Money news: page 40
- June 2023
Ofgem consults on new involuntary PPM requirements
Ofgem has opened a statutory consultation on licence conditions that would put its April 2023 Involuntary PPM Code of Practice into electricity and gas supply rules, with responses due by 26 July 2023.
ONS June 2023 data shows RHDI per capita fell 1.9 per cent in 2022-23, less than the 3.7 per cent fall forecast in March 2023
ONS outturn estimates from June 2023 show real household disposable income per person fell 1.9 per cent in 2022-23, less than the 3.7 per cent the fiscal watchdog had forecast in March 2023.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR increases reimbursement time limit from 48 hours to five business days
The Payment Systems Regulator has confirmed that victims of authorised push payment fraud must be reimbursed within five business days, extending its proposed 48-hour limit, under rules taking effect in 2024.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
Resolution Foundation publishes mortgage crunch analysis
The Resolution Foundation estimated households whose fixed-rate mortgage deals expire in 2024 face an average annual repayment increase of £2,900, a figure Labour quoted as applying to this year.
State pension top-up deadline extended to April 2025
HMRC has confirmed that people will have until April 2025 to pay voluntary National Insurance contributions for historic gaps, extending a deadline that had already been moved once.
- May 2023
HMRC warns tax credits customers about renewal deadline scams
HMRC has warned around 1.5 million tax credits customers to watch for scams mimicking government communications ahead of the 31 July renewal deadline, as it reported new fraud tactics.
FCA opens CP23/13 consultation on Tailored Support Guidance
The FCA has opened a consultation on folding its Tailored Support Guidance for consumer credit and mortgages into its rulebooks, with responses due by 13 July 2023.
Consultation on proposed changes to member contributions opens
The Scottish Public Pensions Agency has opened a twelve-week consultation on proposed changes to member contribution rates in the NHS Pension Scheme (Scotland), running from 23 May to 15 August 2023.
Fair By Design responds to Ofgem consultation on payment method cost differentials
Fair By Design has published its response to an Ofgem consultation on payment method cost differentials, arguing that low income consumers should not pay more for energy because of how they pay.
Treasury Committee recommends regulating unbacked cryptoasset trading as gambling
The Treasury Committee has told the Government to regulate retail trading and investment in unbacked cryptoassets as gambling, not as a financial service, in a report published on 17 May 2023.
User-generated fraud included in draft Online Safety Bill
The Government has added user-generated fraud to the draft Online Safety Bill, a change the Financial Services Compensation Scheme called a step in the right direction.
Cost of living increase remains most common reason for debt among StepChange clients
StepChange reports that a cost of living increase was the most common reason for debt among its clients in May 2023, cited by 27 per cent, up from 16 per cent a year earlier.
Dual fuel bill arrears among StepChange clients up six percentage points since January 2023
StepChange reports that 57% of clients responsible for dual fuel bills were in arrears in May 2023, six percentage points above both January 2023 and May 2022.
DWP reveals £670m of state pension underpaid in 2022-23
The Department for Work and Pensions underpaid £670m of state pension in 2022-23, the highest underpayment rate on record, with official error the main cause.
entitledto publishes updated estimates of unclaimed means-tested benefits
entitledto has updated its estimate of unclaimed means-tested benefits, putting the total at £15.06 billion across 5,745,000 families, with Universal Credit accounting for just over £8 billion of that figure.
FCA consults on rules to strengthen protections for borrowers in financial difficulty (CP23/13)
The Financial Conduct Authority has confirmed final rules requiring lenders to support borrowers in financial difficulty, replacing pandemic-era guidance from 4 November 2024.
Hargreaves Lansdown survey finds one in seven workers have stopped pension contributions
A May 2023 survey of 2,000 people for Hargreaves Lansdown found one in seven had stopped pension contributions and 8% had cut them back, with younger workers most likely to have done so.
Most local authorities changing CTR schemes for 2023/24 made them more generous
Of the 39 English councils that changed their Council Tax Reduction schemes for 2023/24, 29 increased maximum support for the poorest households and one reduced it, a survey of all 296 schemes found.
Record net withdrawal from UK savings in May 2023
Bank of England data shows households withdrew £4.6bn more from savings accounts than they paid in during May 2023, the largest net withdrawal since monthly records began in October 1997.
Saltus survey finds one in five would cut pension contributions to cover mortgage costs
A May 2023 survey of 2,004 people by financial planning firm Saltus found one in five said they would have to cut pension contributions to cover rising mortgage costs.
Survey finds 44% of UK adults struggling with bills and credit commitments
StepChange says 44% of UK adults found it difficult to keep up with household bills and credit commitments in May 2023, and 8% met its definition of severe problem debt.
- April 2023
Digital Markets, Competition and Consumers Bill 2022-23 introduced in the House of Commons
The Digital Markets, Competition and Consumers Bill was introduced in the House of Commons on 25 April 2023, with new powers for the Competition and Markets Authority over consumer law enforcement.
Ofgem publishes new Code of Practice on involuntary prepayment meter installations
Fair By Design has welcomed Ofgem's new voluntary Code of Practice on involuntary prepayment meter installations, saying suppliers must now weigh a household's finances and physical vulnerability.
Consumer Panel responds to HM Treasury Payment Services Regulations Call for Evidence
The Financial Services Consumer Panel has told HM Treasury that its review of payment services rules must put consumers at the centre and toughen the regulatory gateway for payment firms.
PSR call for evidence on competitive constraints in card payment systems closes
The Payment Systems Regulator's call for evidence on the competitive constraints Mastercard and Visa face when setting scheme and processing fees closed at 5pm on 11 April 2023.
Benefits uprating and benefit cap rise in line with inflation
The UK Government uprated working age benefits and the benefit cap by 10.1 per cent from April 2023, a decision confirmed in the November 2022 Autumn Statement and applied to rates from 10 April 2023.
Amendment (No. 4) Regulations 2022 changes take effect
Amendments to the Education (Student Loans) (Repayment) Regulations 2009 made by the Amendment (No. 4) Regulations 2022 took effect on 6 April 2023, changing repayment rules including a plan 5 repayment holiday.
Amendments to ISA and Child Trust Funds legislation take effect
HM Revenue and Customs has published amendments to Individual Savings Accounts and Child Trust Funds legislation, taking effect from 6 April 2023, covering safeguards for investors and clarification of doubtful cases.