Money news: page 5
- May 2026
FCA crackdown on finfluencers: conviction, warnings and account removals
The Financial Conduct Authority worked with 16 overseas regulators on a week of action against illegal financial promotions, identifying more than 1,200 suspect posts and securing one conviction.
FCA confirms it will defend compensation scheme against legal challenge
The FCA has confirmed its motor finance compensation scheme has been legally challenged and says it will defend the scheme as lawful, with parts of it suspended by the Upper Tribunal.
Government publishes FOS consultation response and final reform plans
The government has confirmed final plans to reform the Financial Ombudsman Service, including a 10-year complaint time limit and a narrower Fair and Reasonable test, and will not make it an FCA subsidiary.
New law makes benefit discrimination by private landlords and letting agents illegal
A law in force from 1 May 2026 makes it illegal for private landlords and letting agents in Scotland to refuse tenants because they receive benefits or have children.
Mortgage borrowing and approvals fell in May 2026
Bank of England data show net mortgage borrowing fell to £2.9 billion in May 2026 and house purchase approvals dropped to 56,200, the lowest since December 2023.
Pension Credit claims with Unfulfilled Eligibility rise
The share of Pension Credit claims with Unfulfilled Eligibility rose to 13 in 100 in the financial year ending 2026, from 10 in 100 the year before, a statistically significant increase.
Regulations come into force and scheme period begins
The Warm Home Discount (Scotland) Regulations 2026 came into force on 1 May 2026, continuing the scheme in Scotland to 31st March 2031 with a £150 rebate for eligible households.
Rental bidding above advertised price banned in England
From 1 May 2026 landlords and letting agents in England cannot let a property above its advertised rent, and cannot ask for more than one month's rent in advance.
Renters' Rights Act increases ground 8 arrears threshold
From 1 May 2026 private landlords in England need three months of unpaid rent before using ground 8 to evict, up from two months under the Renters' Rights Act.
Rules on 'no fault' evictions changed
The rules on "no fault" evictions changed on 1 May 2026, according to StepChange, which says tenants who receive an eviction notice should act quickly and not leave straight away.
Second Pensions Commission publishes interim report on pension sustainability
The Second Pensions Commission's interim report on pension sustainability has prompted a parliamentary inquiry into whether minimum auto-enrolment contributions should rise and how any increase is shared.
New section 8 possession notice regime applies from 1 May 2026
Section 8 possession notices served on private tenants in England from 1 May 2026 must use Form 3A, under new government guidance published on 7 April 2026.
Universal Credit caseload reaches record 8.4 million people
The number of people on Universal Credit reached 8.4 million in May 2026, the highest since the benefit began in 2013 and up from 7.7 million a year earlier.
Warm Home Discount (Scotland) Scheme continued to 31 March 2031
The Warm Home Discount (Scotland) Scheme has been continued to 31 March 2031 under regulations made on 30 April 2026 and in force from 1 May 2026.
- April 2026
FCA opens consultation on simplifying consumer credit financial promotions rules
The Financial Conduct Authority has opened a consultation on simplifying consumer credit financial promotions rules and improving how the cost of credit is disclosed to consumers.
FCA publishes Research Note informing CONC 3 cost disclosure review
The FCA has published a research note on how consumers compare the cost of credit, findings from which it says informed its discussion paper on cost disclosure rules in CONC 3.
NI Executive agrees in principle to extend Breathing Space to Northern Ireland via UK statutory instrument
The Northern Ireland Executive has agreed in principle to extend statutory Breathing Space debt protections to Northern Ireland through a UK statutory instrument, withdrawing the separate Debt Respite Bill.
Warm Home Discount (Scotland) Regulations 2026 signed and consented
The Warm Home Discount (Scotland) Regulations 2026 were signed on 29 April 2026, continuing the Scottish scheme with a £150 rebate and a scheme period running to 31st March 2031.
90-day notice rule applies to accounts opened on or after 28 April 2026
Accounts opened on or after 28 April 2026 now carry a minimum 90 days' notice before a bank can terminate them, and the bank must give a clear reason for the closure.
Lloyds Banking Group sends Treasury Committee second update on IT glitch
Lloyds Banking Group has sent the Treasury Committee a second update on an IT glitch, reporting a further £62,000 in goodwill payments and, for the first time, that 80,805 joint account holders may have had transactions shared.
Renters Right Act comes into force
The Renters' Rights Act came into force on 1 May 2026, abolishing section 21 no-fault evictions in England and replacing assured shorthold tenancies with periodic assured tenancies.
HMRC publishes Child Benefit take-up statistics showing record low
HMRC estimates show Child Benefit was claimed for 87% of eligible children in May 2025, the lowest take-up since the statistics began in 2003 and ten points below the 2012 peak.
UK House Price Index for February 2026 published
HM Land Registry has published the February 2026 UK House Price Index, showing a 1.2% annual rise in UK house prices and an average property value of £268,000.
Which? warns of PayPal 1p deposit scam triggering fake phone calls
Which? has warned that scammers are sending 1p deposits to PayPal accounts to trigger genuine PayPal emails, then telephoning recipients to extract personal and financial information.
Benefit rates uprated for 2026
Universal Credit, Pension Credit and most other benefits are uprated on 13 April 2026, while Housing Benefit and Council Tax Reduction change earlier in April under separate timetables.
Bank of England publishes 2026 Q1 Credit Conditions Survey
The Bank of England's 2026 Q1 Credit Conditions Survey reports that secured credit availability to households rose while unsecured availability was unchanged, and secured default rates increased slightly.
Equality screening published for Northern Ireland two child limit consequential amendments regulations
The Department for Communities has published an equality screening of the Northern Ireland regulations that accompany the removal of the two child limit in Universal Credit, and has decided against a full EQIA.
Fair4All Finance opens Small Sum Lending pilot bidding with up to £25m of funding
Fair4All Finance has opened bidding for its Small Sum Lending pilot, publishing an application pack for lenders and setting out plans to allocate up to £25m of funding.
Maximum UC debt deduction amounts updated for April 2026
Shelter has published the maximum amounts that can be deducted from Universal Credit standard allowance for debt from April 2026, with limits ranging from £51 to £100 a month by claim type.
Tenant Fees Act 2019 tenant guidance first published
The Ministry of Housing, Communities and Local Government has published GOV.UK guidance for tenants in England setting out the fees and payments landlords may charge under the Tenant Fees Act 2019.