Money news: page 53
- March 2022
Disability Assistance for Working Age People (Scotland) Regulations 2022 come into force
Regulations establishing Adult Disability Payment for working age people in Scotland came into force on 21 March 2022, setting out eligibility rules, components and rates for the devolved benefit.
Right to claim PIP extinguished for most people in Scotland as adult disability payment launches
From 21 March 2022 most people in Scotland aged 16 or over who can apply for adult disability payment can no longer claim personal independence payment, under regulations phasing the change in by area.
NAO publishes investigation into BSPS pension transfer advice and redress
The National Audit Office published a value for money investigation into the British Steel Pension Scheme on 18 March 2022, finding that 47% of the advice given to transferring members was unsuitable.
Quinquennial Review of the Fund (2020) published
The Government Actuary's Department has confirmed that the most recent long-term review of the National Insurance Fund, published on 17 March 2022, projected the Fund would be exhausted by 2085.
Consultation on draft Pensions Dashboards Regulations 2022 closes
The Department for Work and Pensions consultation on the draft Pensions Dashboards Regulations 2022 closed at 11:45pm on 13 March 2022, after running from 31 January 2022.
Report projects worst parliament on record for income growth
The Resolution Foundation projects that 2019-20 to 2024-25 will be the worst parliament on record for income growth, with the median falling 2 per cent as inflation outpaces pay and benefits.
DWP report shows £1.7 billion of pension credit went unclaimed in 2019/20
Department for Work and Pensions figures show £1.7 billion of pension credit went unclaimed in 2019/20, with as many as 850,000 families missing out on the benefit.
National Audit Office publishes report on the Child Maintenance Service
The National Audit Office has published a report finding fundamental flaws in the Child Maintenance Service, with arrears projected to reach £1bn by 2031 and enforcement delays leaving parents owed money.
Adult Disability Payment first introduced in Scotland
Adult Disability Payment began a pilot in Scotland in March 2022, replacing Personal Independence Payment and Disability Living Allowance for claimants aged 16 to State Pension age, ahead of full roll-out.
Chancellor announces £3,000 increase in NICs threshold in Spring Statement
The Chancellor raised the National Insurance threshold by £3,000 to £12,570 in the Spring Statement, a change worth £330 to most workers but far less to those on means-tested benefits.
Cost of living rises among most cited reasons for debt among StepChange new clients
StepChange said 13% of new clients in March 2022 named the increased cost of living as a main reason for debt, up from 7% in September 2021, as negative budgets also rose.
DWP plans to drop the 10,000-case limit and press ahead with managed migration through a "Discovery Phase"
The Social Security Advisory Committee has published minutes and correspondence showing it opposed dropping the 10,000-case limit on Universal Credit managed migration, as DWP pressed ahead with a "Discovery Phase".
ERC standards require penalty-free partial repayments
Lifetime mortgages meeting Equity Release Council standards have had to allow voluntary, penalty-free partial repayments since March 2022, though limits and early repayment charges still apply.
FCA expects to consult on consumer redress scheme for BSPS members
The Financial Conduct Authority expects to consult on a consumer redress scheme for British Steel Pension Scheme members by the end of March 2022, subject to final approval from its board.
Fraudulent advertising brought into scope of Online Safety Bill
The government brought fraudulent advertising within the scope of the Online Safety Bill when it entered Parliament in March 2022, after campaigning by Which? and others.
UK headline CPI inflation rises to 7.0 per cent
UK headline consumer price inflation rose to 7.0 per cent in March 2022 from 6.2 per cent in February, the National Institute of Economic and Social Research said.
Healthy Start scheme fully digitalised with prepaid card replacing paper vouchers
The NHS Healthy Start scheme completed its move from paper vouchers to a prepaid card in March 2022, with participation rising from 60% to 72% during the rollout across England, Wales and Northern Ireland.
Managed migration expected to complete March 2022
The managed migration of existing benefit and tax credit claimants onto Universal Credit was expected to be completed in March 2022, according to a published rollout timetable.
Negative budget clients reach highest proportion in six months
StepChange reports that 33% of new clients in March 2022 had a negative budget, the highest share in six months and up four percentage points from January, as cost of living pressures grow.
OBR forecasts largest fall in living standards since records began for 2022-23
The Office for Budget Responsibility forecasts real household disposable income per person will fall 2.2 per cent in 2022-23, the largest drop in any single financial year since ONS records began in 1956-57.
Payment Systems Regulator's Specific Direction 12 came into effect
Specific Direction 12 took effect in March 2022, making LINK accountable for maintaining a broad geographic spread of free-to-use cash machines across the UK.
Scottish Government to have allocated almost £3 billion in cost of living mitigation by end of March 2023
The Scottish Government says it will have allocated almost £3 billion in cost of living measures by the end of March 2023, including a rise in the Scottish Child Payment to £25 per week.
SMR consumer survey on bank branch closures conducted with 1,003 consumers
Social Market Research surveyed 1,003 consumers in March 2022 on the impact of bank branch closures, as part of Consumer Council research into access to banking services in Northern Ireland.
Social Justice and Social Security Committee publishes findings on low income and problem debt
The Scottish Parliament's Social Justice and Social Security Committee has called on the Scottish Government to move quickly on a mental health moratorium for people in problem debt, as ministers prepare enabling legislation.
Spring Statement announces £17.6 billion of household support
The Office for Budget Responsibility said the Spring Statement's £17.6 billion of household support would not prevent the largest fall in living standards in any single financial year since records began in 1956-57.
- February 2022
FPC opens consultation on withdrawing affordability test Recommendation
The Bank of England's Financial Policy Committee is consulting on withdrawing its 2017 mortgage affordability test Recommendation, while keeping the loan to income flow limit in place.
Dormant Assets Act 2022 receives Royal Assent
The Dormant Assets Act 2022 received Royal Assent on 24 February 2022, extending the dormant assets scheme beyond bank and building society accounts to insurance, pension, investment and securities assets.
England Test and Trace Support scheme end date
The Test and Trace Support payment in England closed to new self-isolation periods on 24 February 2022, with claims for earlier periods still open for 42 days.
Russia launches full-scale invasion of Ukraine, energy prices spike
Russia's full-scale invasion of Ukraine on 24 February 2022 pushed already rising wholesale gas and electricity prices to record highs, setting up the largest domestic energy bill increases in Great Britain since the energy crisis began.
FCA secures changes to unfair and unclear BNPL contract terms at four firms
The FCA has secured changes to potentially unfair and unclear contract terms at Clearpay, Klarna, Laybuy and Openpay, with three of the firms agreeing to refund some late payment fees.