Regulation news: page 10
- March 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.
- 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.