Money news: page 16
- July 2025
Government consults on proposals to reform the FOS
The government has published its response to a consultation on reforming the Financial Ombudsman Service, confirming plans for a 10-year complaint time limit and a narrower fair and reasonable test.
Government relaunches the Pensions Commission
The Government has relaunched the Pensions Commission to examine how future pension savings could be boosted, as MPs separately call for a national strategy on pensioner poverty.
HMRC figures confirm more people pulled into higher tax bands
HMRC estimates show around half a million more people moving into the higher-rate tax band this year, with 420,000 more pensioners paying tax on retirement income.
PRA and FCA amend Loan-to-Income flow limit rule to apply industry-wide
The Prudential Regulation Authority and Financial Conduct Authority have changed the loan-to-income flow limit so the 15% cap on mortgages above 4.5 times income applies across the industry rather than to each lender.
Reimagining Insolvency report launched
The Money Advice Trust has published Reimagining Insolvency, a report proposing a single, flexible insolvency framework for England and Wales with two routes out of problem debt.
Santander UK increases credit card standard interest rates
Santander UK is raising standard interest rates on credit cards from July 2025 for customers who have been told their rate is going up, with a 60-day window to reject the change.
Virgin Money removes Covid vaccination exclusion from travel policy
Virgin Money has removed a clause that excluded cover for unvaccinated travellers hospitalised with Covid abroad, after Which? flagged the exclusion in a comparison of three travel insurers.
- June 2025
95% mortgage guarantee scheme made permanent
The government's 95% mortgage guarantee scheme, which was due to close on 30 June 2025, has been made permanently available, according to Which?.
DWP publishes updated poverty impact analysis for Spring Statement social security changes
The Department for Work and Pensions has published revised estimates showing the Spring Statement social security changes would put an extra 150,000 working age adults in relative poverty by 2030.
Household saving ratio falls to 10.9% in Quarter 1 2025
The Office for National Statistics says the household saving ratio fell to 10.9% in the first quarter of 2025, down from 12.0%, as real household disposable income per head also declined.
Real household disposable income per head falls 1.0% in Quarter 1 2025
Real household disposable income per head fell 1.0% in the first quarter of 2025, the Office for National Statistics said, after growth of 1.8% in the previous quarter.
Scottish Child Payment recipients automatically assessed for Best Start Grant payments
People in Scotland who receive Scottish Child Payment are now automatically assessed for the Best Start Grant Early Learning Payment and School Age Payment, removing the need to submit a separate claim.
Resolution Foundation projects weak income growth to 2029-30 with rising child poverty
The Resolution Foundation projects typical non-pensioner incomes will grow just 1 per cent in real terms between 2024-25 and 2029-30, with child poverty rising from 31 to 34 per cent.
ISA Regulations amended to allow long-term asset funds in innovative finance ISAs and tighten subscription rules
The Treasury has amended the ISA Regulations 2025 to add long-term asset funds to innovative finance ISAs, require national insurance information before subscriptions and tighten replacement subscription rules.
Government launches consultation on council tax billing and collection in England
The government has opened a 12 week consultation on how council tax is billed and collected in England, covering payment schedules, enforcement, band challenges and bill transparency.
Government response to Warm Home Discount expansion consultation published
The Government has confirmed changes to the Warm Home Discount for winter 2025/26, removing the high cost to heat threshold in England and Wales and increasing spending in Scotland.
Government to exempt domestic premises suppliers from BNPL credit broking permissions
The government has decided to exempt businesses that sell goods and services in people's homes from needing credit broking permissions to offer buy now pay later as a payment option.
Chancellor announces £39 billion Social and Affordable Homes Programme
The Chancellor announced £39 billion for a new ten-year Social and Affordable Homes Programme at the Spending Review on 11 June 2025, with the government saying it could deliver around 300,000 affordable homes.
Government announces expanded Winter Fuel Payment eligibility and new tax charge
The government expanded Winter Fuel Payment eligibility from winter 2025 to pensioners with total income up to £35,000, and introduced a tax charge recovering the payment from those above that threshold.
Pension Schemes Bill 2024-25 introduced in Parliament
The Pension Schemes Bill 2024-25 was introduced in Parliament on 5 June 2025, with 12 policies covering local government funds, defined benefit and defined contribution schemes, and the Pensions Ombudsman.
Amending regulations laid for 2025 to 2026 Warm Home Discount expansion
Amending regulations laid in June 2025 remove the high-cost-to-heat threshold for Warm Home Discount Core Group 2 in England and Wales and raise Broader Group funding in Scotland, with around 6 million households expected to receive the £150 rebate.
DWP to reassess Carer's Allowance overpayment cases after review found it acted unfairly
The DWP will reassess Carer's Allowance overpayments made between April 2015 and September 2025, after an independent review found it acted unfairly, with debts reduced, cancelled or refunded.
UK government announces Free School Meals expansion to all children on Universal Credit in England
The UK government has announced that from September 2026 all children in families receiving Universal Credit in England will qualify for Free School Meals, ending the current earnings test.
Government concedes PIP scoring change will not apply to existing claimants
The Government has kept its plan to tighten Personal Independence Payment eligibility scoring but confirmed the change will not apply to existing claimants, avoiding average losses of £4,500 a year for 370,000 people.
Guidance updated for DMCCA unfair trading provisions
Trading standards guidance pages for England, Scotland and Wales have been updated to reflect the coming into force of Part 4, Chapter 1 of the Digital Markets, Competition and Consumers Act 2024.
JRF publishes analysis of proposed health-related benefit cuts
The Joseph Rowntree Foundation says proposed health-related benefit cuts would cut income for 350,000 households by more than 30% while too few jobs exist to offset the losses.
M4Lex net lending reaches highest level since September 2022
Bank of England data show sterling net lending to private sector companies and households reached £18.9 billion in June 2025, the highest monthly figure since September 2022.
Pension Age Winter Heating Payment to become universal from winter 2025/2026
The Scottish Government has laid amendment regulations making the Pension Age Winter Heating Payment universal for all pensioner households from winter 2025/2026, with payments of £100 for those not on relevant benefits.
Remortgaging approvals reach highest level since October 2022
Bank of England data show remortgage approvals rose to 41,800 in June 2025, the highest monthly figure since October 2022, alongside higher mortgage borrowing and consumer credit.
- May 2025
Pensions Investment Review Final Report published with consultation responses
The Pensions Investment Review's Final Report sets out reforms to defined contribution workplace pensions and the Local Government Pension Scheme in England and Wales, with legislation planned in a forthcoming Pension Schemes Bill.