Money news: page 32
- February 2024
Charities say an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter
Age UK analysis published by a charity coalition estimates an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter, a reduction of around 65%.
Best Start Foods income limit removed
The income limit for Best Start Foods was removed in February 2024, widening eligibility for the Scottish benefit that helps with the cost of healthy food during pregnancy and early childhood.
Cost of living schemes discontinued in FYE 2024
The Energy Support Scheme, Council Tax rebate schemes in Great Britain and the Alternative Fuel Payment ended in the financial year ending 2024, while three Cost of Living Payments continued, official figures show.
Final £299 cost of living payment sent to means-tested benefits claimants
The final £299 cost of living payment was sent to around eight million means-tested benefits claimants between 6 and 22 February 2024, completing a £900 package.
Final cost of living payments made in February 2024
The last cost of living payments were made in February 2024, the Joseph Rowntree Foundation reports, with no further support announced and benefit rates rising 6.7% in April.
Improved private rental and second-hand cars indices introduced into the HCIs
The Office for National Statistics introduced improved private rental and second-hand cars indices into the Household Costs Indices in February 2024, alongside a correction to earlier CPI comparisons.
Third £299 Cost of Living payment paid in February 2024
The third instalment of the 2023/24 Cost of Living Payment, worth £299, was paid to most eligible households between 6 and 22 February 2024, completing a £900 total for the year.
- January 2024
Ombudsman News 188 published covering car finance commission complaints and consultation deadline
The Financial Ombudsman Service has published Ombudsman News 188, covering temporary complaint-handling rules for car finance commission complaints and a consultation closing on 30 January 2024.
Reports of HMRC impersonation scams rising ahead of tax return deadline
Which? reports HMRC received more than 200,000 scam reports in the year to November 2023, up 9% year-on-year, and sets out the fake call, text and email tactics in circulation.
Fair By Design responds to Ofgem's call for input on standing charges
Fair By Design has published its response to Ofgem's call for input on standing charges, urging that the charges be reduced and the fixed costs of the energy system recovered more progressively.
Link recommends 101 new banking hubs across the UK
Link has recommended 101 new banking hubs across the UK, following assessments made when the last bank branch in an area closed and requests from communities.
FCA introduces temporary complaint-handling rules for car finance commission complaints
The Financial Conduct Authority has introduced temporary complaint-handling rules for certain car finance complaints involving discretionary commission arrangements while it assesses the motor finance market.
Main primary Class 1 national insurance rate reduced from 12% to 10%
The main rate of Class 1 employee National Insurance contributions fell from 12% to 10% on 6 January 2024, under an Act of Parliament passed in December 2023.
Employee National Insurance rates cut by 2p in January 2024
Employee National Insurance was cut by 2p and self-employed rates by 1p in January 2024, with a further 2p employee cut announced in the Spring Budget.
FCA launches car finance mis-selling investigation
The Financial Conduct Authority has opened a major investigation into car finance mis-selling, focused on discretionary commission arrangements, and paused firms' handling of related complaints.
Minimum Income Floor change for self-employed lead carers brought forward to January 2024
The implementation date for matching the Minimum Income Floor to new employee work rules for self-employed Universal Credit claimants who are lead carers of children aged 3 to 12 moved from April 2024 to January 2024.
MIS to be rebased for all household types in 2024
The Joseph Rowntree Foundation has said all household types in its Minimum Income Standard will be rebased in 2024, starting from scratch with groups of members of the public.
Ofgem allows involuntary prepayment meter installations to resume
Ofgem has allowed some energy suppliers to resume installing involuntary prepayment meters, a practice paused in 2023, under conditions set out in early 2024.
Online child benefit claims extended to all eligible parents
HMRC has opened its fully digital child benefit claim service to all eligible parents, after limiting online applications to families with children under six months old since May 2023.
- December 2023
Guidance amended to reflect energy price cap of £1,928 from 1 January 2024
The Accountant in Bankruptcy has amended its Common Financial Tool guidance to reflect the Ofgem energy price cap of £1,928 a year, which took effect for January to March 2024.
PSR publishes interim report on UK-EEA cross-border interchange fees
The Payment Systems Regulator has proposed a temporary cap on cross-border interchange fees charged on online card payments from the European Economic Area, saying UK businesses paid an extra £150m to £200m last year.
FCA publishes findings of Retail Banking Consumer Duty multi-firm work
The FCA has published findings from a review of 70 product journeys at 47 firms, assessing how retail banks applied Consumer Duty frameworks, target market definitions and support for customers in financial difficulty.
Resolution Foundation publishes October 2023 cost of living survey findings
The Resolution Foundation reports that most indicators of how families are faring remain far more concerning than two or more years ago, with 22 per cent of people in moderate or severe food insecurity in October 2023.
£299 Cost of Living Payment qualifying and payment dates added
The government has published the qualifying dates and payment dates for the final £299 Cost of Living Payment for people on low income benefits and tax credits, paid in February 2024.
Finance Bill 2023-24 passes second reading
The Finance Bill 2023-24, which carries the Autumn Statement tax measures including National Insurance cuts and the abolition of the pensions lifetime allowance, passed its second reading on 13 December 2023 by 291 votes to 54.
Consumer Council research finds BNPL is second highest form of credit used
Consumer Council research published on 6 December 2023 found buy now pay later was the second highest form of credit used in Northern Ireland over the past three years.
Average weekly Pension Credit amount updated to over £75
The Department for Work and Pensions has updated its Pension Credit toolkit, raising the stated average weekly amount of Pension Credit from over £67 to over £75.
42% of new mortgages extend beyond state pension age
Bank of England data obtained by a freedom of information request shows 42% of new mortgages granted in late 2023 will run past the borrower's projected state pension age, up from 31% in 2021.
DWP expects to complete State Pension underpayment correction by end of 2023
The Department for Work and Pensions expects its exercise to correct historical State Pension underpayments to run until the end of 2023, having underpaid an estimated 134,000 pensioners.
FCA consults on proposed access to cash rules
The Financial Conduct Authority has published a consultation on proposed rules to protect access to cash, using new powers granted by the Financial Services and Markets Act 2023.