Regulation news: page 11
- December 2023
FCA consults on proposed access to cash rules
The Financial Conduct Authority has published a consultation on proposed rules to protect access to cash, using new powers granted by the Financial Services and Markets Act 2023.
PSR issues call for views on expanding VRPs
The Payment Systems Regulator has issued a call for views on expanding variable recurring payments, setting out practical ways to widen the open banking payment method beyond its current uses.
PSR to publish claim excess and reimbursement cap by end of 2023
The Payment Systems Regulator will publish the claim excess, maximum reimbursement level, guidance on gross negligence and all legal instruments for bank transfer fraud refunds by the end of 2023.
PSR published final APP scams reimbursement policy statement and legal instruments
The Payment Systems Regulator published its final PS23/4 policy statement and three legal instruments on APP scams reimbursement in December 2023, setting a start date of 7 October 2024.
- November 2023
Leasehold and Freehold Reform Bill introduced to Parliament
The Leasehold and Freehold Reform Bill was introduced to Parliament on 27 November 2023, setting out measures to change lease extension, freehold purchase and service charge rules in England and Wales.
Fair By Design responds to Ofgem consultation on additional debt related costs
Fair By Design has published its response to an Ofgem consultation on additional debt related costs, calling for the removal of energy payment premiums that fall disproportionately on low-income households.
Ofgem to announce energy price cap for January to March 2024
Ofgem was due to set the energy price cap for January to March 2024 on 23 November 2023, with analysts forecasting a five per cent rise in the typical household bill.
Chancellor to deliver Autumn Statement
The Chancellor was due to deliver the Autumn Statement on Wednesday 22 November, with Ofgem's energy price cap decision the following day and forecasts pointing to higher bills from January.
Main regulations come into force
Regulations 8 to 15 of the Carer's Assistance (Carer Support Payment) (Scotland) Regulations 2023 came into force on 19 November 2023, setting the rules for Scotland's carer benefit.
Consultation launched on restricting ground rent for existing leases
The government has opened a consultation on capping the ground rent that residential leaseholders in England and Wales can be required to pay on existing leases, setting out five possible options.
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
Chancellor announces exploration of one pot for life reforms
The Chancellor has announced that the Government will explore reforms to let people choose their own pension scheme for automatic enrolment, and a call for evidence on a "pension pot for life" has opened.
DWP consultation on WCA reforms launched ahead of Autumn Statement
The High Court has ruled that the DWP's 2023 consultation on Work Capability Assessment reforms was unlawful, finding it misleading, rushed and unfair, and that cost savings were a primary rationale.
Energy Price Cap to rise to £1,928 in January 2024
Ofgem's energy price cap will rise to £1,928 for a typical household in January 2024, up from £1,834, adding to winter bills for consumers across Great Britain.
- October 2023
Work Capability Assessment consultation closes on 30 October
The government consultation on changing the Work Capability Assessment closed on 30 October, with any resulting proposals able to be costed in time for November's Autumn Statement.
Ofgem publishes new customer services standards for energy suppliers
Ofgem has published new customer services standards setting out rules energy suppliers must follow when customers contact them and when supporting those struggling with bills.
Consumer price transparency consultation closes
The Department for Business and Trade has closed its consultation on consumer price transparency and product information, setting out plans to amend the Price Marking Order 2004 and tackle drip pricing and fake reviews.
Metro Bank holds talks with PRA amid reports of £600m funding raise
Metro Bank held urgent talks with the Bank of England's Prudential Regulation Authority on 5 October 2023 as national media reported it was seeking £600m, sending its shares down 25%.
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
UK Government launches consultation on bringing BNPL into FCA regulation
The UK Government opened a six-week consultation in October 2023 on draft legislation to bring buy now pay later products inside the Financial Conduct Authority's regulatory perimeter.
Households in serious financial difficulty rise to 4.8 million
The number of UK households in serious financial difficulty rose from 2.8 million in October 2021 to 4.8 million in October 2023, according to a survey tracking household finances.
Ofgem introduces new lower TDCVs from October 2023
Ofgem cut the assumed typical household energy use it uses to express the price cap, lowering gas from 12,000 kWh to 11,500 kWh and electricity from 2,900 kWh to 2,700 kWh from October 2023.
PSR to consult on Draft Direction for Payment Service Providers
The Payment Systems Regulator will consult in October 2023 on a Draft Direction for payment service providers, as part of its new reimbursement requirement for authorised push payment fraud.
PSR to give final legal instruments to Pay.UK
The Payment Systems Regulator will hand final legal instruments to Pay.UK in October 2023, with a further consultation on the instrument for payment service providers, ahead of mandatory fraud reimbursement in 2024.
PSR published PS23/3 and PS23/4 setting the APP reimbursement requirement parameters
The Payment Systems Regulator has set out the detailed parameters for mandatory reimbursement of authorised push payment scam losses through Faster Payments, with the policy starting on 7 October 2024.
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
Revised AS TM1 to come into force from 1 October 2023
Revised AS TM1 guidance from the Financial Reporting Council takes effect from 1 October 2023, requiring money purchase schemes to provide pension projections and annualised accrued values through dashboards.
- September 2023
Draft v0.7 of APP reimbursement scheme rules approved for PSR consultation
Pay.UK has approved a final draft of the APP Reimbursement Scheme Rules for Faster Payments, sending version 0.7 to the Payment Systems Regulator for consultation.
Consultation CP23/6 on APP fraud excess and maximum reimbursement level closes
The Payment Systems Regulator's consultation on the excess and maximum reimbursement level for Faster Payments and CHAPS closed on 12 September 2023, with the regulator publishing its response.
CP23/7 consultation on the consumer standard of caution closed
The Payment Systems Regulator's consultation on the consumer standard of caution for authorised push payment fraud closed on 12 September 2023, with a response published alongside it.