Money news: page 43
- January 2023
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.
Gov.uk online portal and phoneline for energy support applications to open in January
Households in Great Britain without an electricity supplier can apply for £400 energy support through a Gov.uk online portal opening in January, with a phoneline for those unable to use the internet.
Health and Social Care Levy to exist from 2023
National Insurance rates rose by 1.25 percentage points in April 2022 as a precursor to the Health and Social Care Levy, which the Resolution Foundation said would exist from 2023.
Phone theft spate exposes weak bank login reset checks
A spate of phone thefts in early 2023, many involving raided gym lockers, led Which? to find some banks asked only for basic information to reset app login details.
- December 2022
Suppliers commit not to compel customers in debt onto pre-payment meters over Christmas
Energy suppliers in Northern Ireland have agreed not to force customers in debt onto pre-payment meters between 16 December 2022 and 20 January 2023 under a voluntary charter.
FCA warns of loan fee fraud rise in the run up to Christmas
The Financial Conduct Authority has warned that loan fee fraud cases are up by a fifth on last year, as Christmas spending pressure and the cost of living crisis leave consumers exposed to upfront fee scams.
Committee takes oral evidence on APP fraud reimbursement from PSR, FOS and Pay.UK
The Treasury Sub-Committee on Financial Services Regulations heard oral evidence on authorised push payment fraud reimbursement from the Payment Systems Regulator, the Financial Ombudsman Service and Pay.UK on 13 December 2022.
Pensions Dashboards Regulations 2022 come into force
The Pensions Dashboards Regulations 2022 came into force on 12 December 2022, setting the rules for pension schemes to connect to the dashboards ecosystem and for services that show savers their pensions in one place.
Child Support (Enforcement) Bill passes second reading with government support
Siobhan Baillie's Child Support (Enforcement) Bill passed its second reading in the House of Commons on 9 December 2022, with the government intending to support it.
First stage CCA reform consultation launched
HM Treasury opened a consultation on 9 December 2022 on modernising the Consumer Credit Act 1974, the first stage of reform covering credit cards, personal loans and consumer hire agreements.
HM Treasury opens consultation on reforming the Consumer Credit Act 1974
HM Treasury has opened a 14-week consultation on reforming the Consumer Credit Act 1974, seeking views on moving most of the Act into Financial Conduct Authority rules, with responses due by 17 March 2023.
Cross-party amendment on personalised financial guidance tabled at Report Stage of the Financial Services and Markets Bill
Harriett Baldwin MP tabled an amendment to the Financial Services and Markets Bill on 7 December 2022 that would let HM Treasury legislate for a personalised financial guidance regime, with 15 cross-party co-signatories.
NIESR projects peak Bank Rate effects on mortgage holders
The National Institute of Economic and Social Research projects that nearly four million UK households will face higher monthly mortgage repayments, typically around £400 more, once Bank Rate peaks.
£400 energy bill support paid to households
£400 was taken off energy bills for almost all UK households, with payments made through suppliers from October 2022, though some households were excluded from the scheme.
Bulb taken over by Octopus Energy
Octopus Energy took over Bulb's energy supply in December 2022, according to Citizens Advice, which lists the supplier among the takeovers announced since January 2022.
EDF remotely switched couple's smart meter to prepayment, cutting off their power supply
EDF Energy remotely switched a Perthshire couple's smart meter to prepayment mode in December 2022, leaving their home without electricity, and later offered £180 compensation.
FCA PRIIPs rule changes fully in effect and Treasury consults on wider overhaul
FCA rule changes on packaged retail investment products took full effect in December 2022, the same month the Treasury consulted on replacing the PRIIPs regulation with a new disclosure regime.
Government aims to lay SDRP regulations by end of 2022
The government has consulted on a statutory debt repayment plan for England and Wales, aiming to lay regulations by the end of 2022 with at least 18 months before the scheme starts.
Government launches Edinburgh reforms for financial sector regulation
The UK government has relaunched the Edinburgh reforms, described as the biggest shake-up of financial sector regulation for a generation, drawing a Bank of England warning against too much deregulation.
House purchase lending begins sustained year-on-year decline
UK Finance reports that lending to first time buyers and home movers fell year on year in every month from December 2022, with a further contraction expected in the fourth quarter of 2023.
Industry announced voluntary pause on mortgage possessions over the festive season
UK Finance reported that lenders agreed a voluntary pause on mortgage possession activity over the festive season, as possessions fell to 860 in the final quarter of 2022.
Joint statement issued on Child Support Collection (Domestic Abuse) Bill
Gingerbread and Surviving Economic Abuse have welcomed a Bill that names domestic abuse as a ground for using the Child Maintenance Service's Collect and Pay arrangement, but want amendments on charges, guidance and minimum payments.
MaPS tells DWP the PDP delivery timetable is no longer viable
The Money and Pensions Service told the Department for Work and Pensions in December 2022 that the Pensions Dashboards Programme delivery timetable was no longer viable, after a failed service standard assessment.
Minister announces Help to Buy - Wales extended to March 2025 with new price cap and EPC rules
The Welsh Government extended Help to Buy Wales to March 2025, raising the purchase price cap from £250,000 to £300,000 and requiring homes sold through the scheme to meet EPC B.
MTD for income tax rollout delayed to April 2026
The start of Making Tax Digital for income tax has been pushed back to April 2026, giving self-employed people and landlords affected by the cost of living crisis longer to prepare.
Negative budget share reaches highest point of 2022
The share of StepChange debt advice clients with a negative budget rose two percentage points to 35% in December 2022, the highest level recorded by the charity that year.
Rent not payable for unfit homes in Wales from 1 December 2022
From 1 December 2022 tenants in Wales under standard occupation contracts may not have to pay rent for any period when the property is unfit for human habitation, under rules that also changed how tenancies are made.
Scottish Child Payment to be fully introduced by the end of 2022
The Scottish Government has committed to pay £10 a week for every eligible child under 16 by the end of 2022, after early introduction for under sixes from early 2021.
Second consultation on draft BNPL regulations expected by end of 2022
HM Treasury has said a second consultation on draft buy now pay later regulations and a draft regulatory impact assessment will be needed, with publication expected by the end of 2022.
Suppliers reduce pre-payment debt repayment maximum from 40% to 20%
Electricity and gas suppliers have cut the maximum share of a pre-payment meter top-up that can be taken to repay debt from 40% to 20%, under a voluntary charter running to 31 March 2023.