Regulation news: page 13
- June 2023
New mortgage support measures agreed by lenders, Chancellor and FCA
On 23 June 2023 the principal mortgage lenders, the Chancellor and the Financial Conduct Authority agreed new support measures for residential mortgage holders, as mortgage rates rose.
Committee publishes Payment Systems Regulator response on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published the Payment Systems Regulator's response to its report on scam reimbursement, as a special report dated 14 June 2023.
PSR publishes policy statement on new APP fraud reimbursement requirement
The Payment Systems Regulator has published a policy statement setting out a new reimbursement requirement for victims of authorised push payment fraud, with an implementation date proposed for 2 April 2024.
Plan 1 to 5 loan definitions inserted by 2022 Amendment Regulations
Regulations defining plan 1 to plan 5 student loans were inserted into the Education (Student Loans) (Repayment) Regulations 2009 with effect from 6 April 2023.
Consumer Scotland publishes response to Ofgem's Consumer Standards Framework consultation
Consumer Scotland has published its response to Ofgem's consultation on a framework for consumer standards and policy options covering priority customer service issues in the energy market.
Coutts closed Nigel Farage's bank account
Coutts closed Nigel Farage's account in June 2023 after raising concerns about his political views, prompting an FCA review of account closures and draft government rules on notice periods.
Energy Price Guarantee extended to end of June 2023
The Energy Price Guarantee was extended to the end of June 2023, Consumer Scotland said in its response to an Ofgem call for input on the debt-related costs allowance in the energy price cap.
FCA prohibits debt packager remuneration from debt solution providers
The Financial Conduct Authority has banned firms from taking commission, fees or other payment from debt solution providers for referrals, under a rule that took effect on 2 June 2023.
Financial Services and Markets Act 2023 receives royal assent
The Financial Services and Markets Bill became the Financial Services and Markets Act 2023 in June 2023, carrying provisions on cash access services and Bank of England oversight of the wholesale cash industry.
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
First review of the 2021 transfer conditions regulations published
The Department for Work and Pensions has published an options assessment setting out proposed amendments to the 2021 pension transfer regulations, including a new red flag for transfers into Small Self-Administered Schemes.
Free access to cash protection added to the Act
The Financial Services and Markets Act 2023 received royal assent on 29 June, after the government amended the Bill to protect free access to cash following a campaign by Which?.
Government aims to lay secondary legislation on BNPL regulation in mid-2023
HM Treasury has set out its response to the buy now pay later consultation, confirming plans to lay secondary legislation in mid-2023 that would set the scope and framework of the new regime.
Majority of mortgage lenders sign new mortgage charter
The majority of UK mortgage lenders signed a new mortgage charter in June 2023, confirming support options for borrowers and protecting those who miss payments from repossession without consent for at least 12 months.
Mortgage Charter agreed by lenders, FCA and government
The UK's largest mortgage lenders, the Financial Conduct Authority and the Chancellor agreed the Mortgage Charter in June 2023, setting standards for helping borrowers worried about higher rates.
Mortgage Charter protection against quick eviction
Lenders covering 85% of the UK mortgage market have committed to a charter that stops them forcing borrowers out of their homes within a year of a first missed payment.
Ofgem consults on new involuntary PPM requirements
Ofgem has opened a statutory consultation on licence conditions that would put its April 2023 Involuntary PPM Code of Practice into electricity and gas supply rules, with responses due by 26 July 2023.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR increases reimbursement time limit from 48 hours to five business days
The Payment Systems Regulator has confirmed that victims of authorised push payment fraud must be reimbursed within five business days, extending its proposed 48-hour limit, under rules taking effect in 2024.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
- May 2023
FCA opens CP23/13 consultation on Tailored Support Guidance
The FCA has opened a consultation on folding its Tailored Support Guidance for consumer credit and mortgages into its rulebooks, with responses due by 13 July 2023.
Fair By Design responds to Ofgem consultation on payment method cost differentials
Fair By Design has published its response to an Ofgem consultation on payment method cost differentials, arguing that low income consumers should not pay more for energy because of how they pay.
Treasury Committee recommends regulating unbacked cryptoasset trading as gambling
The Treasury Committee has told the Government to regulate retail trading and investment in unbacked cryptoassets as gambling, not as a financial service, in a report published on 17 May 2023.
User-generated fraud included in draft Online Safety Bill
The Government has added user-generated fraud to the draft Online Safety Bill, a change the Financial Services Compensation Scheme called a step in the right direction.
FCA consults on rules to strengthen protections for borrowers in financial difficulty (CP23/13)
The Financial Conduct Authority has confirmed final rules requiring lenders to support borrowers in financial difficulty, replacing pandemic-era guidance from 4 November 2024.
- April 2023
Digital Markets, Competition and Consumers Bill 2022-23 introduced in the House of Commons
The Digital Markets, Competition and Consumers Bill was introduced in the House of Commons on 25 April 2023, with new powers for the Competition and Markets Authority over consumer law enforcement.
Ofgem publishes new Code of Practice on involuntary prepayment meter installations
Fair By Design has welcomed Ofgem's new voluntary Code of Practice on involuntary prepayment meter installations, saying suppliers must now weigh a household's finances and physical vulnerability.
Consumer Panel responds to HM Treasury Payment Services Regulations Call for Evidence
The Financial Services Consumer Panel has told HM Treasury that its review of payment services rules must put consumers at the centre and toughen the regulatory gateway for payment firms.
PSR call for evidence on competitive constraints in card payment systems closes
The Payment Systems Regulator's call for evidence on the competitive constraints Mastercard and Visa face when setting scheme and processing fees closed at 5pm on 11 April 2023.
Amendment (No. 4) Regulations 2022 changes take effect
Amendments to the Education (Student Loans) (Repayment) Regulations 2009 made by the Amendment (No. 4) Regulations 2022 took effect on 6 April 2023, changing repayment rules including a plan 5 repayment holiday.