Money news: page 23
- November 2024
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.