Money news: page 56
- February 2022
UK government announces £150 council tax rebate for England and Barnett funding for devolved governments
The UK government announced a £150 council tax rebate for homes in England in bands A to D on 3 February 2022, alongside about £565 million in Barnett consequentials for the devolved governments.
Ofgem energy price cap announcement means bills likely to rise
Ofgem's energy price cap announcement means household electricity and heating bills are likely to rise by an average of £693 a year, prompting a package of support measures from the Chancellor.
Which? updates BNPL comparison table on Clearpay credit scores
Which? updated its buy now pay later comparison table on 2 February 2022 to state that Clearpay users' credit scores will not be affected if they miss a repayment.
Briefing published on relending and the proposed Consumer Duty
The Centre for Responsible Credit has published a briefing on how the Financial Conduct Authority's proposed Consumer Duty could address long-standing problems with relending in UK consumer credit markets.
Chancellor announces energy support package in February
The Chancellor's February energy support package offsets about half of April's bill increase for most households, but analysis finds five million English households still face fuel stress.
Committee takes evidence on the cost of living crisis
The Work and Pensions Committee first took evidence on the cost of living crisis in February 2022, when inflation was forecast to peak at 7.25% in April 2022, and published its findings that July.
Consultation on future financial services regulation closes
The government's consultation on the future of financial services regulation closed in February 2022, with civil society groups arguing against a proposed competitiveness objective.
DWP updates staff guidance on waiving overpayment recovery
The Department for Work and Pensions updated its staff guidance in February 2022 on when to waive recovery of benefit overpayments, adding factors to consider but limiting waiver to severe welfare cases.
Invasion of Ukraine caused energy prices and inflation to skyrocket
Russia's invasion of Ukraine in February 2022 pushed up oil and gas prices, drove UK inflation to double digits and triggered a wave of government support for household energy bills.
Negative budgets among new clients reach a 12-month high
StepChange says 32% of new clients had a negative budget when they received debt advice in February 2022, the highest share in the previous 12 months.
PSR issues direction for CoP transition to a single technical environment
The Payment Systems Regulator has issued a direction moving Confirmation of Payee to a single technical environment and extending the fraud prevention tool to around 400 more financial firms.
Social Security Benefits Up-rating Order 2022 debated
The Social Security Benefits Up-rating Order 2022 was debated in February 2022, and a later Commons committee report said the Government did not mention legacy IT problems when uprating was discussed.
Storms Dudley, Eunice and Franklin hit the UK, with insurers expected to pay out hundreds of millions of pounds
Storms Dudley, Eunice and Franklin brought record winds to the UK, with insurers expected to pay out hundreds of millions of pounds and the Association of British Insurers saying it is too early to estimate the cost.
Treasury announces plans to regulate BNPL providers
The Treasury has announced plans to regulate buy now pay later providers, with legislation promised as soon as parliamentary time allows, leaving the market unregulated until then.
Welsh Government announces £150 Winter Fuel Payment and £25m Discretionary Fund
The Welsh Government has announced a £150 payment for households in council tax bands A to D and a £25m Discretionary Fund for local authorities, alongside a doubled Winter Fuel Support Scheme payment.
Winter Fuel Support Scheme Payment doubled to £200
The Welsh Government has doubled its Winter Fuel Support Scheme Payment to £200, the Bevan Foundation reported on 24 February 2022, as energy bills rise and more Welsh households are expected to fall into fuel poverty.
- January 2022
Consultation on draft Pensions Dashboards Regulations 2022 opens
The Department for Work and Pensions opened a consultation on 31 January 2022 on draft Pensions Dashboards Regulations, with responses due by 13 March 2022 and an indicative draft of the Regulations published alongside.
Abstract of DWP benefit rate statistics 2021 published
The Department for Work and Pensions has published its annual abstract of benefit rate statistics for 2021, covering uprating history, the value of benefits over time and historical figures back to 1948.
FCA publishes 2022 Final Report on competition in retail banking markets
The Financial Conduct Authority published its 2022 Final Report on competition in retail banking markets on 20 January 2022, finding competition is driving choice and lower prices despite the pandemic.
CP21/10 APP scams consultation closed
The Payment Systems Regulator's consultation on measures to tackle authorised push payment scams closed on 14 January 2022, with the regulator publishing its response to the proposals.
Which? warns tax refund companies charge up to 48% of rebates
Which? has found tax refund companies charging fees of 25% to 48% of rebates, with some sending letters styled like HMRC correspondence and the industry facing no FCA regulation.
Government announces leaseholders will not pay to remove unsafe cladding
The Government announced on 10 January 2022 that no leaseholder living in their own flat would have to pay to remove unsafe cladding, and that it will fund removal in buildings over 11 metres.
Fair By Design publishes response to HM Treasury Buy Now Pay Later regulation consultation
Fair By Design has published its response to HM Treasury's consultation on regulating Buy Now Pay Later, setting out its views on how the deferred payment credit market should be overseen.
Regulation of Buy-Now Pay-Later consultation closes
HM Treasury's consultation on regulating buy now pay later closed on 6 January 2022, part of a process that began with the Woolard Review and is expected to lead to secondary legislation in mid-2023.
AXA UK simplifies pricing so renewal quotes match new quotes
AXA UK has simplified its pricing so that new quotes and renewal quotes for car and home cover are the same, based on individual circumstances, from 1 January 2022.
Compensation window for prepayment meter installations
Energy suppliers may owe compensation to households that had a prepayment meter installed, or were moved onto prepayment remotely, between 1 January 2022 and 31 January 2023.
FCA bans car and home insurance loyalty penalty
The Financial Conduct Authority's ban on the car and home insurance loyalty penalty took effect on 1 January 2022, ending price walking and changing how renewals are priced.
FCA General Insurance Pricing Rules come into force
The Financial Conduct Authority's general insurance pricing rules took effect on 1 January 2022, requiring insurers to charge new and existing home and motor customers the same price.
ICOBS 6A.6 rules on cancellation of automatic renewal took effect
Rules requiring general insurers to let consumers cancel the automatic renewal feature of their policies by the same methods used to buy them, free of charge, took effect on 1 January 2022.