Money news: page 48
- July 2022
ONS publishes FYE 2021 taxes and benefits bulletin showing record share receiving more in benefits than taxes
The Office for National Statistics says 55.0% of individuals received more in benefits than they paid in taxes in the financial year ending 2021, the largest annual rise since records began in 1977.
FCA publishes final rules and guidance for new Consumer Duty
The Financial Conduct Authority has published final rules and guidance for a new Consumer Duty, setting higher standards of consumer protection across financial services and giving firms until July 2023 to comply.
Resolution Foundation publishes assessment of workers' pension saving against 'living pension' benchmarks
Resolution Foundation research published on 28 July 2022 finds over 80 per cent of workers outside defined benefit pensions are not meeting any of its living pension benchmarks.
CMA issues Directions to Monzo Bank over transaction history failures
The CMA has issued Directions to Monzo Bank after it failed to send payment transaction histories to 13,566 account holders when their accounts closed between May 2021 and March 2022.
Adult Disability Payment extended to the whole of Scotland
Adult Disability Payment, Scotland's replacement for Personal Independence Payment, opened to new applicants across all of Scotland on 29 August 2022 after a phased rollout from March 2022.
Pilot expands to seven further council areas
Adult Disability Payment, Scotland's replacement for Personal Independence Payment and Disability Living Allowance for adults, expanded its pilot to seven further council areas on 25 July 2022.
Regulation 6A inserted restricting claims for housing benefit, income support or a tax credit
Regulations laid before Parliament in July 2022 inserted regulation 6A into the Universal Credit (Transitional Provisions) Regulations 2014, barring most new claims for housing benefit, income support and tax credits.
Guidance on leaseholder contribution caps first published
The government has published guidance setting out the maximum amounts qualifying leaseholders in England can be charged for non-cladding remediation, with caps based on property value and location.
Financial Services and Markets Bill published
The government published the Financial Services and Markets Bill on 20 July 2022, covering access to cash, scam reimbursement, stablecoin regulation, credit union products and the repeal of retained EU law.
First £326 cost of living payments begin
The first £326 cost of living support payments were issued from 14 July 2022 to households receiving Universal Credit, Pension Credit, income-related ESA, income-based JSA and Income Support.
First cost of living payment instalment transferred from 14 July 2022
The first instalment of the £650 cost of living payment for low-income households began transferring on 14 July 2022, with a second payment due in the autumn.
Government response to draft Pensions Dashboards Regulations consultation published
The government has published its response to the consultation on the draft Pensions Dashboards Regulations 2022, setting out how the rules for the pensions dashboards service will be turned into law.
Welsh Government launches Phase 1 consultation on council tax reform in Wales
The Welsh Government has opened a Phase 1 consultation on reforming council tax in Wales, covering revaluation, new bands and rates, discounts, exemptions and the Council Tax Reduction Scheme.
VAT rate for energy-saving materials in residential buildings in Great Britain cut to 0%
VAT on energy-saving materials installed in residential buildings in Great Britain is now 0%, HMRC guidance confirms, with the relief running until 31 March 2027.
Consultation CP22/2 on further Confirmation of Payee participation closed
The Payment Systems Regulator's consultation on extending Confirmation of Payee closed on 8 July 2022, with plans to direct around 400 more payment firms to offer the name checking service.
NAO report confirms DWP machine learning trial for Universal Credit fraud detection
The National Audit Office report on the DWP's 2021-22 accounts confirms a machine learning trial to detect fraud in Universal Credit claims, with payments potentially stopped before they are made.
Warm Home Discount (England and Wales) Regulations 2022 come into force
The Warm Home Discount (England and Wales) Regulations 2022 came into force on 7 July 2022, continuing the fuel poverty rebate scheme in England and Wales and setting a £150 prescribed rebate.
Primary threshold figure substituted
The National Insurance Contributions (Increase of Thresholds) Act 2022 substituted the sum in regulation 10(c) of the Social Security (Contributions) Regulations 2001 with effect from 6 July 2022.
July Financial Stability Report introduces cost of living adjusted DSRs
The Bank of England's Financial Policy Committee introduced cost of living adjusted debt service ratios in its July 2022 Financial Stability Report, deducting taxes and essential spending from income to gauge debt affordability.
Secretary of State confirms managed migration will resume without amendment to draft regulations
Therese Coffey has confirmed Universal Credit managed migration will resume without changes to draft regulations, with the move from legacy benefits to be completed by 2024.
Bank of England introduces new household debt affordability measure
The Bank of England's July 2022 Financial Stability Report set out a new measure of household debt affordability that adjusts income for essential spending and taxes before judging repayment burdens.
Committee recommends the UK Government consider legislating to mandate LINK membership
The Scottish Affairs Committee has recommended that the UK Government consider mandating LINK membership for card issuers and ATM operators through the Financial Services and Markets Bill.
Cost of living becomes most common reason for debt among StepChange new clients
One in five new StepChange debt advice clients in July 2022 cited the rising cost of living as the reason for their debt, the charity's monthly client data shows.
FCA becomes regulator of funeral plans
The Financial Conduct Authority became responsible for regulating pre-paid funeral plan providers in July 2022, after concerns about the conduct of some firms in the sector.
First UK Government Cost of Living Payment made
The UK Government made the first Cost of Living Payment of £326 in July 2022 to people on means tested benefits owing to low income, with a second payment of £324 following in November 2022.
First means-tested Cost of Living Payment of £326 made
The first instalment of the 2022 means-tested Cost of Living Payment, £326, was paid in July 2022 to households entitled to a qualifying benefit in a six-week qualifying window.
Fit notes can be issued by more healthcare professionals
From 1 July 2022 fit notes supporting a New Style Employment and Support Allowance claim can be issued by a wider range of healthcare professionals, not only a GP or hospital doctor.
New NICs threshold takes effect from July 2022
From July 2022 the point at which employees start paying National Insurance rises to £12,570, aligning it with the income tax personal allowance and leaving a combined tax and NICs rate of 33.25% above that level.
Personal insolvency framework review call for evidence opens
The Insolvency Service opened a call for evidence in July 2022 as part of its review of the personal insolvency framework, asking whether existing statutory debt relief processes are fit for purpose.
Record heatwave drove surge in subsidence and fire claims
The record July 2022 heatwave, when temperatures passed 40°C, drove 18,000 subsidence claims in the second half of 2022 and a 500% rise in garden fire claims for one insurer.