Regulation news: page 14
- April 2023
New interest thresholds and plan 5 interest rules come into force
Repayment regulations for student loans changed on 6 April 2023, introducing plan 5 loans for courses starting from August 2023 and new interest and threshold rules.
Government £400 energy discount scheme ended in April 2023
The £400 energy discount paid to every UK household from October 2022 ended in April 2023, as the energy price cap continued to set bills for most households.
Government consultation on BNPL regulation closes
A government consultation on regulating buy now, pay later services closed in April 2023, with the Financial Conduct Authority potentially overseeing the sector by the end of that year.
HM Treasury Call for Evidence on the Payment Services Regulations 2017 concluded
HM Treasury has concluded that existing rules on payment service contract terminations are deficient, and has laid regulations extending the minimum notice period to 90 days from 28th April 2026.
JROC publishes roadmap for next phase of Open Banking
The Payment Systems Regulator and fellow members of the Joint Regulatory Oversight Committee published a roadmap in April 2023 setting out three phases of delivery for open banking, with a full set of open banking payments targeted for 2025.
National Minimum Wage and National Living Wage rates rise on 1 April 2023
All National Minimum Wage rates rose on 1 April 2023, with the National Living Wage for workers aged 23 and over increasing 9.7 per cent to £10.42 an hour.
- March 2023
Energy Price Guarantee scaled back from April 2023
The Energy Price Guarantee is being scaled back from April 2023, capping typical household energy bills at £3,000 rather than £2,500, alongside a package of Cost of Living Payments.
Government announces Great British Insulation Scheme extending grants to council tax bands A-D
The government has announced the Great British Insulation Scheme, extending insulation grants to households in council tax bands A to D and adding 300,000 homes to the eligible pool.
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
Budget announces childcare expansion, pension tax changes and higher benefits conditionality
The March 2023 Budget expanded free childcare, abolished the lifetime limit on tax-free pension savings and raised benefits conditionality, requiring 800,000 more people to work.
Spring Budget 2023 announced
The Chancellor's Spring Budget 2023 set out measures under four priorities, Employment, Education, Enterprise and Everywhere, including changes to childcare support, Universal Credit conditions and the Energy Price Guarantee.
Consumer Scotland publishes response to Ofgem call for evidence on prepayment rules
Consumer Scotland has published its response to Ofgem's call for evidence on prepayment meter rules, citing survey data on the harms reported by households using the meters.
FCA publishes guidance for firms supporting mortgage borrowers affected by living costs
The Financial Conduct Authority published finalised guidance on 10 March 2023 setting out how firms should support existing mortgage borrowers affected by rising living costs.
Government announces Dormant Assets Scheme can support financial education and capability
The government has said it will examine whether the Dormant Assets Scheme can fund financial education and capability, alongside £76 million already allocated for affordable credit.
Consumer Scotland recommends continuing the pause on prepayment meter installations
Consumer Scotland has recommended that the pause on prepayment meter installations continue until Ofgem is confident that individual suppliers are complying with their licence conditions.
Energy companies agree to stop force-fitting prepayment meters in vulnerable customers' homes
All energy companies have said they will stop force-fitting prepayment meters in vulnerable customers' homes, according to the government, and magistrates have temporarily stopped signing off warrant applications.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
FPC recommends minimum resilience levels for LDI funds
The Bank of England's Financial Policy Committee has recommended that The Pensions Regulator set minimum resilience levels for the LDI funds and mandates that pension scheme trustees can invest in.
Low Pay Commission opens consultation on 2024 minimum wage rates
The Low Pay Commission is consulting on minimum wage rates for April 2024 and beyond, running from 23 March to 9 June 2023, with recommendations to the Government due in October.
Spring Budget 2023 pension tax changes incorporated into relief forecasts
HMRC's December 2024 tax relief statistics confirm that official forecasts for pension tax relief now include the abolition of the Lifetime allowance and the Annual allowance increase announced at Spring Budget 2023.
- February 2023
Tenth JRF report finds 29.1% of UK individuals below MIS in 2020-21
The Joseph Rowntree Foundation's tenth Minimum Income Standard report estimates 19.2 million people, including 5.7 million children, lived in households below the benchmark in 2020-21.
HM Treasury publishes consultation on draft BNPL legislation
HM Treasury has opened a consultation on draft legislation that would bring interest-free Buy-Now Pay-Later products under Financial Conduct Authority regulation, with responses due by 11 April 2023.
Fair By Design responds to Ofgem's call for evidence on prepayment meter rules
Fair By Design has responded to Ofgem's call for evidence on prepayment meter rules and protections for domestic consumers, calling for more targeted bill support and reform of standing charges.
Extension to cohabiting couples comes into force
The extension of the definition of "partner" to include cohabiting couples who were not in a legal union when one of them dies came into force on 9 February 2023.
Bank of England and HM Treasury publish digital pound consultation paper
The Bank of England and HM Treasury have published a consultation paper on a digital pound, setting out proposals for a new form of money for households and businesses.
FCA to write to firms on Consumer Duty expectations and risks
The Financial Conduct Authority is to write to firms setting out its expectations for implementing the Consumer Duty, alongside regional events, after reviewing firms' implementation plans.
Bank bosses questioned by Treasury Committee over passing on base rate rises
High street bank bosses were questioned by the Treasury Committee in February 2023 over why Bank of England base rate rises had not been passed on to savers.
Consultation launched on a regulatory regime for BNPL applying the CCA's provisions
The government has set out plans to bring buy now pay later products under Financial Conduct Authority regulation, publishing an impact assessment alongside secondary legislation laid in May 2025.
Council and housing association tenancies exempted from rent cap
Council and housing association tenancies in Scotland stopped being covered by the temporary rent cap on 26 February 2023, while the cap continued for most private tenancies until it ended on 31 March 2024.