Money news: page 35
- October 2023
PSR published PS23/3 and PS23/4 setting the APP reimbursement requirement parameters
The Payment Systems Regulator has set out the detailed parameters for mandatory reimbursement of authorised push payment scam losses through Faster Payments, with the policy starting on 7 October 2024.
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
Revised AS TM1 to come into force from 1 October 2023
Revised AS TM1 guidance from the Financial Reporting Council takes effect from 1 October 2023, requiring money purchase schemes to provide pension projections and annualised accrued values through dashboards.
Rollback of remediable service to the legacy scheme takes effect
From 1 October 2023 pensionable service built up between 1 April 2015 and 31 March 2022 is treated as always having been in the legacy scheme, under the public service pensions remedy.
Second 2023/24 Cost of Living Payment issued
The second means-tested Cost of Living Payment of £300 was paid between 31 October and 19 November 2023, the middle instalment of a £900 award for 2023/24.
Supreme Court ruling extends PPI court claim time limit
A Supreme Court ruling has changed the time limit for court claims over mis-sold payment protection insurance, moving the six-year clock to the end of the underlying credit agreement.
New tiered contribution rates proposed from 1 October 2023
The Scottish Public Pensions Agency has consulted on draft regulations that would replace the NHS Scotland pension scheme's single contribution table with two new tables from 1 October 2023.
Work hour expectations raised for main carers of children aged 3 to 12
Main carers of children aged 3 to 12 claiming Universal Credit can no longer ask for lower expected work hours, after adjustments of 16 and 25 hours a week ended in October 2023.
- September 2023
Draft v0.7 of APP reimbursement scheme rules approved for PSR consultation
Pay.UK has approved a final draft of the APP Reimbursement Scheme Rules for Faster Payments, sending version 0.7 to the Payment Systems Regulator for consultation.
Over half a million more pensioners could pay income tax after 8.5% state pension rise, experts warn
LCP estimates around 650,000 more people aged 65 and over would become income taxpayers if the state pension rises 8.5% in April 2024 while the personal allowance stays frozen at £12,570.
£300 Cost of Living Payment qualifying and payment dates added
The government added the qualifying dates and payment dates for the £300 Cost of Living Payment for people on low income benefits and tax credits on 20 September 2023.
Consultation CP23/6 on APP fraud excess and maximum reimbursement level closes
The Payment Systems Regulator's consultation on the excess and maximum reimbursement level for Faster Payments and CHAPS closed on 12 September 2023, with the regulator publishing its response.
CP23/7 consultation on the consumer standard of caution closed
The Payment Systems Regulator's consultation on the consumer standard of caution for authorised push payment fraud closed on 12 September 2023, with a response published alongside it.
Record earnings figures revealed by ONS
ONS figures released on 12 September showed average wage growth of 8.5% including bonuses for May to July, the highest regular annual growth rate since comparable records began in 2001.
Warm Home Discount eligibility statement for England and Wales published
The government has published the eligibility statement setting out who qualifies for a Warm Home Discount rebate under Core Group 2 in England and Wales from the 2023 to 2024 scheme year.
Extra 300,000 people projected to fall into absolute poverty in 2024-25
The Resolution Foundation projects an extra 300,000 people will fall into absolute poverty in 2024-25, with median non-pensioner household income flat for a third year.
Resolution Foundation projects three-year household income stagnation around 2024 election
The Resolution Foundation projects zero real growth in median non-pensioner household income in 2023-24, 2024-25 and 2025-26, a three-year stagnation after a sharp fall in 2022-23.
Government opens consultation on changes to the Work Capability Assessment
The government has opened a consultation on changes to the Work Capability Assessment that would make it less likely some claimants qualify for the LCWRA element of Universal Credit.
Government launches consultation on consumer price transparency and product information
The Department for Business and Trade has published its response to a consultation on price transparency and product information, confirming plans to change unit pricing rules and ban fake reviews.
Automatic enrolment extension reforms receive Royal Assent
A Private Members Bill extending automatic enrolment to workers under 22 and removing the Lower Earnings Limit has received Royal Assent, the Pensions and Lifetime Savings Association has confirmed.
Benefit Cap (Annual Limit) (Amendment No 2) Regulations (Northern Ireland) 2023 come into force
The Benefit Cap (Annual Limit) (Amendment No 2) Regulations (Northern Ireland) 2023 came into force in September 2023, keeping the higher benefit cap rates set in April 2023 in place in Northern Ireland.
Plan 5 introduced for students starting university in 2023-24
Students starting university in England in 2023-24 borrow under Plan 5, which charges RPI-only interest, sets a lower repayment threshold and writes off debt after 40 years rather than 30.
Recent rule change makes 200,000 more benefit claimants eligible for SMI loan
A rule change to the government's Support for Mortgage Interest loan has extended eligibility to 200,000 more benefit claimants, according to Which?, which reports the figure alongside new survey findings on borrower reluctance.
In-work conditionality rules change
From September 2023, people earning above 15 hours a week at the National Living Wage but below full time hours must look for more or better paid work.
In-Work Progression Offer to roll out from September 2023
Low earners on Universal Credit will be required to meet their work coach every quarter under the In-Work Progression Offer, which begins a phased rollout from September 2023.
- August 2023
Financial Services and Markets Act 2023 inserts fraud liability provisions into Regulation 90
The Financial Services and Markets Act 2023 inserted new provisions into regulation 90 of the Payment Services Regulations 2017 on 29 August 2023, preserving payment providers' liability under certain requirements where a payment order is executed after fraud or dishonesty.
Section 72 of the Financial Services and Markets Act 2023 comes into force
Section 72 of the Financial Services and Markets Act 2023 came into force on 29 August 2023, requiring the Payment Systems Regulator to draft and then impose reimbursement rules for Faster Payments fraud cases.
CP23/4 consultation on draft APP fraud reimbursement legal instruments closes
The Payment Systems Regulator's consultation on draft legal directions for mandatory authorised push payment fraud reimbursement closed on 25 August 2023, with implementation proposed for 2 April 2024.
Treasury publishes Cash Access Policy Statement
The Treasury published its Cash Access Policy Statement on 18 August 2023, setting out government policy on cash deposit and withdrawal services, and the FCA published its own statement the same day.
Consumer Council research finds Northern Ireland lost 27% of bank branches in under three years
The Consumer Council has found that Northern Ireland lost 27% of its bank branch network in under three years, with vulnerable consumers and rural areas most affected.