United Kingdom | Publication | September 2023
On September 11, 2023, the PPF published its consultation on the 2024/25 levy rules. Owing to the PPF’s “very strong financial position”, the consultation reveals reduction of around 50 per cent from the 2023/24 year to £100m of the levy estimate in 2024/25.
The levy that the PPF aims to collect has been reduced by almost 85 per cent since 2020/21. The PPF’s intention is to maintain collection of an annual levy of around £100m in the longer term due to restrictions imposed by legislation to protect levy payers from sharp future increases. The consultation closes at 5pm on October 30, 2023.
Former pensions Secretary, Sir Steve Webb, has called for a change in the law to give the PPF greater flexibility. This would allow it to reduce the levy at a time when PPF funding is in healthy shape but with the reassurance that the levy could be raised if the situation deteriorated.
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On 10 December 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 were laid before Parliament, together with an Explanatory Memorandum.
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On 28 November 2024, the Financial Conduct Authority (FCA) published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier in November.
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As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
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