Money news: page 15
- October 2025
Original version of this briefing published
The Joseph Rowntree Foundation has republished its Universal Credit briefing after the two-child limit was scrapped, correcting a coding error that affected the poverty impacts in the original version.
Consultation on the review of the Financial Ombudsman Service closes
The government's consultation on reforming the Financial Ombudsman Service, including a proposed 10-year absolute time limit for complaints, closed on 8 October 2025.
Consumer Scotland responds to HM Treasury consultation on the review of the Financial Ombudsman Service
Consumer Scotland has told HM Treasury it opposes a 10 year absolute time limit for Financial Ombudsman Service complaints, a merger of the ombudsman with the FCA, and new FCA referrals.
FCA launches consultation on proposed car finance redress scheme
The Financial Conduct Authority has opened a consultation on an industry-wide compensation scheme for motor finance customers overcharged on car finance deals taken out between April 2007 and November 2024.
Government consults on homebuying and selling reform
The Ministry of Housing, Communities and Local Government has opened a consultation on reforming home buying and selling in the UK, covering upfront information, binding contracts and estate agent regulation.
Share of pension pots accessed with advice falls to lowest level in six years
FCA retirement income data shows only 31% of the 962,000 pension plans first accessed in 2024-25 were taken after regulated advice, the sixth consecutive annual fall.
HMRC restarts taking tax debts directly from bank accounts
HMRC has relaunched its Direct Recovery of Debts power, allowing it to take unpaid tax directly from bank accounts and cash Isas in a test and learn phase after pandemic suspension.
Age UK updates winter money guidance for winter 2025-26
Age UK has updated its winter money guidance for 2025-26, confirming that households with someone born on or before 21 September 1959 can receive the Winter Fuel Payment without claiming a means-tested benefit.
Consumer credit borrowing decreases for second consecutive month
Bank of England data show net consumer credit borrowing fell to £1.1 billion in October, a second monthly decline, while mortgage approvals for house purchase also edged lower.
Energy price cap to rise 2% to £1,755 for Q4 2025
The Ofgem energy price cap for a typical household rises 2% to £1,755 a year for the final quarter of 2025, taking effect on 1 October.
Gingerbread delivers open letter on CMS to the Minister
Gingerbread has delivered an open letter signed by more than 1,600 supporters to Baroness Sherlock, the minister responsible for the Child Maintenance Service, setting out five principles for its consolidation.
Guidance updated for Digital Markets, Competition and Consumers Act 2024
Trading standards guidance for England, Scotland and Wales was updated in October 2025 to reflect the Digital Markets, Competition and Consumers Act 2024, though its redress provisions are not yet in force.
HMRC begins sending Simple Assessment letters
HMRC began issuing Simple Assessment letters in October 2025, setting out tax owed on 2024/25 income for people who do not file a Self Assessment return.
Independent review of APP reimbursement policy to begin
An independent review of the mandatory reimbursement policy for authorised push payment fraud will begin in October 2025, after the first three months of the scheme saw 86% of losses refunded.
Mortgage borrowing and remortgage approvals fall in October 2025
Bank of England figures show net mortgage borrowing fell to £4.3 billion in October 2025, with remortgage approvals dropping to 33,100, the lowest since February 2025.
Payments made automatically from early October 2025
Most Child Winter Heating Payments in Scotland are being made automatically from early October 2025, with the payment set at £255.80 for winter 2025/26.
PSR decides not to proceed with interim cap on cross-border interchange fees
The Payment Systems Regulator has dropped plans for a short-term cap on UK to EEA cross-border interchange fees, citing litigation over its powers, and will work on a longer-term cap instead.
Public Services Committee publishes Reforming the Child Maintenance Service report
The House of Lords Public Services Committee has published a report on reforming the Child Maintenance Service, calling for changes to calculations, enforcement and communication after an inquiry.
Warm home discount scheme reopens for winter 2025
The Warm Home Discount, which gives £150 off electricity bills in England, Scotland and Wales, reopens in October 2025 after being closed, according to two advice organisations.
- September 2025
Consultation on continuing the Warm Home Discount Scheme opens
The government has confirmed the Warm Home Discount will continue for a new five-year period from winter 2026/27 to 2030/31, after a consultation that ran from 25 September to 20 November 2025 and drew 93 responses.
Share of savings accounts beating inflation falls to 49%
Which? analysis published on 22 September 2025 found the share of savings accounts paying rates above inflation fell from 80% in January to 49%, as UK Savings Week began.
ONS publishes Housing Purchase Affordability, UK: 2024 bulletin
The Office for National Statistics has published housing purchase affordability figures for the financial year ending 2024, showing ratios fell in all four UK countries but remain far above their long-run levels.
Warm Home Discount Regulations amended by S.I. 2025/1031
The Warm Home Discount (Amendment) Regulations 2025 amended the England and Wales scheme rules on 18 September 2025, changing which supplier duties and Secretary of State powers continue after the scheme period ends.
Amendment inserts £39 million uplift to scheme year 15 spending obligation
The Warm Home Discount (Amendment) Regulations 2025, made on 17 September 2025, add £39 million to the Scotland scheme's final year spending obligation and extend the England and Wales rebate deadline.
Opt-out deadline for Winter Fuel Payment falls on 15 September 2025
Pensioners who do not want this winter's Winter Fuel Payment have until midnight on 15 September 2025 to opt out, or they will receive it and repay it through tax if their income exceeds £35,000.
Winter Fuel Payment Regulations 2024 revoked in England and Wales by the 2025 Regulations
The 2024 Winter Fuel Payment rules for England and Wales were revoked on 15 September 2025 and replaced by regulations making payments universal from winter 2025/26, with recovery from higher income pensioners.
Which? warns four in 10 adults unaware caller IDs can be spoofed
Which? has warned that four in 10 adults do not know caller and sender IDs can be spoofed, as it set out how the practice works and what is being done to stop it.
Treasury answers parliamentary question on mis-sold car finance compensation
The Treasury told Parliament on 8 September 2025 that it is working with the Financial Conduct Authority and Prudential Regulation Authority on motor finance commission practices, after the Supreme Court clarified the law.
Work and Pensions Committee publishes report on Jobcentre reforms calling for conditionality overhaul
The Work and Pensions Committee has called for an overhaul of Universal Credit conditionality, proposing a personalised action plan to replace the Claimant Commitment and a longer permitted job-search period.
Universal Credit Act 2025 receives Royal Assent
The Universal Credit Act 2025, which sets the formulae for uprating Universal Credit and income-related Employment and Support Allowance, received Royal Assent on 3 September 2025, with its rate changes taking effect from 6 April 2026.