Money news: page 23
- January 2025
Work Capability Assessment changes planned from 2025
The government plans to change the activities and descriptors used to pass a Work Capability Assessment from 2025 for new claimants of new style ESA and some Universal Credit elements.
- December 2024
Nationwide payment outage on 22 December leaves customers waiting for wages
Nationwide customers reported waiting for wages and seeing Direct Debits bounce during a payment outage on 22 December, one of four faster payment problems at the building society in recent months.
FCA introduces modified complaint handling rules for motor finance commission complaints
The FCA has added rules to its complaints rulebook applying modified complaint handling requirements to motor finance commission complaints, effective 20 December 2024.
FCA announces temporary rules on motor finance commission complaints
The FCA has extended temporary complaint handling rules so firms have longer to answer motor finance commission complaints and consumers have longer to take cases to the ombudsman.
Median UK household income after taxes and benefits fell 4.7% in FYE 2023
The Office for National Statistics says median UK household income after all taxes and benefits fell by 4.7 per cent in real terms in the financial year ending 2023, the third consecutive annual fall.
Welfare Supplementary Payment schemes extended to 31 March 2028
The Minister for Communities has extended Northern Ireland's Welfare Supplementary Payment mitigation schemes, which were due to end on 31 March 2025, for a further three years to 31 March 2028.
Budgeting Advance repayment period extended to 24 months
Budgeting Advance loans taken out from December 2024 can be repaid over 24 months rather than 12, under a change announced in the March 2024 Budget.
Ombudsman guidance on motor valuations and write-offs updated
The Financial Ombudsman Service has updated its guidance on motor valuations and write-offs, saying it will now typically consider adverts when assessing what a written-off vehicle was worth.
Scottish Budget 2024 unveiled at Holyrood
Shona Robison's Scottish Budget raises income tax thresholds, funds a new pensioner winter payment and sets out plans to scrap the two-child benefit cap from 2026.
SPICe publishes Scottish Budget 2025-26 taxes infographic
The Scottish Parliament has published an infographic of the Scottish Fiscal Commission's 2025-26 tax forecasts alongside the proposed Scottish Income Tax bands and rates set out in the Scottish Budget.
CfRC report finds MaPS debt need estimate excludes 5 million people
The Centre for Responsible Credit says the Money and Pensions Service method for counting people who need debt advice leaves out 5 million people, in a report published on 3 December 2024.
Consultation launched on permitted insurance fees for landlords, freeholders and property managing agents
The UK and Welsh governments have set out plans to replace opaque buildings insurance commissions paid by leaseholders with a permitted insurance fee, under powers in the Leasehold and Freehold Reform Act 2024.
Barclays loses judicial review over FOS car finance ruling
The High Court upheld a Financial Ombudsman complaint against Barclays Partner Finance in December 2024, as the FCA widened its pause on car finance complaint handling.
CRM Code wound down as statutory APP fraud reimbursement scheme introduced
The Lending Standards Board has confirmed that its Contingent Reimbursement Model Code ran from 2019 to 2024 and was wound down when the Payment Systems Regulator introduced statutory mandatory reimbursement for authorised push payment fraud.
December 2024 survey shows total arrears down 8% on Universal Credit accounts
The National Housing Federation's December 2024 survey found total rent arrears on Universal Credit accounts fell 8% to £58m, with arrears for residents paying by other means also down 8% to £23m.
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.
Government sets out Get Britain Working plan alongside £3 billion disability benefit cuts
The government has set out a Get Britain Working plan of jobcentre and employment support reforms, alongside £3 billion of disability benefit cuts announced at the autumn budget.
Government target to finish moving existing claimants onto Universal Credit
The government hopes to complete managed migration of existing benefit and tax credit claimants, except those on income-related Employment and Support Allowance, onto Universal Credit by the end of 2024.
'Lack of control over finances' overtakes 'cost of living increase' as main reason for debt among StepChange clients
StepChange says a lack of control over finances overtook the cost of living increase as the main reason for debt among its clients in December 2024, the first change since June 2022.
Ofgem announces consultation on debt support scheme
Ofgem has announced a consultation on a debt relief and repayment matching scheme, set to launch in 2025, alongside a consultation on improving debt standards for energy customers.
Pension credit processing delays peaked at 87 working days
DWP pension credit processing times peaked at 87 working days in December 2024, when 85,600 claims were outstanding, according to figures reported by Which? on 2 September 2025.
Pensions Policy Institute research estimates lost pension pots hold £31.1 billion
Research published by the Pensions Policy Institute estimated that lost pension pots in the UK contained £31.1 billion in assets, with 3.3 million pots separated from their owners.
UK Personal Allowance confirmed frozen at £12,570
The Scottish Government has confirmed the UK-wide Personal Allowance stays frozen at £12,570 for 2025-26, while raising the Starter and Basic rate bands in Scotland and freezing its higher thresholds.
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.
Romance fraud losses reach £99.4m in 2024
Reported romance fraud losses reached £99.4m across 9,096 cases in 2024, according to Action Fraud data obtained by Which?, with men in their twenties the largest group of victims.
- 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.
Annual CPI inflation rises to 2.3 per cent in October 2024
Annual CPI inflation rose to 2.3 per cent in October 2024 from 1.7 per cent in September, a reversal attributed in part to the recent increase in the Ofgem energy price cap.