Regulation news: page 15
- February 2023
Ofgem yn gofyn i gyflenwyr oedi gosodiadau rhagdalu gorfodol
Ofgem asked all energy suppliers in February 2023 to pause forced and remotely switched prepayment meter installations until a new set of guidelines had been agreed.
- January 2023
Value for Money consultation on pension scheme metrics, standards and disclosures opens
The Department for Work and Pensions, the Financial Conduct Authority and The Pensions Regulator opened a consultation on 30 January 2023 on disclosing, assessing and comparing the value for money of workplace pension schemes.
New agency set up to regulate bailiffs and debt collection enforcement
A new body, the Enforcement Conduct Board, is reported as the first independent regulator for debt collection in the UK, covering bailiffs and enforcement agents.
HM Treasury consults on future financial services regulatory regime for cryptoassets
HM Treasury has opened a consultation and call for evidence on a future financial services regulatory regime for cryptoassets, setting out plans to bring crypto activities within the existing framework of financial regulation.
Interest rate cap at prevailing market rate inserted for plan 2, 3 and 5 loans
Regulations made on 13 December 2022 cap interest on plan 2, 3 and 5 student loans at the prevailing market rate, with parts commencing on 16 January 2023 and the remainder on 6 April 2023.
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
PSR publishes working paper on UK-EEA cross-border interchange fee increases
The Payment Systems Regulator has published a working paper on UK-EEA cross-border interchange fees, setting out its understanding of recent increases and inviting feedback by 19 January 2023.
Consumer Council publishes Access to Banking research
The Consumer Council's Access to Banking Services research found 52 Northern Ireland bank branches closed between May 2020 and January 2023, 27% of the network, figures later cited by a Stormont committee.
FCA became lead regulator on access to cash
The Financial Conduct Authority became the lead regulator on access to cash in 2023, taking over the role from the Payment Systems Regulator, which had previously examined cash access, use and acceptance.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.
- December 2022
Pensions Dashboards Regulations 2022 come into force
The Pensions Dashboards Regulations 2022 came into force on 12 December 2022, setting the rules for pension schemes to connect to the dashboards ecosystem and for services that show savers their pensions in one place.
Child Support (Enforcement) Bill passes second reading with government support
Siobhan Baillie's Child Support (Enforcement) Bill passed its second reading in the House of Commons on 9 December 2022, with the government intending to support it.
First stage CCA reform consultation launched
HM Treasury opened a consultation on 9 December 2022 on modernising the Consumer Credit Act 1974, the first stage of reform covering credit cards, personal loans and consumer hire agreements.
HM Treasury opens consultation on reforming the Consumer Credit Act 1974
HM Treasury has opened a 14-week consultation on reforming the Consumer Credit Act 1974, seeking views on moving most of the Act into Financial Conduct Authority rules, with responses due by 17 March 2023.
Cross-party amendment on personalised financial guidance tabled at Report Stage of the Financial Services and Markets Bill
Harriett Baldwin MP tabled an amendment to the Financial Services and Markets Bill on 7 December 2022 that would let HM Treasury legislate for a personalised financial guidance regime, with 15 cross-party co-signatories.
FCA PRIIPs rule changes fully in effect and Treasury consults on wider overhaul
FCA rule changes on packaged retail investment products took full effect in December 2022, the same month the Treasury consulted on replacing the PRIIPs regulation with a new disclosure regime.
Government aims to lay SDRP regulations by end of 2022
The government has consulted on a statutory debt repayment plan for England and Wales, aiming to lay regulations by the end of 2022 with at least 18 months before the scheme starts.
Government launches Edinburgh reforms for financial sector regulation
The UK government has relaunched the Edinburgh reforms, described as the biggest shake-up of financial sector regulation for a generation, drawing a Bank of England warning against too much deregulation.
Joint statement issued on Child Support Collection (Domestic Abuse) Bill
Gingerbread and Surviving Economic Abuse have welcomed a Bill that names domestic abuse as a ground for using the Child Maintenance Service's Collect and Pay arrangement, but want amendments on charges, guidance and minimum payments.
MaPS tells DWP the PDP delivery timetable is no longer viable
The Money and Pensions Service told the Department for Work and Pensions in December 2022 that the Pensions Dashboards Programme delivery timetable was no longer viable, after a failed service standard assessment.
Second consultation on draft BNPL regulations expected by end of 2022
HM Treasury has said a second consultation on draft buy now pay later regulations and a draft regulatory impact assessment will be needed, with publication expected by the end of 2022.
Suppliers reduce pre-payment debt repayment maximum from 40% to 20%
Electricity and gas suppliers have cut the maximum share of a pre-payment meter top-up that can be taken to repay debt from 40% to 20%, under a voluntary charter running to 31 March 2023.
- November 2022
Energy Price Guarantee to become less generous from April 2023
The Energy Price Guarantee will be scaled back from April 2023, with a typical household bill rising to £3,000, the Resolution Foundation says in its analysis of Jeremy Hunt's Autumn Statement.
Chancellor announced cost of living support package
Jeremy Hunt's 2022 Autumn Statement introduced a package of cost of living support, including three payments worth £900 for means-tested benefit claimants and extra help for pensioners and disabled people.
EBSS and EPG pass-through requirement comes into force in England, Wales and Scotland
Regulations requiring landlords, heat network operators and other intermediaries to pass on Energy Bills Support Scheme and Energy Price Guarantee benefits to end users came into force in England, Wales and Scotland on 1 November 2022.
FCA published Borrowers in Financial Difficulty (BiFD) report
The Financial Conduct Authority has published its Borrowers in Financial Difficulty report, finding that while some firms delivered good outcomes for borrowers, many fell short of expectations and caused harm.
FCA publishes consultation on simplified advice regime
The Financial Conduct Authority has published a consultation paper seeking a regime for simplified advice on investments into Stocks and Shares ISAs, it told the Work and Pensions Committee.
Government consults on reforming the Consumer Credit Act 1974
The Government has issued a consultation on reforming the Consumer Credit Act 1974, the law covering credit cards, personal loans and most household credit agreements in the UK.
Government support packages lift household incomes relative to no-support scenario
The Office for Budget Responsibility says government support announced since March 2022 lifts real household disposable income per person by 4½ per cent in 2022-23, softening the largest fall on record.