Money news: page 24
- November 2024
Lifetime allowance charge provisions amended for tax year 2024-25 onwards following abolition of the lifetime allowance charge
Amending regulations have changed tax provisions in three pension statutory instruments for the 2024-25 tax year onwards, following the abolition of the lifetime allowance charge.
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.
Interim report of pensions investment review published
The government published the interim report of its pensions investment review on 14 November 2024, proposing consolidation of defined contribution schemes and changes to the Local Government Pension Scheme.
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.
Genuine and sufficient link wording omitted from regulations 9A and 9B
Words in regulations 9A(1)(c) and 9B(c) of the Social Security (Invalid Care Allowance) Regulations 1976 were omitted in England, Wales and Scotland from 7 November 2024, with corresponding Scottish regulations.
Carer Support Payment rolled out nationally
Carer Support Payment, Scotland's replacement for Carer's Allowance, became available across all 32 council areas on 4 November 2024 after a year of pilot rollouts.
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.
Autumn Budget 2024 extends Making Tax Digital for Income Tax to those with qualifying income over £20,000
The Autumn Budget 2024 extended Making Tax Digital for Income Tax to sole traders and landlords with qualifying income over £20,000, with the change to be introduced by the end of this Parliament.
Autumn Budget cuts Winter Fuel Payment and adds NHS and social care funding
Age UK has said the Autumn Budget leaves the Winter Fuel Payment cut in place for most pensioners, while announcing extra NHS and social care funding and changes to Carer's Allowance.
Barclays takes over Tesco Bank's savings, credit cards and loans
Barclays completed its takeover of Tesco Bank's savings, credit cards and loans on 1 November 2024, meaning the two brands now share a single £120,000 FSCS protection limit.
Cold Weather Payment 2024 scheme opens in England, Wales and Northern Ireland
The Cold Weather Payment scheme for 2024 has opened in England, Wales and Northern Ireland, with eligible households receiving payments during periods of very cold weather.
Defendants lodge Supreme Court appeal in motor finance commissions case ahead of deadline
The defendants in the motor finance commissions case have lodged an appeal with the Supreme Court, ahead of the 22 November deadline, after a Court of Appeal ruling that surprised the industry.
DWP approves refreshed fraud and error strategy
The Department for Work and Pensions approved a refreshed fraud and error strategy in November 2024, setting five objectives focused on preventing inaccurate benefit payments.
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.
FCA review finds long delays in life insurance payouts
The Financial Conduct Authority's review of 15 life insurers covering more than 75% of the market found significant delays and inconsistencies in bereavement claims handling, with term insurance claims taking 53 to 122 days.
Labour government considering whether to change auto-enrolment
The Labour government said in November 2024 it would consider if and when to change automatic enrolment, weighing improved pension outcomes against the effects on businesses.
Lifetime allowance charge provisions of the FAS tax regulations removed for tax year 2024-25 onwards
The lifetime allowance charge provisions in the Financial Assistance Scheme tax regulations were removed from 18 November 2024 for the 2024-25 tax year and later years.
Mandatory work placements for Universal Credit claimants in England and Wales from late 2024
People in England and Wales who have not found work after 18 months on Universal Credit will have to take mandatory work placements from late 2024, or risk their claim being closed.
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.