Regulation news: page 9
- July 2024
Chancellor announces English social care reforms dropped
Chancellor Rachel Reeves cancelled planned reforms to social care funding in England on 29 July 2024, dropping a lifetime cap on personal care costs and changes to council funding thresholds.
FCA publishes access to cash rules
The Financial Conduct Authority published final rules on 24 July 2024 requiring designated banks and building societies to assess and fill gaps in local cash provision, with the rules taking effect on 18 September 2024.
Leaseholder contribution caps guidance updated for in-force protections
The government has updated its guidance on leaseholder contribution caps for building safety remediation, reflecting amendments to the leaseholder protections that are now in force in England.
Chancellor launches Pensions Investment Review
The Chancellor launched the Pensions Investment Review on 20 July 2024 to tackle fragmentation in workplace pensions and the Local Government Pension Scheme, with the final report published on 29 May 2025.
Consumer Scotland publishes response to Ofgem consultation on acquisition-only tariff ban
Consumer Scotland has published its response to Ofgem's statutory consultation on the future of the ban on acquisition-only tariffs, setting out its position on the rules that govern energy deals.
Consumer Duty rules to extend to closed products by July 2024
The second phase of the Financial Conduct Authority's Consumer Duty takes effect for closed products and services from 31 July 2024, extending rules already in force for new and on-sale products since July 2023.
Current Government will not introduce planned social care charging changes
The Government elected in July 2024 has said it will not bring in the previous Government's planned cap on care costs or changes to the financial assessment rules in England.
Fair4All Finance research finds 20.3 million UK adults in financially vulnerable circumstances
Fair4All Finance research indicates 20.3 million UK adults are now in financially vulnerable circumstances, up 16 per cent from 17.5 million in 2022, with 44 per cent of adults affected.
FCA marks one year of the Consumer Duty with speech by Sheldon Mills
The Financial Conduct Authority has marked one year of the Consumer Duty with a speech by Sheldon Mills setting out progress, examples of improved consumer outcomes and priorities including price and value work.
General election called for July
A general election in July, earlier than many had expected, may bring a change in policy priorities later this year, according to UK Finance's Household Finance Review for the first quarter of 2024.
Renters' Rights Bill announced
The new Labour government announced a Renters' Rights Bill in the King's Speech in July 2024, making regulation of the private rented sector an early priority.
Revolut secures restricted UK banking licence
Revolut has been granted a UK banking licence subject to restrictions, more than three years after applying in January 2021, and must complete a mobilisation period before it can operate as a full bank.
- June 2024
Publication of a 12 point plan to end the poverty premium
Fair By Design published a 12 point plan to end the poverty premium on 13 June 2024, launched as its 2024 general election manifesto and covering payments among other areas.
Pay.UK must publish final Faster Payments reimbursement rules and compliance monitoring regime
Pay.UK was required by the Payment Systems Regulator to publish final Faster Payments reimbursement rules and an approved compliance monitoring regime by 7 June 2024, ahead of the 7 October 2024 start date.
Pensions dashboards expected to open to the public from summer 2024 at the earliest
Pension schemes are joining the dashboards system in stages from spring 2023, but the public will not be able to view their pots through a dashboard until summer 2024 at the earliest.
- May 2024
FCA anti-greenwashing rule takes effect
The Financial Conduct Authority's anti-greenwashing rule took effect on 31 May 2024, requiring regulated firms to substantiate sustainability claims about their products and services.
Digital Markets, Competition and Consumers Act 2024 receives Royal Assent
The Digital Markets, Competition and Consumers Act 2024 became law on 24 May 2024, creating a digital markets regime, new competition powers and consumer protections including rules on drip pricing and subscriptions.
Treasury designates 14 large banks and building societies and 2 LINK entities for the access to cash regime
The Treasury has designated 14 large banks and building societies, plus two LINK entities, for the FCA's new access to cash regime, with rules taking effect on 18 September 2024.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has published its response to Ofgem's Future Price Protection Discussion Paper, setting out its views on how household energy prices might be protected in future.
Government proposes abolishing Direct Pay and reducing Collect and Pay fees
The government has proposed abolishing Direct Pay and cutting Collect and Pay fees at the Child Maintenance Service, opening a 12 week consultation on the changes.
Consumer Scotland responds to Ofgem Future Price Protection Discussion Paper
Consumer Scotland has told Ofgem that the Consumer Principles should shape the design of future energy price protection, in its response to the regulator's call for input on the future of the price cap.
Leasehold and Freehold Reform Act became law
The Leasehold and Freehold Reform Act became law in May 2024, but most of its 125 sections remain unimplemented, with further reform promised in a new Bill.
Leasehold and Freehold Reform Act reforms introduced
The government introduced leasehold reforms in May 2024 under the Leasehold and Freehold Reform Act, including a 990-year standard lease extension term and standardised service charge bills.
Treasury designates banks and building societies subject to access to cash rules
The Treasury has named the banks and building societies that will fall under the Financial Conduct Authority's access to cash rules, along with an operator of cash access coordination arrangements.
Vulnerability characteristics decrease since 2022
The FCA's Financial Lives survey found 26.4 million UK adults had characteristics of vulnerability in May 2024, down 0.9 million from 27.3 million in May 2022, while low financial resilience was unchanged.
- April 2024
FCA publishes PS24/2 confirming final rules to strengthen protections for borrowers in financial difficulty
The Financial Conduct Authority has published final rules that move pandemic-era guidance on supporting borrowers in financial difficulty into its formal rulebook, taking effect on 4 November 2024.
DMCC Act 2024 comes into force
The Digital Markets, Competition and Consumers Act 2024, in force since April 2024, has revoked the EU derived 2015 ADR Regulations, opening the way for secondary legislation on consumer dispute resolution standards.
FCA confirms final rules in PS24/2 with just over 6 months implementation period
The Financial Conduct Authority has published final rules on protecting borrowers in financial difficulty, confirming they take effect on 4 November 2024 with just over six months for firms to prepare.
FCA to consult on value for money framework rules in spring 2024
The Financial Conduct Authority has signalled that detailed rules for a new value for money framework for defined contribution workplace pensions will be consulted on in spring 2024.
FOS award limits increase from 1 April 2024
The Financial Ombudsman Service award limits rose on 1 April 2024 to £430,000 for complaints about acts or omissions from 1 April 2019, and £195,000 for earlier ones.