The Financial Conduct Authority and the Bank of England have opened applications for their Digital Securities Sandbox (DSS).

In a statement released today (30 September), the FCA and the Bank urged firms that are innovating in financial market infrastructure to apply.

They said the DSS will “reshape” how they regulate by allowing firms to test legislative changes in real-world scenarios before the changes are implemented.

DSS gives firms the opportunity to explore new technologies in traditional financial markets.

The new tech includes distributed ledger technology (DLT), a system for storing and managing information distributed across participants in a network.

It has the potential to improve efficiency and reduce costs in wholesale markets, benefitting industry and investors.

“We believe the DSS could also lead to a quicker, more effective and collaborative way of delivering regulatory change,” the statement said.

“The DSS supports innovation, helps protect financial stability and strengthens the UK’s leading position as a global and vibrant financial centre, built on globally respected high standards.”

The authorities said there is a range of support available to firms to help them through the application process.

Firms can arrange pre-application meetings to better understand the DSS requirements.

The DSS is open to legally established firms of all sizes and at all stages of development.

The firms could be an existing financial institution that is already authorised or recognised under current regulation or a new entrant to the market.

Find out more about the support available here.

TWO major mobile phone providers have promised not to push up monthly bills for millions of customers ahead of their proposed merger.

Three and Vodafone have said that they will maintain certain social tariffs at £10 or less for two years from the date that their merger is complete.

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These tariffs include some customers on the SMARTY name and social tariffs on both the SMARTY and VOXI For Now brands.

SMARTY is currently owned by Three, while VOXI is a Vodafone brand.

Both companies have not confirmed whether the price of their main tariffs will change as a result of the merger.

Social tariffs are cheaper broadband and phone packages for people who claim Universal Credit, Pension Credit and some other benefits.

They are provided in the same way as normal packages, just at a lower price.

The companies will also keep measures to protect customers who are registered as vulnerable.

Three and Vodafone announced their £15billion union last year, which will bring 27million customers together under one network.

If the deal goes ahead, it would create the largest mobile network in the UK.

But last week the competition watchdog issued a warning that the deal could have a negative impact on customers.

The Competition and Markets Authority (CMA) flagged a number of concerns about the merger, which included fears that it could push up prices for customers.

It also launched an in-depth investigation into the merger in April over fears that it could “result in a substantial lessening of competition”.

This could mean that there are fewer providers to choose from, forcing customers to settle for more expensive deals than the ones they had previously.

The CMA also said that it had “concerns that higher bills or reduced services would negatively affect those customers least able to afford mobile services as well”.

Three and Vodafone have said the deal would help to improve network quality and provide faster 5G.

The latest promise not to hike bills has been put forward to ease the CMA’s concerns.

Both firms have said that they will continue to work with the regulator and the merger can only go ahead with its final approval.

What social tariffs are currently on offer?

The SMARTY social tariff is a low-cost unlimited plan and is available for new and existing customers who are on certain benefits.

It is offered as a one month rolling plan, which can be cancelled at any time.

Once accepted, you can keep the plan for as long as you are eligible.

For £12 customers can make unlimited UK calls and texts, 5G at no extra cost and EU Roaming up to 12GB.

There are fast eligibility checks and no credit checks.

To apply contact SMARTY and complete its short form.

These details will then be shared with the Department for Work and Pensions to confirm that you are in receipt of the eligible benefits.

The VOXI For Now is another tariff available to those receiving financial support.

If you are receiving government benefits then you can get unlimited data, calls and texts for £10 a month.

If you are eligible you will get the deal for six months.

After this point you will be switched to the standard £10 a month plan but you will still have access to unlimited social media, calls and texts.

There is no contract so you can change, pause or cancel the deal at any time.

To be eligible you must be receiving a benefit such as Jobseeker’s allowance, Universal Credit, Employment and Support Allowance, Disability allowance or Personal independence payment.

VOXI will run a quick eligibility check to make sure that you qualify before you are granted the deal.

The company has partnered with Moneyhub to run the security checks and confirm that you do receive government benefits.

The process is simple and Moneyhub will check your bank account for government benefits and will then advise VOXI if you qualify for the tariff.

Other providers such as EE and Vodafone also offer social tariffs.

You can find a full list of providers and rules on the Ofcom website.

Help if you are struggling to pay your bill

If you are struggling to pay your mobile phone bill or you owe your provider money then there are things you can do.

You may be able to switch providers or move to a different contract to get a cheaper deal.

Or if you provider has told you they’re increasing the price of your contract then you may be able to cancel.

Some providers will give you 30 days to cancel your contract without a fee if the price is going up.

Always tell your provider if you are struggling to pay so they can tell you about any support they have on offer.

Most providers will charge you a fee to leave your contract before it ends.

However, some providers will let you leave early without paying a fee if you are struggling to keep up with your payments.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Origo has launched a standalone pensions dashboards service for providers to test their ability to match Find requests received via pensions dashboards.

The Origo Matching ToolKit uses the same matching algorithm as the Origo Dashboard Connector and can handle any size of data set as well as deliver rapid matching in as little as milliseconds.

Origo Dashboard Connector is the fintech’s fully managed service for providers needing to easily connect to the pensions dashboard’s central digital architecture and respond to consumers’ pension data requests.

It can completely fulfil a consumer’s request for their pensions data, conforming to legislative obligations, relieving the challenge of technical complexity and meeting all service levels required for the pensions dashboards ecosystem.

Origo said the Matching ToolKit adds to this offering, through data match testing and analysis, helping providers to set and test their matching rules with simulated requests that they are in control of, and which adhere to the latest data standards.

The toolkit, which is GDPR compliant, provides a clear visual representation of all full and partial data matches.

It is also customisable so providers can tailor and continually edit rules to fit with their organisation and their customers.

Data security is maintained as it runs within providers’ own IT infrastructures against data the provider can set and control.

Origo alongside Capgemini have been appointed to supply the central digital architecture for the Pensions Dashboards Programme and will be working with the PDP to help deliver the service for the benefit of UK pensions holders.

Origo chief executive Anthony Rafferty said: “It’s vitally important that consumers are able to locate their pensions wherever they may be, in order that they have a full picture of their retirement savings to help them to make informed financial decisions.

“The Origo Matching ToolKit has been designed to be a comprehensive digital solution, taking the friction and stress out of data matching for pension providers, in an area which is already highly resource intensive.

“By making the ToolKit a standalone service, we can help both Origo Dashboard Connector clients and any other providers in the market, test and analyse their data matching capabilities and have the peace of mind that they can meet their obligations in line with PDP standards.”

THOUSANDS of households across the UK will be able to claim free cash or vouchers to help tackle the soaring cost of living this winter.

From October 1, households will be able to get fresh help from a new pot of government funding under the Household Support Scheme.

The government has released £421 million which will be distributed between councils and then dished out to vulnerable residents over the colder season.

The pot of cash will be available from October this year until March next year.

This comes as the current scheme closes today, September 30, after the latest round of £421 million was used to help struggling households across the country.

The portion of funding each council gets is based on the size of the population, catchment area, and need.

This time Birmingham will receive the greatest share for instance, worth £12.8million.

Receiving the second largest share will be Kent, with £11million, and Lancashire will get £9.7million.

Not every council will receive as much funding as this.

The Isle of Scilly will receive the least amount of cash, worth £11,130.

The City of London will also be allocated £63,080, and Rutland £157,371.

Councils which have higher numbers of vulnerable households will get more cash based on demand.

Tower Hamlets, for example, is the most deprived area in London, and will get £3million.

How the cash gets distributed will be decided by each council, so what you can get will vary depending where you live.

Around £79million is estimated to be provided to the devolved governments in Scotland, Wales and Northern Ireland for them to decide how best to support their citizens.

What is the Household Support Fund?

The Household Support Fund was introduced in October 2021 by The Department for Work and Pensions (DWP) to support households most in need.

The funding is distributed between councils, and they are then responsible for dishing out the cash on an application basis.

For example, Birmingham City Council have announced they will hand out free £200 cost of living payments to help its residents cope this winter, as one of its approaches to the fresh fund.

How do I apply?

In order to be eligible for help, you usually have to be in receipt of a council tax reduction or show proof of being in financial difficulty.

Each council has a different application process – so you’ll have to ask your local authority or find out via your council’s website.

Not all councils have decided how they will distribute the cash yet, so you may have to wait to get all the information.

To find out how to contact your local authority, use the gov.uk authority tool checker.

In the last round of funding, some residents received their share automatically, while others had to apply.

For example, Haringey London Council is issuing automatic payments to eligible residents, as well as a support fund which can be applied to.

It is also issuing payments to schools, which means they can distribute free school vouchers.

In previous years, other authorities have offered cost of living vouchers – such as Coventry City Council.

This has included a Community Supermarket scheme, where all Coventry residents could pay £5 weekly and receive a basket of food worth up to £25.

Residents of Effingham, near Guildford, have been able to claim up to £300 free cash to help with the cost of living crisis.

Surrey council previously poured £300,000 into food banks, where photo ID and proof of address is required, but no referral needed.

While some schemes, such as the Surrey Crisis Fund, which can offer up to £100 to those immediately in need, are reserved for those who also rely on other means-tested benefits.

What else can we expect from the new government?

The Household Support Fund was introduced by the Conservative government in 2021.

This year, Secretary of State for Work and Pensions, Liz Kendall MP, said:

“We have invested an extra half a billion pounds in the Household Support Fund to give struggling families and the poorest pensioners the help they need this winter.

“As local authorities across England deliver this lifeline support to help households with the costs of feeding children and heating homes, we are continuing our work to fix the foundations of our country, grow the economy and deliver opportunities for people to get work and get on in work, so everyone feels better off.”

The Labour government is set to announce a new scheme which they have named The Child Poverty Taskforce.

The information for this will not be published until Spring 2025, however the government have promised to regularly engage with people, communities, and organisations to help shape the strategy.

What other help can I get?

Many energy companies are offering help to those struggling to pay their bills this winter – especially pensioners, as their Winter Fuel Payments are set to be slashed.

This comes as Rachel Reeves announced a £22bn black hole in public spending, making a controversial cut to winter allowances for pensioners not receiving universal credit or any other means-tested benefit.

Follwing the announcement, Octopus Energy has introduced a new scheme, offering pensioners discretionary credit of between £50 and £200.

As well as this, Scottish Power’s Hardship Fund has handed out more than £60 million to all struggling customers.

Help is available if you receive from a long list of benefit schemes, including Income Related Employment and Support Allowance or Income Based Jobseeker’s allowance. 

You may also be eligible if you are facing circumstances impacting your earnings, such as illness. 

Another company offering help is Utilita – which offers grants to customers to help clear or minimise energy debt.

The scheme operates through Utilita Giving, which is the company’s charity partner. 

Utilita Giving also partners with other charities such as IncomeMax, which helps customers make sure they are claiming what they are entitled to, and Let’s Talk, which provides replacement white goods.

Meanwhile, Utility warehouse offers payments of up to £140 to customers about to go in debt, or are currently indebted. 

The team has helped 6,000 customers increase their combined disposable income in the last year by £9 million. 

To find out if you are eligible for any of these schemes, visit their websites and review the conditions of applying.

Via the website you will find information on how to apply – saving you huge amounts of cash this winter in just a few steps.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories