Money news: page 25
- September 2024
CP24/11 consultation closes on the maximum level of reimbursement for Faster Payments APP scams
The Payment Systems Regulator's consultation on lowering the maximum reimbursement for Faster Payments APP scams from £415,000 to £85,000 closed on 18 September 2024, with the policy start date unchanged.
FCA access to cash rules come into force
Rules requiring designated banks and building societies to assess and fill gaps in local cash provision came into force on 18 September 2024, after being published by the FCA on 24 July 2024.
Scam text impersonates government Cost of Living Payments with bogus 'annual living allowance'
Which? has reported a scam text and copycat gov.uk website that ask people to apply for a fake "annual living allowance" and hand over personal and financial details.
Guidance on the interest rate cap updated
Government guidance on student loan interest rate caps was updated on 16 September 2024, covering Plan 2 and Plan 5 loans, with the cap applied at 6% for Plan 2 and not currently applied for Plan 5.
Winter Fuel Payment Regulations 2024 come into force
The Social Fund Winter Fuel Payment Regulations 2024 came into force on 16th September 2024, setting the qualifying conditions and payment amounts for winter fuel payments in England and Wales.
Warm Home Discount eligibility statement for England and Wales published
The government has published the Warm Home Discount eligibility statement for England and Wales covering scheme year 14, which runs from 2024 to 2025, and future scheme years.
Specific Direction 21 issued for CHAPS APP scam reimbursement
The Payment Systems Regulator has published Specific Direction 21, requiring firms participating in CHAPS to reimburse victims of authorised push payment scams from 7 October 2024.
Government has repaid £594m to 99,558 people underpaid state pension due to errors
The government has repaid £594m to 99,558 people who were underpaid their state pension because of system errors, covering the Home Responsibilities Protection error and the LEAP correction exercise.
Royal London analysis shows 49% of new state pension recipients missed the full amount
Royal London analysis of 2023-24 figures shows 49% of new state pension recipients were paid less than the full weekly amount, with 149,317 pensioners receiving under £100 a week.
2024 MIS report published with first full rebase of all household budgets in the same year
The Centre for Research in Social Policy at Loughborough University has published the 2024 Minimum Income Standard, rebasing budgets for every household type in the same year for the first time since 2008.
UK banks commit to 350 banking hubs over next five years
UK banks committed in 2024 to opening 350 banking hubs over five years, as new rules on cash access took effect and branch closures continued across the UK.
Call for evidence published on pensions investment review
The government has published a call for evidence in its pensions investment review, asking for views on consolidation, value for money and investment in the UK.
DWP to contact remaining tax credit, Income Support, JSA and housing benefit claimants by September 2024
The Department for Work and Pensions plans to contact 440,000 mixed tax credit households and all Income Support, income-based JSA and housing benefit claimants by September 2024 as managed migration continues.
ESA to UC managed migration underway with completion brought forward to 2026
Employment and Support Allowance claimants have begun moving to Universal Credit, with the Department for Work and Pensions now planning to complete the transfer by 2026 rather than 2028.
Expanded free hours childcare subsidy scheme scheduled to start in England
The Joseph Rowntree Foundation's 2024 Minimum Income Standard reports that expanded free hours childcare is scheduled for September 2024 and September 2025, with the scheme's availability uncertain.
FCA cash access rules come into effect
Rules giving the Financial Conduct Authority responsibility for protecting cash access took effect in September 2024, requiring banks to assess an area before closing services that affect withdrawals and deposits.
FOS warns of rise in card-based authorised fraud
The Financial Ombudsman Service warned in September 2024 that more people were inadvertently using credit or debit cards to pay fraudsters, a pattern it says has continued to grow.
Free childcare extended to eligible working parents of children from 9 months to two years
From September 2024 eligible working parents in England with children aged nine months to two years can access 15 hours of government-funded childcare a week, the next stage of a phased expansion.
UK Government establishes Floods Resilience Taskforce
The UK government set up a Floods Resilience Taskforce in September 2024 to oversee national and local flood resilience, with a flood insurance taskgroup among three established.
Government secures industry commitment to 350 banking hubs
The Government says it secured an industry commitment in September 2024 to roll out 350 banking hubs by the end of this parliament, alongside new access to cash rules.
Household Support Fund extended until September 2024 with extra £500 million
The Household Support Fund received an extra £500 million so it could be extended until September 2024, with the government confirming a further six-month extension in September 2024.
Managed migration opens to income-based Jobseekers Allowance claimants
People claiming income-based Jobseekers Allowance are being sent Migration Notices from September 2024, inviting them to claim Universal Credit as the legacy benefit ends.
PAWHP eligibility restricted to pensioners on qualifying benefits for winter 2024/25
Scottish Ministers have restricted Pension Age Winter Heating Payment eligibility for winter 2024/25 to pensioners receiving qualifying benefits, after the UK Government ended universal Winter Fuel Payment eligibility.
Pension age Tax Credits recipients begin Universal Credit migration notices
People above State Pension age who receive Tax Credits began receiving migration notices in September 2024, asking them to apply for Universal Credit or Pension Credit.
Pension Age Winter Heating Payment to replace Winter Fuel Payment in Scotland from winter 2024
The Pension Age Winter Heating Payment replaces the Winter Fuel Payment in Scotland from winter 2024, paying £200 or £300 to pensioners on relevant benefits, with the DWP delivering it this winter.
PSR publishes PS24/5 CHAPS APP scams reimbursement requirement
The Payment Systems Regulator has published Specific Direction 21, extending authorised push payment scam reimbursement rules to CHAPS payments from 6 September 2024.
September 2024 survey shows rise in arrears among Universal Credit residents
A National Housing Federation survey of housing associations found total rent arrears on Universal Credit claimants' accounts rose 11 per cent to £63m in September 2024, while arrears for residents paying by other means fell 19 per cent to £25m.
Universal Credit rollout invites income-based Jobseekers Allowance claimants
People claiming income-based Jobseekers Allowance are being invited to move to Universal Credit from September 2024, the latest group in the managed migration of legacy benefits.
Working-age benefits to rise 1.7% and pension-age benefits 4.1% from April 2025
Working-age benefits will rise by 1.7% and pension-age benefits by 4.1% from April 2025, the Budget confirmed, while Local Housing Allowance and the benefit cap are frozen again.
- August 2024
FOS reports 70% rise in complaints in Q1 2024/25
The Financial Ombudsman Service received 74,645 new complaints in the first quarter of 2024/25, up 70% on the same quarter a year earlier, with credit cards the most complained about product.