New Financial Regulations Hitting The UK In October

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These payments, worth up to £300, will be received automatically by most eligible individuals, but some will need to apply. Here are nine other changes and financial rules and laws which will impact people.

Energy bills are set to increase in October after the industry regulator announced a 10 per cent hike in its cap on energy prices. Under the new price cap, the average annual energy bill will jump to £1,717 for gas and electricity, a rise of £149 from the current level of £1,568, which has been in place since July.

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The average price cap for standard credit households will see an increase of £161, bringing it to £1,829, reported Manchester Evening News.

This government initiative provides support to some of the UK's lowest earners with dedicated help towards their energy bills. The scheme reopens this October, and anyone eligible for the help will receive £150 towards their bills through the scheme.

Mobile customers are set to enjoy enhanced protection as Ofcom rolls out new measures. From October 5, 2024, mobile providers will be required to alert customers when they begin roaming and provide clear, cost-free information to enable informed decisions regarding mobile phone use abroad.

⁘The last thing holidaymakers want when returning from a trip abroad is an unexpected mobile phone bill. At the moment, some customers aren't getting clear information from their provider to help them manage their mobile use and plan their spend. Our new protections will mean you're told what it'll cost when you start roaming, so you can be confident that there won't be any surprises when it comes to your mobile bill while on holiday,⁘ explained Cristina Luna-Esteban, Ofcom's director of telecoms consumer policy.