Money news: page 37
- July 2023
PSR to consult on draft legal instruments for reimbursement
The Payment Systems Regulator will consult in July on draft legal instruments for mandatory reimbursement of authorised push payment fraud victims, with the requirement due to come into force in 2024.
Universal Credit childcare maximum amounts to rise
The maximum childcare costs that working parents on Universal Credit can claim rise from July 2023 to £951 a month for one child and £1,630 for two or more.
- June 2023
Barclaycard payment protection and income protection policies automatically end
Barclaycard payment protection and income protection policies closed on 30 June 2023, with cover and new claims limited to events before that date, except Barclaycard PPI.
Barclays withdraws Android NFC contactless payments from its app
Barclays has withdrawn contactless payments of up to £300 made through its app on NFC-enabled Android devices, with the feature ending on 30 June 2023 under terms issued in April and October 2023.
FCA publishes policy statement and revised rules to bring the Mortgage Charter into force
The FCA published a policy statement and revised rules on 30 June 2023 to bring the government's Mortgage Charter into force, giving lenders new options for borrowers in financial difficulty.
Mortgage Charter support for borrowers up to date with payments takes effect
From 30 June 2023 borrowers who are up to date with their mortgage can ask their lender to switch to interest only for up to six months or extend their term without an affordability assessment.
Financial Services and Markets Act receives Royal Assent
The Financial Services and Markets Act 2023 became law on 29 June 2023, giving the Financial Conduct Authority a duty to seek reasonable provision of cash withdrawal and deposit services across the UK.
Words in regulation 7(1) substituted by the Social Security, Universal Credit and State Pension (Miscellaneous Amendments) Regulations (Northern Ireland) 2023
Northern Ireland regulations substituted wording in regulation 7(1) of the 2016 Universal Credit transitional rules with effect from 29 June 2023, alongside matching changes to claims and payments rules.
Statutory consultation on Involuntary PPM licence changes opens
Ofgem has opened a statutory consultation on plans to write its Involuntary PPM Code of Practice into electricity and gas supply licence conditions, with responses due by 26 July 2023.
SMI eligibility rule changes for Universal Credit claimants documented
The Department for Work and Pensions has added information about changes to Support for Mortgage Interest eligibility rules for Universal Credit claimants to its statistics background and methodology note.
Government publishes Mortgage Charter with lenders covering 85% of mortgage market
The government published the Mortgage Charter on 26 June 2023, with lenders covering 85% of the UK mortgage market committing to measures for borrowers in financial difficulty.
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.
New mortgage support measures agreed by lenders, Chancellor and FCA
On 23 June 2023 the principal mortgage lenders, the Chancellor and the Financial Conduct Authority agreed new support measures for residential mortgage holders, as mortgage rates rose.
Bank of England raises base rate to 5.00%
The Bank of England raised the base rate by 0.50 percentage points to 5.00% on 22 June 2023, taking it from 4.50% and continuing a run of increases that affects mortgages, savings and borrowing costs.
Committee publishes Payment Systems Regulator response on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published the Payment Systems Regulator's response to its report on scam reimbursement, as a special report dated 14 June 2023.
PSR publishes policy statement on new APP fraud reimbursement requirement
The Payment Systems Regulator has published a policy statement setting out a new reimbursement requirement for victims of authorised push payment fraud, with an implementation date proposed for 2 April 2024.
HMRC warns of rise in scams impersonating the tax agency ahead of tax credits renewal deadline
HMRC has warned of a rise in scam calls, emails and texts impersonating the tax agency, including phishing emails sent from Japanese addresses, ahead of the 31 July tax credits renewal deadline.
Plan 1 to 5 loan definitions inserted by 2022 Amendment Regulations
Regulations defining plan 1 to plan 5 student loans were inserted into the Education (Student Loans) (Repayment) Regulations 2009 with effect from 6 April 2023.
Consumer Scotland publishes response to Ofgem's Consumer Standards Framework consultation
Consumer Scotland has published its response to Ofgem's consultation on a framework for consumer standards and policy options covering priority customer service issues in the energy market.
Access to Banking Services in Northern Ireland published by CCNI
The Consumer Council Northern Ireland published an analysis of bank closures across Northern Ireland from 2020 to early 2023, showing 21% of consumers had seen their local bank close.
Amending regulations replace staged connection timetable with single deadline of 31 October 2026
The Pensions Minister laid amending regulations in June 2023 replacing 23 staged connection deadlines for pensions dashboards with a single mandatory deadline of 31 October 2026.
Cost of living increase remains most common reason for debt at 26%
The cost of living increase remained the most common reason for debt among new StepChange clients in June 2023 at 26%, down one point on May but eight points above June 2022.
Council tax and water arrears among clients rise to 33% and 23%
The share of StepChange clients behind on council tax rose to 33% and on water to 23% in June 2023, both up two percentage points on May and back to levels last seen in March.
Coutts closed Nigel Farage's bank account
Coutts closed Nigel Farage's account in June 2023 after raising concerns about his political views, prompting an FCA review of account closures and draft government rules on notice periods.
Energy Price Guarantee extended to end of June 2023
The Energy Price Guarantee was extended to the end of June 2023, Consumer Scotland said in its response to an Ofgem call for input on the debt-related costs allowance in the energy price cap.
FCA prohibits debt packager remuneration from debt solution providers
The Financial Conduct Authority has banned firms from taking commission, fees or other payment from debt solution providers for referrals, under a rule that took effect on 2 June 2023.
Financial Services and Markets Act 2023 receives royal assent
The Financial Services and Markets Bill became the Financial Services and Markets Act 2023 in June 2023, carrying provisions on cash access services and Bank of England oversight of the wholesale cash industry.
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
First review of the 2021 transfer conditions regulations published
The Department for Work and Pensions has published an options assessment setting out proposed amendments to the 2021 pension transfer regulations, including a new red flag for transfers into Small Self-Administered Schemes.
Free access to cash protection added to the Act
The Financial Services and Markets Act 2023 received royal assent on 29 June, after the government amended the Bill to protect free access to cash following a campaign by Which?.