Regulation news: page 7
- December 2024
FCA cash access rules intended to be in force
The Financial Conduct Authority intends its rules making cash access reviews a legal requirement to be in force by the end of 2024, under powers granted by the Financial Services and Markets Act 2023.
FCA opens consultation on CCI disclosure requirements
The Financial Conduct Authority opened a consultation in December 2024 on what information firms must give retail investors about consumer composite investments, with final rules planned for 2025.
PSR publishes final report confirming UK-EEA cross-border interchange fee concerns and consults on price cap remedy
The Payment Systems Regulator has confirmed that Mastercard and Visa likely raised UK-EEA cross-border interchange fees to an unduly high level, and is consulting on a two stage price cap.
- November 2024
DISP 2.7.6R updated to extend eligible complainant relationships
The Financial Conduct Authority updated DISP 2.7.6R on 30 November 2024, extending the relationships that make someone an eligible complainant to the Financial Ombudsman Service, including for alleged authorised push payment fraud.
FCA exit communications rules for pensions dashboards take effect
Rules requiring firms to tell customers when they are leaving a qualifying pensions dashboard service, and where they are being sent, took effect on 30 November 2024.
BNPL draft legislation consultation closes
HM Treasury's consultation on draft legislation to bring Buy-Now Pay-Later products into regulation closed at 11:59pm on 29 November 2024, with the government saying it will now lay the draft statutory instrument.
Regulations come into force on 18 November 2024
Regulations abolishing the lifetime allowance charge come into force on 18 November 2024, setting new lump sum and death benefit allowances that apply from the 2024-25 tax year.
Government announces National Payments Vision in Mansion House speech
The Chancellor set out a National Payments Vision on 14 November 2024, naming innovation, security and competition as its pillars, and the Payment Systems Regulator has responded with its plans.
Pensions Investment Review consultation launched on DC workplace pension reforms
The Department for Work and Pensions and HM Treasury have set out final plans to shrink the number of defined contribution default funds and require minimum scale, with legislation promised in the Pension Schemes Bill.
Fair By Design responds on the ban on acquisition tariffs
Fair By Design has published its response to Ofgem's consultation on the ban on acquisition-only energy tariffs, saying the ban has had a positive impact.
Genuine and sufficient link requirement omitted from regulations 22 and 23
The words "genuine and sufficient link" have been omitted from regulations 22(c) and 23(c) of the Personal Independence Payment Regulations 2013, in a change taking effect in England and Wales on 7 November 2024.
CONC 5D rules and guidance updated with effect from 4 November 2024
The Financial Conduct Authority's overdraft repeat use rules in CONC 5D, which require firms to monitor customers' overdraft patterns and intervene, carry an effective date of 4 November 2024.
FCA rules for borrowers in financial difficulty come into force and TSG withdrawn
The Financial Conduct Authority's final rules on protecting borrowers in financial difficulty took effect on 4 November 2024, replacing pandemic-era guidance with Handbook requirements for lenders.
FCA updated CONC 7.2 arrears and default rules and guidance
The FCA Handbook's CONC 7.2 section on arrears and default policies was last updated on 4 November 2024, covering arrears procedures, vulnerable customer treatment and policy review.
FCA updated MCOB 13.3 rules on payment difficulties, vulnerable customers and record keeping
The FCA's mortgage conduct rules on payment difficulties, vulnerable customers and record keeping were updated on 4 November 2024, with further provisions dated 2025 and 2026.
FCA updates CONC 5D rules on identifying repeat overdraft use and supporting customers in financial difficulties
The Financial Conduct Authority has revised its overdraft repeat use rules, updating definitions, monitoring duties and intervention requirements for firms, including sustainability tests and objective income and expenditure assessments.
FCA updates P2P creditworthiness assessment guidance on financial difficulties and vulnerability
The FCA Handbook has been updated with guidance dated 4 November 2024 requiring peer-to-peer lenders to have regard to signs that a borrower is in financial difficulties or is vulnerable.
Rules on forbearance, sustainable repayment arrangements and repossession as a last resort took effect
FCA rules requiring lenders to show forbearance to borrowers in or approaching arrears, to agree sustainable repayment arrangements and to treat repossession as a last resort took effect on 4 November 2024.
Strengthened intervention rules for repeat overdraft users in financial difficulty take effect
The Financial Conduct Authority's strengthened rules for banks and lenders dealing with repeat overdraft users in financial difficulty took effect on 4 November 2024, requiring prompt contact and assessment of options.
FCA firms required to engage early with customers in payment difficulty
Consumer credit firms have been required since November 2024 to engage early with customers in or approaching payment difficulty, under rules cited in a new review of problem debt and homelessness.
FCA and FOS publish joint Call for Input on Modernising the Redress System
The Financial Ombudsman Service and the Financial Conduct Authority opened a joint Call for Input in November 2024 on modernising the redress system, closing on 30 January 2025 with over 140 responses.
PSR intends to consult on changing its obligations on Pay.UK for the New Payments Architecture
The Payment Systems Regulator has said it intends to consult on changing its obligations on Pay.UK over the New Payments Architecture, after the Government set out its National Payments Vision.
- October 2024
Government announces Inheritance Tax reform including pensions measure at Autumn Budget 2024
At Autumn Budget 2024 the government announced that most unused pension funds and pension death benefits will count towards a person's estate for Inheritance Tax from 6 April 2027.
Payment Services (Amendment) Regulations 2024 come into force
Rules allowing banks and payment firms to hold back suspected fraud payments for up to four business days came into force on 30 October 2024, with new duties to tell customers and cover their costs.
Technical consultation launched on IHT reporting and payment processes for pensions
The government has published a technical consultation on bringing unused pension funds and death benefits into Inheritance Tax from 6 April 2027, with responses due by 22 January 2025.
Government accepts Low Pay Commission recommendations for April 2025 minimum wage rates
The Government has accepted the Low Pay Commission's recommended minimum wage rates for April 2025, raising the National Living Wage for workers aged 21 and over to £12.21 an hour.
Fair By Design responds to consultation on eliminating poverty premiums
Fair By Design has published its response to Ofgem's consultation on the consumer vulnerability strategy, setting out measures it wants from the regulator and government to cut poverty premiums.
Fair By Design responds to Ofgem consultation on consumer vulnerability strategy
Fair By Design has responded to Ofgem's consultation on refreshing its consumer vulnerability strategy, calling for automatic enrolment into support and direct involvement of people with lived experience.
Court of Appeal rules broker commission requires customer's informed consent
The Court of Appeal ruled on 25 October 2024 that brokers must obtain a customer's informed consent before receiving any commission from motor finance lenders, a decision that surprised the industry.
Bank of England publishes 2024 Q3 Credit Conditions Survey
The Bank of England's 2024 Q3 Credit Conditions Survey, published on 10 October 2024, reports how banks and building societies changed credit availability, demand, pricing and defaults in the three months to end-August 2024.