Regulation news: page 18
- June 2022
Government announces intention to reform the Consumer Credit Act 1974
HM Treasury has set out plans to move most of the Consumer Credit Act 1974 out of statute and into Financial Conduct Authority rules, opening a consultation that runs to 17 March 2023.
Government plans new APP scam reimbursement regulation
The government plans new regulation on authorised push payment scam reimbursement after a reported 40 per cent rise in the fraud, according to a June 2022 financial news round-up.
Government plans overhaul of consumer credit legislation
The government plans to overhaul consumer credit legislation alongside new regulation of Buy Now Pay Later credit and authorised push payment fraud, a June 2022 round-up of financial regulation news reports.
Government plans to regulate Buy Now Pay Later
The government plans to bring Buy Now Pay Later into regulation and overhaul consumer credit legislation, with Martin Lewis criticising the pace of the changes.
Ofcom introduces one-page pricing information rule
Ofcom has introduced rules requiring communications providers to give customers a one page document explaining pricing terms and conditions at the point of signing up, alongside guidance on example estimates for inflation-linked rises.
Stronger Nudge rules come into force
Stronger Nudge rules took effect on 1 June 2022, requiring pension providers to offer guidance to people accessing defined contribution savings, with take-up monitored afterwards.
Treasury Select Committee warns against international competitiveness mandate for regulators
The Treasury Select Committee has warned against an "international competitiveness" mandate for UK financial regulators, a measure embedded in the Financial Services and Markets Bill.
- May 2022
Ofwat publishes Paying fair guidelines on supporting residential water customers
Ofwat has published Paying fair, guidelines setting principles and minimum service expectations for water companies in England and Wales on helping residential customers pay bills, access help and repay debts.
Government announces FCA will receive new powers over cash access
The Government said on 19 May 2022 that the Financial Conduct Authority will get new powers to protect the availability of cash withdrawal and deposit facilities in local communities across the UK.
Government announces revamp of lasting power of attorney system
The government has set out plans to let people make a lasting power of attorney entirely online, with new identity checks, while keeping the paper route open.
Government publishes Statutory Debt Repayment Plan consultation
The government has published its consultation on the Statutory Debt Repayment Plan, a new statutory repayment scheme for England and Wales, with responses due by 5 August 2022.
BEIS consultation opened on expanding Warm Home Discount in Scotland
BEIS has opened a consultation on expanding the Warm Home Discount in Scotland to 50,000 more households, raising it from £140 to £150 and extending it to 2026.
Financial Services and Markets Bill announced in the Queen's Speech with provisions to protect access to cash
The Financial Services and Markets Bill announced in the Queen's Speech on 10 May 2022 includes provisions to protect access to cash, with new powers for the Financial Conduct Authority over the largest banks and building societies.
Post-consultation draft SDRP regulations published
The Treasury has published draft regulations for a statutory debt repayment plan scheme in England and Wales, setting out eligibility, a 10 year repayment limit and a 2024 start date.
Queen's Speech confirms new legislation to force banks to help scam victims
Legislation confirmed in the Queen's Speech on 10 May will force banks to help scam victims, as the regulator plans to extend Confirmation of Payee checks to a further 400 firms by mid-2024.
Treasury announces intention to legislate on APP scam reimbursement
HM Treasury said on 10 May 2022 that it intends to legislate so the Payment Systems Regulator can require banks and payment firms to reimburse victims of authorised push payment scams.
Consultation on affordability test withdrawal closes
The Bank of England's Financial Policy Committee consultation on withdrawing its mortgage affordability test Recommendation closed on 6 May 2022, with a decision and formal withdrawal expected within 12 months.
29 energy suppliers failed between July 2021 and May 2022
The National Audit Office reports that 29 energy suppliers failed between July 2021 and May 2022, affecting nearly four million UK households, and criticises Ofgem's oversight of the market.
Draft SDRP Regulations published post-consultation
The Treasury has published a post-consultation draft of the Statutory Debt Repayment Plan regulations for England and Wales, setting a ten-year repayment limit and a bar on fees charged to debtors.
FCA survey finds 47% of UK adults with characteristics of vulnerability
The Financial Conduct Authority's Financial Lives Survey 2022 found that 47% of UK adults had characteristics of vulnerability in May 2022, up from 46% in February 2020, an increase of nearly a million people.
Government announces £15 billion energy bill support package
The Government announced a £15 billion package of energy bill support in May 2022, when typical household bills were expected to reach about £2,800 a year from October.
HM Treasury published the Summary of Responses to the Access to Cash Consultation
HM Treasury published the Summary of Responses to its Access to Cash Consultation in May 2022, setting out plans to legislate to protect cash access and to appoint the FCA as lead regulator.
Overdraft use fell across a wide range of demographic groups between 2020 and 2022
The FCA's Financial Lives 2022 survey found that the proportion of UK adults who were overdrawn, now or in the previous 12 months, fell across a wide range of demographic groups between 2020 and 2022.
PSR directs around 400 more financial firms to provide CoP
The Payment Systems Regulator directed around 400 more financial firms to provide Confirmation of Payee, with named Group 1 firms facing an October 2023 deadline and Group 2 firms October 2024.
PSR outlines plans to expand Confirmation of Payee to a further 400 firms by mid-2024
The Payment Systems Regulator has proposed extending Confirmation of Payee to around 400 more financial firms, with almost 50 required to adopt it by 30 June 2023 and the rest by 30 June 2024.
Specific Direction 11 issued for second phase of Confirmation of Payee
The Payment Systems Regulator has issued Specific Direction 11, requiring the technical and system requirements for the second phase of Confirmation of Payee to be implemented by 31 May 2022.
- April 2022
SDRP consultation opens on draft regulations
The government has opened a consultation on draft regulations for a statutory debt repayment plan, a new repayment-based debt solution for England and Wales, running until 5 August 2022.
Mortgage Charter published covering UK mortgage borrowers including Scotland
The UK government has published the Mortgage Charter, setting out standards lenders will follow to help borrowers worried about higher rates, and it covers mortgage holders in Scotland.
Flat fee charge protections inserted
Regulations in force from 6 April 2022 inserted new provisions into the 2015 charges and governance rules for occupational pension schemes, covering flat fee charges and related governance duties.
New debt packaging rules could come into force
The Financial Conduct Authority has proposed banning referral fees for debt packagers, with new rules expected to come into force in April 2022 subject to a consultation that closed in December 2021.