Regulation news: page 10
- April 2024
JROC publishes recommendations for next phase of open banking
The Joint Regulatory Oversight Committee has published recommendations on the design of a future open banking entity, covering structure, governance and funding, and proposals for a new interim body.
Minimum wage equalised for 21- and 22-year-olds
From April 2024 the minimum wage for 21 and 22 year olds was raised to the same rate as older workers, ending a lower pay floor for that age group.
National Living Wage age threshold lowered from 23 to 21
The age threshold for the National Living Wage was lowered from 23 to 21 in April 2024, the second reduction in three years, extending the adult minimum wage rate to younger workers.
Ofgem begins review of prepayment premium
Ofgem is reviewing how to remove the prepayment meter price premium permanently, with the work beginning in April 2024, after the temporary premium ban that started in July 2023.
Ofgem confirms new bad debt allowance funded by £28 a year on typical bills
Ofgem has confirmed a new allowance for bad debt in the domestic energy market, funded by temporarily adding £28 a year to the typical household bill from April 2024.
Prepayment meter standard tariff poverty premium removed
The extra charge that prepayment meter customers on standard tariffs paid compared with other payment methods was removed from 1 April 2024, ending a premium that had reached £46 for dual fuel customers in 2022.
Standard credit price cap level cut by £261 from 1 April 2024
The standard credit energy price cap level fell to £1,796 on 1 April 2024, a £261 or 13% decrease, while households paying by direct debit saw their cap fall to £1,690.
- March 2024
General code of practice in force from 28 March 2024
The Pensions Regulator's general code came into force on 28 March 2024, setting out duties for pension scheme governing bodies on governance, internal controls and mitigating the risk of scams.
New pensions dashboards timeframes published with October 2026 connection deadline
New connection timeframes for pensions dashboards set a 31 October 2026 deadline for all 3,000 pension providers and schemes, with larger schemes starting from April 2025.
Energy Price Guarantee ends in March 2024
The Energy Price Guarantee, which capped domestic energy bills from October 2022, ended in March 2024 after falls in the Ofgem price cap meant it was no longer needed to set maximum prices.
Government consults on raising standards in the tax advice market
The Government has opened a consultation on raising standards in the tax advice market, setting out three possible models for regulating advisers in a sector where anyone can currently practise without qualifications.
Government published draft rules on account termination notice
The government has published draft rules that would require banks to give 90 days' notice before closing an account and to explain the reason, with the rules intended to be in force by the end of 2024.
Ofgem publishes Call for Input on affordability and debt in the domestic energy market
Ofgem published a Call for Input on affordability and debt in the domestic energy market in March, as energy debt and arrears in Great Britain reached a record high above £3bn.
UK regulators publish joint debt collection statement
The FCA, Ofgem, Ofwat and Ofcom published a joint debt collection statement in March 2024 setting out four outcomes they expect firms to deliver, as energy debt in Great Britain reached a record level.
Scottish tenant protection measures expired
Scotland's temporary rent cap and eviction moratorium, introduced in 2022 under the Cost of Living (Tenant Protection) (Scotland) Act, ended on 31 March 2024, with rent adjudication modified for one year afterwards.
- February 2024
Ofgem announces lasting solution to eliminate prepayment meter premium
Ofgem has announced a lasting solution to remove the extra cost of paying for energy by prepayment meter, while a premium for customers who pay on receipt of bill remains.
Labour's Financial Services Plan pledges national financial inclusion strategy
Labour's Financial Services Plan pledged a national financial inclusion strategy to address financial exclusion, a commitment welcomed by the anti-poverty charity Fair By Design in a statement dated 11 February 2024.
Supreme Court refuses permission to appeal in AT case
The Supreme Court refused the Secretary of State permission to appeal the AT Court of Appeal judgment on 7 February 2024, making the decision final for Housing Benefit and Universal Credit claims by EU nationals with pre-settled status.
Finance Bill 2023-24 passes third reading
The Finance Bill 2023-24, which carries the National Insurance cuts and the abolition of the pensions lifetime allowance, passed its Commons third reading by 283 votes to 39 on 5 February 2024.
Charities say an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter
Age UK analysis published by a charity coalition estimates an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter, a reduction of around 65%.
- 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.
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.
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.
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.
- December 2023
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.
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.