Money news: page 38
- June 2023
Government aims to lay secondary legislation on BNPL regulation in mid-2023
HM Treasury has set out its response to the buy now pay later consultation, confirming plans to lay secondary legislation in mid-2023 that would set the scope and framework of the new regime.
Law Centre NI publishes Cost of Living Support Payments 2023-2024 poster
The Law Centre NI has published a poster setting out the amounts, qualifying benefits and dates for the 2023-2024 cost of living support payments, including three means-tested payments and a pensioner payment.
Major mortgage lenders extend repossession threshold to 12 months of arrears
The UK's major mortgage lenders agreed in June 2023 to extend the point at which repossession orders can begin from three months of arrears to 12 months, a change the government estimated covered 90% of the market.
Majority of mortgage lenders sign new mortgage charter
The majority of UK mortgage lenders signed a new mortgage charter in June 2023, confirming support options for borrowers and protecting those who miss payments from repossession without consent for at least 12 months.
Market expectations for peak Bank Rate rise to nearly 6 per cent after stronger than expected inflation and pay data
Financial markets raised their expected peak for Bank Rate to nearly 6 per cent in mid-2024 after stronger than expected April inflation and pay data, the Resolution Foundation said.
Mortgage Charter agreed by lenders, FCA and government
The UK's largest mortgage lenders, the Financial Conduct Authority and the Chancellor agreed the Mortgage Charter in June 2023, setting standards for helping borrowers worried about higher rates.
Mortgage Charter protection against quick eviction
Lenders covering 85% of the UK mortgage market have committed to a charter that stops them forcing borrowers out of their homes within a year of a first missed payment.
Ofgem consults on new involuntary PPM requirements
Ofgem has opened a statutory consultation on licence conditions that would put its April 2023 Involuntary PPM Code of Practice into electricity and gas supply rules, with responses due by 26 July 2023.
ONS June 2023 data shows RHDI per capita fell 1.9 per cent in 2022-23, less than the 3.7 per cent fall forecast in March 2023
ONS outturn estimates from June 2023 show real household disposable income per person fell 1.9 per cent in 2022-23, less than the 3.7 per cent the fiscal watchdog had forecast in March 2023.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR increases reimbursement time limit from 48 hours to five business days
The Payment Systems Regulator has confirmed that victims of authorised push payment fraud must be reimbursed within five business days, extending its proposed 48-hour limit, under rules taking effect in 2024.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
Resolution Foundation publishes mortgage crunch analysis
The Resolution Foundation estimated households whose fixed-rate mortgage deals expire in 2024 face an average annual repayment increase of £2,900, a figure Labour quoted as applying to this year.
State pension top-up deadline extended to April 2025
HMRC has confirmed that people will have until April 2025 to pay voluntary National Insurance contributions for historic gaps, extending a deadline that had already been moved once.
- May 2023
HMRC warns tax credits customers about renewal deadline scams
HMRC has warned around 1.5 million tax credits customers to watch for scams mimicking government communications ahead of the 31 July renewal deadline, as it reported new fraud tactics.
FCA opens CP23/13 consultation on Tailored Support Guidance
The FCA has opened a consultation on folding its Tailored Support Guidance for consumer credit and mortgages into its rulebooks, with responses due by 13 July 2023.
Consultation on proposed changes to member contributions opens
The Scottish Public Pensions Agency has opened a twelve-week consultation on proposed changes to member contribution rates in the NHS Pension Scheme (Scotland), running from 23 May to 15 August 2023.
Fair By Design responds to Ofgem consultation on payment method cost differentials
Fair By Design has published its response to an Ofgem consultation on payment method cost differentials, arguing that low income consumers should not pay more for energy because of how they pay.
Treasury Committee recommends regulating unbacked cryptoasset trading as gambling
The Treasury Committee has told the Government to regulate retail trading and investment in unbacked cryptoassets as gambling, not as a financial service, in a report published on 17 May 2023.
User-generated fraud included in draft Online Safety Bill
The Government has added user-generated fraud to the draft Online Safety Bill, a change the Financial Services Compensation Scheme called a step in the right direction.
Cost of living increase remains most common reason for debt among StepChange clients
StepChange reports that a cost of living increase was the most common reason for debt among its clients in May 2023, cited by 27 per cent, up from 16 per cent a year earlier.
Dual fuel bill arrears among StepChange clients up six percentage points since January 2023
StepChange reports that 57% of clients responsible for dual fuel bills were in arrears in May 2023, six percentage points above both January 2023 and May 2022.
DWP reveals £670m of state pension underpaid in 2022-23
The Department for Work and Pensions underpaid £670m of state pension in 2022-23, the highest underpayment rate on record, with official error the main cause.
entitledto publishes updated estimates of unclaimed means-tested benefits
entitledto has updated its estimate of unclaimed means-tested benefits, putting the total at £15.06 billion across 5,745,000 families, with Universal Credit accounting for just over £8 billion of that figure.
FCA consults on rules to strengthen protections for borrowers in financial difficulty (CP23/13)
The Financial Conduct Authority has confirmed final rules requiring lenders to support borrowers in financial difficulty, replacing pandemic-era guidance from 4 November 2024.
Hargreaves Lansdown survey finds one in seven workers have stopped pension contributions
A May 2023 survey of 2,000 people for Hargreaves Lansdown found one in seven had stopped pension contributions and 8% had cut them back, with younger workers most likely to have done so.
Most local authorities changing CTR schemes for 2023/24 made them more generous
Of the 39 English councils that changed their Council Tax Reduction schemes for 2023/24, 29 increased maximum support for the poorest households and one reduced it, a survey of all 296 schemes found.
Record net withdrawal from UK savings in May 2023
Bank of England data shows households withdrew £4.6bn more from savings accounts than they paid in during May 2023, the largest net withdrawal since monthly records began in October 1997.
Saltus survey finds one in five would cut pension contributions to cover mortgage costs
A May 2023 survey of 2,004 people by financial planning firm Saltus found one in five said they would have to cut pension contributions to cover rising mortgage costs.
Survey finds 44% of UK adults struggling with bills and credit commitments
StepChange says 44% of UK adults found it difficult to keep up with household bills and credit commitments in May 2023, and 8% met its definition of severe problem debt.