Regulation news: page 12
- July 2023
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?.