Regulation news: page 12
- September 2023
Government launches consultation on consumer price transparency and product information
The Department for Business and Trade has published its response to a consultation on price transparency and product information, confirming plans to change unit pricing rules and ban fake reviews.
Plan 5 introduced for students starting university in 2023-24
Students starting university in England in 2023-24 borrow under Plan 5, which charges RPI-only interest, sets a lower repayment threshold and writes off debt after 40 years rather than 30.
- August 2023
Financial Services and Markets Act 2023 inserts fraud liability provisions into Regulation 90
The Financial Services and Markets Act 2023 inserted new provisions into regulation 90 of the Payment Services Regulations 2017 on 29 August 2023, preserving payment providers' liability under certain requirements where a payment order is executed after fraud or dishonesty.
Section 72 of the Financial Services and Markets Act 2023 comes into force
Section 72 of the Financial Services and Markets Act 2023 came into force on 29 August 2023, requiring the Payment Systems Regulator to draft and then impose reimbursement rules for Faster Payments fraud cases.
CP23/4 consultation on draft APP fraud reimbursement legal instruments closes
The Payment Systems Regulator's consultation on draft legal directions for mandatory authorised push payment fraud reimbursement closed on 25 August 2023, with implementation proposed for 2 April 2024.
Treasury publishes Cash Access Policy Statement
The Treasury published its Cash Access Policy Statement on 18 August 2023, setting out government policy on cash deposit and withdrawal services, and the FCA published its own statement the same day.
Cabinet Office confirms McCloud remedy regulations will proceed
The Cabinet Office has confirmed it will proceed with regulations implementing the second phase of the McCloud remedy for the Civil Service Pension Scheme, with the rules expected to take effect from 1 October 2023.
Which? reports on FCA findings that millions cancelled insurance policies during the cost of living crisis
Which? has reported FCA survey findings that 3.6 million people cancelled, reduced or switched an insurance policy in the six months to January 2023 to cut costs.
HM Treasury publishes cash access policy statement
HM Treasury published a policy statement in August 2023 setting minimum expectations for cash deposit and withdrawal services, under powers in the Financial Services and Markets Act 2023.
Mortgage Charter agreed by Government, FCA and lenders
The Government, the Financial Conduct Authority and mortgage lenders agreed a Mortgage Charter in August 2023, signed by lenders representing around 90% of the mortgage market.
PSR to consult on claim excess and reimbursement cap
The Payment Systems Regulator will consult in August 2023 on the claim excess banks may charge fraud victims, the maximum reimbursement cap and guidance on the gross negligence test.
- July 2023
FCA guidance on insurance customers in financial difficulty comes into force
The Financial Conduct Authority's guidance on how insurers should treat customers in financial difficulty took effect on 31 July 2023, sitting alongside the Consumer Duty.
FCA sets out 14-point action plan on cash savings
The Financial Conduct Authority has launched its Consumer Duty rules and set out a 14-point plan on cash savings to make banks and building societies pass on interest rate rises to savers.
Government, FCA and TPR publish Value for Money consultation response
The government, the Financial Conduct Authority and the Pensions Regulator have published their response to a consultation on disclosing, assessing and comparing the value for money of workplace pension schemes.
Government publishes CCA reform consultation response
The government has published its response to the first stage consultation on reforming the Consumer Credit Act 1974, saying stakeholders backed an overhaul, with a second consultation planned for 2024.
End of £400 universal winter Government energy support
The £400 universal Government energy support paid to households over the winter ended as the Ofgem price cap replaced the Energy Price Guarantee, cutting typical annual bills to £2,074 from July.
Energy Price Guarantee coverage narrowed to prepayment meter customers
Households without a prepayment meter lost Energy Price Guarantee support from July 2023, while prepayment customers remain covered so their costs align with Direct Debit customers.
Energy Price Guarantee made less generous, rising to £3,000 a year
The Energy Price Guarantee became less generous in July 2023, rising to £3,000 a year, but a fall in the price cap meant it no longer set maximum prices and bills fell.
FCA Consumer Duty comes into force
The Financial Conduct Authority's Consumer Duty came into force in July 2023, setting higher standards of consumer protection and supporting the Mortgage Charter agreed with lenders and the Chancellor.
HM Treasury published policy statement proposing contract termination reforms
HM Treasury has published an explanatory memorandum to 2025 regulations requiring payment firms to give at least 90 days' notice and specific reasons before terminating an indefinite-period payment contract.
Ofgem cuts typical domestic consumption values used in price caps
Ofgem has cut the typical domestic consumption values used to calculate the typical household bill in the energy price cap, reducing assumed gas use by 17 per cent and electricity use by 7 per cent.
Ofgem lowers energy price cap to £2,074 for England, Wales and Scotland
Ofgem has lowered its energy price cap for England, Wales and Scotland so that a typical household bill falls to £2,074 a year from July, £426 less than under the Energy Price Guarantee.
Prepayment price premium removed
Households with prepayment meters have not been charged more for their energy than comparable direct debit customers since 1 July 2023, when a long-standing price premium on prepayment tariffs ended.
PSR to consult on draft legal instruments for reimbursement
The Payment Systems Regulator will consult in July on draft legal instruments for mandatory reimbursement of authorised push payment fraud victims, with the requirement due to come into force in 2024.
- June 2023
FCA publishes policy statement and revised rules to bring the Mortgage Charter into force
The FCA published a policy statement and revised rules on 30 June 2023 to bring the government's Mortgage Charter into force, giving lenders new options for borrowers in financial difficulty.
Mortgage Charter support for borrowers up to date with payments takes effect
From 30 June 2023 borrowers who are up to date with their mortgage can ask their lender to switch to interest only for up to six months or extend their term without an affordability assessment.
Financial Services and Markets Act receives Royal Assent
The Financial Services and Markets Act 2023 became law on 29 June 2023, giving the Financial Conduct Authority a duty to seek reasonable provision of cash withdrawal and deposit services across the UK.
Statutory consultation on Involuntary PPM licence changes opens
Ofgem has opened a statutory consultation on plans to write its Involuntary PPM Code of Practice into electricity and gas supply licence conditions, with responses due by 26 July 2023.
Government publishes Mortgage Charter with lenders covering 85% of mortgage market
The government published the Mortgage Charter on 26 June 2023, with lenders covering 85% of the UK mortgage market committing to measures for borrowers in financial difficulty.
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.