Money news: page 21
- January 2025
Government introduces fraud and error legislation
The Public Authorities (Fraud, Error and Recovery) Bill was introduced to Parliament in January 2025, giving the Department for Work and Pensions new powers to verify eligibility and gather information.
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Online casino features that give players the illusion of control, including turbo, slam stops and autoplay, are banned from 17 January 2025 under Gambling Commission measures.
Homeowners Alliance report found material information often missing from listings
A HomeOwners Alliance report in January 2025 found material information was often missing from property listings, as new legislation strengthens what estate agents must disclose.
Insurers paid record £585m for weather damage in 2024
Insurers paid a record £585m in 2024 for weather-related damage to homes and possessions, according to Association of British Insurers data cited by Which?, with a further £322m paid in the first half of 2025.
Legislation for welfare mitigation scheme extension planned
The Minister for Communities has secured agreement to extend Northern Ireland's welfare mitigation schemes, which were due to end on 31 March 2025, by a further three years to 31 March 2028.
Scottish Attendance Allowance transfers to Pension Age Disability Payment begin
People in Scotland receiving Attendance Allowance are being moved automatically to Pension Age Disability Payment, a new Scottish benefit paid at the same two weekly rates.
Which? publishes data showing Sim-swap scam reports to Action Fraud doubled year-on-year
Which? reported that Sim-swap scam reports to Action Fraud doubled year-on-year, and new Cifas figures show unauthorised Sim swaps rose 1,055% between 2023 and 2024.
Work Capability Assessment changes planned from 2025
The government plans to change the activities and descriptors used to pass a Work Capability Assessment from 2025 for new claimants of new style ESA and some Universal Credit elements.
- 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.