Regulation news: page 7
- February 2025
Consultation closed on permitted insurance fees
A government consultation on permitted insurance fees for landlords, freeholders and property managing agents in England and Wales closed at 11:59pm on 24 February 2025, with a response published later.
Consumer Scotland publishes response to Ofgem energy debt relief consultation
Consumer Scotland has published its response to Ofgem's consultation on a debt relief scheme for energy customers, warning that nearly half of those in energy debt doubt they can clear it.
Government lays legislation confirming new National Living Wage and National Minimum Wage rates from 1 April 2025
The government has laid legislation confirming a National Living Wage of £12.21 an hour for those aged 21 and over, and a National Minimum Wage of £10.00 for 18 to 20 year olds, from 1 April 2025.
IFS report warns small pension pots risk being lost or eroded by charges
The Institute for Fiscal Studies has warned that millions of small deferred pension pots risk being lost or eroded by charges, and has recommended automatic consolidation of pots under £1,000.
Which? responds to FCA Targeted Support pensions consultation opposing the proposals
Which? has told the Financial Conduct Authority it cannot support the regulator's proposed Targeted Support regime for pensions, citing three concerns and making three recommendations.
- January 2025
Debt Advice and Information Package required for diligence on the dependence warrants
From 20 January 2025 creditors in Scotland must give a Debt Advice and Information Package before applying for a warrant for diligence on the dependence, under rules covering enforcement against debtors.
Government introduces fraud and error legislation
The Public Authorities (Fraud, Error and Recovery) Bill was introduced to Parliament in January 2025, giving the Department for Work and Pensions new powers to verify eligibility and gather information.
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Online casino features that give players the illusion of control, including turbo, slam stops and autoplay, are banned from 17 January 2025 under Gambling Commission measures.
- December 2024
FCA introduces modified complaint handling rules for motor finance commission complaints
The FCA has added rules to its complaints rulebook applying modified complaint handling requirements to motor finance commission complaints, effective 20 December 2024.
FCA announces temporary rules on motor finance commission complaints
The FCA has extended temporary complaint handling rules so firms have longer to answer motor finance commission complaints and consumers have longer to take cases to the ombudsman.
Consultation launched on permitted insurance fees for landlords, freeholders and property managing agents
The UK and Welsh governments have set out plans to replace opaque buildings insurance commissions paid by leaseholders with a permitted insurance fee, under powers in the Leasehold and Freehold Reform Act 2024.
CRM Code wound down as statutory APP fraud reimbursement scheme introduced
The Lending Standards Board has confirmed that its Contingent Reimbursement Model Code ran from 2019 to 2024 and was wound down when the Payment Systems Regulator introduced statutory mandatory reimbursement for authorised push payment fraud.
FCA cash access rules intended to be in force
The Financial Conduct Authority intends its rules making cash access reviews a legal requirement to be in force by the end of 2024, under powers granted by the Financial Services and Markets Act 2023.
FCA opens consultation on CCI disclosure requirements
The Financial Conduct Authority opened a consultation in December 2024 on what information firms must give retail investors about consumer composite investments, with final rules planned for 2025.
PSR publishes final report confirming UK-EEA cross-border interchange fee concerns and consults on price cap remedy
The Payment Systems Regulator has confirmed that Mastercard and Visa likely raised UK-EEA cross-border interchange fees to an unduly high level, and is consulting on a two stage price cap.
- November 2024
DISP 2.7.6R updated to extend eligible complainant relationships
The Financial Conduct Authority updated DISP 2.7.6R on 30 November 2024, extending the relationships that make someone an eligible complainant to the Financial Ombudsman Service, including for alleged authorised push payment fraud.
FCA exit communications rules for pensions dashboards take effect
Rules requiring firms to tell customers when they are leaving a qualifying pensions dashboard service, and where they are being sent, took effect on 30 November 2024.
BNPL draft legislation consultation closes
HM Treasury's consultation on draft legislation to bring Buy-Now Pay-Later products into regulation closed at 11:59pm on 29 November 2024, with the government saying it will now lay the draft statutory instrument.
Regulations come into force on 18 November 2024
Regulations abolishing the lifetime allowance charge come into force on 18 November 2024, setting new lump sum and death benefit allowances that apply from the 2024-25 tax year.
Government announces National Payments Vision in Mansion House speech
The Chancellor set out a National Payments Vision on 14 November 2024, naming innovation, security and competition as its pillars, and the Payment Systems Regulator has responded with its plans.
Pensions Investment Review consultation launched on DC workplace pension reforms
The Department for Work and Pensions and HM Treasury have set out final plans to shrink the number of defined contribution default funds and require minimum scale, with legislation promised in the Pension Schemes Bill.
Fair By Design responds on the ban on acquisition tariffs
Fair By Design has published its response to Ofgem's consultation on the ban on acquisition-only energy tariffs, saying the ban has had a positive impact.
Genuine and sufficient link requirement omitted from regulations 22 and 23
The words "genuine and sufficient link" have been omitted from regulations 22(c) and 23(c) of the Personal Independence Payment Regulations 2013, in a change taking effect in England and Wales on 7 November 2024.
CONC 5D rules and guidance updated with effect from 4 November 2024
The Financial Conduct Authority's overdraft repeat use rules in CONC 5D, which require firms to monitor customers' overdraft patterns and intervene, carry an effective date of 4 November 2024.
FCA rules for borrowers in financial difficulty come into force and TSG withdrawn
The Financial Conduct Authority's final rules on protecting borrowers in financial difficulty took effect on 4 November 2024, replacing pandemic-era guidance with Handbook requirements for lenders.
FCA updated CONC 7.2 arrears and default rules and guidance
The FCA Handbook's CONC 7.2 section on arrears and default policies was last updated on 4 November 2024, covering arrears procedures, vulnerable customer treatment and policy review.
FCA updated MCOB 13.3 rules on payment difficulties, vulnerable customers and record keeping
The FCA's mortgage conduct rules on payment difficulties, vulnerable customers and record keeping were updated on 4 November 2024, with further provisions dated 2025 and 2026.
FCA updates CONC 5D rules on identifying repeat overdraft use and supporting customers in financial difficulties
The Financial Conduct Authority has revised its overdraft repeat use rules, updating definitions, monitoring duties and intervention requirements for firms, including sustainability tests and objective income and expenditure assessments.
FCA updates P2P creditworthiness assessment guidance on financial difficulties and vulnerability
The FCA Handbook has been updated with guidance dated 4 November 2024 requiring peer-to-peer lenders to have regard to signs that a borrower is in financial difficulties or is vulnerable.
Rules on forbearance, sustainable repayment arrangements and repossession as a last resort took effect
FCA rules requiring lenders to show forbearance to borrowers in or approaching arrears, to agree sustainable repayment arrangements and to treat repossession as a last resort took effect on 4 November 2024.