Money news: page 49
- September 2022
Sharp increase in gilt yields prompted short-notice collateral calls on LDI investments
A sharp rise in gilt yields in late September and early October 2022 triggered short-notice collateral calls on liability driven investment holdings, new official figures show.
Stamp duty cut announced, benefiting London first-time buyers most
The Resolution Foundation says the September 2022 fiscal statement's stamp duty cut will reduce the tax bill on the average first-time buyer home in London by £6,300, with no gain in the North East.
In-tenancy rent increase measures implemented in Scotland
Rent increase measures that applied in Scotland from September 2022 to March 2025 are cited by the Office for National Statistics as context for Scottish rent figures published in September 2026.
Welsh Government Fuel Support Scheme 2022-23 launches with wider eligibility
The Welsh Government's Fuel Support Scheme opened on 26 September 2022 with wider eligibility, part of £1.6 billion of support, as its own paper set out fuel poverty and debt pressures in Wales.
Which? publishes report calling for reform of UK consumer protections to support economic growth
Which? has published a September 2022 policy report arguing that reforming UK consumer protections would raise productivity and growth, and calling for updated rules, stronger CMA powers and wider access to alternative dispute resolution.
- August 2022
Pensions Policy Institute research for B&CE published on pension adequacy
Research published on 31 August 2022 for B&CE by the Pensions Policy Institute found that auto-enrolment combined with a reformed State Pension is not likely to give most people an adequate retirement income.
Full Fact finds Labour's energy plan understates cost by billions
Full Fact and the Institute for Fiscal Studies say Labour's £29 billion plan to freeze the energy price cap understates the cost by around £8 billion because it ignores higher winter energy use.
Labour calls for Parliament to be recalled over energy bills
Labour called on 18 August 2022 for Parliament to be recalled to freeze energy bills, but its £29 billion plan would not fully cover the cost of doing so, according to Full Fact and the IFS.
Labour announces £29 billion energy bills freeze plan
Sir Keir Starmer announced a Labour plan on 14 August to freeze domestic energy bills at the April 2022 price cap until the end of March 2023, at a stated cost of £29 billion.
Scottish Government opens consultation on reforms to statutory debt solutions and diligence
The Scottish Government has opened a consultation on reforms to Scotland's statutory debt solutions and debt recovery mechanisms, responding to recommendations from stakeholder-led policy reviews.
CfRC and Debt Justice publish joint response to SDRP consultation
The Centre for Responsible Credit and Debt Justice have jointly responded to HM Treasury's consultation on Statutory Debt Repayment Plans, calling for debts sold to collection agencies to be written down.
JRF estimates total cost of living increase of £2,550 between 2021/22 and 2022/23
The Joseph Rowntree Foundation estimates household costs will rise by £2,550 between 2021/22 and 2022/23, with energy accounting for £1,550 of that total and non-energy costs £1,000.
Citizens Advice reports 1 in 7 people still overpaying four years on
Citizens Advice says one in seven people are still overpaying for mortgages, broadband or mobile contracts four years after it first raised the loyalty penalty with the competition watchdog.
Cost of living becomes most cited reason for debt
The cost of living became the most cited main reason for debt among new clients of the charity StepChange in August 2022, at 22%, after three consecutive months of two percentage point increases.
FCA withdraws BNPL adverts emphasising benefits without disclosing risks
The Financial Conduct Authority used its powers in August 2022 to withdraw buy now pay later adverts that emphasised the products' benefits without sufficiently disclosing the relevant risks.
Final Consumer Duty rules set to be introduced
The Financial Conduct Authority's final Consumer Duty rules were set to be introduced by 1 August 2022, following consultation on higher standards of care for retail financial services firms.
FPC withdraws affordability test Recommendation for mortgage lending
The Financial Policy Committee has withdrawn its affordability test Recommendation for mortgage lending from 1 August 2022, leaving the loan to income flow limit and the FCA's responsible lending rules in place.
Government announces Warm Home Discount eligibility changes removing disabled people
The government announced in August 2022 that disabled people claiming only disability benefits, without an income-replacement benefit, would lose Warm Home Discount eligibility from November 2022.
Nationwide to launch free cost of living telephone hotline
Nationwide Building Society is to launch a free telephone hotline in August 2022 for customers affected by the cost of living crisis, staffed by trained experts from its branches.
Scottish Government Resilience Committee convened on cost of living
The First Minister convened the Scottish Government Resilience Committee on 11 August 2022 to discuss urgent steps to mitigate the cost of living crisis, as inflation ran at its highest rate for 41 years.
TPR launches three-year strategy to tackle pension scams
The Pensions Regulator has launched a three-year strategy against pension scams, saying the cost of living crisis could leave more savers exposed to fraudsters targeting pension pots.
Which? responds to HM Treasury consultation on BNPL regulation
Which? has told HM Treasury that buy now pay later regulation is moving too slowly, should cover merchant-provided credit and short term interest free credit, and must not be held up by the Consumer Credit Act review.
- July 2022
FCA regulation of funeral plan providers begins
From 29 July 2022 the Financial Conduct Authority regulates firms and intermediaries providing and arranging pre-paid funeral plans, with FSCS protection for customers of authorised providers.
ONS publishes FYE 2021 taxes and benefits bulletin showing record share receiving more in benefits than taxes
The Office for National Statistics says 55.0% of individuals received more in benefits than they paid in taxes in the financial year ending 2021, the largest annual rise since records began in 1977.
FCA publishes final rules and guidance for new Consumer Duty
The Financial Conduct Authority has published final rules and guidance for a new Consumer Duty, setting higher standards of consumer protection across financial services and giving firms until July 2023 to comply.
Resolution Foundation publishes assessment of workers' pension saving against 'living pension' benchmarks
Resolution Foundation research published on 28 July 2022 finds over 80 per cent of workers outside defined benefit pensions are not meeting any of its living pension benchmarks.
CMA issues Directions to Monzo Bank over transaction history failures
The CMA has issued Directions to Monzo Bank after it failed to send payment transaction histories to 13,566 account holders when their accounts closed between May 2021 and March 2022.
Adult Disability Payment extended to the whole of Scotland
Adult Disability Payment, Scotland's replacement for Personal Independence Payment, opened to new applicants across all of Scotland on 29 August 2022 after a phased rollout from March 2022.
Pilot expands to seven further council areas
Adult Disability Payment, Scotland's replacement for Personal Independence Payment and Disability Living Allowance for adults, expanded its pilot to seven further council areas on 25 July 2022.
Regulation 6A inserted restricting claims for housing benefit, income support or a tax credit
Regulations laid before Parliament in July 2022 inserted regulation 6A into the Universal Credit (Transitional Provisions) Regulations 2014, barring most new claims for housing benefit, income support and tax credits.