Regulation news: page 16
- November 2022
NIESR responds to the 2022 Autumn Statement
The National Institute of Economic and Social Research said the Chancellor should have given households more support, criticising £60 billion of fiscal tightening and a universal energy subsidy.
Revised Energy Price Guarantee set at £3,000 from April 2023
The Energy Price Guarantee will expire in April 2023 and be replaced by a revised guarantee set at £3,000 for the average household, running until April 2024.
- October 2022
Medium-term fiscal plans due on 31 October with spending cuts of tens of billions expected
The Government will set out medium-term fiscal plans on 31 October, with tens of billions of pounds of spending cuts expected after Jeremy Hunt reversed most of September's mini-Budget tax measures.
FCA publishes consultation proposing measures to clamp down on greenwashing
The Financial Conduct Authority published a consultation on 25 October 2022 proposing new measures to tackle greenwashing, including rules on how terms such as "ESG", "green" and "sustainable" can be used.
Chancellor statement sets end date for energy support schemes
The Energy Price Guarantee, the Energy Bills Support Scheme and the Energy Bill Relief Scheme are due to end in their current form on 31 March 2023, Consumer Scotland has said after the Chancellor's statement.
Bank of England gilt purchase intervention concluded
The Bank of England's gilt purchase intervention ended on 14 October 2022, with pension scheme data later showing deleveraging and asset falls continuing through the fourth quarter of that year.
Energy Price Guarantee to end in April 2023, 18 months earlier than planned
The Chancellor has said the Energy Price Guarantee will end in April 2023, 18 months earlier than planned, a move the Resolution Foundation says could save the Treasury up to £40 billion next year.
Energy Price Guarantee introduced capping typical bills at £2,500 a year
The Energy Price Guarantee took effect on 1 October 2022, capping typical household energy consumption at £2,500 a year after the then Prime Minister announced it on 8 September 2022.
FCA issues updated guidance on branch and ATM closures or conversions
The Financial Conduct Authority published updated guidance on 11 October 2022 setting out how banks and building societies should handle branch and ATM closures or conversions, replacing guidance first issued in 2020.
Majority of existing CoP participants delivered SRD capabilities by August 2022
The Payment Systems Regulator has confirmed it will direct around 400 payment firms to offer Confirmation of Payee, with deadlines of October 2023 and October 2024, after most existing participants delivered secondary reference data capability.
PSR publishes PS22/3 directing around 400 PSPs to implement CoP
The Payment Systems Regulator has directed around 400 payment service providers to implement Confirmation of Payee name checking, in two groups with deadlines of October 2023 and October 2024.
Social care reforms delayed to October 2025
Social care funding reforms for England, including a lifetime cap on personal care costs and higher capital limits, were delayed from October 2023 to October 2025 and then dropped altogether.
- September 2022
FCA publishes Dear CEO letter on cost-of-living expectations for insurance firms
The Financial Conduct Authority has written to insurance chief executives setting out what it expects on fair value, premium finance, vulnerable customers and claims handling during the cost of living crisis, and warned of multi-firm reviews.
Consumer Scotland responds to CAP and BCAP consultation on mid-contract price rise ads
Consumer Scotland has welcomed proposed advertising guidance on mid-contract price rises in broadband and mobile ads, while raising points on prominence, inflation terminology and variable contracts.
FPC withdraws mortgage affordability test
The Bank of England's Financial Policy Committee has withdrawn its mortgage affordability test, which required lenders to check borrowers could still pay if rates rose by 3 percentage points.
Government announces Energy Price Guarantee intervention in the energy market
The government's Energy Price Guarantee, announced in late August 2022, will substantially reduce the inflation shock facing households this winter, though private renters still face sharply rising rents.
Impossible choices briefing published
The Money Advice Trust has published a briefing calling on the Government and regulators to uprate benefits, support people in arrears and introduce a social tariff for energy.
LDI sector stress caused dysfunction in UK government bond markets
The Bank of England has said rapid and large moves in UK government debt interest rates in late 2022 exposed weaknesses in liability-driven investment funds, prompting regulatory action on resilience.
Liz Truss announces Energy Price Guarantee capping typical household energy bills at £2,500 for two years
Liz Truss announced an Energy Price Guarantee on her second full day as prime minister, capping typical household energy bills at £2,500 for two years.
Polling shows UK public oppose financial services deregulation in Financial Services and Markets Bill
Polling published before the second reading of the Financial Services and Markets Bill found 66% of a representative sample thought financial services regulation should increase or was about right, with 9% supporting less.
PSR to consult on APP scam reimbursement approach
The Payment Systems Regulator will consult in autumn 2022 on its preferred approach to reimbursing victims of authorised push payment scams, after the government set out plans to remove a legal barrier to regulatory action.
Which? publishes report calling for reform of UK consumer protections to support economic growth
Which? has published a September 2022 policy report arguing that reforming UK consumer protections would raise productivity and growth, and calling for updated rules, stronger CMA powers and wider access to alternative dispute resolution.
- August 2022
Full Fact finds Labour's energy plan understates cost by billions
Full Fact and the Institute for Fiscal Studies say Labour's £29 billion plan to freeze the energy price cap understates the cost by around £8 billion because it ignores higher winter energy use.
Labour calls for Parliament to be recalled over energy bills
Labour called on 18 August 2022 for Parliament to be recalled to freeze energy bills, but its £29 billion plan would not fully cover the cost of doing so, according to Full Fact and the IFS.
Labour announces £29 billion energy bills freeze plan
Sir Keir Starmer announced a Labour plan on 14 August to freeze domestic energy bills at the April 2022 price cap until the end of March 2023, at a stated cost of £29 billion.
Scottish Government opens consultation on reforms to statutory debt solutions and diligence
The Scottish Government has opened a consultation on reforms to Scotland's statutory debt solutions and debt recovery mechanisms, responding to recommendations from stakeholder-led policy reviews.
CfRC and Debt Justice publish joint response to SDRP consultation
The Centre for Responsible Credit and Debt Justice have jointly responded to HM Treasury's consultation on Statutory Debt Repayment Plans, calling for debts sold to collection agencies to be written down.
Citizens Advice reports 1 in 7 people still overpaying four years on
Citizens Advice says one in seven people are still overpaying for mortgages, broadband or mobile contracts four years after it first raised the loyalty penalty with the competition watchdog.
FCA withdraws BNPL adverts emphasising benefits without disclosing risks
The Financial Conduct Authority used its powers in August 2022 to withdraw buy now pay later adverts that emphasised the products' benefits without sufficiently disclosing the relevant risks.
Final Consumer Duty rules set to be introduced
The Financial Conduct Authority's final Consumer Duty rules were set to be introduced by 1 August 2022, following consultation on higher standards of care for retail financial services firms.