Regulation news: page 8
- October 2024
Payment Services (Amendment) Regulations 2024 made
The Treasury made regulations on 8 October 2024 giving payment service providers a power to delay certain sterling payments made within the UK where they suspect the order followed third-party fraud.
PSR introduces APP scam reimbursement rules
The Payment Systems Regulator brought in mandatory reimbursement for victims of authorised push payment scams from 7 October 2024, with firms paying out unless a customer was grossly negligent.
Statutory reimbursement framework introduced and CRM Code retired
The Payment Systems Regulator's statutory reimbursement framework for authorised push payment scams took effect on 7 October 2024, the same day the voluntary Contingent Reimbursement Model Code was retired.
Over 350 more firms to join Confirmation of Payee
More than 350 additional payment firms are to join the Confirmation of Payee name checking service by the end of October 2024, alongside new mandatory APP fraud reimbursement rules starting on 7 October.
Consultation published on a regulatory regime disapplying CCA information requirements for BNPL
The Government has published an impact assessment for legislation bringing interest-free buy now pay later agreements into FCA regulation, with most Consumer Credit Act information rules disapplied.
- September 2024
CP24/11 consultation closes on the maximum level of reimbursement for Faster Payments APP scams
The Payment Systems Regulator's consultation on lowering the maximum reimbursement for Faster Payments APP scams from £415,000 to £85,000 closed on 18 September 2024, with the policy start date unchanged.
FCA access to cash rules come into force
Rules requiring designated banks and building societies to assess and fill gaps in local cash provision came into force on 18 September 2024, after being published by the FCA on 24 July 2024.
Guidance on the interest rate cap updated
Government guidance on student loan interest rate caps was updated on 16 September 2024, covering Plan 2 and Plan 5 loans, with the cap applied at 6% for Plan 2 and not currently applied for Plan 5.
Specific Direction 21 issued for CHAPS APP scam reimbursement
The Payment Systems Regulator has published Specific Direction 21, requiring firms participating in CHAPS to reimburse victims of authorised push payment scams from 7 October 2024.
Call for evidence published on pensions investment review
The government has published a call for evidence in its pensions investment review, asking for views on consolidation, value for money and investment in the UK.
FCA cash access rules come into effect
Rules giving the Financial Conduct Authority responsibility for protecting cash access took effect in September 2024, requiring banks to assess an area before closing services that affect withdrawals and deposits.
UK Government establishes Floods Resilience Taskforce
The UK government set up a Floods Resilience Taskforce in September 2024 to oversee national and local flood resilience, with a flood insurance taskgroup among three established.
Government secures industry commitment to 350 banking hubs
The Government says it secured an industry commitment in September 2024 to roll out 350 banking hubs by the end of this parliament, alongside new access to cash rules.
PSR publishes PS24/5 CHAPS APP scams reimbursement requirement
The Payment Systems Regulator has published Specific Direction 21, extending authorised push payment scam reimbursement rules to CHAPS payments from 6 September 2024.
- August 2024
Living Standards Outlook 2024 projects weak income growth and rising poverty without policy change
The Resolution Foundation projects 3 per cent income growth in 2024-25 but weak growth thereafter, with child relative poverty rising by 1.5 million to 4.6 million by 2029-30.
Consultation launched on extending APP scam reimbursement to CHAPS participants
The Payment Systems Regulator has consulted on proposals to require banks and other firms using the CHAPS payment system to reimburse customers who are victims of authorised push payment scams.
FCA launches Pure Protection Market Study
The Financial Conduct Authority launched its Pure Protection Market Study in August 2024 to establish whether the protection market offers fair value to customers, examining four product areas.
- July 2024
Consumer Duty applies to incidents from this date
From 31 July 2024 the Financial Ombudsman Service may consider the Consumer Duty when looking at complaints about incidents that happened on or after that date.
Chancellor announces English social care reforms dropped
Chancellor Rachel Reeves cancelled planned reforms to social care funding in England on 29 July 2024, dropping a lifetime cap on personal care costs and changes to council funding thresholds.
FCA publishes access to cash rules
The Financial Conduct Authority published final rules on 24 July 2024 requiring designated banks and building societies to assess and fill gaps in local cash provision, with the rules taking effect on 18 September 2024.
Leaseholder contribution caps guidance updated for in-force protections
The government has updated its guidance on leaseholder contribution caps for building safety remediation, reflecting amendments to the leaseholder protections that are now in force in England.
Chancellor launches Pensions Investment Review
The Chancellor launched the Pensions Investment Review on 20 July 2024 to tackle fragmentation in workplace pensions and the Local Government Pension Scheme, with the final report published on 29 May 2025.
Consumer Scotland publishes response to Ofgem consultation on acquisition-only tariff ban
Consumer Scotland has published its response to Ofgem's statutory consultation on the future of the ban on acquisition-only tariffs, setting out its position on the rules that govern energy deals.
Consumer Duty rules to extend to closed products by July 2024
The second phase of the Financial Conduct Authority's Consumer Duty takes effect for closed products and services from 31 July 2024, extending rules already in force for new and on-sale products since July 2023.
Current Government will not introduce planned social care charging changes
The Government elected in July 2024 has said it will not bring in the previous Government's planned cap on care costs or changes to the financial assessment rules in England.
Fair4All Finance research finds 20.3 million UK adults in financially vulnerable circumstances
Fair4All Finance research indicates 20.3 million UK adults are now in financially vulnerable circumstances, up 16 per cent from 17.5 million in 2022, with 44 per cent of adults affected.
FCA marks one year of the Consumer Duty with speech by Sheldon Mills
The Financial Conduct Authority has marked one year of the Consumer Duty with a speech by Sheldon Mills setting out progress, examples of improved consumer outcomes and priorities including price and value work.
General election called for July
A general election in July, earlier than many had expected, may bring a change in policy priorities later this year, according to UK Finance's Household Finance Review for the first quarter of 2024.
Renters' Rights Bill announced
The new Labour government announced a Renters' Rights Bill in the King's Speech in July 2024, making regulation of the private rented sector an early priority.
Revolut secures restricted UK banking licence
Revolut has been granted a UK banking licence subject to restrictions, more than three years after applying in January 2021, and must complete a mobilisation period before it can operate as a full bank.