Regulation news: page 15
- December 2022
Child Support (Enforcement) Bill passes second reading with government support
Siobhan Baillie's Child Support (Enforcement) Bill passed its second reading in the House of Commons on 9 December 2022, with the government intending to support it.
First stage CCA reform consultation launched
HM Treasury opened a consultation on 9 December 2022 on modernising the Consumer Credit Act 1974, the first stage of reform covering credit cards, personal loans and consumer hire agreements.
HM Treasury opens consultation on reforming the Consumer Credit Act 1974
HM Treasury has opened a 14-week consultation on reforming the Consumer Credit Act 1974, seeking views on moving most of the Act into Financial Conduct Authority rules, with responses due by 17 March 2023.
Cross-party amendment on personalised financial guidance tabled at Report Stage of the Financial Services and Markets Bill
Harriett Baldwin MP tabled an amendment to the Financial Services and Markets Bill on 7 December 2022 that would let HM Treasury legislate for a personalised financial guidance regime, with 15 cross-party co-signatories.
FCA PRIIPs rule changes fully in effect and Treasury consults on wider overhaul
FCA rule changes on packaged retail investment products took full effect in December 2022, the same month the Treasury consulted on replacing the PRIIPs regulation with a new disclosure regime.
Government aims to lay SDRP regulations by end of 2022
The government has consulted on a statutory debt repayment plan for England and Wales, aiming to lay regulations by the end of 2022 with at least 18 months before the scheme starts.
Government launches Edinburgh reforms for financial sector regulation
The UK government has relaunched the Edinburgh reforms, described as the biggest shake-up of financial sector regulation for a generation, drawing a Bank of England warning against too much deregulation.
Joint statement issued on Child Support Collection (Domestic Abuse) Bill
Gingerbread and Surviving Economic Abuse have welcomed a Bill that names domestic abuse as a ground for using the Child Maintenance Service's Collect and Pay arrangement, but want amendments on charges, guidance and minimum payments.
MaPS tells DWP the PDP delivery timetable is no longer viable
The Money and Pensions Service told the Department for Work and Pensions in December 2022 that the Pensions Dashboards Programme delivery timetable was no longer viable, after a failed service standard assessment.
Second consultation on draft BNPL regulations expected by end of 2022
HM Treasury has said a second consultation on draft buy now pay later regulations and a draft regulatory impact assessment will be needed, with publication expected by the end of 2022.
Suppliers reduce pre-payment debt repayment maximum from 40% to 20%
Electricity and gas suppliers have cut the maximum share of a pre-payment meter top-up that can be taken to repay debt from 40% to 20%, under a voluntary charter running to 31 March 2023.
- November 2022
Energy Price Guarantee to become less generous from April 2023
The Energy Price Guarantee will be scaled back from April 2023, with a typical household bill rising to £3,000, the Resolution Foundation says in its analysis of Jeremy Hunt's Autumn Statement.
Chancellor announced cost of living support package
Jeremy Hunt's 2022 Autumn Statement introduced a package of cost of living support, including three payments worth £900 for means-tested benefit claimants and extra help for pensioners and disabled people.
EBSS and EPG pass-through requirement comes into force in England, Wales and Scotland
Regulations requiring landlords, heat network operators and other intermediaries to pass on Energy Bills Support Scheme and Energy Price Guarantee benefits to end users came into force in England, Wales and Scotland on 1 November 2022.
FCA published Borrowers in Financial Difficulty (BiFD) report
The Financial Conduct Authority has published its Borrowers in Financial Difficulty report, finding that while some firms delivered good outcomes for borrowers, many fell short of expectations and caused harm.
FCA publishes consultation on simplified advice regime
The Financial Conduct Authority has published a consultation paper seeking a regime for simplified advice on investments into Stocks and Shares ISAs, it told the Work and Pensions Committee.
Government consults on reforming the Consumer Credit Act 1974
The Government has issued a consultation on reforming the Consumer Credit Act 1974, the law covering credit cards, personal loans and most household credit agreements in the UK.
Government support packages lift household incomes relative to no-support scenario
The Office for Budget Responsibility says government support announced since March 2022 lifts real household disposable income per person by 4½ per cent in 2022-23, softening the largest fall on record.
NIESR responds to the 2022 Autumn Statement
The National Institute of Economic and Social Research said the Chancellor should have given households more support, criticising £60 billion of fiscal tightening and a universal energy subsidy.
Revised Energy Price Guarantee set at £3,000 from April 2023
The Energy Price Guarantee will expire in April 2023 and be replaced by a revised guarantee set at £3,000 for the average household, running until April 2024.
- October 2022
Medium-term fiscal plans due on 31 October with spending cuts of tens of billions expected
The Government will set out medium-term fiscal plans on 31 October, with tens of billions of pounds of spending cuts expected after Jeremy Hunt reversed most of September's mini-Budget tax measures.
FCA publishes consultation proposing measures to clamp down on greenwashing
The Financial Conduct Authority published a consultation on 25 October 2022 proposing new measures to tackle greenwashing, including rules on how terms such as "ESG", "green" and "sustainable" can be used.
Chancellor statement sets end date for energy support schemes
The Energy Price Guarantee, the Energy Bills Support Scheme and the Energy Bill Relief Scheme are due to end in their current form on 31 March 2023, Consumer Scotland has said after the Chancellor's statement.
Bank of England gilt purchase intervention concluded
The Bank of England's gilt purchase intervention ended on 14 October 2022, with pension scheme data later showing deleveraging and asset falls continuing through the fourth quarter of that year.
Energy Price Guarantee to end in April 2023, 18 months earlier than planned
The Chancellor has said the Energy Price Guarantee will end in April 2023, 18 months earlier than planned, a move the Resolution Foundation says could save the Treasury up to £40 billion next year.
Energy Price Guarantee introduced capping typical bills at £2,500 a year
The Energy Price Guarantee took effect on 1 October 2022, capping typical household energy consumption at £2,500 a year after the then Prime Minister announced it on 8 September 2022.
FCA issues updated guidance on branch and ATM closures or conversions
The Financial Conduct Authority published updated guidance on 11 October 2022 setting out how banks and building societies should handle branch and ATM closures or conversions, replacing guidance first issued in 2020.
Majority of existing CoP participants delivered SRD capabilities by August 2022
The Payment Systems Regulator has confirmed it will direct around 400 payment firms to offer Confirmation of Payee, with deadlines of October 2023 and October 2024, after most existing participants delivered secondary reference data capability.
PSR publishes PS22/3 directing around 400 PSPs to implement CoP
The Payment Systems Regulator has directed around 400 payment service providers to implement Confirmation of Payee name checking, in two groups with deadlines of October 2023 and October 2024.
Social care reforms delayed to October 2025
Social care funding reforms for England, including a lifetime cap on personal care costs and higher capital limits, were delayed from October 2023 to October 2025 and then dropped altogether.