Money news: page 24
- October 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.