Money news: page 50
- June 2022
Stamp Duty holiday ended, equity withdrawal for purchase fell away
Equity withdrawal at remortgage to fund additional property purchases fell back towards pre-pandemic levels after the temporary Stamp Duty holiday ended, UK Finance's Q1 2022 review reports.
Stronger Nudge rules come into force
Stronger Nudge rules took effect on 1 June 2022, requiring pension providers to offer guidance to people accessing defined contribution savings, with take-up monitored afterwards.
Treasury Select Committee warns against international competitiveness mandate for regulators
The Treasury Select Committee has warned against an "international competitiveness" mandate for UK financial regulators, a measure embedded in the Financial Services and Markets Bill.
- May 2022
Chancellor announces cost of living payments for benefit claimants
The Chancellor announced a £15 billion cost of living support package on 26 May 2022, including a one-off £650 payment to more than eight million low-income households on means-tested benefits.
Ofwat publishes Paying fair guidelines on supporting residential water customers
Ofwat has published Paying fair, guidelines setting principles and minimum service expectations for water companies in England and Wales on helping residential customers pay bills, access help and repay debts.
Government announces FCA will receive new powers over cash access
The Government said on 19 May 2022 that the Financial Conduct Authority will get new powers to protect the availability of cash withdrawal and deposit facilities in local communities across the UK.
Government announces revamp of lasting power of attorney system
The government has set out plans to let people make a lasting power of attorney entirely online, with new identity checks, while keeping the paper route open.
CTR survey findings presented at IRRV Spring Conference
Eleven per cent of English councils changed how they calculate Council Tax Reduction for 2022/23, with most reducing minimum payments for the poorest households, a survey presented at the IRRV Spring Conference found.
Government publishes Statutory Debt Repayment Plan consultation
The government has published its consultation on the Statutory Debt Repayment Plan, a new statutory repayment scheme for England and Wales, with responses due by 5 August 2022.
BEIS consultation opened on expanding Warm Home Discount in Scotland
BEIS has opened a consultation on expanding the Warm Home Discount in Scotland to 50,000 more households, raising it from £140 to £150 and extending it to 2026.
Financial Services and Markets Bill announced in the Queen's Speech with provisions to protect access to cash
The Financial Services and Markets Bill announced in the Queen's Speech on 10 May 2022 includes provisions to protect access to cash, with new powers for the Financial Conduct Authority over the largest banks and building societies.
Post-consultation draft SDRP regulations published
The Treasury has published draft regulations for a statutory debt repayment plan scheme in England and Wales, setting out eligibility, a 10 year repayment limit and a 2024 start date.
Queen's Speech confirms new legislation to force banks to help scam victims
Legislation confirmed in the Queen's Speech on 10 May will force banks to help scam victims, as the regulator plans to extend Confirmation of Payee checks to a further 400 firms by mid-2024.
Treasury announces intention to legislate on APP scam reimbursement
HM Treasury said on 10 May 2022 that it intends to legislate so the Payment Systems Regulator can require banks and payment firms to reimburse victims of authorised push payment scams.
Universal Credit managed migration restarts
Managed migration to Universal Credit restarted on 9 May 2022 after a pause, beginning with pilots in Medway and Bolton before expanding to further areas later in the year.
Consultation on affordability test withdrawal closes
The Bank of England's Financial Policy Committee consultation on withdrawing its mortgage affordability test Recommendation closed on 6 May 2022, with a decision and formal withdrawal expected within 12 months.
Guidance updated with rates effective from 11 April 2022
The Department for Work and Pensions has updated its Pension Credit technical guidance with the latest benefit rates, effective from 11 April 2022, in a change recorded on 6 May 2022.
29 energy suppliers failed between July 2021 and May 2022
The National Audit Office reports that 29 energy suppliers failed between July 2021 and May 2022, affecting nearly four million UK households, and criticises Ofgem's oversight of the market.
Chancellor stated benefits would be uprated by September's CPI
In May 2022 the Chancellor said working-age benefits would be uprated by that September's CPI, a commitment later examined against proposals to raise some benefits by earnings instead.
Cost of living becomes second most commonly cited reason for debt among StepChange clients
StepChange reports that an increase in the cost of living became the second most commonly cited reason for debt among its new clients in May 2022, behind lack of control of finances.
Draft SDRP Regulations published post-consultation
The Treasury has published a post-consultation draft of the Statutory Debt Repayment Plan regulations for England and Wales, setting a ten-year repayment limit and a bar on fees charged to debtors.
DWP deploys machine learning model for UC advances
The Department for Work and Pensions began using a machine learning model in May 2022 to flag potentially fraudulent claims for Universal Credit advances, according to the National Audit Office.
FCA survey finds 47% of UK adults with characteristics of vulnerability
The Financial Conduct Authority's Financial Lives Survey 2022 found that 47% of UK adults had characteristics of vulnerability in May 2022, up from 46% in February 2020, an increase of nearly a million people.
Government announces £15 billion energy bill support package
The Government announced a £15 billion package of energy bill support in May 2022, when typical household bills were expected to reach about £2,800 a year from October.
Government announces substantial cost of living support package
The government added a substantial package of cost of living support in May 2022, including targeted payments through the benefits system and covering people on legacy benefits.
HM Treasury published the Summary of Responses to the Access to Cash Consultation
HM Treasury published the Summary of Responses to its Access to Cash Consultation in May 2022, setting out plans to legislate to protect cash access and to appoint the FCA as lead regulator.
Overdraft use fell across a wide range of demographic groups between 2020 and 2022
The FCA's Financial Lives 2022 survey found that the proportion of UK adults who were overdrawn, now or in the previous 12 months, fell across a wide range of demographic groups between 2020 and 2022.
PSR directs around 400 more financial firms to provide CoP
The Payment Systems Regulator directed around 400 more financial firms to provide Confirmation of Payee, with named Group 1 firms facing an October 2023 deadline and Group 2 firms October 2024.
PSR outlines plans to expand Confirmation of Payee to a further 400 firms by mid-2024
The Payment Systems Regulator has proposed extending Confirmation of Payee to around 400 more financial firms, with almost 50 required to adopt it by 30 June 2023 and the rest by 30 June 2024.
Retail instalment credit ownership rose among overdrawn adults while credit card and payday loan ownership fell
Among adults who were overdrawn in May 2022 or the previous year, ownership of retail instalment credit rose significantly between 2020 and 2022, while credit card and payday loan ownership fell.