Money news: page 3
- July 2026
Timms Review Interim Report finds PIP no longer fit for purpose
The Timms Review's interim report, published in July 2026, found Personal Independence Payment no longer fit for purpose, and disabled people are now being invited to help shape its final recommendations.
FCA publishes Mills Review on AI in retail financial services
The Financial Conduct Authority has published the Mills Review, setting out how artificial intelligence could reshape UK retail financial services and regulation by 2030.
Housing Benefit earned income disregard regulations laid
The government has laid corrective regulations to fix errors in the 2026 Housing Benefit earned income disregard rules, so the higher disregards still take effect from 5 October 2026.
Card fraud has rebounded, affecting 14% of people in two years
A Which? survey found 14% of people experienced card fraud in the last two years, with the figure rising to one fifth among 25 to 34-year-olds, as an automatic card-updating service helps fraudsters keep spending.
Bank of England publishes 2026 Q2 Credit Conditions Survey
The Bank of England's 2026 Q2 Credit Conditions Survey, published on 2 July 2026, shows household secured credit availability unchanged while unsecured availability rose and unsecured default rates increased.
HMRC publishes Transformation Roadmap update with app usage figures
HMRC has published a Transformation Roadmap update reporting 7.6 million app users in 2025 to 2026 and confirming plans to move more than 100 personal tax letters online from summer 2027.
Upper Tribunal suspends parts of motor finance compensation scheme
The Upper Tribunal has suspended parts of the FCA's motor finance redress scheme, so lenders need not calculate or pay compensation until the legal process concludes, though other rules still apply.
Benefit rates for 2026-27 take effect
Age UK has published the benefit rates in force for 2026-27, covering the State Pension, Pension Credit, disability and carer's payments, bereavement benefits and working-age benefits.
BNPL regulation due to come into effect
Buy now pay later regulation is due to take effect in July 2026, bringing Section 75 protection and access to the Financial Ombudsman for shoppers using deferred payment credit.
BNPL regulation rules come into force
Rules regulating buy-now-pay-later credit came into force in July 2026, after Parliament approved plans to bring the sector under regulation in July 2025.
Consultation launched on Leasehold Enfranchisement Valuation Rates
The government has opened a consultation on the valuation rates used to calculate lease extension and freehold purchase costs, with responses now due by 21 October 2026.
Consumer Council publishes research on Northern Ireland bank branch closures
The Consumer Council for Northern Ireland has published research finding that Northern Ireland lost around 48% of its physical bank branches since 2020, with closures affecting consumers and small businesses in urban and rural areas.
Deadline set for migration to New Payments Architecture
The Payment Systems Regulator has set 1 July 2026 as the deadline for migrating Faster Payments to new infrastructure, with its APP fraud reimbursement rules carrying over.
FCA regulation of most BNPL agreements begins
Most buy now pay later agreements taken out from 15 July 2026 are regulated by the Financial Conduct Authority, bringing affordability checks, Ombudsman escalation and section 75 protections.
Independent evaluation of the APP scams policies concludes
Frontier Economics has published its independent evaluation of the Payment Systems Regulator's APP scams policies, and the regulator has set out a timetable running to a formal consultation in December 2026.
Ofgem energy price cap changed in July 2026, raising gas and electricity prices
Ofgem's July 2026 energy price cap change raised gas and electricity prices, lifting the average direct debit dual fuel bill to an estimated £1,862 a year, £221 more than before.
Ofgem reduces TDCV levels again in July 2026
Ofgem cut the assumed typical household consumption used in its price cap publications from July 2026, lowering gas by 17% to 9,500 kWh and electricity by 7% to 2,500 kWh.
- June 2026
Compensation scheme starts for loans taken out after 1 April 2014
The FCA's motor finance compensation scheme opens on 30 June 2026 for loans taken out from 1 April 2014, with 12.1 million agreements eligible and average payouts of around £830.
New research quantifies poverty premium at up to £736 a year for low-income households
Fair By Design and the University of Bristol find 95% of low-income households in Britain pay an average £380 a year more for essentials, with the highest premiums reaching £736.
Working-age customers begin receiving Simple Assessment letters
HMRC has begun sending Simple Assessment letters for the 2025 to 2026 tax year, with around 1.8 million due and payment owed by 31 January 2027 unless a letter shows otherwise.
Consumer Duty examples added to CONC 2.2.2 guidance
The FCA has added guidance to its consumer credit rules listing behaviour likely to breach Principle 6 and the Consumer Duty, including repossession of a customer's home other than as a last resort.
FCA updates ICOBS 5.3 guidance on advised insurance sales
The Financial Conduct Authority has added new handbook guidance on advised insurance sales, covering suitability across packaged policies and pure protection contracts, effective from 26 June 2026.
Guidance updated on information provided to repeat overdraft users in financial difficulty
The FCA has updated its guidance on how firms must inform repeat overdraft users showing signs of financial difficulty, covering their financial position, credit file reporting and available options.
Great British Summer Savings VAT cut takes effect
A temporary VAT cut from 20% to 5% on children's restaurant meals and eligible attraction tickets took effect on 25 June 2026, with the scheme launched at ODEON Milton Keynes.
Technical consultation on the draft ISA amending legislation opens
HMRC has opened a technical consultation on draft regulations that will cut the annual Cash ISA limit to £12,000 for under-65s from 6 April 2027, alongside new anti-circumvention rules.
Technical consultation opens on draft ISA Amendment Regulations 2026
HMRC has opened a technical consultation on draft regulations that would cut the annual Cash ISA subscription limit for under-65s to £12,000 from 6 April 2027, with the consultation running to 2 August 2026.
Which? finds cancelled card loophole can let fraud follow replacement cards
Which? has found that automatic card updating services can carry stolen card details onto replacement cards, and that most major high street banks give customers no way to opt out.
Consultation on tackling lower value tax debts opens
HMRC has opened a consultation on extending its existing powers to recover lower value tax debts through direct monthly deductions from people who persistently do not engage with it.
Government announces anti-circumvention rules for reduced cash ISA limit
The government has set out anti-circumvention rules to support the reduced £12,000 cash ISA limit for under-65s from April 2027, including transfer restrictions and a 22% charge on interest on cash held in non-cash ISAs.
Government launches First Time Buyer ISA consultation
HM Treasury has opened a consultation on a new, simpler ISA for first time buyers that would replace the Lifetime ISA, with responses accepted until 18 August 2026.