Money news: page 27
- July 2024
Fair4All Finance research finds 20.3 million UK adults in financially vulnerable circumstances
Fair4All Finance research indicates 20.3 million UK adults are now in financially vulnerable circumstances, up 16 per cent from 17.5 million in 2022, with 44 per cent of adults affected.
FCA marks one year of the Consumer Duty with speech by Sheldon Mills
The Financial Conduct Authority has marked one year of the Consumer Duty with a speech by Sheldon Mills setting out progress, examples of improved consumer outcomes and priorities including price and value work.
General election called for July
A general election in July, earlier than many had expected, may bring a change in policy priorities later this year, according to UK Finance's Household Finance Review for the first quarter of 2024.
Government announces winter fuel payment means-test
The government announced in July 2024 that it plans to scrap the winter fuel payment for millions of pensioners who do not claim means-tested benefits, with some needing to claim Pension Credit to keep it.
UK Government restricts eligibility for Winter Fuel Payments
The UK government's restriction of Winter Fuel Payment eligibility has forced Scottish ministers to mirror the approach in the Pension Age Winter Heating Payment, limiting help to pensioners on certain benefits.
Managed migration opens to Housing Benefit only claimants and ESA (income-related) with Child Tax Credits claimants
From July 2024, people in Northern Ireland claiming Housing Benefit only, and those claiming income-related Employment and Support Allowance with Child Tax Credits, start receiving Migration Notices.
Mortgage borrowing by individuals reaches highest net level since November 2022
Individuals borrowed a net £2.8 billion of mortgage debt in July 2024, the highest monthly figure since November 2022, according to Bank of England money and credit statistics.
Net mortgage approvals for house purchases rise to highest since September 2022
Net mortgage approvals for house purchases rose to 62,000 in July 2024, the highest since September 2022, while remortgaging approvals fell, according to Bank of England money and credit data.
Renters' Rights Bill announced
The new Labour government announced a Renters' Rights Bill in the King's Speech in July 2024, making regulation of the private rented sector an early priority.
Revolut secures restricted UK banking licence
Revolut has been granted a UK banking licence subject to restrictions, more than three years after applying in January 2021, and must complete a mobilisation period before it can operate as a full bank.
Scottish Government introduces Pension Age Winter Heating Payment
The Scottish Government used devolved powers to introduce a Pension Age Winter Heating Payment for 2024/25, replacing the Winter Fuel Payment in Scotland after the UK government restricted eligibility in England and Wales.
Universal Credit rollout invites Housing Benefit only and ESA(IR) with Child Tax Credit claimants
People claiming Housing Benefit only and people claiming Child Tax Credit with income-related Employment and Support Allowance were invited to move to Universal Credit from July 2024, as the next phase of managed migration began.
Winter Fuel Payment announcement linked to Pension Credit receipt
The July 2024 decision to link Winter Fuel Payments to Pension Credit drove a surge in claims, and from winter 2025 higher earners must repay the payment through tax.
- June 2024
Hamptons research finds owning costs more than renting in most of Great Britain
Hamptons research published on 22 June 2024 found that buyers with a 5% deposit would pay about £300 a month more on a 95% loan-to-value mortgage than they currently pay in rent.
Publication of a 12 point plan to end the poverty premium
Fair By Design published a 12 point plan to end the poverty premium on 13 June 2024, launched as its 2024 general election manifesto and covering payments among other areas.
Hargreaves Lansdown report finds 57% of homeowners lack enough life cover
Hargreaves Lansdown figures reported by Which? show 57% of homeowners have too little life cover, with an average shortfall of £89,800 for households with dependents.
Tax credit closure regime for state pension age claimants comes into force
Regulations closing tax credits for claimants over state pension age came into force on 8 June 2024, moving working tax credit claimants to universal credit and child tax credit claimants to pension credit.
Pay.UK must publish final Faster Payments reimbursement rules and compliance monitoring regime
Pay.UK was required by the Payment Systems Regulator to publish final Faster Payments reimbursement rules and an approved compliance monitoring regime by 7 June 2024, ahead of the 7 October 2024 start date.
Bankruptcy and Diligence (Scotland) Bill completes Scottish Parliament passage
The Bankruptcy and Diligence (Scotland) Bill completed its passage through the Scottish Parliament on 6 June 2024, requiring Scottish Ministers to create a moratorium on debt recovery against people with a mental illness.
June 2024 survey records £57m of arrears on Universal Credit tenants' accounts
The National Housing Federation's quarterly survey for June 2024 recorded £57m of rent arrears on Universal Credit tenants' accounts, with 51% of residents paying by Universal Credit in arrears.
Mortgage guarantee scheme extended to June 2025
The mortgage guarantee scheme has been extended to June 2025, UK Finance said, as one of several smaller measures announced alongside the Autumn Statement.
Online application service introduced for Social Fund Budgeting Loans in Great Britain
The Department for Work and Pensions has introduced an online application process for Social Fund Budgeting Loans in Great Britain, with Northern Ireland claimants still required to apply by post.
Pensions dashboards expected to open to the public from summer 2024 at the earliest
Pension schemes are joining the dashboards system in stages from spring 2023, but the public will not be able to view their pots through a dashboard until summer 2024 at the earliest.
Universal Credit rollout invites Income Support claimants
People claiming Income Support were due to be invited to move to Universal Credit in June 2024, the next stage of the managed migration of legacy benefit claimants.
- May 2024
FCA anti-greenwashing rule takes effect
The Financial Conduct Authority's anti-greenwashing rule took effect on 31 May 2024, requiring regulated firms to substantiate sustainability claims about their products and services.
Household Costs Indices bulletin for January to March 2024 published
The Office for National Statistics said UK household costs rose 4.4% in the year to March 2024, with mortgagor owner occupiers facing the highest rate and outright owners the lowest.
Consultation on CHAPS APP scam reimbursement requirement closes
The Payment Systems Regulator's consultation on extending authorised push payment scam reimbursement to CHAPS closed on 31 May 2024, with the same 7 October 2024 start date proposed as for Faster Payments.
Digital Markets, Competition and Consumers Act 2024 receives Royal Assent
The Digital Markets, Competition and Consumers Act 2024 became law on 24 May 2024, creating a digital markets regime, new competition powers and consumer protections including rules on drip pricing and subscriptions.
Treasury designates 14 large banks and building societies and 2 LINK entities for the access to cash regime
The Treasury has designated 14 large banks and building societies, plus two LINK entities, for the FCA's new access to cash regime, with rules taking effect on 18 September 2024.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has published its response to Ofgem's Future Price Protection Discussion Paper, setting out its views on how household energy prices might be protected in future.