Money news: page 42
- February 2023
Bank bosses questioned by Treasury Committee over passing on base rate rises
High street bank bosses were questioned by the Treasury Committee in February 2023 over why Bank of England base rate rises had not been passed on to savers.
Consultation launched on a regulatory regime for BNPL applying the CCA's provisions
The government has set out plans to bring buy now pay later products under Financial Conduct Authority regulation, publishing an impact assessment alongside secondary legislation laid in May 2025.
Council and housing association tenancies exempted from rent cap
Council and housing association tenancies in Scotland stopped being covered by the temporary rent cap on 26 February 2023, while the cap continued for most private tenancies until it ended on 31 March 2024.
DWP launches consultation on small pension pots
The Department for Work and Pensions has opened a call for evidence on deferred small pension pots, running to 27 March 2023, setting out two possible approaches to consolidation.
Low Income Winter Heating Assistance payments begin in Scotland
Scotland has begun paying the new Low Income Winter Heating Assistance benefit, one of a series of benefit changes scheduled across the UK during 2023.
NatWest extends repayment period for customers missing several payments on unsecured debt
NatWest is extending the repayment period for customers who have missed several payments on an unsecured debt such as a loan or overdraft from 18 to 24 months, from February 2023.
Ofgem yn gofyn i gyflenwyr oedi gosodiadau rhagdalu gorfodol
Ofgem asked all energy suppliers in February 2023 to pause forced and remotely switched prepayment meter installations until a new set of guidelines had been agreed.
Share of first-time buyers taking ultra long-term mortgages more than doubles
UK Finance figures show 18% of first-time buyers took out a mortgage term longer than 35 years in February 2023, up from 8% a year earlier, as longer terms spread among home movers too.
StepChange reports 16,076 new debt advice clients in February 2023, up 19% year on year
StepChange advised 16,076 new clients in February 2023, 19% more than a year earlier, with a record share citing a cost of living increase as their main reason for debt.
Winter Heating Payment replaces Cold Weather Payment in Scotland
The Winter Heating Payment replaced the Cold Weather Payment in Scotland from February 2023, paying a guaranteed annual sum to people on certain benefits rather than depending on how cold the weather gets.
- January 2023
Ofgem prepayment meter review leads to compensation and debt write-off
Ofgem's compliance review found prepayment meters were wrongly installed at eight suppliers between 1 January 2022 and 31 January 2023, leaving affected customers due automatic compensation and, for some, debt write-off.
Value for Money consultation on pension scheme metrics, standards and disclosures opens
The Department for Work and Pensions, the Financial Conduct Authority and The Pensions Regulator opened a consultation on 30 January 2023 on disclosing, assessing and comparing the value for money of workplace pension schemes.
New agency set up to regulate bailiffs and debt collection enforcement
A new body, the Enforcement Conduct Board, is reported as the first independent regulator for debt collection in the UK, covering bailiffs and enforcement agents.
Scottish Government publishes summary of responses to statutory debt solutions and diligence policy review consultation
The Scottish Government has published responses to its review of statutory debt solutions and diligence, showing majority support for most proposals but weaker backing for the Standard Financial Statement and full surplus income in bankruptcy.
Work and Pensions Secretary rejects change to cost of living payment qualifying rules
Mel Stride has rejected a Work and Pensions Committee call to protect Universal Credit claimants with nil awards in the qualifying period for the 2023/24 cost of living payments.
HM Treasury consults on future financial services regulatory regime for cryptoassets
HM Treasury has opened a consultation and call for evidence on a future financial services regulatory regime for cryptoassets, setting out plans to bring crypto activities within the existing framework of financial regulation.
JRF report finds falling housing subsidies explain decline in renter affordability
The Joseph Rowntree Foundation says falling housing subsidies explain a 40 year decline in renter affordability, and calls for 700,000 more social homes and an end to the Local Housing Allowance freeze.
Interest rate cap at prevailing market rate inserted for plan 2, 3 and 5 loans
Regulations made on 13 December 2022 cap interest on plan 2, 3 and 5 student loans at the prevailing market rate, with parts commencing on 16 January 2023 and the remainder on 6 April 2023.
Resolution Foundation publishes briefing note on government savings policies
The Resolution Foundation has published a briefing note assessing government support for household saving, recommending that Help to Save be extended beyond 2023 and that tax-free ISA savings be capped at £100,000.
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
PSR publishes working paper on UK-EEA cross-border interchange fee increases
The Payment Systems Regulator has published a working paper on UK-EEA cross-border interchange fees, setting out its understanding of recent increases and inviting feedback by 19 January 2023.
SDLT Bill amendments and third reading in Commons
Amendments making the stamp duty land tax reduction temporary were tabled and the Bill had its third reading in the Commons on 10 January 2023, ahead of Royal Assent on 8 February 2023.
ONS release published on how changes in housing costs are impacting households
The Office for National Statistics published an analysis on 9 January 2023 examining how rising mortgage rates and rents are affecting UK households, including those whose fixed deals are due for renewal.
£600 energy support payments to begin for Northern Ireland households in January 2023
Northern Ireland households will start receiving a one-off £600 energy support payment in January 2023, combining £400 under the Energy Bills Support Scheme NI and £200 under the Alternative Fuel Payment.
Administrative Earnings Threshold increase
The Administrative Earnings Threshold rose in January 2023 to £617 a month for single people and £988 a month for couples, the level below which Universal Credit claimants must look for more work.
Administrative Earnings Threshold to rise to 15 hours at National Living Wage
The Administrative Earnings Threshold for Universal Credit rises from January 2023 to the equivalent of 15 hours a week at the National Living Wage, bringing more low-earning claimants into intensive work coach support.
Consumer Council publishes Access to Banking research
The Consumer Council's Access to Banking Services research found 52 Northern Ireland bank branches closed between May 2020 and January 2023, 27% of the network, figures later cited by a Stormont committee.
Deduction tables last updated in 2023 ahead of usual cycle
Scottish Ministers have laid regulations to raise the earnings threshold at which wages can be arrested for debt from April 2025, with the protected minimum amount rising to £750 a month.
FCA became lead regulator on access to cash
The Financial Conduct Authority became the lead regulator on access to cash in 2023, taking over the role from the Payment Systems Regulator, which had previously examined cash access, use and acceptance.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.