Money news: page 44
- February 2023
Share of first-time buyers taking ultra long-term mortgages more than doubles
UK Finance figures show 18% of first-time buyers took out a mortgage term longer than 35 years in February 2023, up from 8% a year earlier, as longer terms spread among home movers too.
StepChange reports 16,076 new debt advice clients in February 2023, up 19% year on year
StepChange advised 16,076 new clients in February 2023, 19% more than a year earlier, with a record share citing a cost of living increase as their main reason for debt.
Winter Heating Payment replaces Cold Weather Payment in Scotland
The Winter Heating Payment replaced the Cold Weather Payment in Scotland from February 2023, paying a guaranteed annual sum to people on certain benefits rather than depending on how cold the weather gets.
- January 2023
Ofgem prepayment meter review leads to compensation and debt write-off
Ofgem's compliance review found prepayment meters were wrongly installed at eight suppliers between 1 January 2022 and 31 January 2023, leaving affected customers due automatic compensation and, for some, debt write-off.
Value for Money consultation on pension scheme metrics, standards and disclosures opens
The Department for Work and Pensions, the Financial Conduct Authority and The Pensions Regulator opened a consultation on 30 January 2023 on disclosing, assessing and comparing the value for money of workplace pension schemes.
New agency set up to regulate bailiffs and debt collection enforcement
A new body, the Enforcement Conduct Board, is reported as the first independent regulator for debt collection in the UK, covering bailiffs and enforcement agents.
Scottish Government publishes summary of responses to statutory debt solutions and diligence policy review consultation
The Scottish Government has published responses to its review of statutory debt solutions and diligence, showing majority support for most proposals but weaker backing for the Standard Financial Statement and full surplus income in bankruptcy.
Work and Pensions Secretary rejects change to cost of living payment qualifying rules
Mel Stride has rejected a Work and Pensions Committee call to protect Universal Credit claimants with nil awards in the qualifying period for the 2023/24 cost of living payments.
HM Treasury consults on future financial services regulatory regime for cryptoassets
HM Treasury has opened a consultation and call for evidence on a future financial services regulatory regime for cryptoassets, setting out plans to bring crypto activities within the existing framework of financial regulation.
JRF report finds falling housing subsidies explain decline in renter affordability
The Joseph Rowntree Foundation says falling housing subsidies explain a 40 year decline in renter affordability, and calls for 700,000 more social homes and an end to the Local Housing Allowance freeze.
Interest rate cap at prevailing market rate inserted for plan 2, 3 and 5 loans
Regulations made on 13 December 2022 cap interest on plan 2, 3 and 5 student loans at the prevailing market rate, with parts commencing on 16 January 2023 and the remainder on 6 April 2023.
Resolution Foundation publishes briefing note on government savings policies
The Resolution Foundation has published a briefing note assessing government support for household saving, recommending that Help to Save be extended beyond 2023 and that tax-free ISA savings be capped at £100,000.
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
PSR publishes working paper on UK-EEA cross-border interchange fee increases
The Payment Systems Regulator has published a working paper on UK-EEA cross-border interchange fees, setting out its understanding of recent increases and inviting feedback by 19 January 2023.
SDLT Bill amendments and third reading in Commons
Amendments making the stamp duty land tax reduction temporary were tabled and the Bill had its third reading in the Commons on 10 January 2023, ahead of Royal Assent on 8 February 2023.
ONS release published on how changes in housing costs are impacting households
The Office for National Statistics published an analysis on 9 January 2023 examining how rising mortgage rates and rents are affecting UK households, including those whose fixed deals are due for renewal.
£600 energy support payments to begin for Northern Ireland households in January 2023
Northern Ireland households will start receiving a one-off £600 energy support payment in January 2023, combining £400 under the Energy Bills Support Scheme NI and £200 under the Alternative Fuel Payment.
Administrative Earnings Threshold increase
The Administrative Earnings Threshold rose in January 2023 to £617 a month for single people and £988 a month for couples, the level below which Universal Credit claimants must look for more work.
Administrative Earnings Threshold to rise to 15 hours at National Living Wage
The Administrative Earnings Threshold for Universal Credit rises from January 2023 to the equivalent of 15 hours a week at the National Living Wage, bringing more low-earning claimants into intensive work coach support.
Consumer Council publishes Access to Banking research
The Consumer Council's Access to Banking Services research found 52 Northern Ireland bank branches closed between May 2020 and January 2023, 27% of the network, figures later cited by a Stormont committee.
Deduction tables last updated in 2023 ahead of usual cycle
Scottish Ministers have laid regulations to raise the earnings threshold at which wages can be arrested for debt from April 2025, with the protected minimum amount rising to £750 a month.
FCA became lead regulator on access to cash
The Financial Conduct Authority became the lead regulator on access to cash in 2023, taking over the role from the Payment Systems Regulator, which had previously examined cash access, use and acceptance.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.
Gov.uk online portal and phoneline for energy support applications to open in January
Households in Great Britain without an electricity supplier can apply for £400 energy support through a Gov.uk online portal opening in January, with a phoneline for those unable to use the internet.
Health and Social Care Levy to exist from 2023
National Insurance rates rose by 1.25 percentage points in April 2022 as a precursor to the Health and Social Care Levy, which the Resolution Foundation said would exist from 2023.
Phone theft spate exposes weak bank login reset checks
A spate of phone thefts in early 2023, many involving raided gym lockers, led Which? to find some banks asked only for basic information to reset app login details.
- December 2022
Suppliers commit not to compel customers in debt onto pre-payment meters over Christmas
Energy suppliers in Northern Ireland have agreed not to force customers in debt onto pre-payment meters between 16 December 2022 and 20 January 2023 under a voluntary charter.
FCA warns of loan fee fraud rise in the run up to Christmas
The Financial Conduct Authority has warned that loan fee fraud cases are up by a fifth on last year, as Christmas spending pressure and the cost of living crisis leave consumers exposed to upfront fee scams.
Committee takes oral evidence on APP fraud reimbursement from PSR, FOS and Pay.UK
The Treasury Sub-Committee on Financial Services Regulations heard oral evidence on authorised push payment fraud reimbursement from the Payment Systems Regulator, the Financial Ombudsman Service and Pay.UK on 13 December 2022.