Regulation news in 2024
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- December 2024
FCA introduces modified complaint handling rules for motor finance commission complaints
The FCA has added rules to its complaints rulebook applying modified complaint handling requirements to motor finance commission complaints, effective 20 December 2024.
FCA announces temporary rules on motor finance commission complaints
The FCA has extended temporary complaint handling rules so firms have longer to answer motor finance commission complaints and consumers have longer to take cases to the ombudsman.
Consultation launched on permitted insurance fees for landlords, freeholders and property managing agents
The UK and Welsh governments have set out plans to replace opaque buildings insurance commissions paid by leaseholders with a permitted insurance fee, under powers in the Leasehold and Freehold Reform Act 2024.
CRM Code wound down as statutory APP fraud reimbursement scheme introduced
The Lending Standards Board has confirmed that its Contingent Reimbursement Model Code ran from 2019 to 2024 and was wound down when the Payment Systems Regulator introduced statutory mandatory reimbursement for authorised push payment fraud.
FCA cash access rules intended to be in force
The Financial Conduct Authority intends its rules making cash access reviews a legal requirement to be in force by the end of 2024, under powers granted by the Financial Services and Markets Act 2023.
FCA opens consultation on CCI disclosure requirements
The Financial Conduct Authority opened a consultation in December 2024 on what information firms must give retail investors about consumer composite investments, with final rules planned for 2025.
PSR publishes final report confirming UK-EEA cross-border interchange fee concerns and consults on price cap remedy
The Payment Systems Regulator has confirmed that Mastercard and Visa likely raised UK-EEA cross-border interchange fees to an unduly high level, and is consulting on a two stage price cap.
- November 2024
DISP 2.7.6R updated to extend eligible complainant relationships
The Financial Conduct Authority updated DISP 2.7.6R on 30 November 2024, extending the relationships that make someone an eligible complainant to the Financial Ombudsman Service, including for alleged authorised push payment fraud.
FCA exit communications rules for pensions dashboards take effect
Rules requiring firms to tell customers when they are leaving a qualifying pensions dashboard service, and where they are being sent, took effect on 30 November 2024.
BNPL draft legislation consultation closes
HM Treasury's consultation on draft legislation to bring Buy-Now Pay-Later products into regulation closed at 11:59pm on 29 November 2024, with the government saying it will now lay the draft statutory instrument.
Regulations come into force on 18 November 2024
Regulations abolishing the lifetime allowance charge come into force on 18 November 2024, setting new lump sum and death benefit allowances that apply from the 2024-25 tax year.
Government announces National Payments Vision in Mansion House speech
The Chancellor set out a National Payments Vision on 14 November 2024, naming innovation, security and competition as its pillars, and the Payment Systems Regulator has responded with its plans.
Pensions Investment Review consultation launched on DC workplace pension reforms
The Department for Work and Pensions and HM Treasury have set out final plans to shrink the number of defined contribution default funds and require minimum scale, with legislation promised in the Pension Schemes Bill.
Fair By Design responds on the ban on acquisition tariffs
Fair By Design has published its response to Ofgem's consultation on the ban on acquisition-only energy tariffs, saying the ban has had a positive impact.
Genuine and sufficient link requirement omitted from regulations 22 and 23
The words "genuine and sufficient link" have been omitted from regulations 22(c) and 23(c) of the Personal Independence Payment Regulations 2013, in a change taking effect in England and Wales on 7 November 2024.
CONC 5D rules and guidance updated with effect from 4 November 2024
The Financial Conduct Authority's overdraft repeat use rules in CONC 5D, which require firms to monitor customers' overdraft patterns and intervene, carry an effective date of 4 November 2024.
FCA rules for borrowers in financial difficulty come into force and TSG withdrawn
The Financial Conduct Authority's final rules on protecting borrowers in financial difficulty took effect on 4 November 2024, replacing pandemic-era guidance with Handbook requirements for lenders.
FCA updated CONC 7.2 arrears and default rules and guidance
The FCA Handbook's CONC 7.2 section on arrears and default policies was last updated on 4 November 2024, covering arrears procedures, vulnerable customer treatment and policy review.
FCA updated MCOB 13.3 rules on payment difficulties, vulnerable customers and record keeping
The FCA's mortgage conduct rules on payment difficulties, vulnerable customers and record keeping were updated on 4 November 2024, with further provisions dated 2025 and 2026.
FCA updates CONC 5D rules on identifying repeat overdraft use and supporting customers in financial difficulties
The Financial Conduct Authority has revised its overdraft repeat use rules, updating definitions, monitoring duties and intervention requirements for firms, including sustainability tests and objective income and expenditure assessments.
FCA updates P2P creditworthiness assessment guidance on financial difficulties and vulnerability
The FCA Handbook has been updated with guidance dated 4 November 2024 requiring peer-to-peer lenders to have regard to signs that a borrower is in financial difficulties or is vulnerable.
Rules on forbearance, sustainable repayment arrangements and repossession as a last resort took effect
FCA rules requiring lenders to show forbearance to borrowers in or approaching arrears, to agree sustainable repayment arrangements and to treat repossession as a last resort took effect on 4 November 2024.
Strengthened intervention rules for repeat overdraft users in financial difficulty take effect
The Financial Conduct Authority's strengthened rules for banks and lenders dealing with repeat overdraft users in financial difficulty took effect on 4 November 2024, requiring prompt contact and assessment of options.
FCA firms required to engage early with customers in payment difficulty
Consumer credit firms have been required since November 2024 to engage early with customers in or approaching payment difficulty, under rules cited in a new review of problem debt and homelessness.
FCA and FOS publish joint Call for Input on Modernising the Redress System
The Financial Ombudsman Service and the Financial Conduct Authority opened a joint Call for Input in November 2024 on modernising the redress system, closing on 30 January 2025 with over 140 responses.
PSR intends to consult on changing its obligations on Pay.UK for the New Payments Architecture
The Payment Systems Regulator has said it intends to consult on changing its obligations on Pay.UK over the New Payments Architecture, after the Government set out its National Payments Vision.
- October 2024
Government announces Inheritance Tax reform including pensions measure at Autumn Budget 2024
At Autumn Budget 2024 the government announced that most unused pension funds and pension death benefits will count towards a person's estate for Inheritance Tax from 6 April 2027.
Payment Services (Amendment) Regulations 2024 come into force
Rules allowing banks and payment firms to hold back suspected fraud payments for up to four business days came into force on 30 October 2024, with new duties to tell customers and cover their costs.
Technical consultation launched on IHT reporting and payment processes for pensions
The government has published a technical consultation on bringing unused pension funds and death benefits into Inheritance Tax from 6 April 2027, with responses due by 22 January 2025.
Government accepts Low Pay Commission recommendations for April 2025 minimum wage rates
The Government has accepted the Low Pay Commission's recommended minimum wage rates for April 2025, raising the National Living Wage for workers aged 21 and over to £12.21 an hour.
Fair By Design responds to consultation on eliminating poverty premiums
Fair By Design has published its response to Ofgem's consultation on the consumer vulnerability strategy, setting out measures it wants from the regulator and government to cut poverty premiums.
Fair By Design responds to Ofgem consultation on consumer vulnerability strategy
Fair By Design has responded to Ofgem's consultation on refreshing its consumer vulnerability strategy, calling for automatic enrolment into support and direct involvement of people with lived experience.
Court of Appeal rules broker commission requires customer's informed consent
The Court of Appeal ruled on 25 October 2024 that brokers must obtain a customer's informed consent before receiving any commission from motor finance lenders, a decision that surprised the industry.
Bank of England publishes 2024 Q3 Credit Conditions Survey
The Bank of England's 2024 Q3 Credit Conditions Survey, published on 10 October 2024, reports how banks and building societies changed credit availability, demand, pricing and defaults in the three months to end-August 2024.
Payment Services (Amendment) Regulations 2024 made
The Treasury made regulations on 8 October 2024 giving payment service providers a power to delay certain sterling payments made within the UK where they suspect the order followed third-party fraud.
PSR introduces APP scam reimbursement rules
The Payment Systems Regulator brought in mandatory reimbursement for victims of authorised push payment scams from 7 October 2024, with firms paying out unless a customer was grossly negligent.
Statutory reimbursement framework introduced and CRM Code retired
The Payment Systems Regulator's statutory reimbursement framework for authorised push payment scams took effect on 7 October 2024, the same day the voluntary Contingent Reimbursement Model Code was retired.
Over 350 more firms to join Confirmation of Payee
More than 350 additional payment firms are to join the Confirmation of Payee name checking service by the end of October 2024, alongside new mandatory APP fraud reimbursement rules starting on 7 October.
Consultation published on a regulatory regime disapplying CCA information requirements for BNPL
The Government has published an impact assessment for legislation bringing interest-free buy now pay later agreements into FCA regulation, with most Consumer Credit Act information rules disapplied.
- September 2024
CP24/11 consultation closes on the maximum level of reimbursement for Faster Payments APP scams
The Payment Systems Regulator's consultation on lowering the maximum reimbursement for Faster Payments APP scams from £415,000 to £85,000 closed on 18 September 2024, with the policy start date unchanged.
FCA access to cash rules come into force
Rules requiring designated banks and building societies to assess and fill gaps in local cash provision came into force on 18 September 2024, after being published by the FCA on 24 July 2024.
Guidance on the interest rate cap updated
Government guidance on student loan interest rate caps was updated on 16 September 2024, covering Plan 2 and Plan 5 loans, with the cap applied at 6% for Plan 2 and not currently applied for Plan 5.
Specific Direction 21 issued for CHAPS APP scam reimbursement
The Payment Systems Regulator has published Specific Direction 21, requiring firms participating in CHAPS to reimburse victims of authorised push payment scams from 7 October 2024.
Call for evidence published on pensions investment review
The government has published a call for evidence in its pensions investment review, asking for views on consolidation, value for money and investment in the UK.
FCA cash access rules come into effect
Rules giving the Financial Conduct Authority responsibility for protecting cash access took effect in September 2024, requiring banks to assess an area before closing services that affect withdrawals and deposits.
UK Government establishes Floods Resilience Taskforce
The UK government set up a Floods Resilience Taskforce in September 2024 to oversee national and local flood resilience, with a flood insurance taskgroup among three established.
Government secures industry commitment to 350 banking hubs
The Government says it secured an industry commitment in September 2024 to roll out 350 banking hubs by the end of this parliament, alongside new access to cash rules.
PSR publishes PS24/5 CHAPS APP scams reimbursement requirement
The Payment Systems Regulator has published Specific Direction 21, extending authorised push payment scam reimbursement rules to CHAPS payments from 6 September 2024.
- August 2024
Living Standards Outlook 2024 projects weak income growth and rising poverty without policy change
The Resolution Foundation projects 3 per cent income growth in 2024-25 but weak growth thereafter, with child relative poverty rising by 1.5 million to 4.6 million by 2029-30.
Consultation launched on extending APP scam reimbursement to CHAPS participants
The Payment Systems Regulator has consulted on proposals to require banks and other firms using the CHAPS payment system to reimburse customers who are victims of authorised push payment scams.
FCA launches Pure Protection Market Study
The Financial Conduct Authority launched its Pure Protection Market Study in August 2024 to establish whether the protection market offers fair value to customers, examining four product areas.
- July 2024
Consumer Duty applies to incidents from this date
From 31 July 2024 the Financial Ombudsman Service may consider the Consumer Duty when looking at complaints about incidents that happened on or after that date.
Chancellor announces English social care reforms dropped
Chancellor Rachel Reeves cancelled planned reforms to social care funding in England on 29 July 2024, dropping a lifetime cap on personal care costs and changes to council funding thresholds.
FCA publishes access to cash rules
The Financial Conduct Authority published final rules on 24 July 2024 requiring designated banks and building societies to assess and fill gaps in local cash provision, with the rules taking effect on 18 September 2024.
Leaseholder contribution caps guidance updated for in-force protections
The government has updated its guidance on leaseholder contribution caps for building safety remediation, reflecting amendments to the leaseholder protections that are now in force in England.
Chancellor launches Pensions Investment Review
The Chancellor launched the Pensions Investment Review on 20 July 2024 to tackle fragmentation in workplace pensions and the Local Government Pension Scheme, with the final report published on 29 May 2025.
Consumer Scotland publishes response to Ofgem consultation on acquisition-only tariff ban
Consumer Scotland has published its response to Ofgem's statutory consultation on the future of the ban on acquisition-only tariffs, setting out its position on the rules that govern energy deals.
Consumer Duty rules to extend to closed products by July 2024
The second phase of the Financial Conduct Authority's Consumer Duty takes effect for closed products and services from 31 July 2024, extending rules already in force for new and on-sale products since July 2023.
Current Government will not introduce planned social care charging changes
The Government elected in July 2024 has said it will not bring in the previous Government's planned cap on care costs or changes to the financial assessment rules in England.
Fair4All Finance research finds 20.3 million UK adults in financially vulnerable circumstances
Fair4All Finance research indicates 20.3 million UK adults are now in financially vulnerable circumstances, up 16 per cent from 17.5 million in 2022, with 44 per cent of adults affected.
FCA marks one year of the Consumer Duty with speech by Sheldon Mills
The Financial Conduct Authority has marked one year of the Consumer Duty with a speech by Sheldon Mills setting out progress, examples of improved consumer outcomes and priorities including price and value work.
General election called for July
A general election in July, earlier than many had expected, may bring a change in policy priorities later this year, according to UK Finance's Household Finance Review for the first quarter of 2024.
Renters' Rights Bill announced
The new Labour government announced a Renters' Rights Bill in the King's Speech in July 2024, making regulation of the private rented sector an early priority.
Revolut secures restricted UK banking licence
Revolut has been granted a UK banking licence subject to restrictions, more than three years after applying in January 2021, and must complete a mobilisation period before it can operate as a full bank.
- June 2024
Publication of a 12 point plan to end the poverty premium
Fair By Design published a 12 point plan to end the poverty premium on 13 June 2024, launched as its 2024 general election manifesto and covering payments among other areas.
Pay.UK must publish final Faster Payments reimbursement rules and compliance monitoring regime
Pay.UK was required by the Payment Systems Regulator to publish final Faster Payments reimbursement rules and an approved compliance monitoring regime by 7 June 2024, ahead of the 7 October 2024 start date.
Pensions dashboards expected to open to the public from summer 2024 at the earliest
Pension schemes are joining the dashboards system in stages from spring 2023, but the public will not be able to view their pots through a dashboard until summer 2024 at the earliest.
- May 2024
FCA anti-greenwashing rule takes effect
The Financial Conduct Authority's anti-greenwashing rule took effect on 31 May 2024, requiring regulated firms to substantiate sustainability claims about their products and services.
Digital Markets, Competition and Consumers Act 2024 receives Royal Assent
The Digital Markets, Competition and Consumers Act 2024 became law on 24 May 2024, creating a digital markets regime, new competition powers and consumer protections including rules on drip pricing and subscriptions.
Treasury designates 14 large banks and building societies and 2 LINK entities for the access to cash regime
The Treasury has designated 14 large banks and building societies, plus two LINK entities, for the FCA's new access to cash regime, with rules taking effect on 18 September 2024.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has published its response to Ofgem's Future Price Protection Discussion Paper, setting out its views on how household energy prices might be protected in future.
Government proposes abolishing Direct Pay and reducing Collect and Pay fees
The government has proposed abolishing Direct Pay and cutting Collect and Pay fees at the Child Maintenance Service, opening a 12 week consultation on the changes.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has told Ofgem that the Consumer Principles should shape the design of future energy price protection, in its response to the regulator's call for input on the future of the price cap.
Leasehold and Freehold Reform Act became law
The Leasehold and Freehold Reform Act became law in May 2024, but most of its 125 sections remain unimplemented, with further reform promised in a new Bill.
Leasehold and Freehold Reform Act reforms introduced
The government introduced leasehold reforms in May 2024 under the Leasehold and Freehold Reform Act, including a 990-year standard lease extension term and standardised service charge bills.
Treasury designates banks and building societies subject to access to cash rules
The Treasury has named the banks and building societies that will fall under the Financial Conduct Authority's access to cash rules, along with an operator of cash access coordination arrangements.
Vulnerability characteristics decrease since 2022
The FCA's Financial Lives survey found 26.4 million UK adults had characteristics of vulnerability in May 2024, down 0.9 million from 27.3 million in May 2022, while low financial resilience was unchanged.
- April 2024
FCA publishes PS24/2 confirming final rules to strengthen protections for borrowers in financial difficulty
The Financial Conduct Authority has published final rules that move pandemic-era guidance on supporting borrowers in financial difficulty into its formal rulebook, taking effect on 4 November 2024.
DMCC Act 2024 comes into force
The Digital Markets, Competition and Consumers Act 2024, in force since April 2024, has revoked the EU derived 2015 ADR Regulations, opening the way for secondary legislation on consumer dispute resolution standards.
FCA confirms final rules in PS24/2 with just over 6 months implementation period
The Financial Conduct Authority has published final rules on protecting borrowers in financial difficulty, confirming they take effect on 4 November 2024 with just over six months for firms to prepare.
FCA to consult on value for money framework rules in spring 2024
The Financial Conduct Authority has signalled that detailed rules for a new value for money framework for defined contribution workplace pensions will be consulted on in spring 2024.
FOS award limits increase from 1 April 2024
The Financial Ombudsman Service award limits rose on 1 April 2024 to £430,000 for complaints about acts or omissions from 1 April 2019, and £195,000 for earlier ones.
JROC publishes recommendations for next phase of open banking
The Joint Regulatory Oversight Committee has published recommendations on the design of a future open banking entity, covering structure, governance and funding, and proposals for a new interim body.
Minimum wage equalised for 21- and 22-year-olds
From April 2024 the minimum wage for 21 and 22 year olds was raised to the same rate as older workers, ending a lower pay floor for that age group.
National Living Wage age threshold lowered from 23 to 21
The age threshold for the National Living Wage was lowered from 23 to 21 in April 2024, the second reduction in three years, extending the adult minimum wage rate to younger workers.
Ofgem begins review of prepayment premium
Ofgem is reviewing how to remove the prepayment meter price premium permanently, with the work beginning in April 2024, after the temporary premium ban that started in July 2023.
Ofgem confirms new bad debt allowance funded by £28 a year on typical bills
Ofgem has confirmed a new allowance for bad debt in the domestic energy market, funded by temporarily adding £28 a year to the typical household bill from April 2024.
Prepayment meter standard tariff poverty premium removed
The extra charge that prepayment meter customers on standard tariffs paid compared with other payment methods was removed from 1 April 2024, ending a premium that had reached £46 for dual fuel customers in 2022.
Standard credit price cap level cut by £261 from 1 April 2024
The standard credit energy price cap level fell to £1,796 on 1 April 2024, a £261 or 13% decrease, while households paying by direct debit saw their cap fall to £1,690.
- March 2024
General code of practice in force from 28 March 2024
The Pensions Regulator's general code came into force on 28 March 2024, setting out duties for pension scheme governing bodies on governance, internal controls and mitigating the risk of scams.
New pensions dashboards timeframes published with October 2026 connection deadline
New connection timeframes for pensions dashboards set a 31 October 2026 deadline for all 3,000 pension providers and schemes, with larger schemes starting from April 2025.
Energy Price Guarantee ends in March 2024
The Energy Price Guarantee, which capped domestic energy bills from October 2022, ended in March 2024 after falls in the Ofgem price cap meant it was no longer needed to set maximum prices.
Government consults on raising standards in the tax advice market
The Government has opened a consultation on raising standards in the tax advice market, setting out three possible models for regulating advisers in a sector where anyone can currently practise without qualifications.
Government published draft rules on account termination notice
The government has published draft rules that would require banks to give 90 days' notice before closing an account and to explain the reason, with the rules intended to be in force by the end of 2024.
Ofgem publishes Call for Input on affordability and debt in the domestic energy market
Ofgem published a Call for Input on affordability and debt in the domestic energy market in March, as energy debt and arrears in Great Britain reached a record high above £3bn.
UK regulators publish joint debt collection statement
The FCA, Ofgem, Ofwat and Ofcom published a joint debt collection statement in March 2024 setting out four outcomes they expect firms to deliver, as energy debt in Great Britain reached a record level.
Scottish tenant protection measures expired
Scotland's temporary rent cap and eviction moratorium, introduced in 2022 under the Cost of Living (Tenant Protection) (Scotland) Act, ended on 31 March 2024, with rent adjudication modified for one year afterwards.
- February 2024
Ofgem announces lasting solution to eliminate prepayment meter premium
Ofgem has announced a lasting solution to remove the extra cost of paying for energy by prepayment meter, while a premium for customers who pay on receipt of bill remains.
Labour's Financial Services Plan pledges national financial inclusion strategy
Labour's Financial Services Plan pledged a national financial inclusion strategy to address financial exclusion, a commitment welcomed by the anti-poverty charity Fair By Design in a statement dated 11 February 2024.
Supreme Court refuses permission to appeal in AT case
The Supreme Court refused the Secretary of State permission to appeal the AT Court of Appeal judgment on 7 February 2024, making the decision final for Housing Benefit and Universal Credit claims by EU nationals with pre-settled status.
Finance Bill 2023-24 passes third reading
The Finance Bill 2023-24, which carries the National Insurance cuts and the abolition of the pensions lifetime allowance, passed its Commons third reading by 283 votes to 39 on 5 February 2024.
Charities say an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter
Age UK analysis published by a charity coalition estimates an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter, a reduction of around 65%.
- January 2024
Ombudsman News 188 published covering car finance commission complaints and consultation deadline
The Financial Ombudsman Service has published Ombudsman News 188, covering temporary complaint-handling rules for car finance commission complaints and a consultation closing on 30 January 2024.
Fair By Design responds to Ofgem's call for input on standing charges
Fair By Design has published its response to Ofgem's call for input on standing charges, urging that the charges be reduced and the fixed costs of the energy system recovered more progressively.
Link recommends 101 new banking hubs across the UK
Link has recommended 101 new banking hubs across the UK, following assessments made when the last bank branch in an area closed and requests from communities.
FCA introduces temporary complaint-handling rules for car finance commission complaints
The Financial Conduct Authority has introduced temporary complaint-handling rules for certain car finance complaints involving discretionary commission arrangements while it assesses the motor finance market.
FCA launches car finance mis-selling investigation
The Financial Conduct Authority has opened a major investigation into car finance mis-selling, focused on discretionary commission arrangements, and paused firms' handling of related complaints.
MIS to be rebased for all household types in 2024
The Joseph Rowntree Foundation has said all household types in its Minimum Income Standard will be rebased in 2024, starting from scratch with groups of members of the public.
Ofgem allows involuntary prepayment meter installations to resume
Ofgem has allowed some energy suppliers to resume installing involuntary prepayment meters, a practice paused in 2023, under conditions set out in early 2024.