A Authorities spokesperson stated: “Over a million pensioners will nonetheless obtain the winter gas cost, and our drive to spice up pension credit score take-up has seen purposes greater than double with over 40,000 extra pensioners now receiving it, in addition to the winter gas cost.
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Lenders have been instructed by the Metropolis watchdog they now have till December 4 subsequent 12 months to answer debtors complaining about motor finance offers with hidden fee funds.
The Monetary Conduct Authority (FCA) mentioned it follows a London Courtroom of Enchantment ruling in October that it was illegal for automobile sellers to obtain fee on motor finance from lenders with no buyer’s knowledgeable consent.
It mentioned the extension concerning non-discretionary fee funds was in keeping with the extension it supplied for complaints involving discretionary fee agreements.
Motor finance is a vital market, serving over two million customers a 12 months
FCA
The FCA mentioned: “Corporations who present motor finance are more likely to obtain a excessive quantity of complaints in response to the judgment.
“Now we have prolonged the time corporations should deal with complaints to assist stop disorderly, inconsistent and inefficient outcomes for customers and corporations.”
Shut Brothers was granted permission earlier this month by the UK’s highest court docket to attraction towards the landmark ruling on motor finance fee.
The Supreme Courtroom mentioned the banking group may problem the sooner judgment within the Courtroom of Enchantment.
It marked the most recent improvement within the looming disaster going through the motor finance trade, with main lenders on the hook for probably billions of kilos’ price of compensation.
The October court docket choice opened the door for a probably contemporary wave of complaints from customers who assume they could have been mis-sold automobile finance in earlier years.
On the Supreme Courtroom attraction, the FCA mentioned it deliberate to use to “formally intervene within the case to share our experience to help the Courtroom”.
“We beforehand wrote to the Courtroom asking it to determine rapidly whether or not it’ll give permission to attraction and, if it does, to find out the substantive attraction as quickly as doable,” the FCA added.
The regulator mentioned the grievance dealing with extension additionally covers motor leasing, regardless of it not being lined within the Courtroom of Enchantment’s judgment, in addition to motor finance credit score preparations.
The FCA has been finishing up a separate investigation into so-called discretionary fee preparations, which noticed sellers repair increased rates of interest on credit score agreements, that means customers had been charged extra with out figuring out.
The observe was banned in 2021.
The FCA is aiming to set out the following steps in its overview in Could subsequent 12 months, when it additionally hopes to supply an replace on non-discretionary fee agreements complaints.
The FCA mentioned: “What we will say in Could will rely upon the progress of the attraction to the Supreme Courtroom and the timing and nature of any choice.
“If we will finish the grievance dealing with extension ahead of December 2025, we’ll.”
The FCA added: “Motor finance is a vital market, serving over two million customers a 12 months.
“In deciding subsequent steps, we’ll take into account how to verify affected customers are appropriately compensated and the market continues to work effectively, with efficient competitors.”
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Pensioners have just some days to make sure they get their winter gasoline fee for 2024, with the 21 December deadline to use quick approaching.
The deadline is the final day anybody over pension age (66+) can apply for pension credit score and nonetheless unlock the chilly climate lump sum fee for 2024.
Nevertheless, there may be a mean 65-day ready time for functions, so these profitable won’t possible get their funds till 2025 – though will probably be backdated.
Pensioners have already began receiving winter gasoline funds for the yr, with these efficiently claiming pension credit score receiving £200-300 of their financial institution accounts from 25 November.
In earlier years, all pensioners would obtain the fee each winter to assist in the direction of chilly climate heating prices. Now, it would solely be paid to pensioners who’re claiming pension credit score.
The transfer has been criticised by campaigners for older folks and cash consultants, together with Martin Lewis. They are saying the brink is just too low and inflexible, that means round two million susceptible pensioners are liable to shedding out on the fee.
Labour has defended the transfer, with the chancellor saying it was not a call she needed to make however that it might assist shore up the federal government’s funds.
The important thing change is that pensioners (aged 66 and over) should now be eligible for – and claiming – pension credit score to obtain the winter gasoline fee. There are a number of standards that should be met for this – right here’s what you’ll want to know:
To obtain the winter gasoline fee for 2024, folks should efficiently apply for pension credit score by 21 December. This can be a profit for pensioners whose weekly revenue is under a certain quantity. It’ll high up this revenue to:
Because of this anybody in receipt of the total fee of latest State Pension (£221.20 per week) is probably going ineligible. They will even usually be ineligible if revenue is just some kilos larger than the qualifying thresholds.
Nevertheless, they might nonetheless be eligible with the next revenue if having a incapacity, they care for somebody, or have excessive housing prices.
Having financial savings and investments below £10,000 additionally doesn’t rule folks out.
Alongside the winter gasoline fee, claiming pension credit score can unlock housing profit, help with mortgages, a free TV licence and assist with NHS dental appointments. This will add as much as 1000’s of kilos in further help.
Whereas there isn’t a deadline to use for pension credit score (functions are all the time open), 21 December is the newest you possibly can apply to obtain the 2024 winter gasoline fee and have it backdated.
To search out out extra particulars about pension credit score and apply, go to the DWP’s web site.
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Yvette Cooper has repeatedly refused to set a deadline to cut back harmful small boats crossings within the channel.
The house secretary described the numbers making the journey as “too excessive” however claimed it might have been “hundreds” increased below the final Conservative authorities’s method.
Some 34,880 folks have arrived in Britain on small boats to date this yr, up 20 per cent on this time final yr however down 22 per cent on 2022.
Ms Cooper repeatedly declined to say when the general public may count on to see the variety of small boat crossings fall.
She informed the BBC’s Sunday With Laura Kuenssberg: “These ranges are far too excessive, that is harmful what’s taking place. In fact we need to proceed to progress, in fact we need to see the boat crossings come down as quickly as attainable.” Ms Cooper conceded that remaining below 2022’s report excessive could be “no consolation” to folks whereas numbers proceed to rise.
However she instructed the figures may have been as a lot as 50,000 below the Tories.
She mentioned: “What we inherited from the primary half of this yr… report excessive ranges of boat crossings – had that continued we have been on monitor actually for the worst yr ever for small boat crossings.
“Had that continued we’d have had many hundreds extra crossings over the course of the summer season and thru the autumn.
“As it’s, we’re round 1 / 4 decrease than 2022, that was the height yr.
“However look, that’s no consolation while you nonetheless have these small boat crossings, the place we’ve obtained lives being put in danger and big numbers of lives being misplaced, and likewise these prison gangs are taking advantage of undermining our border safety.”
Talking throughout a go to to Italy this week, the place she was on account of meet the nation’s prime minister Giorgia Meloni, she mentioned there was a “ethical” purpose to attempt to sort out boat crossings, in addition to because of the impression on British providers.
“We have now a accountability, an ethical accountability to go after these gangs who’re placing lives in danger,” she mentioned.
“If you see these flimsy boats, the best way that it’s girls and children who get put in the course of the boats, so when the boat folds, they’re the individuals who get crushed, who find yourself drowning.”
Ms Cooper additionally reiterated the federal government’s refusal to rule out utilizing a 3rd nation to course of asylum claims, saying she’s going to have a look at “no matter works’‘.
Not like the Conservative’s a lot criticised Rwanda scheme this may not be a a technique ticket. The same scheme between Italy and Albania has been designed so real asylum seekers would nonetheless be capable to go to Italy.
Requested on Sky Information how lengthy it is going to be earlier than the general public see the variety of channel crossings come down, Ms Cooper’s Angela Eagle mentioned: “I’m not going to sit down right here and provide you with a date”.
In the meantime, Labour grandee Harriet Harman known as for a Royal Fee on immigration. She mentioned: “I believe they’re being very diligent the federal government. However I believe we want a little bit of a wider dialog with the general public about this when it comes to what folks truly need and what’s achievable.”
She additionally hit out at claims by earlier Conservative governments that they might reduce immigration to the tens of hundreds, saying it was “very harmful to democracy” to supply folks one thing that would not be delivered.
Ms Cooper obtained the backing of the Labour mayor of larger Manchester Andy Burnham, who mentioned he had “nice confidence” in her.
The shadow dwelling secretary Chris Philp mentioned Labour has been “silly” to scrap the Rwanda deterrent scheme for migrants, blaming it for the rise within the variety of small boat crossings this autumn.
He informed Sky Information’s Sunday Morning With Trevor Phillips: “That’s a major enhance, and the rationale these unlawful and harmful small boat crossings have gone up below Labour is that they scrapped the Rwanda deterrent earlier than it had even began”.
The Winter Gasoline Cost was beforehand obtainable to virtually everybody within the UK born earlier than September 25, 1957 to assist cowl their heating prices.
Nevertheless, from this winter solely these on Pension Credit score or means-tested advantages will get the Winter Gasoline Cost.
For almost all of individuals, the deadline to turn out to be eligible for the Winter Gasoline Funds has handed.
Nevertheless, there are households who can nonetheless qualify for the £300 value of dwelling fee.
Pension Credit score purposes may be backdated by three months, which means pensioners who apply for the profit by December 21 may also qualify for the Winter Gasoline Cost.
The Treasury stated the adjustments to Winter Gasoline Cost eligibility would see the variety of pensioners receiving the funds fall from 11.4 million to 1.5 million – so just below 10 million would miss out.
They added that about £1.5 billion might be saved per 12 months by focusing on winter gas funds.
Pension Credit score is designed to assist individuals over State Pension age and on a low earnings with each day dwelling prices, although you do not want to be in receipt of State Pension to obtain it.
It tops up an individual’s earnings to a minimal of £218.15 per week for single pensioners and to £332.95 for {couples}.
You might get an additional £81 per week in the event you declare any of the next incapacity advantages:
Presently, round 1.4 million pensioners in Britain obtain Pension Credit score. Nevertheless, many are nonetheless not claiming this further monetary assist.
Different advantages are additionally obtainable to these on pension credit score corresponding to help with housing and council tax prices, in addition to scoring further assist with heating payments.
#DWP #Winter #Gasoline #Cost #warning #deadline #approaches
York Press | Information
#DWP #Winter #Gasoline #Cost #warning #deadline #approaches
, 2024-12-09 08:39:00
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A water provider to greater than 450,000 companies and public sector teams has reportedly emerged as one of many main contenders to rescue stricken Thames Water forward of this week’s deadline for bids from potential buyers.
Debt-laden Thames Water, which is the UK’s greatest water provider, has requested potential buyers to place ahead indicative bids by the top of Thursday because it appears to safe a multibillion-pound money injection to stave off nationalisation.
Fortress Water – based by former funding banker John Reynolds and co-owned by Conservative Occasion treasurer Graham Edwards – is known to be making ready to place ahead a proposal to pump in round £4 billion into Thames Water in return for a majority stake.
If profitable, it’s mentioned to be in the end planning to listing Thames Water on the inventory trade.
Scottish-based Fortress Water accomplished the buyout of the non-household arm of Thames Water in 2017, and now serves a whole lot of hundreds of companies, charities and public sector teams.
It has the backing of the billionaire Pears household behind the William Pears Group – a financing and property agency, which is known to be offering the funding for Fortress Water’s strategy.
Different potential buyers making ready to place in bids reportedly embody Hong Kong agency CK Infrastructure Holdings and personal fairness large KKR, which collectively personal stakes in Northumbrian Water.
It’s thought that Thames Water and its adviser Rothschild have additionally sounded out funding giants Brookfield Asset Administration and Carlyle Group.
Thames Water, which serves about 16 million folks, is within the grip of a funding disaster and solely has sufficient money to proceed working till early subsequent yr.
It wants at the least £3.3 billion in fairness over the following 5 years, whereas additionally it is greater than £16 billion in debt.
The group has been on the centre of rising public outrage over the extent of air pollution, rising payments, excessive dividends, and govt pay and bonuses on the UK’s privatised water companies.
Regulator Ofwat has appointed an unbiased monitor to oversee Thames Water because it makes an attempt a turnaround.
However the course of for an fairness injection can’t be finalised till after December 19, when Ofwat will give its ultimate verdict on Thames Water’s five-year marketing strategy, together with proposals for buyer invoice hikes and funding.
In addition to in search of to boost fairness, Thames can also be in the midst of a debt restructuring and just lately appointed Julian Gething – a director of turnaround agency Alix Companions – as chief restructuring officer to supervise the method.
Thames Water nonetheless wants the emergency funding plans to be handed in courtroom although, and is aiming for a December 17 listening to.
The mayor was requested to answer queries in regards to the megastar’s police safety by November 6 – however has nonetheless not replied, and has not mentioned why
