Money news: page 17
- May 2025
CP25/1 remedies consultation closes
The Payment Systems Regulator's consultation on remedies for the card scheme and processing fees market review closed on 28 May 2025, after findings that Mastercard and Visa raised core fees by at least 25% since 2017.
Pensions Investment Review final report published
The government published the final report of its Pensions Investment Review on 27 May 2025, setting out reforms to be taken forward in the Pension Schemes Bill 2024-25.
Ofgem announces new energy price cap with standard credit premium unchanged
Ofgem has announced a new energy price cap under which households that pay after receiving their bill will still pay £135 a year more than those paying by direct debit.
Government lays BNPL legislation and commits to reviewing approach to domestic premises suppliers
The government laid secondary legislation on 19 May 2025 to regulate interest-free buy now pay later products from July 2026, while committing to review how the rules treat businesses selling in customers' homes.
Government publishes BNPL consultation response and confirms it will bring BNPL into regulation
HM Treasury has published its response to the October 2024 consultation on draft BNPL legislation and confirmed it will lay the draft statutory instrument to bring buy now pay later products into regulation.
Which? finds most home insurance policies cover gardens but with low limits and exclusions
Which? analysed 75 home insurance policies and found 91% cover garden contents, but only one would pay out for storm damage to fences, gates and hedges.
DWP confirms no more Cost of Living Payments planned
The Department for Work and Pensions has confirmed it is not planning any further Cost of Living Payments, closing a series that ran from 2022 to 2024.
Transitional protection deadline passed for tax credit claimants
The deadline to claim transitional protection has passed for tax credit claimants invited to move to Universal Credit, with tax credits having ended on 5 April.
Committee writes to Secretary of State calling for pause of UC health and PIP reforms
The Work and Pensions Committee has called for a pause to planned cuts to the health component of Universal Credit, warning that around 50,000 people could enter poverty by 2030.
New Consumer Energy Debt Advice service announced
A new Consumer Energy Debt Advice service led by Citizens Advice with the Money Advice Trust and StepChange will help clients resolve energy debt problems and access energy efficiency schemes.
entitledto publishes 2025/26 review of English Council Tax Reduction schemes
entitledto's annual review of English Council Tax Reduction schemes finds 62 of 296 councils changed their calculations for 2025/26, with cuts to maximum support outnumbering increases.
Equity Release Council launches Standards 2.0
The Equity Release Council launched Standards 2.0 in May 2025, adding a Consumer Charter and a product standard that waives early repayment charges for customers moving permanently into long-term care.
Government lays secondary legislation to bring BNPL under FCA regulation
The Government laid secondary legislation on 19 May 2025 to bring buy now pay later credit under Financial Conduct Authority regulation, with the regime due to start twelve months and one day after the legislation is made.
Maternity pay flat rate falls to less than half the National Living Wage
Maternity Action's 2025 report finds the flat rate of Statutory Maternity Pay and Maternity Allowance was 44% of the National Living Wage in April 2025, down from 63% of the minimum wage in 2012.
- April 2025
Welsh Government opens consultation on Council Tax administration and enforcement in Wales
The Welsh Government has opened a 12 week consultation on how unpaid Council Tax is collected in Wales, proposing changes to reminder notices, final notices and liability order timing.
Minister signs off final stage Impact Assessment for BNPL regulation
The responsible minister signed the final stage impact assessment for buy now, pay later regulation on 28 April 2025, setting out costs to firms and planned consumer protections.
Resolution Foundation publishes report on Universal Credit capital rules
The Resolution Foundation has published a report arguing that Universal Credit capital rules, frozen since 2006, should be indexed from April 2026 and that Help to Save and Lifetime ISA savings should be disregarded.
Pension Age Disability Payment became available nationally in Scotland
Pension Age Disability Payment replaced Attendance Allowance across Scotland from 22 April 2025, with official figures later showing 186,390 people receiving it as of 31 July 2026.
Carer's Allowance in Scotland being replaced by Carer Support Payment
Carer's Allowance is being replaced in Scotland by Carer Support Payment, a weekly payment of £86.45 for people caring at least 35 hours a week, with extra Scottish support paid alongside it.
Deadline for PSPs to amend consumer terms and conditions to reflect reimbursement rights
The Payment Systems Regulator has confirmed that payment firms had until 9 April 2025 to update consumer contracts to reflect authorised push payment scam reimbursement rights introduced in October 2024.
Which? finds potentially unfair storm and flood definitions in home insurance policies
Which? analysis of 133 home insurance policy documents from 67 firms found 32% contained a potentially unfair definition of flood and 20% a potentially unfair definition of storm.
CMA publishes guidance on its approach to direct consumer protection
The Competition and Markets Authority has published a 19-page document setting out how it will approach direct consumer protection under the new consumer protection regime.
Scottish assistance payment amounts increase from 1 April 2025
Scottish Ministers have uprated a range of devolved social security payments, with most new amounts taking effect from 1 April 2025 and some disability payments changing from 7 April 2025.
New benefit rates take effect from 6 April 2025
Statutory Sick Pay rises to up to £118.75 a week and disability and health related benefits change rates from 6 April 2025, with PIP paying between £29.20 and £187.45 a week.
Chapter 1 on protection from unfair trading valid from 6 April 2025
Chapter 1 of Part 4 of the Digital Markets, Competition and Consumers Act 2024, which prohibits unfair commercial practices, is valid from 6 April 2025 and replaces the 2008 regulations.
Child benefit rates rise by 1.7% for 2025-26
Child benefit rose to £26.05 a week for the eldest or only child and £17.25 for each additional child from 6 April 2025, a 1.7% increase, as HMRC figures show claims at their lowest since 2003.
Help to Save eligibility expanded for Universal Credit claimants
From 6 April 2025, Universal Credit claimants earning £1 or more in their assessment period can open a Help to Save account, replacing the previous 16 hours a week earnings test.
Income Tax rates updated for 2025 to 2026
HMRC has updated its published Income Tax rates, allowances and bands for the 2025 to 2026 tax year, with the change logged on the GOV.UK rates and allowances page on 6 April 2025.
ISA allowance levels for the 2025/2026 tax year
The adult ISA allowance stays at £20,000 and the Junior ISA allowance at £9,000 for 2026/27, but from April 2027 under-65s will face a £12,000 cap on cash ISA deposits.
Schedule 20 banned commercial practices come into force
Thirty-two commercial practices listed in Schedule 20 of the Digital Markets, Competition and Consumers Act 2024 became unfair in all circumstances on 6 April 2025, under commencement regulations S.I. 2025/272.