Regulation news: page 19
- February 2022
FCA secures changes to unfair and unclear BNPL contract terms at four firms
The FCA has secured changes to potentially unfair and unclear contract terms at Clearpay, Klarna, Laybuy and Openpay, with three of the firms agreeing to refund some late payment fees.
Ofgem energy price cap announcement means bills likely to rise
Ofgem's energy price cap announcement means household electricity and heating bills are likely to rise by an average of £693 a year, prompting a package of support measures from the Chancellor.
Which? updates BNPL comparison table on Clearpay credit scores
Which? updated its buy now pay later comparison table on 2 February 2022 to state that Clearpay users' credit scores will not be affected if they miss a repayment.
Briefing published on relending and the proposed Consumer Duty
The Centre for Responsible Credit has published a briefing on how the Financial Conduct Authority's proposed Consumer Duty could address long-standing problems with relending in UK consumer credit markets.
Chancellor announces energy support package in February
The Chancellor's February energy support package offsets about half of April's bill increase for most households, but analysis finds five million English households still face fuel stress.
Consultation on future financial services regulation closes
The government's consultation on the future of financial services regulation closed in February 2022, with civil society groups arguing against a proposed competitiveness objective.
PSR issues direction for CoP transition to a single technical environment
The Payment Systems Regulator has issued a direction moving Confirmation of Payee to a single technical environment and extending the fraud prevention tool to around 400 more financial firms.
Treasury announces plans to regulate BNPL providers
The Treasury has announced plans to regulate buy now pay later providers, with legislation promised as soon as parliamentary time allows, leaving the market unregulated until then.
- January 2022
Consultation on draft Pensions Dashboards Regulations 2022 opens
The Department for Work and Pensions opened a consultation on 31 January 2022 on draft Pensions Dashboards Regulations, with responses due by 13 March 2022 and an indicative draft of the Regulations published alongside.
FCA publishes 2022 Final Report on competition in retail banking markets
The Financial Conduct Authority published its 2022 Final Report on competition in retail banking markets on 20 January 2022, finding competition is driving choice and lower prices despite the pandemic.
Government announces leaseholders will not pay to remove unsafe cladding
The Government announced on 10 January 2022 that no leaseholder living in their own flat would have to pay to remove unsafe cladding, and that it will fund removal in buildings over 11 metres.
Fair By Design publishes response to HM Treasury Buy Now Pay Later regulation consultation
Fair By Design has published its response to HM Treasury's consultation on regulating Buy Now Pay Later, setting out its views on how the deferred payment credit market should be overseen.
Regulation of Buy-Now Pay-Later consultation closes
HM Treasury's consultation on regulating buy now pay later closed on 6 January 2022, part of a process that began with the Woolard Review and is expected to lead to secondary legislation in mid-2023.
AXA UK simplifies pricing so renewal quotes match new quotes
AXA UK has simplified its pricing so that new quotes and renewal quotes for car and home cover are the same, based on individual circumstances, from 1 January 2022.
FCA bans car and home insurance loyalty penalty
The Financial Conduct Authority's ban on the car and home insurance loyalty penalty took effect on 1 January 2022, ending price walking and changing how renewals are priced.
FCA General Insurance Pricing Rules come into force
The Financial Conduct Authority's general insurance pricing rules took effect on 1 January 2022, requiring insurers to charge new and existing home and motor customers the same price.
ICOBS 6A.6 rules on cancellation of automatic renewal took effect
Rules requiring general insurers to let consumers cancel the automatic renewal feature of their policies by the same methods used to buy them, free of charge, took effect on 1 January 2022.