Money news: page 8
- March 2026
FCA finalises revised motor finance compensation scheme
The FCA has finalised its motor finance compensation scheme, covering 12.1 million agreements made between 2007 and 2024, with an average payout of around £830 per agreement.
ONS releases March 2026 private rent and house prices statistics
The Office for National Statistics reports UK private rent inflation of 3.5% in the 12 months to February 2026 and house price inflation of 1.3% in the 12 months to January 2026.
Scottish social security up-rating regulations made
The Scottish Ministers have made two sets of regulations uprating Scottish social security payments, including Scottish child payment, disability and carer benefits, with most increases taking effect from 6 April 2026.
SLC opens application service for 26/27 academic year
The Student Loans Company has opened applications for 26/27 full-time undergraduate student finance in England, with Tuition Fee Loans of up to £9,790 and Maintenance Loans for living costs.
GB consequential regulations made and laid
The Social Security (Removal of Two Child Limit) (Consequential Amendments) Regulations 2026 were made and laid before Parliament on 19 March 2026, coming into force on 6 April 2026.
Timms Review call for evidence launched
The Timms Review steering group opened a ten-week call for evidence on Personal Independence Payment on 19 March 2026, inviting views on the role and purpose of PIP, assessment, decision-making and the claimant experience.
Royal Assent granted to the Universal Credit (Removal of Two Child Limit) Bill
The Universal Credit (Removal of Two Child Limit) Act 2026 received Royal Assent on 18 March 2026, removing the two child limit on the child element for assessment periods starting on or after 6 April 2026.
BBC corrects misreported energy bills saving figure
BBC News has corrected a live blog post that overstated the saving from an upcoming energy price cap reduction, putting the figure at £170 when the Prime Minister said £117.
TPR publishes 2025 DC landscape report showing master trusts dominate the DC market
The Pensions Regulator's 2025 defined contribution landscape report shows scheme numbers fell 15% to 790 while assets rose 22% to £249 billion, with master trusts holding 92% of memberships.
New measures to modernise and transform the UK redress system
The Financial Ombudsman Service and the FCA have announced new measures to modernise the UK redress system, saying consumers should get fair and quick compensation when things go wrong.
IT glitch exposed other customers' transaction data at Lloyds Banking Group
Up to 447,936 Lloyds, Halifax and Bank of Scotland customers saw other people's transactions or had their data shared during an IT glitch on 12 March, the Treasury Committee has said.
GOV.UK news page first published
The Valuation Office Agency will be integrated into HM Revenue and Customs on 1 April 2026 and will cease to exist as an executive agency, HMRC and the VOA have announced.
Lloyds customers reportedly able to see other people's account information in banking app
The Treasury Committee has written to Lloyds Banking Group after it was reported that some customers could see information relating to other people's accounts through its banking app.
Barclays cuts Rainy Day Saver rates
Barclays cut rates across several savings accounts from 11 March 2026, with its Rainy Day Saver paying 3.96% AER on the first £5,000 and 0.70% AER above that.
ISA amendment regulations laid before the House of Commons
The Treasury laid regulations before the House of Commons on 10th March 2026 changing which investments individual savings accounts may hold, with effect from 6th April 2026.
Treasury makes the Pensions Increase (Review) Order 2026
The Treasury made the Pensions Increase (Review) Order 2026 on 9 March 2026, setting a 3.8 per cent rise in public service pensions in payment from 6 April 2026.
Social Security Benefits Up-rating Order 2026 made
The Social Security Benefits Up-rating Order 2026, made on 2 March 2026, raises state pensions and benefits and sets new statutory pay rates, with most changes taking effect in April 2026.
Break and bereavement improvements to Carer Support Payment introduced
Social Security Scotland has confirmed that Carer Support Payment changes introduced in March 2026 removed the set caring period for temporary breaks and extended bereavement support to 12 weeks.
Broader Group application process in Scotland proposed for replacement by data matching from winter 2026/27
Consumer Scotland has backed replacing the application-based Broader Group in Scotland with automatic data matching from winter 2026/27, warning that some previous recipients could lose the Warm Home Discount.
DWP launches Timms Review into PIP
The Department for Work and Pensions launched the Timms Review of Personal Independence Payment in March 2026, covering its purpose, eligibility and the claiming experience, with evidence closing on 28 May 2026.
ESA caseload falls 39% as claimants move to Universal Credit
Employment and Support Allowance claimants fell 39.0% to 810,000 between February 2025 and March 2026, as the Department for Work and Pensions reported the move to Universal Credit is close to being complete.
Government announces £53m support for heating oil customers in vulnerable situations
The government announced £53m in March 2026 to help heating oil customers in vulnerable situations, with support delivered differently in each UK nation and a £9,000 heat pump grant opening in July.
Government publishes Fraud Strategy 2026 to 2029
The government has published its Fraud Strategy 2026 to 2029, setting out plans on reporting, victim support and policing as industry figures put banking fraud losses at about £1.3 billion in 2025.
Government publishes reforms following its review of the Financial Ombudsman Service in March 2026
The government has published reforms following its review of the Financial Ombudsman Service, with some measures carried in the Financial Services and Markets Bill introduced in the House of Lords on 19 May 2026.
Hargreaves Lansdown to reprice its platform fees
Hargreaves Lansdown's new platform pricing plan takes effect on 1 March 2026, with rival interactive investor reporting a jump in transfers in from the platform.
Household Support Fund extended to end of March 2026
The Household Support Fund, a government-funded cost-of-living scheme run by local councils, is running until the end of March 2026 after being extended in the Spring Budget.
Housing Benefit claims fall 23.2% to 1.4 million
Housing Benefit claims fell 23.2 per cent to 1.4 million between February 2025 and March 2026, as the Department for Work and Pensions moves working age claimants onto Universal Credit.
Legacy benefit payments due to end by 31 March 2026
The remaining legacy benefits are due to end by 31 March 2026, with claimants told to move to universal credit by the deadline in their migration letter or see payments stop.
Lloyds IT glitch affected nearly half a million customers
Lloyds Banking Group has told the Treasury Committee that an IT glitch affected nearly half a million customers, with £201,000 in goodwill payments made to 5,250 people.
Managed migration to be completed by Spring 2026
The DWP has said all migration notices should be sent by the end of December 2025 and the managed migration process completed by Spring 2026, with income-related Employment and Support Allowance claimants last to move.