Nine new money rule changes being introduced in October including energy price cap rise and warm home discount

A raft of changes are being introduced in October which will all impact on our bank balances

A raft of new rules and financial changes are being introduced in October including the opening of the Winter Fuel Payment phone lines, changes to energy bills and the cost of Royal Mail stamps. The Winter Fuel Payments, worth up to £300, will be automatically received by most eligible individuals but some will need to apply.

More than a million pensioners are in line to receive cash with the funds designed to provide additional support during the colder months. Despite the cuts announced by Chancellor Rachel Reeves, many will still qualify for the extra cash. Typically, those eligible will be notified via a letter in October or November detailing the amount they will receive.

READ MORE: 10 things we learnt from the Labour Party Conference in LiverpoolREAD MORE: Labour government loses winter fuel allowance vote

Nine other changes and financial rules and law affecting households include: –

Ofgem energy price cap rises on October 1

Energy bills will see a hike in October following a 10% increase in the industry regulator’s cap on energy prices. Under the new cap, the average annual energy bill will rise to £1,717 for gas and electricity, an increase of £149 from the current level of £1,568, which has been in place since July, reports Birmingham Live. The average price cap for standard credit households will rise by £161 to £1,829.

Warm Home Discount – opens in October

The Warm Home Discount Scheme, acting as a lifeline to some of the UK’s lowest earners, is set to provide essential support this October by allocating £150 towards energy expenses amidst rising costs.

New mobile roaming rules – October 1

In a move towards greater transparency and consumer protection, Ofcom has announced new measures that come into effect from 1 October 2024. Under these changes, mobile operators will now be required to alert customers as soon as they begin roaming and offer easily accessible information at no extra charge to help users manage their spending while 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,” said Cristina Luna-Esteban, Ofcom’s Director of Telecoms Consumer Policy.

Self-assessment register deadline – October 5

Remember the key date for registering for self-assessment is October 5 following the end of the tax year. For instance, for the tax year running from 6 April 2023 to 5 April 2024, your deadline is October, 5 2024. There’s no need to re-register if you’ve filed a self-assessment return last year. HMRC should send a reminder but, ultimately, it’s up to you to ensure you file your return.

Stamp price rise – October 7

Royal Mail has announced a hefty 22% hike in the price of standard first-class stamps. However, there’s a silver lining stamps bought before the increase can still be used post-hike.

Nick Landon, Royal Mail’s chief commercial officer, said: “We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases. A complex and extensive network is needed to get every letter and parcel across the country for a single price travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination [delivered] on foot. We are proud to deliver the universal service, but the financial cost is significant.”

New fraud rules for banks – October 7

In a groundbreaking move, mandatory refunds will be enforced from October 7, as announced by the Payment Systems Regulator (PSR). The watchdog has lowered the maximum compensation from an earlier proposal of £415,000 to a new cap of £85,000 which it claims will cover over 99% of claims.

Rocio Concha, Which? director of policy and advocacy, expressed her disappointment at the reduced proposed reimbursement, stating it would “reduce the incentives for banks and payments firms to take fraud prevention seriously”.

She further criticised the regulator, saying: “The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them.”

Inflation – October 16

On October 16, the latest inflation data from the Office for National Statistics (ONS) is set to be released. Inflation is a measure of how prices have changed over time. According to the most recent update from the ONS, inflation remained steady at 2.2% in the 12 months leading up to August. Inflation peaked at 11.1% in October 2022.

Budget – October 30

Chancellor Rachel Reeves is scheduled to present Labour’s first Budget on Wednesday 30 October. She hinted at “difficult decisions” on tax, spending and benefits during a BBC interview at the start of September. However, her speech at the Labour Party conference painted a more optimistic picture of the economy’s future.

Self-assessment paper deadline – October 31

If you’re planning to submit your Self Assessment via a paper return instead of online, then the deadline is midnight on 31st October. Remember, 31st October is the date by which HMRC needs to have received your return, so ensure you factor in time for preparation and postage.