Regulation news: page 14
- March 2023
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.
- December 2022
Pensions Dashboards Regulations 2022 come into force
The Pensions Dashboards Regulations 2022 came into force on 12 December 2022, setting the rules for pension schemes to connect to the dashboards ecosystem and for services that show savers their pensions in one place.