Regulation news: page 18
- May 2022
Financial Services and Markets Bill announced in the Queen's Speech with provisions to protect access to cash
The Financial Services and Markets Bill announced in the Queen's Speech on 10 May 2022 includes provisions to protect access to cash, with new powers for the Financial Conduct Authority over the largest banks and building societies.
Post-consultation draft SDRP regulations published
The Treasury has published draft regulations for a statutory debt repayment plan scheme in England and Wales, setting out eligibility, a 10 year repayment limit and a 2024 start date.
Queen's Speech confirms new legislation to force banks to help scam victims
Legislation confirmed in the Queen's Speech on 10 May will force banks to help scam victims, as the regulator plans to extend Confirmation of Payee checks to a further 400 firms by mid-2024.
Treasury announces intention to legislate on APP scam reimbursement
HM Treasury said on 10 May 2022 that it intends to legislate so the Payment Systems Regulator can require banks and payment firms to reimburse victims of authorised push payment scams.
Consultation on affordability test withdrawal closes
The Bank of England's Financial Policy Committee consultation on withdrawing its mortgage affordability test Recommendation closed on 6 May 2022, with a decision and formal withdrawal expected within 12 months.
29 energy suppliers failed between July 2021 and May 2022
The National Audit Office reports that 29 energy suppliers failed between July 2021 and May 2022, affecting nearly four million UK households, and criticises Ofgem's oversight of the market.
Draft SDRP Regulations published post-consultation
The Treasury has published a post-consultation draft of the Statutory Debt Repayment Plan regulations for England and Wales, setting a ten-year repayment limit and a bar on fees charged to debtors.
FCA survey finds 47% of UK adults with characteristics of vulnerability
The Financial Conduct Authority's Financial Lives Survey 2022 found that 47% of UK adults had characteristics of vulnerability in May 2022, up from 46% in February 2020, an increase of nearly a million people.
Government announces £15 billion energy bill support package
The Government announced a £15 billion package of energy bill support in May 2022, when typical household bills were expected to reach about £2,800 a year from October.
HM Treasury published the Summary of Responses to the Access to Cash Consultation
HM Treasury published the Summary of Responses to its Access to Cash Consultation in May 2022, setting out plans to legislate to protect cash access and to appoint the FCA as lead regulator.
Overdraft use fell across a wide range of demographic groups between 2020 and 2022
The FCA's Financial Lives 2022 survey found that the proportion of UK adults who were overdrawn, now or in the previous 12 months, fell across a wide range of demographic groups between 2020 and 2022.
PSR directs around 400 more financial firms to provide CoP
The Payment Systems Regulator directed around 400 more financial firms to provide Confirmation of Payee, with named Group 1 firms facing an October 2023 deadline and Group 2 firms October 2024.
PSR outlines plans to expand Confirmation of Payee to a further 400 firms by mid-2024
The Payment Systems Regulator has proposed extending Confirmation of Payee to around 400 more financial firms, with almost 50 required to adopt it by 30 June 2023 and the rest by 30 June 2024.
Specific Direction 11 issued for second phase of Confirmation of Payee
The Payment Systems Regulator has issued Specific Direction 11, requiring the technical and system requirements for the second phase of Confirmation of Payee to be implemented by 31 May 2022.
- April 2022
SDRP consultation opens on draft regulations
The government has opened a consultation on draft regulations for a statutory debt repayment plan, a new repayment-based debt solution for England and Wales, running until 5 August 2022.
Mortgage Charter published covering UK mortgage borrowers including Scotland
The UK government has published the Mortgage Charter, setting out standards lenders will follow to help borrowers worried about higher rates, and it covers mortgage holders in Scotland.
Flat fee charge protections inserted
Regulations in force from 6 April 2022 inserted new provisions into the 2015 charges and governance rules for occupational pension schemes, covering flat fee charges and related governance duties.
New debt packaging rules could come into force
The Financial Conduct Authority has proposed banning referral fees for debt packagers, with new rules expected to come into force in April 2022 subject to a consultation that closed in December 2021.
FCA warning list additions up over a third year on year
The Financial Conduct Authority added 1,966 possible scams to its consumer warning list between May 2021 and April 2022, over a third more than in the same period a year earlier.
UK Government announced energy support package for almost all GB households
The UK government announced a support package in April 2022 for almost all households in Great Britain, including the £400 Energy Bills Support Scheme and a guarantee capping the unit price for a typical bill.
Government responds to Warm Home Discount consultation with expanded scheme
The government has published its response to the Warm Home Discount consultation, extending the scheme, raising the rebate to £150 and lowering supplier thresholds, though disability benefit claimants are set to lose out.
National Minimum Wage and National Living Wage rates rise
The National Living Wage rose to £9.50 an hour on 1 April 2022, with new statutory minimum rates for all age groups and apprentices, benefiting around 2.5 million UK workers.
Warm Homes Discount extended and Energy Company Obligation funding confirmed
The government has extended the Warm Homes Discount to 2025/2026 and confirmed £1 billion a year for the Energy Company Obligation until 2026, alongside energy bill support worth over £9.1 billion.
- March 2022
Quinquennial Review of the Fund (2020) published
The Government Actuary's Department has confirmed that the most recent long-term review of the National Insurance Fund, published on 17 March 2022, projected the Fund would be exhausted by 2085.
Consultation on draft Pensions Dashboards Regulations 2022 closes
The Department for Work and Pensions consultation on the draft Pensions Dashboards Regulations 2022 closed at 11:45pm on 13 March 2022, after running from 31 January 2022.
FCA expects to consult on consumer redress scheme for BSPS members
The Financial Conduct Authority expects to consult on a consumer redress scheme for British Steel Pension Scheme members by the end of March 2022, subject to final approval from its board.
Fraudulent advertising brought into scope of Online Safety Bill
The government brought fraudulent advertising within the scope of the Online Safety Bill when it entered Parliament in March 2022, after campaigning by Which? and others.
Payment Systems Regulator's Specific Direction 12 came into effect
Specific Direction 12 took effect in March 2022, making LINK accountable for maintaining a broad geographic spread of free-to-use cash machines across the UK.
- February 2022
FPC opens consultation on withdrawing affordability test Recommendation
The Bank of England's Financial Policy Committee is consulting on withdrawing its 2017 mortgage affordability test Recommendation, while keeping the loan to income flow limit in place.
Dormant Assets Act 2022 receives Royal Assent
The Dormant Assets Act 2022 received Royal Assent on 24 February 2022, extending the dormant assets scheme beyond bank and building society accounts to insurance, pension, investment and securities assets.