Money news: page 34
- January 2024
Ombudsman News 188 published covering car finance commission complaints and consultation deadline
The Financial Ombudsman Service has published Ombudsman News 188, covering temporary complaint-handling rules for car finance commission complaints and a consultation closing on 30 January 2024.
Reports of HMRC impersonation scams rising ahead of tax return deadline
Which? reports HMRC received more than 200,000 scam reports in the year to November 2023, up 9% year-on-year, and sets out the fake call, text and email tactics in circulation.
Fair By Design responds to Ofgem's call for input on standing charges
Fair By Design has published its response to Ofgem's call for input on standing charges, urging that the charges be reduced and the fixed costs of the energy system recovered more progressively.
Link recommends 101 new banking hubs across the UK
Link has recommended 101 new banking hubs across the UK, following assessments made when the last bank branch in an area closed and requests from communities.
FCA introduces temporary complaint-handling rules for car finance commission complaints
The Financial Conduct Authority has introduced temporary complaint-handling rules for certain car finance complaints involving discretionary commission arrangements while it assesses the motor finance market.
Main primary Class 1 national insurance rate reduced from 12% to 10%
The main rate of Class 1 employee National Insurance contributions fell from 12% to 10% on 6 January 2024, under an Act of Parliament passed in December 2023.
Employee National Insurance rates cut by 2p in January 2024
Employee National Insurance was cut by 2p and self-employed rates by 1p in January 2024, with a further 2p employee cut announced in the Spring Budget.
FCA launches car finance mis-selling investigation
The Financial Conduct Authority has opened a major investigation into car finance mis-selling, focused on discretionary commission arrangements, and paused firms' handling of related complaints.
Minimum Income Floor change for self-employed lead carers brought forward to January 2024
The implementation date for matching the Minimum Income Floor to new employee work rules for self-employed Universal Credit claimants who are lead carers of children aged 3 to 12 moved from April 2024 to January 2024.
MIS to be rebased for all household types in 2024
The Joseph Rowntree Foundation has said all household types in its Minimum Income Standard will be rebased in 2024, starting from scratch with groups of members of the public.
Ofgem allows involuntary prepayment meter installations to resume
Ofgem has allowed some energy suppliers to resume installing involuntary prepayment meters, a practice paused in 2023, under conditions set out in early 2024.
Online child benefit claims extended to all eligible parents
HMRC has opened its fully digital child benefit claim service to all eligible parents, after limiting online applications to families with children under six months old since May 2023.
- December 2023
Guidance amended to reflect energy price cap of £1,928 from 1 January 2024
The Accountant in Bankruptcy has amended its Common Financial Tool guidance to reflect the Ofgem energy price cap of £1,928 a year, which took effect for January to March 2024.
PSR publishes interim report on UK-EEA cross-border interchange fees
The Payment Systems Regulator has proposed a temporary cap on cross-border interchange fees charged on online card payments from the European Economic Area, saying UK businesses paid an extra £150m to £200m last year.
FCA publishes findings of Retail Banking Consumer Duty multi-firm work
The FCA has published findings from a review of 70 product journeys at 47 firms, assessing how retail banks applied Consumer Duty frameworks, target market definitions and support for customers in financial difficulty.
Resolution Foundation publishes October 2023 cost of living survey findings
The Resolution Foundation reports that most indicators of how families are faring remain far more concerning than two or more years ago, with 22 per cent of people in moderate or severe food insecurity in October 2023.
£299 Cost of Living Payment qualifying and payment dates added
The government has published the qualifying dates and payment dates for the final £299 Cost of Living Payment for people on low income benefits and tax credits, paid in February 2024.
Finance Bill 2023-24 passes second reading
The Finance Bill 2023-24, which carries the Autumn Statement tax measures including National Insurance cuts and the abolition of the pensions lifetime allowance, passed its second reading on 13 December 2023 by 291 votes to 54.
Consumer Council research finds BNPL is second highest form of credit used
Consumer Council research published on 6 December 2023 found buy now pay later was the second highest form of credit used in Northern Ireland over the past three years.
Average weekly Pension Credit amount updated to over £75
The Department for Work and Pensions has updated its Pension Credit toolkit, raising the stated average weekly amount of Pension Credit from over £67 to over £75.
42% of new mortgages extend beyond state pension age
Bank of England data obtained by a freedom of information request shows 42% of new mortgages granted in late 2023 will run past the borrower's projected state pension age, up from 31% in 2021.
DWP expects to complete State Pension underpayment correction by end of 2023
The Department for Work and Pensions expects its exercise to correct historical State Pension underpayments to run until the end of 2023, having underpaid an estimated 134,000 pensioners.
FCA consults on proposed access to cash rules
The Financial Conduct Authority has published a consultation on proposed rules to protect access to cash, using new powers granted by the Financial Services and Markets Act 2023.
Managed migration planned to complete by end of 2023
The Joseph Rowntree Foundation has responded to a consultation on draft regulations for moving remaining working-age benefit claimants to Universal Credit, setting out a timetable running from January 2019 to the end of 2023.
Mortgage arrears rise for fifth consecutive quarter in Q4 2023
UK Finance's Q4 2023 review shows mortgage arrears rose for a fifth consecutive quarter, with 107,250 mortgages in arrears of at least 2.5 per cent of balance in December 2023.
Personal deposits end 2023 lower than a year earlier for the first time on record
UK Finance's Household Finance Review for the fourth quarter of 2023 reports that personal deposits ended the year two per cent lower than a year earlier, the first such annual fall on record.
PSR issues call for views on expanding VRPs
The Payment Systems Regulator has issued a call for views on expanding variable recurring payments, setting out practical ways to widen the open banking payment method beyond its current uses.
PSR to publish claim excess and reimbursement cap by end of 2023
The Payment Systems Regulator will publish the claim excess, maximum reimbursement level, guidance on gross negligence and all legal instruments for bank transfer fraud refunds by the end of 2023.
PSR published final APP scams reimbursement policy statement and legal instruments
The Payment Systems Regulator published its final PS23/4 policy statement and three legal instruments on APP scams reimbursement in December 2023, setting a start date of 7 October 2024.
Vanguard launches Managed Personal Pension
Vanguard launched its Managed Personal Pension in December 2023, a service in which the firm selects funds and manages the portfolio on the client's behalf rather than leaving investment decisions to the saver.