Regulation news in 2023
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- December 2023
PSR publishes interim report on UK-EEA cross-border interchange fees
The Payment Systems Regulator has proposed a temporary cap on cross-border interchange fees charged on online card payments from the European Economic Area, saying UK businesses paid an extra £150m to £200m last year.
FCA publishes findings of Retail Banking Consumer Duty multi-firm work
The FCA has published findings from a review of 70 product journeys at 47 firms, assessing how retail banks applied Consumer Duty frameworks, target market definitions and support for customers in financial difficulty.
Finance Bill 2023-24 passes second reading
The Finance Bill 2023-24, which carries the Autumn Statement tax measures including National Insurance cuts and the abolition of the pensions lifetime allowance, passed its second reading on 13 December 2023 by 291 votes to 54.
FCA consults on proposed access to cash rules
The Financial Conduct Authority has published a consultation on proposed rules to protect access to cash, using new powers granted by the Financial Services and Markets Act 2023.
PSR issues call for views on expanding VRPs
The Payment Systems Regulator has issued a call for views on expanding variable recurring payments, setting out practical ways to widen the open banking payment method beyond its current uses.
PSR to publish claim excess and reimbursement cap by end of 2023
The Payment Systems Regulator will publish the claim excess, maximum reimbursement level, guidance on gross negligence and all legal instruments for bank transfer fraud refunds by the end of 2023.
PSR published final APP scams reimbursement policy statement and legal instruments
The Payment Systems Regulator published its final PS23/4 policy statement and three legal instruments on APP scams reimbursement in December 2023, setting a start date of 7 October 2024.
- November 2023
Leasehold and Freehold Reform Bill introduced to Parliament
The Leasehold and Freehold Reform Bill was introduced to Parliament on 27 November 2023, setting out measures to change lease extension, freehold purchase and service charge rules in England and Wales.
Fair By Design responds to Ofgem consultation on additional debt related costs
Fair By Design has published its response to an Ofgem consultation on additional debt related costs, calling for the removal of energy payment premiums that fall disproportionately on low-income households.
Ofgem to announce energy price cap for January to March 2024
Ofgem was due to set the energy price cap for January to March 2024 on 23 November 2023, with analysts forecasting a five per cent rise in the typical household bill.
Chancellor to deliver Autumn Statement
The Chancellor was due to deliver the Autumn Statement on Wednesday 22 November, with Ofgem's energy price cap decision the following day and forecasts pointing to higher bills from January.
Main regulations come into force
Regulations 8 to 15 of the Carer's Assistance (Carer Support Payment) (Scotland) Regulations 2023 came into force on 19 November 2023, setting the rules for Scotland's carer benefit.
Consultation launched on restricting ground rent for existing leases
The government has opened a consultation on capping the ground rent that residential leaseholders in England and Wales can be required to pay on existing leases, setting out five possible options.
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
Chancellor announces exploration of one pot for life reforms
The Chancellor has announced that the Government will explore reforms to let people choose their own pension scheme for automatic enrolment, and a call for evidence on a "pension pot for life" has opened.
DWP consultation on WCA reforms launched ahead of Autumn Statement
The High Court has ruled that the DWP's 2023 consultation on Work Capability Assessment reforms was unlawful, finding it misleading, rushed and unfair, and that cost savings were a primary rationale.
Energy Price Cap to rise to £1,928 in January 2024
Ofgem's energy price cap will rise to £1,928 for a typical household in January 2024, up from £1,834, adding to winter bills for consumers across Great Britain.
- October 2023
Work Capability Assessment consultation closes on 30 October
The government consultation on changing the Work Capability Assessment closed on 30 October, with any resulting proposals able to be costed in time for November's Autumn Statement.
Ofgem publishes new customer services standards for energy suppliers
Ofgem has published new customer services standards setting out rules energy suppliers must follow when customers contact them and when supporting those struggling with bills.
Consumer price transparency consultation closes
The Department for Business and Trade has closed its consultation on consumer price transparency and product information, setting out plans to amend the Price Marking Order 2004 and tackle drip pricing and fake reviews.
Metro Bank holds talks with PRA amid reports of £600m funding raise
Metro Bank held urgent talks with the Bank of England's Prudential Regulation Authority on 5 October 2023 as national media reported it was seeking £600m, sending its shares down 25%.
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
UK Government launches consultation on bringing BNPL into FCA regulation
The UK Government opened a six-week consultation in October 2023 on draft legislation to bring buy now pay later products inside the Financial Conduct Authority's regulatory perimeter.
Households in serious financial difficulty rise to 4.8 million
The number of UK households in serious financial difficulty rose from 2.8 million in October 2021 to 4.8 million in October 2023, according to a survey tracking household finances.
Ofgem introduces new lower TDCVs from October 2023
Ofgem cut the assumed typical household energy use it uses to express the price cap, lowering gas from 12,000 kWh to 11,500 kWh and electricity from 2,900 kWh to 2,700 kWh from October 2023.
PSR to consult on Draft Direction for Payment Service Providers
The Payment Systems Regulator will consult in October 2023 on a Draft Direction for payment service providers, as part of its new reimbursement requirement for authorised push payment fraud.
PSR to give final legal instruments to Pay.UK
The Payment Systems Regulator will hand final legal instruments to Pay.UK in October 2023, with a further consultation on the instrument for payment service providers, ahead of mandatory fraud reimbursement in 2024.
PSR published PS23/3 and PS23/4 setting the APP reimbursement requirement parameters
The Payment Systems Regulator has set out the detailed parameters for mandatory reimbursement of authorised push payment scam losses through Faster Payments, with the policy starting on 7 October 2024.
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
Revised AS TM1 to come into force from 1 October 2023
Revised AS TM1 guidance from the Financial Reporting Council takes effect from 1 October 2023, requiring money purchase schemes to provide pension projections and annualised accrued values through dashboards.
- September 2023
Draft v0.7 of APP reimbursement scheme rules approved for PSR consultation
Pay.UK has approved a final draft of the APP Reimbursement Scheme Rules for Faster Payments, sending version 0.7 to the Payment Systems Regulator for consultation.
Consultation CP23/6 on APP fraud excess and maximum reimbursement level closes
The Payment Systems Regulator's consultation on the excess and maximum reimbursement level for Faster Payments and CHAPS closed on 12 September 2023, with the regulator publishing its response.
CP23/7 consultation on the consumer standard of caution closed
The Payment Systems Regulator's consultation on the consumer standard of caution for authorised push payment fraud closed on 12 September 2023, with a response published alongside it.
Government launches consultation on consumer price transparency and product information
The Department for Business and Trade has published its response to a consultation on price transparency and product information, confirming plans to change unit pricing rules and ban fake reviews.
Plan 5 introduced for students starting university in 2023-24
Students starting university in England in 2023-24 borrow under Plan 5, which charges RPI-only interest, sets a lower repayment threshold and writes off debt after 40 years rather than 30.
- August 2023
Financial Services and Markets Act 2023 inserts fraud liability provisions into Regulation 90
The Financial Services and Markets Act 2023 inserted new provisions into regulation 90 of the Payment Services Regulations 2017 on 29 August 2023, preserving payment providers' liability under certain requirements where a payment order is executed after fraud or dishonesty.
Section 72 of the Financial Services and Markets Act 2023 comes into force
Section 72 of the Financial Services and Markets Act 2023 came into force on 29 August 2023, requiring the Payment Systems Regulator to draft and then impose reimbursement rules for Faster Payments fraud cases.
CP23/4 consultation on draft APP fraud reimbursement legal instruments closes
The Payment Systems Regulator's consultation on draft legal directions for mandatory authorised push payment fraud reimbursement closed on 25 August 2023, with implementation proposed for 2 April 2024.
Treasury publishes Cash Access Policy Statement
The Treasury published its Cash Access Policy Statement on 18 August 2023, setting out government policy on cash deposit and withdrawal services, and the FCA published its own statement the same day.
Cabinet Office confirms McCloud remedy regulations will proceed
The Cabinet Office has confirmed it will proceed with regulations implementing the second phase of the McCloud remedy for the Civil Service Pension Scheme, with the rules expected to take effect from 1 October 2023.
Which? reports on FCA findings that millions cancelled insurance policies during the cost of living crisis
Which? has reported FCA survey findings that 3.6 million people cancelled, reduced or switched an insurance policy in the six months to January 2023 to cut costs.
HM Treasury publishes cash access policy statement
HM Treasury published a policy statement in August 2023 setting minimum expectations for cash deposit and withdrawal services, under powers in the Financial Services and Markets Act 2023.
Mortgage Charter agreed by Government, FCA and lenders
The Government, the Financial Conduct Authority and mortgage lenders agreed a Mortgage Charter in August 2023, signed by lenders representing around 90% of the mortgage market.
PSR to consult on claim excess and reimbursement cap
The Payment Systems Regulator will consult in August 2023 on the claim excess banks may charge fraud victims, the maximum reimbursement cap and guidance on the gross negligence test.
- July 2023
FCA guidance on insurance customers in financial difficulty comes into force
The Financial Conduct Authority's guidance on how insurers should treat customers in financial difficulty took effect on 31 July 2023, sitting alongside the Consumer Duty.
FCA sets out 14-point action plan on cash savings
The Financial Conduct Authority has launched its Consumer Duty rules and set out a 14-point plan on cash savings to make banks and building societies pass on interest rate rises to savers.
Government, FCA and TPR publish Value for Money consultation response
The government, the Financial Conduct Authority and the Pensions Regulator have published their response to a consultation on disclosing, assessing and comparing the value for money of workplace pension schemes.
Government publishes CCA reform consultation response
The government has published its response to the first stage consultation on reforming the Consumer Credit Act 1974, saying stakeholders backed an overhaul, with a second consultation planned for 2024.
End of £400 universal winter Government energy support
The £400 universal Government energy support paid to households over the winter ended as the Ofgem price cap replaced the Energy Price Guarantee, cutting typical annual bills to £2,074 from July.
Energy Price Guarantee coverage narrowed to prepayment meter customers
Households without a prepayment meter lost Energy Price Guarantee support from July 2023, while prepayment customers remain covered so their costs align with Direct Debit customers.
Energy Price Guarantee made less generous, rising to £3,000 a year
The Energy Price Guarantee became less generous in July 2023, rising to £3,000 a year, but a fall in the price cap meant it no longer set maximum prices and bills fell.
FCA Consumer Duty comes into force
The Financial Conduct Authority's Consumer Duty came into force in July 2023, setting higher standards of consumer protection and supporting the Mortgage Charter agreed with lenders and the Chancellor.
HM Treasury published policy statement proposing contract termination reforms
HM Treasury has published an explanatory memorandum to 2025 regulations requiring payment firms to give at least 90 days' notice and specific reasons before terminating an indefinite-period payment contract.
Ofgem cuts typical domestic consumption values used in price caps
Ofgem has cut the typical domestic consumption values used to calculate the typical household bill in the energy price cap, reducing assumed gas use by 17 per cent and electricity use by 7 per cent.
Ofgem lowers energy price cap to £2,074 for England, Wales and Scotland
Ofgem has lowered its energy price cap for England, Wales and Scotland so that a typical household bill falls to £2,074 a year from July, £426 less than under the Energy Price Guarantee.
Prepayment price premium removed
Households with prepayment meters have not been charged more for their energy than comparable direct debit customers since 1 July 2023, when a long-standing price premium on prepayment tariffs ended.
PSR to consult on draft legal instruments for reimbursement
The Payment Systems Regulator will consult in July on draft legal instruments for mandatory reimbursement of authorised push payment fraud victims, with the requirement due to come into force in 2024.
- June 2023
FCA publishes policy statement and revised rules to bring the Mortgage Charter into force
The FCA published a policy statement and revised rules on 30 June 2023 to bring the government's Mortgage Charter into force, giving lenders new options for borrowers in financial difficulty.
Mortgage Charter support for borrowers up to date with payments takes effect
From 30 June 2023 borrowers who are up to date with their mortgage can ask their lender to switch to interest only for up to six months or extend their term without an affordability assessment.
Financial Services and Markets Act receives Royal Assent
The Financial Services and Markets Act 2023 became law on 29 June 2023, giving the Financial Conduct Authority a duty to seek reasonable provision of cash withdrawal and deposit services across the UK.
Statutory consultation on Involuntary PPM licence changes opens
Ofgem has opened a statutory consultation on plans to write its Involuntary PPM Code of Practice into electricity and gas supply licence conditions, with responses due by 26 July 2023.
Government publishes Mortgage Charter with lenders covering 85% of mortgage market
The government published the Mortgage Charter on 26 June 2023, with lenders covering 85% of the UK mortgage market committing to measures for borrowers in financial difficulty.
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.
New mortgage support measures agreed by lenders, Chancellor and FCA
On 23 June 2023 the principal mortgage lenders, the Chancellor and the Financial Conduct Authority agreed new support measures for residential mortgage holders, as mortgage rates rose.
Committee publishes Payment Systems Regulator response on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published the Payment Systems Regulator's response to its report on scam reimbursement, as a special report dated 14 June 2023.
PSR publishes policy statement on new APP fraud reimbursement requirement
The Payment Systems Regulator has published a policy statement setting out a new reimbursement requirement for victims of authorised push payment fraud, with an implementation date proposed for 2 April 2024.
Plan 1 to 5 loan definitions inserted by 2022 Amendment Regulations
Regulations defining plan 1 to plan 5 student loans were inserted into the Education (Student Loans) (Repayment) Regulations 2009 with effect from 6 April 2023.
Consumer Scotland publishes response to Ofgem's Consumer Standards Framework consultation
Consumer Scotland has published its response to Ofgem's consultation on a framework for consumer standards and policy options covering priority customer service issues in the energy market.
Coutts closed Nigel Farage's bank account
Coutts closed Nigel Farage's account in June 2023 after raising concerns about his political views, prompting an FCA review of account closures and draft government rules on notice periods.
Energy Price Guarantee extended to end of June 2023
The Energy Price Guarantee was extended to the end of June 2023, Consumer Scotland said in its response to an Ofgem call for input on the debt-related costs allowance in the energy price cap.
FCA prohibits debt packager remuneration from debt solution providers
The Financial Conduct Authority has banned firms from taking commission, fees or other payment from debt solution providers for referrals, under a rule that took effect on 2 June 2023.
Financial Services and Markets Act 2023 receives royal assent
The Financial Services and Markets Bill became the Financial Services and Markets Act 2023 in June 2023, carrying provisions on cash access services and Bank of England oversight of the wholesale cash industry.
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
First review of the 2021 transfer conditions regulations published
The Department for Work and Pensions has published an options assessment setting out proposed amendments to the 2021 pension transfer regulations, including a new red flag for transfers into Small Self-Administered Schemes.
Free access to cash protection added to the Act
The Financial Services and Markets Act 2023 received royal assent on 29 June, after the government amended the Bill to protect free access to cash following a campaign by Which?.
Government aims to lay secondary legislation on BNPL regulation in mid-2023
HM Treasury has set out its response to the buy now pay later consultation, confirming plans to lay secondary legislation in mid-2023 that would set the scope and framework of the new regime.
Majority of mortgage lenders sign new mortgage charter
The majority of UK mortgage lenders signed a new mortgage charter in June 2023, confirming support options for borrowers and protecting those who miss payments from repossession without consent for at least 12 months.
Mortgage Charter agreed by lenders, FCA and government
The UK's largest mortgage lenders, the Financial Conduct Authority and the Chancellor agreed the Mortgage Charter in June 2023, setting standards for helping borrowers worried about higher rates.
Mortgage Charter protection against quick eviction
Lenders covering 85% of the UK mortgage market have committed to a charter that stops them forcing borrowers out of their homes within a year of a first missed payment.
Ofgem consults on new involuntary PPM requirements
Ofgem has opened a statutory consultation on licence conditions that would put its April 2023 Involuntary PPM Code of Practice into electricity and gas supply rules, with responses due by 26 July 2023.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR increases reimbursement time limit from 48 hours to five business days
The Payment Systems Regulator has confirmed that victims of authorised push payment fraud must be reimbursed within five business days, extending its proposed 48-hour limit, under rules taking effect in 2024.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
- May 2023
FCA opens CP23/13 consultation on Tailored Support Guidance
The FCA has opened a consultation on folding its Tailored Support Guidance for consumer credit and mortgages into its rulebooks, with responses due by 13 July 2023.
Fair By Design responds to Ofgem consultation on payment method cost differentials
Fair By Design has published its response to an Ofgem consultation on payment method cost differentials, arguing that low income consumers should not pay more for energy because of how they pay.
Treasury Committee recommends regulating unbacked cryptoasset trading as gambling
The Treasury Committee has told the Government to regulate retail trading and investment in unbacked cryptoassets as gambling, not as a financial service, in a report published on 17 May 2023.
User-generated fraud included in draft Online Safety Bill
The Government has added user-generated fraud to the draft Online Safety Bill, a change the Financial Services Compensation Scheme called a step in the right direction.
FCA consults on rules to strengthen protections for borrowers in financial difficulty (CP23/13)
The Financial Conduct Authority has confirmed final rules requiring lenders to support borrowers in financial difficulty, replacing pandemic-era guidance from 4 November 2024.
- April 2023
Digital Markets, Competition and Consumers Bill 2022-23 introduced in the House of Commons
The Digital Markets, Competition and Consumers Bill was introduced in the House of Commons on 25 April 2023, with new powers for the Competition and Markets Authority over consumer law enforcement.
Ofgem publishes new Code of Practice on involuntary prepayment meter installations
Fair By Design has welcomed Ofgem's new voluntary Code of Practice on involuntary prepayment meter installations, saying suppliers must now weigh a household's finances and physical vulnerability.
Consumer Panel responds to HM Treasury Payment Services Regulations Call for Evidence
The Financial Services Consumer Panel has told HM Treasury that its review of payment services rules must put consumers at the centre and toughen the regulatory gateway for payment firms.
PSR call for evidence on competitive constraints in card payment systems closes
The Payment Systems Regulator's call for evidence on the competitive constraints Mastercard and Visa face when setting scheme and processing fees closed at 5pm on 11 April 2023.
Amendment (No. 4) Regulations 2022 changes take effect
Amendments to the Education (Student Loans) (Repayment) Regulations 2009 made by the Amendment (No. 4) Regulations 2022 took effect on 6 April 2023, changing repayment rules including a plan 5 repayment holiday.
New interest thresholds and plan 5 interest rules come into force
Repayment regulations for student loans changed on 6 April 2023, introducing plan 5 loans for courses starting from August 2023 and new interest and threshold rules.
Government £400 energy discount scheme ended in April 2023
The £400 energy discount paid to every UK household from October 2022 ended in April 2023, as the energy price cap continued to set bills for most households.
Government consultation on BNPL regulation closes
A government consultation on regulating buy now, pay later services closed in April 2023, with the Financial Conduct Authority potentially overseeing the sector by the end of that year.
HM Treasury Call for Evidence on the Payment Services Regulations 2017 concluded
HM Treasury has concluded that existing rules on payment service contract terminations are deficient, and has laid regulations extending the minimum notice period to 90 days from 28th April 2026.
JROC publishes roadmap for next phase of Open Banking
The Payment Systems Regulator and fellow members of the Joint Regulatory Oversight Committee published a roadmap in April 2023 setting out three phases of delivery for open banking, with a full set of open banking payments targeted for 2025.
National Minimum Wage and National Living Wage rates rise on 1 April 2023
All National Minimum Wage rates rose on 1 April 2023, with the National Living Wage for workers aged 23 and over increasing 9.7 per cent to £10.42 an hour.
- March 2023
Energy Price Guarantee scaled back from April 2023
The Energy Price Guarantee is being scaled back from April 2023, capping typical household energy bills at £3,000 rather than £2,500, alongside a package of Cost of Living Payments.
Government announces Great British Insulation Scheme extending grants to council tax bands A-D
The government has announced the Great British Insulation Scheme, extending insulation grants to households in council tax bands A to D and adding 300,000 homes to the eligible pool.
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
Budget announces childcare expansion, pension tax changes and higher benefits conditionality
The March 2023 Budget expanded free childcare, abolished the lifetime limit on tax-free pension savings and raised benefits conditionality, requiring 800,000 more people to work.
Spring Budget 2023 announced
The Chancellor's Spring Budget 2023 set out measures under four priorities, Employment, Education, Enterprise and Everywhere, including changes to childcare support, Universal Credit conditions and the Energy Price Guarantee.
Consumer Scotland publishes response to Ofgem call for evidence on prepayment rules
Consumer Scotland has published its response to Ofgem's call for evidence on prepayment meter rules, citing survey data on the harms reported by households using the meters.
FCA publishes guidance for firms supporting mortgage borrowers affected by living costs
The Financial Conduct Authority published finalised guidance on 10 March 2023 setting out how firms should support existing mortgage borrowers affected by rising living costs.
Government announces Dormant Assets Scheme can support financial education and capability
The government has said it will examine whether the Dormant Assets Scheme can fund financial education and capability, alongside £76 million already allocated for affordable credit.
Consumer Scotland recommends continuing the pause on prepayment meter installations
Consumer Scotland has recommended that the pause on prepayment meter installations continue until Ofgem is confident that individual suppliers are complying with their licence conditions.
Energy companies agree to stop force-fitting prepayment meters in vulnerable customers' homes
All energy companies have said they will stop force-fitting prepayment meters in vulnerable customers' homes, according to the government, and magistrates have temporarily stopped signing off warrant applications.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
FPC recommends minimum resilience levels for LDI funds
The Bank of England's Financial Policy Committee has recommended that The Pensions Regulator set minimum resilience levels for the LDI funds and mandates that pension scheme trustees can invest in.
Low Pay Commission opens consultation on 2024 minimum wage rates
The Low Pay Commission is consulting on minimum wage rates for April 2024 and beyond, running from 23 March to 9 June 2023, with recommendations to the Government due in October.
Spring Budget 2023 pension tax changes incorporated into relief forecasts
HMRC's December 2024 tax relief statistics confirm that official forecasts for pension tax relief now include the abolition of the Lifetime allowance and the Annual allowance increase announced at Spring Budget 2023.
- February 2023
Tenth JRF report finds 29.1% of UK individuals below MIS in 2020-21
The Joseph Rowntree Foundation's tenth Minimum Income Standard report estimates 19.2 million people, including 5.7 million children, lived in households below the benchmark in 2020-21.
HM Treasury publishes consultation on draft BNPL legislation
HM Treasury has opened a consultation on draft legislation that would bring interest-free Buy-Now Pay-Later products under Financial Conduct Authority regulation, with responses due by 11 April 2023.
Fair By Design responds to Ofgem's call for evidence on prepayment meter rules
Fair By Design has responded to Ofgem's call for evidence on prepayment meter rules and protections for domestic consumers, calling for more targeted bill support and reform of standing charges.
Extension to cohabiting couples comes into force
The extension of the definition of "partner" to include cohabiting couples who were not in a legal union when one of them dies came into force on 9 February 2023.
Bank of England and HM Treasury publish digital pound consultation paper
The Bank of England and HM Treasury have published a consultation paper on a digital pound, setting out proposals for a new form of money for households and businesses.
FCA to write to firms on Consumer Duty expectations and risks
The Financial Conduct Authority is to write to firms setting out its expectations for implementing the Consumer Duty, alongside regional events, after reviewing firms' implementation plans.
Bank bosses questioned by Treasury Committee over passing on base rate rises
High street bank bosses were questioned by the Treasury Committee in February 2023 over why Bank of England base rate rises had not been passed on to savers.
Consultation launched on a regulatory regime for BNPL applying the CCA's provisions
The government has set out plans to bring buy now pay later products under Financial Conduct Authority regulation, publishing an impact assessment alongside secondary legislation laid in May 2025.
Council and housing association tenancies exempted from rent cap
Council and housing association tenancies in Scotland stopped being covered by the temporary rent cap on 26 February 2023, while the cap continued for most private tenancies until it ended on 31 March 2024.
Ofgem yn gofyn i gyflenwyr oedi gosodiadau rhagdalu gorfodol
Ofgem asked all energy suppliers in February 2023 to pause forced and remotely switched prepayment meter installations until a new set of guidelines had been agreed.
- January 2023
Value for Money consultation on pension scheme metrics, standards and disclosures opens
The Department for Work and Pensions, the Financial Conduct Authority and The Pensions Regulator opened a consultation on 30 January 2023 on disclosing, assessing and comparing the value for money of workplace pension schemes.
New agency set up to regulate bailiffs and debt collection enforcement
A new body, the Enforcement Conduct Board, is reported as the first independent regulator for debt collection in the UK, covering bailiffs and enforcement agents.
HM Treasury consults on future financial services regulatory regime for cryptoassets
HM Treasury has opened a consultation and call for evidence on a future financial services regulatory regime for cryptoassets, setting out plans to bring crypto activities within the existing framework of financial regulation.
Interest rate cap at prevailing market rate inserted for plan 2, 3 and 5 loans
Regulations made on 13 December 2022 cap interest on plan 2, 3 and 5 student loans at the prevailing market rate, with parts commencing on 16 January 2023 and the remainder on 6 April 2023.
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
PSR publishes working paper on UK-EEA cross-border interchange fee increases
The Payment Systems Regulator has published a working paper on UK-EEA cross-border interchange fees, setting out its understanding of recent increases and inviting feedback by 19 January 2023.
Consumer Council publishes Access to Banking research
The Consumer Council's Access to Banking Services research found 52 Northern Ireland bank branches closed between May 2020 and January 2023, 27% of the network, figures later cited by a Stormont committee.
FCA became lead regulator on access to cash
The Financial Conduct Authority became the lead regulator on access to cash in 2023, taking over the role from the Payment Systems Regulator, which had previously examined cash access, use and acceptance.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.