{ "generated": "2026-10-31", "news": [ { "type": "news", "slug": "energy-debt-relief-scheme-planned-for-spring-2027", "title": "Energy debt: government and Ofgem plan a one-off Debt Relief Scheme for spring 2027", "date": "2026-10-31", "status": "proposed", "url": "https://www.piggybankloans.co.uk/news/2026/10/energy-debt-relief-scheme-planned-for-spring-2027", "summary": "The government and Ofgem have published a joint plan to tackle household energy debt. At its centre is a one-off Debt Relief Scheme to write off some energy crisis debt for people in genuine financial need, now aimed at spring 2027. It is still a proposal. Ofgem will consult on the design first, and nobody can apply yet.", "what_happened": [ "On 28 October 2026 the Department for Energy Security and Net Zero and Ofgem published Energy debt circuit breaker, a joint strategy for household energy debt. It says consumer energy debt in Great Britain has reached £5 billion and that more than 2 million households are in energy debt and arrears.", "The main measure is the Debt Relief Scheme. It is a one-off scheme for people in genuine financial need who built up energy debt because of high prices during the 2022 to 2024 energy crisis and have little realistic prospect of repaying it. Compared with Ofgem's earlier plans, the scheme will now run in a single phase, and eligibility will be extended to people on means-tested benefits, people on disability benefits and pensioners. People will also have to meet stronger engagement conditions to get help, with more use of smart prepayment and supplier repayment plans, while protections stay in place for those who are vulnerable or in the greatest financial need.", "Ofgem plans to consult on the final design in late 2026 and decide early in 2027, working towards the scheme opening to customers in spring 2027. The strategy says this depends on the outcome of the consultation.", "The strategy includes other changes too. Ofgem has published a discussion paper on whether the rules on involuntary prepayment meter installations are working as intended, and plans to consult on any proposals in the first quarter of 2027. Ofgem is also consulting on guidance for suppliers when someone moves into a home without registering with a supplier. The government says it will bring in legislation requiring landlords to give suppliers accurate information when tenants move in or out." ], "what_it_means": [ "If you are behind on your energy bills, nothing changes today. There is no scheme to apply for yet. The strategy does not say how much debt could be written off for each household, and the exact rules on who qualifies are still to be set in Ofgem's consultation.", "Help will be linked to engagement. The strategy lists what it expects from energy customers: talking to their supplier or a debt advice charity when they have payment difficulties, giving accurate information about their circumstances, and agreeing affordable repayment arrangements where possible. Talking to your supplier now also opens up help that already exists, such as payment plans and hardship funds.", "This is a plan for energy debt in Great Britain, not a set of rules in force. Each part still has to go through consultation or, for the landlord changes, new legislation." ], "who_it_affects": "Households in Great Britain with energy debt, especially people on means-tested or disability benefits and pensioners who built up debt during the 2022 to 2024 energy crisis.", "what_you_can_do": [ "If energy bills or other debts are a struggle, get free debt advice now from MoneyHelper, StepChange, National Debtline or Citizens Advice. You do not need to wait for the Debt Relief Scheme.", "Contact your energy supplier. Ofgem says you can ask them to agree a payment plan, payment break or reduction, review your payments and debt repayments, and give you access to hardship funds.", "Ask your supplier whether it runs its own schemes or grants to help with energy costs or with paying off energy debt.", "If you get means-tested benefits, check whether you can get the Warm Home Discount.", "If you are worried about creditors taking action, ask a debt adviser about Breathing Space in England and Wales, or a debt moratorium in Scotland. Ofgem explains that these give you temporary protection while you get advice." ], "sources": [ { "title": "Energy debt circuit breaker: our joint strategy for domestic energy debt", "publisher": "Department for Energy Security and Net Zero and Ofgem (GOV.UK)", "url": "https://www.gov.uk/government/publications/energy-debt-circuit-breaker-a-strategy-for-domestic-energy-debt/energy-debt-circuit-breaker-our-joint-strategy-for-domestic-energy-debt" }, { "title": "Get help with your home or business energy bills", "publisher": "Ofgem", "url": "https://www.ofgem.gov.uk/your-energy-supply/your-energy-bill/get-help-your-home-or-business-energy-bills" }, { "title": "Warm Home Discount Scheme", "publisher": "GOV.UK", "url": "https://www.gov.uk/the-warm-home-discount-scheme" } ] }, { "type": "news", "slug": "verus-financial-services-customers-can-claim-fscs-compensation", "title": "Former Verus Financial Services customers can now check if they can claim compensation", "date": "2026-10-30", "status": "announced", "url": "https://www.piggybankloans.co.uk/news/2026/10/verus-financial-services-customers-can-claim-fscs-compensation", "summary": "If you were a customer of Verus Financial Services Limited, a financial adviser firm, you can now check whether you can claim compensation from the Financial Services Compensation Scheme (FSCS). Claiming is free. You do not need a claims company, and you should be wary of anyone who calls you about it.", "what_happened": [ "On 29 October 2026 the Financial Conduct Authority (FCA) said that the FSCS has placed Verus Financial Services Limited under investigation and is now open to customer claims. Compensation may be available, subject to the FSCS assessing each claim and deciding whether it is eligible.", "Verus was an independent financial adviser firm. It gave advice on investments, pensions, mortgages, equity release and insurance. Since 2025 it has not had permission to carry out any regulated financial services activity in the UK, including giving financial advice.", "The FCA removed the firm's permissions in December 2025. It said the firm had repeatedly breached a restriction on selling or moving its assets, had not complied with a Financial Ombudsman Service decision in a customer's favour, and had not been open and cooperative with the regulator." ], "what_it_means": [ "The FSCS protects customers of authorised financial services firms that have failed. If you took advice from Verus and lost out as a result, the FSCS may be able to pay you compensation. Whether you get anything, and how much, depends on its assessment of your case and on its compensation limits.", "If you already took a complaint about Verus to the Financial Ombudsman Service, the Ombudsman will contact you about next steps. You will still need to make a claim with the FSCS, but you will not need to send evidence again if the Ombudsman passes your file to the FSCS.", "The FCA says that for most of the firm's clients there will be no benefit in paying a claims management company or law firm to claim for them. Making a claim yourself is free." ], "who_it_affects": "Anyone who was a customer of Verus Financial Services Limited, especially people it advised on investments, pensions, mortgages, equity release or insurance.", "what_you_can_do": [ "Check whether you can claim on the FSCS page for Verus Financial Services, or call the FSCS helpline on 0800 678 1100.", "If you have a complaint with the Financial Ombudsman Service already, wait for it to contact you. You can reach the Ombudsman on 0800 023 4567 if you need to.", "Be cautious if a claims management company or law firm offers to claim for you. You can do it yourself for free, and the FCA explains what to check before using a claims management company.", "If you get an unexpected call from someone saying they are from Verus, end the call straight away. Never pay an upfront fee to someone offering to recover your money. The FCA explains how recovery room scams work.", "If losing this money has left you struggling with bills or debts, free and confidential debt advice is available from MoneyHelper, StepChange, National Debtline and Citizens Advice." ], "sources": [ { "title": "FCA encourages former Verus Financial Services Limited customers to check if they can claim with FSCS", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/news/news-stories/fca-encourages-former-verus-financial-services-limited-customers-check-if-they-can-claim-fscs" }, { "title": "FCA stops Verus Financial Services Limited carrying out regulated activities", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/news/news-stories/fca-stops-verus-financial-services-limited-carrying-out-regulated-activities" }, { "title": "Using claims management companies", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/consumers/using-claims-management-companies" } ] }, { "type": "news", "slug": "household-energy-payment-council-tax-bands-a-to-d", "title": "Budget 2026: a one-off energy payment for homes in council tax bands A to D", "date": "2026-10-29", "status": "announced", "url": "https://www.piggybankloans.co.uk/news/2026/10/household-energy-payment-council-tax-bands-a-to-d", "summary": "The government has announced a one-off Household Energy Payment of £100 for homes in council tax bands A to D in England, paid from January 2027. Most people paying council tax by direct debit will not need to do anything. Councils will also run a fund for people who do not qualify.", "what_happened": [ "In the Autumn Budget on 28 October 2026, the government announced a Household Energy Payment of £100 to help with energy costs. The Department for Energy Security and Net Zero says up to 20 million households in England will be eligible, and payments will be made from January 2027.", "You qualify if you live in a home in council tax bands A to D as your main home and you are liable for council tax on it. The government says this will include most households that are exempt from council tax, and that the full eligibility rules will be published later. Second homes, empty properties and households where the householder is not responsible for paying council tax do not qualify.", "The government also said the temporary VAT cut on household electricity bills will be extended until July 2027, and that it has asked Ofgem to remove standing charges from household gas bills as early as 2027. For people already behind on energy bills, it plans a Debt Relief Scheme. Ofgem will consult on the final design of that scheme first, so it is a proposal, not something you can apply for yet." ], "what_it_means": [ "If you pay council tax by direct debit and your home is in bands A to D, the payment should go straight into your bank account. If you pay another way, your council will invite you to apply. Scotland, Wales and Northern Ireland are getting funding instead, and their own governments will decide what support to offer.", "If your home is in a higher band but you are struggling, the government is giving councils an extra £100 million for discretionary support. Each council will set its own rules and publish how to apply once its scheme is ready.", "The proposed Debt Relief Scheme is aimed at energy billpayers on means-tested benefits or disability benefits, and pensioners, who have built up energy debt since the 2022 to 2024 energy crisis. The government says debt could be written off if you re-engage with paying it, but the details are still to be decided." ], "who_it_affects": "Households in England living in council tax bands A to D, plus people across the UK who are struggling with energy bills or energy debt.", "what_you_can_do": [ "If energy bills or other debts are already a struggle, get free debt advice now from MoneyHelper, StepChange, National Debtline or Citizens Advice. You do not need to wait for the payment.", "Check which band your home is in with the Check your Council Tax band service on GOV.UK.", "Be careful with messages about this payment. The government says nobody other than your council should contact you asking you to claim it. If you are unsure whether a message is genuine, check directly with your council, which you can find through Find your local council.", "If you get means-tested benefits, check whether you can also get the Warm Home Discount.", "If you are behind on energy bills, talk to your supplier rather than ignoring it. The government says the proposed Debt Relief Scheme will depend on people re-engaging with their supplier and with paying their debt." ], "sources": [ { "title": "What the Autumn Budget 2026 means for your energy bills", "publisher": "Department for Energy Security and Net Zero (GOV.UK)", "url": "https://www.gov.uk/government/news/what-the-autumn-budget-2026-means-for-your-energy-bills" }, { "title": "Budget 2026: Breathing space for today, hope for the future", "publisher": "HM Treasury (GOV.UK)", "url": "https://www.gov.uk/government/news/budget-2026-breathing-space-for-today-hope-for-the-future" }, { "title": "Warm Home Discount Scheme", "publisher": "GOV.UK", "url": "https://www.gov.uk/the-warm-home-discount-scheme" } ] }, { "type": "news", "slug": "car-finance-compensation-on-hold-until-2027-hearing", "title": "Car finance compensation on hold until a legal challenge is heard in 2027", "date": "2026-10-28", "status": "announced", "url": "https://www.piggybankloans.co.uk/news/2026/10/car-finance-compensation-on-hold-until-2027-hearing", "summary": "The FCA's car finance compensation scheme is on hold while a legal challenge goes through the courts. The case is due to be heard between 16 February and 3 March 2027, so nobody owed money under the scheme will be paid before then. Some deadlines still apply, and scammers are already using the scheme as bait.", "what_happened": [ "The Financial Conduct Authority (FCA) set up a compensation scheme for people whose car finance lender paid commission to the broker who arranged the deal. Parts of the scheme are now suspended while a legal challenge to it is decided.", "The FCA says the challenge is due to be heard between 16 February and 3 March 2027. Until the legal process ends, lenders do not need to calculate or pay compensation to people who are owed money under the scheme." ], "what_it_means": [ "If you had car finance and think you could be owed money, you will not receive a payment from the scheme before the hearing. The FCA expects people who are owed compensation to get around £830 per agreement on average if the scheme goes ahead.", "Not everything has stopped. If you complained to your lender and you are not owed compensation, your lender should still contact you. If your agreement began on or after 1 April 2014 and you complained by 30 June 2026, that should happen by 18 November 2026. For older agreements, where you complained by 31 August 2026, it should happen by 18 January 2027." ], "who_it_affects": "People who had car finance where the lender paid the broker a commission, and anyone who has already complained to their lender about it.", "what_you_can_do": [ "Be wary of anyone who calls, texts or emails offering car finance compensation. The FCA says it would never ask you to transfer money or ask for your bank PINs or passwords.", "You do not have to use a claims management company or a law firm. The FCA warns they may charge you over 30% of any compensation, and signing up with more than one can mean paying more than one fee.", "Check the FCA's car finance page for the latest dates. It is updated as the case moves on.", "If car finance payments are already a struggle, tell your lender and get free debt advice. You do not have to wait for the scheme." ], "sources": [ { "title": "Car finance claims", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/consumers/car-finance-complaints" }, { "title": "Motor finance legal challenge to be heard in February 2027", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/news/statements/motor-finance-legal-challenge-be-heard-february-2027" }, { "title": "Motor finance scheme partially suspended", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/news/statements/motor-finance-scheme-partially-suspended" }, { "title": "FCA confirms motor finance redress scheme", "publisher": "Financial Conduct Authority", "url": "https://www.fca.org.uk/news/statements/fca-confirms-motor-finance-redress-scheme" } ] } ] }