipients begin Universal Credit migration notices
People above State Pension age who receive Tax Credits began receiving migration notices in September 2024, asking them to apply for Universal Credit or Pension Credit.
Pension Age Winter Heating Payment to replace Winter Fuel Payment in Scotland from winter 2024
The Pension Age Winter Heating Payment replaces the Winter Fuel Payment in Scotland from winter 2024, paying £200 or £300 to pensioners on relevant benefits, with the DWP delivering it this winter.
PSR publishes PS24/5 CHAPS APP scams reimbursement requirement
The Payment Systems Regulator has published Specific Direction 21, extending authorised push payment scam reimbursement rules to CHAPS payments from 6 September 2024.
September 2024 survey shows rise in arrears among Universal Credit residents
A National Housing Federation survey of housing associations found total rent arrears on Universal Credit claimants' accounts rose 11 per cent to £63m in September 2024, while arrears for residents paying by other means fell 19 per cent to £25m.
Universal Credit rollout invites income-based Jobseekers Allowance claimants
People claiming income-based Jobseekers Allowance are being invited to move to Universal Credit from September 2024, the latest group in the managed migration of legacy benefits.
Working-age benefits to rise 1.7% and pension-age benefits 4.1% from April 2025
Working-age benefits will rise by 1.7% and pension-age benefits by 4.1% from April 2025, the Budget confirmed, while Local Housing Allowance and the benefit cap are frozen again.
- August 2024
FOS reports 70% rise in complaints in Q1 2024/25
The Financial Ombudsman Service received 74,645 new complaints in the first quarter of 2024/25, up 70% on the same quarter a year earlier, with credit cards the most complained about product.
Living Standards Outlook 2024 projects weak income growth and rising poverty without policy change
The Resolution Foundation projects 3 per cent income growth in 2024-25 but weak growth thereafter, with child relative poverty rising by 1.5 million to 4.6 million by 2029-30.
ONS releases Household Costs Indices for April to June 2024
The Office for National Statistics said the all-households Household Costs Index annual rate fell to 2.5% in the year to June 2024, down from 4.5% in March 2024.
Essential expenditure section amended following Ofgem energy price cap announcement
The Accountant in Bankruptcy has amended section 6.8 of its Common Financial Tool guidance on essential expenditure after Ofgem's energy price cap announcement, changing the evidence threshold for gas and electricity spending.
More travellers with medical conditions not declaring them when buying travel insurance
A third of travellers with pre-existing medical conditions say they will not declare all of them when buying travel insurance this summer, up from a quarter in the spring, according to research from insurer AllClear.
Carer Support Payment launches in seven further areas
Carer Support Payment opened for new applications in seven more Scottish council areas on 19 August 2024, ahead of national rollout, with official figures later showing 48,090 applications by 31 March 2026.
Corrections to 2021 to 2022 personal allowance and England, Northern Ireland and Wales bands
HM Revenue & Customs has corrected the 2021 to 2022 personal allowance to £12,570 and the basic and higher rate band figures for England, Northern Ireland and Wales.
Latest DWP Move to UC statistics released
DWP figures released on 13 August 2024 show 34.4% of people sent a migration notice did not claim Universal Credit in time, as notices shift from Tax Credit to DWP benefit claimants.
Qualifying date for automatic Warm Home Discount rebate set
Households receiving Pension Credit or certain means-tested benefits on 11 August 2024 qualify for the automatic £150 Warm Home Discount rebate on electricity bills in winter 2024/25.
ABI reports motor premiums fell for the first time in two years
The Association of British Insurers reported that average comprehensive motor premiums fell to £622 in the second quarter of 2024, the first quarterly decline in two years.
Alcohol duties frozen until August 2024
Alcohol duties are frozen until August 2024, following a simplification of the way alcohol is taxed that took effect in summer 2023, according to Which?.
Cifas data shows identity fraud on the rise in first half of 2024
More than 214,000 cases were filed to the Cifas National Fraud Database in the first half of 2024, up 15% on 2023, with identity fraud the most commonly reported type.
Consultation launched on extending APP scam reimbursement to CHAPS participants
The Payment Systems Regulator has consulted on proposals to require banks and other firms using the CHAPS payment system to reimburse customers who are victims of authorised push payment scams.
FCA launches Pure Protection Market Study
The Financial Conduct Authority launched its Pure Protection Market Study in August 2024 to establish whether the protection market offers fair value to customers, examining four product areas.
Government launches pensions investment review
The government has launched a pensions investment review led by Minister for Pensions Emma Reynolds, aiming to boost investment, increase saver returns and tackle waste in the pensions system.
Pensions Investment Review launched by the Labour government
The Labour government launched a Pensions Investment Review in August 2024, and the Pension Schemes Bill 2024-25 that followed it was introduced on 5 June 2025 with second reading scheduled for 7 July 2025.
PLP sends pre-action letter to DWP on behalf of Work Rights Centre over automated Universal Credit systems
The Public Law Project has sent a pre-action letter to the Department for Work and Pensions on behalf of the Work Rights Centre, raising eight potential grounds of challenge over automated decision-making in Universal Credit.
- July 2024
Consumer Duty applies to incidents from this date
From 31 July 2024 the Financial Ombudsman Service may consider the Consumer Duty when looking at complaints about incidents that happened on or after that date.
Healthy Start extension application guidance first published
The Department of Health and Social Care has published guidance setting out who can apply for the extended Healthy Start scheme and how applications are made.
Chancellor announces English social care reforms dropped
Chancellor Rachel Reeves cancelled planned reforms to social care funding in England on 29 July 2024, dropping a lifetime cap on personal care costs and changes to council funding thresholds.
Winter Fuel Payment announcement linked payments to Pension Credit
Linking Winter Fuel Payment to Pension Credit from 29 July 2024 drove a surge in claims, and official figures published in February 2026 show applications falling back a year later.
HMRC figures show two million more higher-rate taxpayers since 2021-22
HMRC figures show the number of higher-rate income taxpayers in England, Wales and Northern Ireland rose from 4.43 million in 2021-22 to 6.31 million in 2024-25, a 42% increase.
FCA publishes access to cash rules
The Financial Conduct Authority published final rules on 24 July 2024 requiring designated banks and building societies to assess and fill gaps in local cash provision, with the rules taking effect on 18 September 2024.
Leaseholder contribution caps guidance updated for in-force protections
The government has updated its guidance on leaseholder contribution caps for building safety remediation, reflecting amendments to the leaseholder protections that are now in force in England.
New analysis shows low-income drivers pay up to 48% more for car insurance
University of Bristol analysis for Fair By Design finds drivers in the most deprived areas pay 29 to 48 per cent more for car insurance, with monthly payment and area ethnicity also raising quoted premiums.
Chancellor launches Pensions Investment Review
The Chancellor launched the Pensions Investment Review on 20 July 2024 to tackle fragmentation in workplace pensions and the Local Government Pension Scheme, with the final report published on 29 May 2025.
Global IT outage disrupts UK banks and other services
A faulty Crowdstrike software update caused a worldwide IT outage on Friday 19 July that disrupted UK banks, airports, railways and GP surgeries, with some bank customers still reporting problems the following Monday.
Amended legal instruments for APP scams reimbursement published
The Payment Systems Regulator has published amended legal instruments for authorised push payment scam reimbursement and confirmed the policy start date of 7 October 2024.
Consumer Scotland publishes response to Ofgem consultation on acquisition-only tariff ban
Consumer Scotland has published its response to Ofgem's statutory consultation on the future of the ban on acquisition-only tariffs, setting out its position on the rules that govern energy deals.
Consumer Duty rules to extend to closed products by July 2024
The second phase of the Financial Conduct Authority's Consumer Duty takes effect for closed products and services from 31 July 2024, extending rules already in force for new and on-sale products since July 2023.
Current Government will not introduce planned social care charging changes
The Government elected in July 2024 has said it will not bring in the previous Government's planned cap on care costs or changes to the financial assessment rules in England.
Fair4All Finance research finds 20.3 million UK adults in financially vulnerable circumstances
Fair4All Finance research indicates 20.3 million UK adults are now in financially vulnerable circumstances, up 16 per cent from 17.5 million in 2022, with 44 per cent of adults affected.
FCA marks one year of the Consumer Duty with speech by Sheldon Mills
The Financial Conduct Authority has marked one year of the Consumer Duty with a speech by Sheldon Mills setting out progress, examples of improved consumer outcomes and priorities including price and value work.
General election called for July
A general election in July, earlier than many had expected, may bring a change in policy priorities later this year, according to UK Finance's Household Finance Review for the first quarter of 2024.
Government announces winter fuel payment means-test
The government announced in July 2024 that it plans to scrap the winter fuel payment for millions of pensioners who do not claim means-tested benefits, with some needing to claim Pension Credit to keep it.
UK Government restricts eligibility for Winter Fuel Payments
The UK government's restriction of Winter Fuel Payment eligibility has forced Scottish ministers to mirror the approach in the Pension Age Winter Heating Payment, limiting help to pensioners on certain benefits.
Managed migration opens to Housing Benefit only claimants and ESA (income-related) with Child Tax Credits claimants
From July 2024, people in Northern Ireland claiming Housing Benefit only, and those claiming income-related Employment and Support Allowance with Child Tax Credits, start receiving Migration Notices.
Mortgage borrowing by individuals reaches highest net level since November 2022
Individuals borrowed a net £2.8 billion of mortgage debt in July 2024, the highest monthly figure since November 2022, according to Bank of England money and credit statistics.
Net mortgage approvals for house purchases rise to highest since September 2022
Net mortgage approvals for house purchases rose to 62,000 in July 2024, the highest since September 2022, while remortgaging approvals fell, according to Bank of England money and credit data.
Renters' Rights Bill announced
The new Labour government announced a Renters' Rights Bill in the King's Speech in July 2024, making regulation of the private rented sector an early priority.
Revolut secures restricted UK banking licence
Revolut has been granted a UK banking licence subject to restrictions, more than three years after applying in January 2021, and must complete a mobilisation period before it can operate as a full bank.
Scottish Government introduces Pension Age Winter Heating Payment
The Scottish Government used devolved powers to introduce a Pension Age Winter Heating Payment for 2024/25, replacing the Winter Fuel Payment in Scotland after the UK government restricted eligibility in England and Wales.
Universal Credit rollout invites Housing Benefit only and ESA(IR) with Child Tax Credit claimants
People claiming Housing Benefit only and people claiming Child Tax Credit with income-related Employment and Support Allowance were invited to move to Universal Credit from July 2024, as the next phase of managed migration began.
Winter Fuel Payment announcement linked to Pension Credit receipt
The July 2024 decision to link Winter Fuel Payments to Pension Credit drove a surge in claims, and from winter 2025 higher earners must repay the payment through tax.
- June 2024
Hamptons research finds owning costs more than renting in most of Great Britain
Hamptons research published on 22 June 2024 found that buyers with a 5% deposit would pay about £300 a month more on a 95% loan-to-value mortgage than they currently pay in rent.
Publication of a 12 point plan to end the poverty premium
Fair By Design published a 12 point plan to end the poverty premium on 13 June 2024, launched as its 2024 general election manifesto and covering payments among other areas.
Hargreaves Lansdown report finds 57% of homeowners lack enough life cover
Hargreaves Lansdown figures reported by Which? show 57% of homeowners have too little life cover, with an average shortfall of £89,800 for households with dependents.
Tax credit closure regime for state pension age claimants comes into force
Regulations closing tax credits for claimants over state pension age came into force on 8 June 2024, moving working tax credit claimants to universal credit and child tax credit claimants to pension credit.
Pay.UK must publish final Faster Payments reimbursement rules and compliance monitoring regime
Pay.UK was required by the Payment Systems Regulator to publish final Faster Payments reimbursement rules and an approved compliance monitoring regime by 7 June 2024, ahead of the 7 October 2024 start date.
Bankruptcy and Diligence (Scotland) Bill completes Scottish Parliament passage
The Bankruptcy and Diligence (Scotland) Bill completed its passage through the Scottish Parliament on 6 June 2024, requiring Scottish Ministers to create a moratorium on debt recovery against people with a mental illness.
June 2024 survey records £57m of arrears on Universal Credit tenants' accounts
The National Housing Federation's quarterly survey for June 2024 recorded £57m of rent arrears on Universal Credit tenants' accounts, with 51% of residents paying by Universal Credit in arrears.
Mortgage guarantee scheme extended to June 2025
The mortgage guarantee scheme has been extended to June 2025, UK Finance said, as one of several smaller measures announced alongside the Autumn Statement.
Online application service introduced for Social Fund Budgeting Loans in Great Britain
The Department for Work and Pensions has introduced an online application process for Social Fund Budgeting Loans in Great Britain, with Northern Ireland claimants still required to apply by post.
Pensions dashboards expected to open to the public from summer 2024 at the earliest
Pension schemes are joining the dashboards system in stages from spring 2023, but the public will not be able to view their pots through a dashboard until summer 2024 at the earliest.
Universal Credit rollout invites Income Support claimants
People claiming Income Support were due to be invited to move to Universal Credit in June 2024, the next stage of the managed migration of legacy benefit claimants.
- May 2024
FCA anti-greenwashing rule takes effect
The Financial Conduct Authority's anti-greenwashing rule took effect on 31 May 2024, requiring regulated firms to substantiate sustainability claims about their products and services.
Household Costs Indices bulletin for January to March 2024 published
The Office for National Statistics said UK household costs rose 4.4% in the year to March 2024, with mortgagor owner occupiers facing the highest rate and outright owners the lowest.
Consultation on CHAPS APP scam reimbursement requirement closes
The Payment Systems Regulator's consultation on extending authorised push payment scam reimbursement to CHAPS closed on 31 May 2024, with the same 7 October 2024 start date proposed as for Faster Payments.
Digital Markets, Competition and Consumers Act 2024 receives Royal Assent
The Digital Markets, Competition and Consumers Act 2024 became law on 24 May 2024, creating a digital markets regime, new competition powers and consumer protections including rules on drip pricing and subscriptions.
Treasury designates 14 large banks and building societies and 2 LINK entities for the access to cash regime
The Treasury has designated 14 large banks and building societies, plus two LINK entities, for the FCA's new access to cash regime, with rules taking effect on 18 September 2024.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has published its response to Ofgem's Future Price Protection Discussion Paper, setting out its views on how household energy prices might be protected in future.
Managed Migration rollout extended to Tax Credits claimants with Housing Benefit
Managed migration to Universal Credit opened to Tax Credits claimants with Housing Benefit from 13 May 2024, with further legacy benefit groups in Northern Ireland invited through to September 2024.
Universal Credit rollout invites tax credit claimants with Housing Benefit
Northern Ireland's next phase of Universal Credit migration began on 13 May 2024, inviting people who claim Tax Credits together with Housing Benefit to move to the new benefit.
Government proposes abolishing Direct Pay and reducing Collect and Pay fees
The government has proposed abolishing Direct Pay and cutting Collect and Pay fees at the Child Maintenance Service, opening a 12 week consultation on the changes.
Regulations made abolishing tax credits for state pension age claimants
Regulations made on 7 May 2024 end tax credit awards for claimants who have reached state pension age, moving some to universal credit and others to pension credit with transitional protection.
Administrative Earnings Threshold rise took place in May 2024
The Administrative Earnings Threshold rose in May 2024, a change the Department for Work and Pensions says should be read alongside the shift in Universal Credit conditionality recorded in 2024.
Administrative Earnings Threshold rises to £892 and £1,437 per month
The Administrative Earnings Threshold for Universal Credit rose to £892 a month for single people and £1,437 a month for couples in May 2024, following an earlier April increase.
Annual survey of English Council Tax Reduction schemes for 2024/25 published
entitledto's annual survey of English Council Tax Reduction schemes found 41 of 296 local authorities changed how they calculate support for 2024/25, with more raising help than cutting it.
Automatic referral to Small Claims Mediation Service for defended money claims
Defended money claims under £10,000 issued on or after 22 May 2024 are automatically referred to the Small Claims Mediation Service, though claims started online before 5 November 2024 are excluded.
Conservative Party announces 'triple lock plus' policy to uprate pensioner personal allowance with the triple lock
The Conservative Party has said that if re-elected it would raise the pensioner personal allowance in line with the triple lock, reaching £14,340 by 2029-30 and cutting tax for around 8 million pensioners.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has told Ofgem that the Consumer Principles should shape the design of future energy price protection, in its response to the regulator's call for input on the future of the price cap.
Current account holding rises and unbanked population falls
The number of UK adults holding a current account rose to 52.5 million in May 2024 from 50.8 million in 2022, while the unbanked population fell to 0.9 million from 1.1 million.
DWP announces enhanced notification strategy for potential overpayments
The Department for Work and Pensions has announced an enhanced notification strategy for potential benefit overpayments, exploring targeted texts or emails to alert claimants, amid scrutiny of Carer's Allowance repayments.
Inflation falls to the Bank of England's 2.0% target
UK inflation fell to 2.0% in May 2024, the Bank of England's target, for the first time since July 2021, after peaking at 11.1% in October 2022.
Insurance policyholders report biggest rise in problems
The proportion of insurance policyholders who reported a problem rose to 16 per cent in May 2024 from 12 per cent in 2022, the largest increase of any product area, driven mainly by policies costing more than expected.
Leasehold and Freehold Reform Act became law
The Leasehold and Freehold Reform Act became law in May 2024, but most of its 125 sections remain unimplemented, with further reform promised in a new Bill.
Leasehold and Freehold Reform Act reforms introduced
The government introduced leasehold reforms in May 2024 under the Leasehold and Freehold Reform Act, including a 990-year standard lease extension term and standardised service charge bills.
Managed migration opens to Income Support claimants
People claiming Income Support begin receiving Migration Notices from May 2024, moving them onto Universal Credit under managed migration, with transitional protection for eligible claimants.
Mortgage arrears among StepChange clients up three percentage points year on year
StepChange reports that 18% of its clients responsible for a mortgage were in arrears in May 2024, three percentage points higher than the 15% recorded a year earlier.
Motor insurance switching rate rises to 61%
The FCA's Financial Lives 2024 survey found motor insurance had the highest switching rate of any product in the last three years, at 61%, up nine percentage points from 52% in 2022.
Treasury designates banks and building societies subject to access to cash rules
The Treasury has named the banks and building societies that will fall under the Financial Conduct Authority's access to cash rules, along with an operator of cash access coordination arrangements.
Vulnerability characteristics decrease since 2022
The FCA's Financial Lives survey found 26.4 million UK adults had characteristics of vulnerability in May 2024, down 0.9 million from 27.3 million in May 2022, while low financial resilience was unchanged.
Which? reports growing popularity of 40-year marathon mortgages
Which? reports that longer mortgage terms have grown more popular as first-time buyers respond to higher rates, with 20% of first-time buyers taking terms of 35 years or more by the time the base rate peaked.
- April 2024
Fair Repayment Rate comes into force
The Fair Repayment Rate took effect on 30 April 2024, capping deductions from Universal Credit at 15% of the standard allowance, down from the previous 25% limit.
Nationwide reported to stop lending on some high flood risk properties
Nationwide Building Society is reported to be declining mortgages on properties judged at high risk of flooding, using mapping technology, according to a Welsh Government committee report.
Publication of estimated claimant numbers affected by Work Capability Assessment reforms
The Department for Work and Pensions has published updated estimates of the number of claimants affected by Work Capability Assessment reforms announced at Autumn Statement 2023, revised to match Spring Budget 2024 forecasts.
Government announces reforms to ill-health test in Universal Credit
The Government has announced reforms to the ill-health test in Universal Credit, as a Resolution Foundation assessment finds 71 per cent of eligible families are worse off in real terms than under the legacy system.
Research shows older mortgaged homeowners struggling to save for retirement
Research published on 11 April 2024 found that 18% of mortgaged homeowners aged 55 and over say repayments are stopping them saving more for retirement, as equity release funds used to clear mortgages rose.
FCA publishes PS24/2 confirming final rules to strengthen protections for borrowers in financial difficulty
The Financial Conduct Authority has published final rules that move pandemic-era guidance on supporting borrowers in financial difficulty into its formal rulebook, taking effect on 4 November 2024.
Benefit cap earnings threshold rises to £793 a month
The earnings threshold used to decide whether the benefit cap grace period applies rose from £722 to £793 a month on 8 April 2024, affecting working age claimants who lose work.
Capital gains tax allowance cut to £3,000 and dividend allowance to £500
The tax-free capital gains allowance falls to £3,000 and the dividend allowance to £500 from April 2024, the second cut in two years, meaning more people owe tax on investments and second homes.
Employee and self-employed NICs main rates cut as of April 2024
The main rate of employee National Insurance fell from 10% to 8% and the main rate for the self-employed fell from 9% to 6% on 6 April 2024, under an Act that received Royal Assent on 20 March 2024.
Guidance updated with rates effective from 8 April 2024
Government guidance pages for the State Pension, Pension Credit and New Style Employment and Support Allowance were updated with benefit rates effective from 8 April 2024, the April uprating date for that year.
High Income Child Benefit Charge threshold increases to £60,000
The High Income Child Benefit Charge threshold rose from £50,000 to £60,000 on 6 April 2024, with the taper halved so the charge reaches the full Child Benefit amount at £80,000.
New ISA year begins with £20,000 allowance as Resolution Foundation publishes Spotlight on ISA costs and effectiveness
The Resolution Foundation marks the start of the new ISA year with analysis putting the cost of ISA tax relief at £6.7 billion in 2023-24 and questioning whether the policy raises saving.
ISA account opening age harmonised at 18 with transitional protections for younger investors
The Individual Savings Account (Amendment) Regulations 2024 raised the minimum age for holding a cash ISA from 16 to 18 from 6 April 2024, with transitional protection for existing younger holders.
Pensions lifetime allowance to be abolished from 6 April 2024
The pensions lifetime allowance was abolished from 6 April 2024 under the Finance Act 2024, removing the cap on total pension savings that could be built up without an extra tax charge.
15 hours free childcare for working parents of 2-year-olds from April 2024
Working parents of two-year-olds in England can access 15 hours a week of government-funded childcare from 1 April 2024, the first stage of an expansion reaching 30 hours by September 2025.
Administrative Earnings Threshold rises to £743 and £1,189 per month
The Administrative Earnings Threshold for Universal Credit rose to £743 a month for single people and £1,189 a month for couples in April 2024, with a further increase following in May.
Around 429,000 workers start repaying student loans this April
Around 429,000 workers begin repaying student loans from April 2024, with Plan 2 graduates facing a 7.8% interest cap and a £27,295 earnings threshold before deductions.
Attendance Allowance rates for April 2024 to March 2025
Attendance Allowance pays £72.65 a week at the lower rate and £108.55 a week at the higher rate from April 2024 to March 2025, for people over State Pension age who need help because of disability.
Basic rate income tax cut proposed from April 2024
The Chancellor announced a 1p cut in the basic rate of income tax to take effect from April 2024, alongside a £3,000 rise in the National Insurance threshold from July 2022.
Benefit rates to rise by 6.7% and State Pension and Pension Credit rates by 8.5%
Most benefit rates will rise by 6.7% and State Pension and Pension Credit rates by 8.5% from April 2024, subject to Parliamentary approval, the Government has confirmed.
Benefits uprated by 6.7% in April 2024
Benefits rose by 6.7 per cent in April 2024 under the annual uprating, but Council Tax, water and broadband prices also increased that month, according to a living standards study.
Canada Life research finds UK workers overpaid £5.8bn due to wrong tax codes
Canada Life research estimates UK workers overpaid £5.8bn to HMRC because they were on the wrong tax code, with almost a third of adults finding an error after checking.
Deadline for ending legacy benefits brought forward to March 2026
The deadline for moving remaining legacy benefit claimants to universal credit was brought forward to March 2026, with payments due to end by 31 March 2026.
DMCC Act 2024 comes into force
The Digital Markets, Competition and Consumers Act 2024, in force since April 2024, has revoked the EU derived 2015 ADR Regulations, opening the way for secondary legislation on consumer dispute resolution standards.
FCA confirms final rules in PS24/2 with just over 6 months implementation period
The Financial Conduct Authority has published final rules on protecting borrowers in financial difficulty, confirming they take effect on 4 November 2024 with just over six months for firms to prepare.
FCA to consult on value for money framework rules in spring 2024
The Financial Conduct Authority has signalled that detailed rules for a new value for money framework for defined contribution workplace pensions will be consulted on in spring 2024.
FOS award limits increase from 1 April 2024
The Financial Ombudsman Service award limits rose on 1 April 2024 to £430,000 for complaints about acts or omissions from 1 April 2019, and £195,000 for earlier ones.
Free childcare expansion to be rolled out in phases from April 2024
A £4bn expansion of free childcare, giving an extra 30 hours a week to parents of one and two year olds, will be rolled out in phases from April 2024, Toynbee Hall has said.
Frozen Income Tax and National Insurance thresholds to take effect
Freezing Income Tax and National Insurance thresholds rather than uprating them by 6.7 per cent will raise £8 billion and cost basic rate employees £270, the Resolution Foundation says.
Further 2p cut in employee National Insurance contributions takes effect
A further 2p cut in employee National Insurance contributions, announced in the March budget, took effect in April, giving basic rate taxpayers an extra £606 a year from the combined cuts.
Household Support Fund extended to September 2024
The Household Support Fund, which pays for local food and energy help, has been extended for six months to September 2024 with an extra £500 million split between councils across the UK.
Inflation-linked benefits uprated by 6.7% and State Pension by 8.5%
Inflation-linked Department for Work and Pensions benefits rose by 6.7% in April 2024, while the basic and new State Pension increased by 8.5% for 2024/25.
JROC publishes recommendations for next phase of open banking
The Joint Regulatory Oversight Committee has published recommendations on the design of a future open banking entity, covering structure, governance and funding, and proposals for a new interim body.
New law gives greater protection to pregnant women and new parents facing redundancy
The Protection from Redundancy (Pregnancy and Family Leave) Act 2023 gives pregnant employees and those recently returned from family leave priority status for suitable alternative roles from April 2024.
LHA re-pegged to 30th percentile of local rents after four-year freeze
Local Housing Allowance was re-pegged to the 30th percentile of local rents in April 2024, four years after a freeze, cutting the share of Universal Credit families whose housing costs were not fully covered.
Local Housing Allowance freeze to be lifted
Local Housing Allowance maximum amounts were raised to the 30th percentile of local market rents from April 2024, ending a freeze on rates that had been in place since 2020.
Local Housing Allowance unfrozen and raised to 30th percentile of rents
Local Housing Allowance has been unfrozen and raised to the 30th percentile of rents, the Autumn Statement confirmed, alongside benefit uprating of 6.7% and state pension uprating of 8.5% from April 2024.
Managed migration opens to Tax Credits claimants with Housing Benefit
Tax Credit claimants who also receive Housing Benefit began receiving Universal Credit migration notices from April 2024, the first group in a wider timetable that runs through to 2028/29.
Minimum wage equalised for 21- and 22-year-olds
From April 2024 the minimum wage for 21 and 22 year olds was raised to the same rate as older workers, ending a lower pay floor for that age group.
Minimum wage hourly pay to rise by 10 per cent in April
The Resolution Foundation says minimum wage hourly pay will rise by 10 per cent in April, as housing costs drive the squeeze on household finances.
National Living Wage age threshold lowered from 23 to 21
The age threshold for the National Living Wage was lowered from 23 to 21 in April 2024, the second reduction in three years, extending the adult minimum wage rate to younger workers.
Ofgem begins review of prepayment premium
Ofgem is reviewing how to remove the prepayment meter price premium permanently, with the work beginning in April 2024, after the temporary premium ban that started in July 2023.
Ofgem confirms new bad debt allowance funded by £28 a year on typical bills
Ofgem has confirmed a new allowance for bad debt in the domestic energy market, funded by temporarily adding £28 a year to the typical household bill from April 2024.
Online state pension top-up tool launched by HMRC and DWP
HMRC and the Department for Work and Pensions have launched an online tool letting people under state pension age check National Insurance gaps and pay voluntary contributions without phoning.
PAWHP to replace Winter Fuel Payment in Scotland from winter 2024/25
The Scottish Government is replacing the UK Winter Fuel Payment in Scotland with Pension Age Winter Heating Payment, administered by Social Security Scotland, with payments due from winter 2024/25.
Prepayment meter standard tariff poverty premium removed
The extra charge that prepayment meter customers on standard tariffs paid compared with other payment methods was removed from 1 April 2024, ending a premium that had reached £46 for dual fuel customers in 2022.
Regulations amended for migration of tax credit claimants to universal credit
Regulations amending tax credit income rules and universal credit payment provisions took effect from 6 April 2024, as part of the managed migration of tax credit claimants to universal credit.
Standard credit price cap level cut by £261 from 1 April 2024
The standard credit energy price cap level fell to £1,796 on 1 April 2024, a £261 or 13% decrease, while households paying by direct debit saw their cap fall to £1,690.
Statutory maternity and parental pay rates set at £184.03 weekly from April 2024
Statutory maternity and parental pay rose to £184.03 a week from April 2024, as a survey of 1,039 mothers found money worries and debt rising during maternity leave.
StepChange debt advice demand up 11% year on year
StepChange says 16,046 clients sought debt advice in April 2024, 11% more than the 14,512 who did so in April 2023, as demand for advice continues to rise.
New Style JSA payment rates for April 2024 to March 2025
New Style Jobseeker's Allowance pays up to £71.70 a week for under 25s and up to £90.50 a week for those aged 25 or over from April 2024 to March 2025, according to Mencap.
New system applies to pension contributions from 2024-25 tax year
A new system applies to pension contributions made from the 2024-25 tax year, giving low earners in net pay workplace pensions a top-up payment from HMRC.
Third £299 means-tested cost of living payment due in spring 2024
The final instalment of the £900 means-tested cost of living payment, worth £299, is due to be paid by spring 2024, following two earlier payments in 2023.
Universal Credit surplus earnings threshold of £2,500 extended for another year
The £2,500 surplus earnings threshold for Universal Credit will be extended for another year until at least April 2025, instead of falling to £300 as previously planned.
Which? reveals Revolut fraud complaints outstrip all banks
Which? published Financial Ombudsman Service data showing that fraud complaints about Revolut in 2023 outstripped those about every bank, as the firm remains an e-money institution without a UK banking licence.
Working age benefits to be uprated by September CPI of 6.7%
Working age benefits will rise by 6.7% from April 2024, the September CPI rate, while pension age benefits rise by 8.5% under the triple lock and the Local Housing Allowance freeze ends.
- March 2024
Mortgage approvals for house purchases reach highest level since September 2022
Bank of England data show net mortgage approvals for house purchases rose to 61,300 in March 2024, the highest since September 2022, while remortgaging approvals fell and the rate on new mortgages eased.
Universal Credit managed migration letters under way with end-2024 target
The government is sending Migration Notice letters to households still on legacy benefits, telling them to claim Universal Credit by the deadline on the letter or lose their payments.
General code of practice in force from 28 March 2024
The Pensions Regulator's general code came into force on 28 March 2024, setting out duties for pension scheme governing bodies on governance, internal controls and mitigating the risk of scams.
Which? and DNS Research Federation find more than 2,000 copycat bank website URLs reported in 2023
Research published by Which? and the DNS Research Federation found more than 2,000 web addresses imitating UK bank brands were reported to a phishing blocklist in 2023.
New pensions dashboards timeframes published with October 2026 connection deadline
New connection timeframes for pensions dashboards set a 31 October 2026 deadline for all 3,000 pension providers and schemes, with larger schemes starting from April 2025.
National Insurance Contributions (Reduction in Rates) Act 2024 receives Royal Assent
The National Insurance Contributions (Reduction in Rates) Act 2024 became law on 20 March 2024, cutting employee Class 1 contributions to 8% and self-employed Class 4 contributions to 6% from 6 April 2024.
Treasury makes consequential Class 2 NICs regulations
The Treasury made regulations on 14 March 2024 amending National Insurance law to reflect the end of Class 2 contributions for self-employed earners, coming into force on 6 April 2024.
Chancellor announces 2p National Insurance cut in Spring Budget
Jeremy Hunt used his Spring Budget on 6 March 2024 to announce a further 2p cut in National Insurance for employees and the self-employed, a change worth nothing directly to pensioners.
Consultation announced on household-based child benefit charge
Jeremy Hunt has announced a consultation on moving the high income child benefit charge to a household-based system by April 2026, alongside a rise in the individual earnings thresholds from April 2024.
Policy paper published on changes to First-time Buyers' Relief rules
HMRC has published a policy paper and draft legislation changing the rules for claiming Stamp Duty Land Tax First-time Buyers' Relief, covering leases held through nominees or bare trustees and the definition of a first-time buyer.
Spring Budget 2024 announces changes to the High Income Child Benefit Charge thresholds
Jeremy Hunt's Spring Budget raised the income threshold at which the High Income Child Benefit Charge starts, from £50,000 to £60,000, and the point at which Child Benefit is fully clawed back, from £60,000 to £80,000.
Spring Budget 2024 announces further two percentage point NICs cut and £3.4 billion NHS IT investment
The Spring Budget 2024 announced a further two percentage point cut in National Insurance Contributions and £3.4 billion for NHS IT, with NIESR calling it low-key and the NIC cut regressive.
Pension credit application deadline for final cost of living payment
Nearly 880,000 households could receive the final £299 cost of living payment if they apply for pension credit by Tuesday 5 March 2024, the Department for Work and Pensions has said.
Legal & General closes Investment Accounts and Stocks & Shares ISAs
Legal & General closed its Investment Accounts and Stocks & Shares ISAs on 4 March 2024, telling holders who have not heard from it to get in touch to discuss their options.
Energy bill arrears reach highest level since records began in 2012
Resolution Foundation research published on 3 March 2024 finds UK consumer debt at its lowest since at least 1999, but energy bill arrears at their highest since records began in 2012.
Resolution Foundation research finds UK consumer debt at lowest level since at least 1999
Resolution Foundation research published on 3 March 2024 finds UK consumer debt at its lowest level since at least 1999, down from 23% of household disposable incomes in the mid-2000s to 13%.
Cost of living schemes other than the three main Cost of Living Payments discontinued in FYE 2024
The Office for National Statistics says cost of living schemes including the Energy Support Scheme, Council Tax rebates and the Alternative Fuel Payment ended in the financial year ending 2024, while three payments continued.
Energy Price Guarantee ends in March 2024
The Energy Price Guarantee, which capped domestic energy bills from October 2022, ended in March 2024 after falls in the Ofgem price cap meant it was no longer needed to set maximum prices.
Government consults on British ISA allowing extra £5,000 UK equity investment
The government is consulting on a British ISA that would add £5,000 a year of tax-free UK equity investment on top of the existing £20,000 ISA allowance.
Government consults on raising standards in the tax advice market
The Government has opened a consultation on raising standards in the tax advice market, setting out three possible models for regulating advisers in a sector where anyone can currently practise without qualifications.
Government published draft rules on account termination notice
The government has published draft rules that would require banks to give 90 days' notice before closing an account and to explain the reason, with the rules intended to be in force by the end of 2024.
HICBC threshold raised and taper halved at 2024 Spring Budget
The 2024 Spring Budget raised the High Income Child Benefit Charge threshold from £50,000 to £60,000 and halved the taper, so entitlement is now fully withdrawn at £80,000 a year.
Ofgem publishes Call for Input on affordability and debt in the domestic energy market
Ofgem published a Call for Input on affordability and debt in the domestic energy market in March, as energy debt and arrears in Great Britain reached a record high above £3bn.
Private rental inflation peaked at 9.1%
Private rental inflation peaked at 9.1% in March 2024 and averaged 8.7% across the year, the Joseph Rowntree Foundation has said, with rents up nearly 8% since the last general election.
UK redundancy rate hits highest level since 2021
The UK redundancy rate rose to 4.6 per thousand people in the three months to January 2024, the highest since 2021, with around 133,000 redundancies over the period.
UK regulators publish joint debt collection statement
The FCA, Ofgem, Ofwat and Ofcom published a joint debt collection statement in March 2024 setting out four outcomes they expect firms to deliver, as energy debt in Great Britain reached a record level.
Scam text reports to 7726 lead to removal of more than 60,000 malicious websites
Increased reporting of scam texts to the 7726 service led to more than 60,000 malicious websites being removed in March 2024, according to figures shared by Action Fraud.
Scottish tenant protection measures expired
Scotland's temporary rent cap and eviction moratorium, introduced in 2022 under the Cost of Living (Tenant Protection) (Scotland) Act, ended on 31 March 2024, with rent adjudication modified for one year afterwards.
Universal Credit surplus earnings threshold extension ends
The £2,500 surplus earnings threshold in Universal Credit, above which excess earnings can be carried into a later assessment period, was extended until March 2024, after which the higher limit lapses.
- February 2024
Resolution Foundation publishes briefing note on household debt in the cost of living crisis
The Resolution Foundation finds consumer debt at its lowest share of household income since 1999, while arrears on gas and electricity bills reach their highest level since 2012.
NAO reports on progress in implementing Universal Credit
The National Audit Office says the Department for Work and Pensions is on track to move most legacy benefit claimants to Universal Credit by the end of 2024, but has extended the timetable and raised costs.
Amendment regulations widen Best Start Foods eligibility
Amendment regulations in force from 26 February 2024 removed income thresholds from some qualifying benefits for Best Start Foods and added Working Tax Credit as a qualifying benefit in its own right.
Best Start Foods amendment regulations come into force in Scotland
Scottish regulations amending Best Start Foods came into force on 26 February 2024, setting the basic weekly rate at £4.95 and widening eligibility to partners, dependants and children under three.
Best Start Foods eligibility changes come into force
Best Start Foods eligibility rules change on 26 February 2024, removing income limits, extending help to younger parents and altering how applications and payments are handled in Scotland.
Ofgem announces lasting solution to eliminate prepayment meter premium
Ofgem has announced a lasting solution to remove the extra cost of paying for energy by prepayment meter, while a premium for customers who pay on receipt of bill remains.
Finance Bill 2023-24 receives Royal Assent
The Finance Bill 2023-24 received Royal Assent on 22 February 2024, becoming the Finance Act 2024 and enacting tax measures announced in the Autumn Statement.
ERC research shows retirement confidence falling sharply
An Equity Release Council survey of 5,000 people found 46% are not confident about their future finances, up from 35% in 2021, with the sharpest fall among retirees aged 65 to 74.
PLSA raises required retirement income figures
The Pensions and Lifetime Savings Association has raised its estimate of the income a single person needs for a moderate retirement by £8,000 to £31,300 a year, as cost of living pressures and family support push up required spending.
DWP confirms changes to CMS enforcement sanctions
The Department for Work and Pensions has confirmed that the Child Maintenance Service will be able to impose enforcement sanctions directly, without applying to the courts, and will scrap its £20 application fee.
Labour's Financial Services Plan pledges national financial inclusion strategy
Labour's Financial Services Plan pledged a national financial inclusion strategy to address financial exclusion, a commitment welcomed by the anti-poverty charity Fair By Design in a statement dated 11 February 2024.
Supreme Court refuses permission to appeal in AT case
The Supreme Court refused the Secretary of State permission to appeal the AT Court of Appeal judgment on 7 February 2024, making the decision final for Housing Benefit and Universal Credit claims by EU nationals with pre-settled status.
Finance Bill 2023-24 passes third reading
The Finance Bill 2023-24, which carries the National Insurance cuts and the abolition of the pensions lifetime allowance, passed its Commons third reading by 283 votes to 39 on 5 February 2024.
Charities say an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter
Age UK analysis published by a charity coalition estimates an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter, a reduction of around 65%.
Best Start Foods income limit removed
The income limit for Best Start Foods was removed in February 2024, widening eligibility for the Scottish benefit that helps with the cost of healthy food during pregnancy and early childhood.
Cost of living schemes discontinued in FYE 2024
The Energy Support Scheme, Council Tax rebate schemes in Great Britain and the Alternative Fuel Payment ended in the financial year ending 2024, while three Cost of Living Payments continued, official figures show.
Final £299 cost of living payment sent to means-tested benefits claimants
The final £299 cost of living payment was sent to around eight million means-tested benefits claimants between 6 and 22 February 2024, completing a £900 package.
Final cost of living payments made in February 2024
The last cost of living payments were made in February 2024, the Joseph Rowntree Foundation reports, with no further support announced and benefit rates rising 6.7% in April.
Improved private rental and second-hand cars indices introduced into the HCIs
The Office for National Statistics introduced improved private rental and second-hand cars indices into the Household Costs Indices in February 2024, alongside a correction to earlier CPI comparisons.
Third £299 Cost of Living payment paid in February 2024
The third instalment of the 2023/24 Cost of Living Payment, worth £299, was paid to most eligible households between 6 and 22 February 2024, completing a £900 total for the year.
- January 2024
Ombudsman News 188 published covering car finance commission complaints and consultation deadline
The Financial Ombudsman Service has published Ombudsman News 188, covering temporary complaint-handling rules for car finance commission complaints and a consultation closing on 30 January 2024.
Reports of HMRC impersonation scams rising ahead of tax return deadline
Which? reports HMRC received more than 200,000 scam reports in the year to November 2023, up 9% year-on-year, and sets out the fake call, text and email tactics in circulation.
Fair By Design responds to Ofgem's call for input on standing charges
Fair By Design has published its response to Ofgem's call for input on standing charges, urging that the charges be reduced and the fixed costs of the energy system recovered more progressively.
Link recommends 101 new banking hubs across the UK
Link has recommended 101 new banking hubs across the UK, following assessments made when the last bank branch in an area closed and requests from communities.
FCA introduces temporary complaint-handling rules for car finance commission complaints
The Financial Conduct Authority has introduced temporary complaint-handling rules for certain car finance complaints involving discretionary commission arrangements while it assesses the motor finance market.
Main primary Class 1 national insurance rate reduced from 12% to 10%
The main rate of Class 1 employee National Insurance contributions fell from 12% to 10% on 6 January 2024, under an Act of Parliament passed in December 2023.
Employee National Insurance rates cut by 2p in January 2024
Employee National Insurance was cut by 2p and self-employed rates by 1p in January 2024, with a further 2p employee cut announced in the Spring Budget.
FCA launches car finance mis-selling investigation
The Financial Conduct Authority has opened a major investigation into car finance mis-selling, focused on discretionary commission arrangements, and paused firms' handling of related complaints.
Minimum Income Floor change for self-employed lead carers brought forward to January 2024
The implementation date for matching the Minimum Income Floor to new employee work rules for self-employed Universal Credit claimants who are lead carers of children aged 3 to 12 moved from April 2024 to January 2024.
MIS to be rebased for all household types in 2024
The Joseph Rowntree Foundation has said all household types in its Minimum Income Standard will be rebased in 2024, starting from scratch with groups of members of the public.
Ofgem allows involuntary prepayment meter installations to resume
Ofgem has allowed some energy suppliers to resume installing involuntary prepayment meters, a practice paused in 2023, under conditions set out in early 2024.
Online child benefit claims extended to all eligible parents
HMRC has opened its fully digital child benefit claim service to all eligible parents, after limiting online applications to families with children under six months old since May 2023.