The US SEC proposes opening private funds to more ordinary savers, and asks whether passing an exam should also let them in

The rest of the day

19 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

1. 02

   Britain moves to end family seat fees

   Britain's government says airlines will not be allowed to charge parents to sit next to children under 14. [13] Fees to fix small booking mistakes, such as a misspelt name, which can cost up to 40 pounds, would also go. [19] Sitting together can now cost a parent and child up to 104 pounds on a return flight, the UK Department for Transport says. [13][19] The rules need the Civil Aviation Bill to pass the UK Parliament first, and UK ministers hope to start them before next summer's holidays. [19]

   Why it matters — Airlines UK, the trade body for UK airlines, says its members already seat children under 12 with an adult and fix names free. [19] The new rule would cover children up to 13 and bind every airline flying in the UK. [19]

2. 03

   US opens a help site for loans in default

   The US Treasury opened a Default Loans Support Center on Wednesday 30 September, a website for federal student-loan borrowers who have fallen behind. [15] About 9.3 million borrowers were in default on 30 June, up from about 6.2 million in 2016, US Education Department data show. [15] A loan counts as in default after 270 days without a payment. [15] Separately, nearly 2 million borrowers have signed up for automatic payments that cut their interest rate by one percentage point, and the deadline to join moved to 31 December. [20]

   June 20166.2 million

   June 20269.3 million

   Why it matters — Defaults rose after the pandemic pause on payments ended and a low-payment plan called SAVE was scrapped, while recent graduates found jobs harder to get, CNBC reports. [15] A 2016 US Treasury blog post found that it collected these debts at lower rates than private companies did. [15]

3. 04

   UK weighs ending a sickness top-up for under-25s

   UK ministers are looking at removing the health part of Universal Credit, Britain's main benefit for people on low incomes, for claimants under 25, the Guardian reported on Thursday 1 October. [21] That top-up, for people whose illness or disability limits their work, has already been almost halved, to 217 pounds a month. [21] Subsidised jobs and other help into work would replace it. [21] In Britain 981,000 people aged 16 to 24 were not in education, work or training between April and June. [22]

   Why it matters — Alan Milburn, a former UK health secretary writing an official review of youth work, says the most severely disabled young people should get benefits without repeated tests. [23] Last year a revolt by Labour MPs forced Keir Starmer's government to drop 5bn pounds a year of disability benefit cuts. [24]

4. 05

   Australia raises its main rate to 4.6%

   The Reserve Bank of Australia, the country's central bank, raised its main interest rate from 4.35% to 4.6% on Tuesday 29 September. [11] It was the fourth rise this year and the highest level since 2011. [11] Before the decision, the Guardian estimated a rise would add about 119 Australian dollars a month to an average new mortgage of 731,000 dollars. [25] Governor Michele Bullock said the US war on Iran had made fuel, fertiliser and transport permanently dearer. [11]

   Why it matters — Since January, monthly repayments on that average loan have risen by nearly 480 Australian dollars, by the Guardian's estimate. [25] Economists at ANZ, a big Australian bank, and at UBS expect another rise as soon as November, while AMP, Commonwealth Bank and NAB expect a hold. [11]

5. 06

   First $500 health refunds go out in the US

   The Trump administration began sending $500 refunds on Wednesday 30 September to more than 950,000 people who buy health insurance through HealthCare.gov, the US government's marketplace. [26] Most earn over four times the US poverty line, about $63,000 for one person, and lost all help with premiums when extra subsidies ended. [26] The money comes from a surplus of fees that insurers paid to run the marketplace, the Trump administration says. [26] Only the 30 states that use HealthCare.gov are included. [26]

   Why it matters — Insurers have asked for a 15% rise in these premiums for 2027, after a 20% rise in 2026, MarketWatch reports, citing the health research group KFF. [27] The checks arrive just over a month before the US midterm elections on 3 November. [26][27]

6. 07

   More young UK workers leave their pensions

   In the last three months of 2025, 11.5% of newly hired 22- to 29-year-olds in Britain opted out of their workplace pension, up from 6.6% in 2020. [17] UK employers must enrol most workers aged 22 or over who earn above 10,000 pounds, and pay in on top. [17] Hassan Nassar, a trainee GP, stopped paying about 430 pounds a month into his pension, because he needs the money for rent, a sick relative and his student loan. [17] He estimates it could cost him 5,000 to 10,000 pounds of retirement income. [17]

   Late 20206.6%

   Late 202511.5%

   Why it matters — Torsten Bell, Britain's pensions minister, warned of a danger that tomorrow's retirees are on track for lower private pensions than today's. [17] About 22.6 million people, 90% of those eligible, still pay into these pensions. [17]

7. 08

   US Senate renames Social Security ages

   The US Senate passed the Claiming Age Clarity Act on Tuesday 29 September, sending it to President Trump to sign. [28] It renames the ages at which Americans can start Social Security, the US state pension. [28] Age 62 would become the 'minimum benefit age', 66 or 67 the 'standard benefit age' and 70 the 'maximum benefit age'. [28] Claiming at 62 can cut the monthly payment by up to 30% for good, and each year of waiting past the standard age adds 8%. [28]

   Why it matters — The bill changes no ages and no payments, only the words the Social Security Administration uses. [28] Its sponsors say the old terms could mislead people into poor decisions, and the US House of Representatives passed its version in December 2025. [28][29]

8. 09

   More Americans spend from their investments

   In the three months to April 2026, 8.2% of people moved money from investments into their everyday bank accounts, up from 4% in 2019 and 2.4% in 2015. [18] The JPMorganChase Institute, the research arm of the US bank JPMorgan Chase, found this in more than 20 million anonymous Chase accounts. [18] Its research director, George Eckerd, said the money went straight into spending. [18] Shares now make up nearly a third of what US households own, about twice the share in the early 2010s. [18]

   20152.4%

   20194%

   20268.2%

   Why it matters — Most of these withdrawals come from people over 65 or in the top tenth of incomes, but the share rose in every age and income group. [18] A Federal Reserve Bank of Atlanta paper estimates a 25% fall in the S&P 500, an index of big US companies, could cut consumer spending by 3%. [18]

9. 10

   Three US states vote on taxing the rich

   Voters in Colorado, California and Washington state will decide on 3 November how much their highest earners pay, Kiplinger reports. [30] Colorado's Amendment 87 would replace its flat 4.4% income tax with six rates from 3.7% to 8.4%. [30] California's Proposition 40 would take a one-off 5% of the wealth of billionaires who lived there on 1 January 2026. [30] Washington voters will decide whether to repeal a new 9.9% tax on income above $1 million, due from 2028. [30]

   Why it matters — The Bell Policy Center, which backs Colorado's change, says 97% of taxpayers there would pay less. [30] California's own analysts say some billionaires might leave, which could cut the state's income tax by less than $1 billion a year. [30]

10. 11

    US sets rules for a school-gift tax credit

    The US Treasury and the IRS, the US tax agency, proposed rules on Monday 28 September for the Education Freedom Tax Credit, which starts on 1 January 2027. [31] A taxpayer who gives cash to an approved scholarship charity can cut their federal income tax by up to $1,700, or $3,400 for a married couple. [31] The scholarships can pay for private-school fees, tutoring, books and computers. [31] Only charities in US states that choose to take part count, and 30 states have opted in. [31]

    Why it matters — Because the credit comes straight off the tax bill, a giver who owes enough tax gets up to $1,700 of the gift back. [31] The US Treasury estimates more than 11 million taxpayers could give nearly $26 billion a year by 2030. [31]

11. 12

    New York City's cancel rule starts

    A New York City rule took effect on Thursday 1 October that makes companies let customers end subscriptions as easily as they signed up. [14] New York state already had a similar rule, but the city can now enforce it itself and has opened a website for complaints. [14] A company with no simple way to cancel can be made to pay $525 for each subscription. [32] A national rule from the US Federal Trade Commission was struck down by a court in July 2025, a week before it was due to start. [14]

    Why it matters — More than half of US states have their own rules on subscriptions that renew by themselves. [14] A survey for CNET, a technology website, found US adults spend about $205 a year on subscriptions they no longer use. [14]

12. 13

    The US tax agency accepts fewer debt deals

    The IRS, the US tax agency, accepted about 5,500 'offers in compromise' in its 2025 financial year, 57% fewer than the 12,700 it accepted in 2023. [16] An offer in compromise lets someone who cannot pay a tax debt settle it for less than they owe. [16] Requests rose 29% over the same two years, to about 38,800. [16] The IRS would not say why, and experts told CNBC that deep cuts to its staff are likely part of the reason. [16]

    202312,700

    20255,500

    Why it matters — Lower-income households rely on these deals most, tax experts told CNBC. [16] The deals accepted in 2025 were worth $98.1 million, less than half the $214.5 million of 2023. [16]

13. 14

    Most California fire claimants were underinsured

    More than 70% of insured California homeowners who claimed for fire damage between 2018 and 2023 were underinsured, by about 20% on average. [33] Kenneth Klein, a law professor at California Western School of Law, found this in 74,000 claims and says the problem is nationwide. [33] Experts told CNBC that owners underestimate rebuilding costs, while insurers add exclusions and caps. [33] Fewer than 4% of US households hold cover from the national flood insurance programme, though 99% of US counties have flooded in the past 20 years. [33]

    Why it matters — Gaps in cover are often found only at the moment of a loss, said Lareesa Klingler of Lockton, an insurance broker. [33] Some owners choose less cover just to afford any at all, a US consumer group says. [33]

14. 15

    Thames Water takes 145,562 pounds by mistake

    Thames Water took 145,562 pounds from a north London teacher's bank account on Thursday 1 October, after a wrong meter reading. [34] The payment pushed Adam Bainbridge deep into overdraft and blocked his other bills that morning. [34] At first he could reach only a chatbot, and his bank returned the money; Thames Water then apologised and offered a goodwill payment. [34] Thames Water is the UK's biggest water company and owes about 20bn pounds to lenders. [34]

    Why it matters — Complaints about water companies in England and Wales to their watchdog rose a record 84% in a year, driven by confusion over bills. [34] Ofwat, the water regulator, has let companies raise bills by 36% between 2025 and 2030. [34]

15. 16

    A stranger's fines follow a Blackpool man

    Bailiffs came to a Blackpool man's home over four unpaid Ulez fines from Transport for London (TfL) for a car he never owned, the Guardian reported on 28 September. [35] The DVLA confirmed in writing that the car had never been registered to him, but TfL told its bailiffs it could not accept that evidence. [35] He then found that TransUnion, a credit reference agency, had wrongly merged a stranger's credit file with his, for the third time in three years. [35]

    Why it matters — Over the years his address has been given to tracing agents working for more than 20 creditors. [35] The column says TfL and its bailiffs failed in their legal duty to check they had the right person. [35]

16. 17

    Bond losses give US savers a tax offset

    The yield on 10-year US government bonds passed 5% in September, the highest since 2007, which pushed down the price of bonds people already held. [12] Two big bond funds, Vanguard's Total Bond Market ETF and iShares' Core US Aggregate Bond ETF, were each down more than 3.5% for the year. [12] Under US tax rules, a loss made by selling an investment can be set against gains on others, cutting the tax owed. [12] Vanguard and American Century have been telling fund investors about it. [12]

    Why it matters — US shares were up about 13% for the year, so many investors hold gains that a bond loss could offset. [12] A US 'wash-sale' rule cancels the tax benefit if a near-identical holding is bought within 30 days before or after the sale. [12]

17. 18

    A college ranking sets price against aid

    The Princeton Review, a US education company, ranked colleges by value in a 2027 report covered by CNBC on 29 September, using surveys at more than 650 colleges. [36] At the five top private colleges on its list, the full price averaged $97,813 a year, but students in need got scholarships averaging $75,646. [36] At the top five public universities the in-state price averaged $38,194, and need-based grants averaged $26,976. [36] Georgia Tech, the University of North Carolina at Chapel Hill, Harvey Mudd and the University of Michigan were among the leaders. [36]

    Why it matters — By those averages, a student in need at the top private colleges paid about $22,000 a year, not $97,813. [36] A growing number of US colleges now charge more than $100,000 a year. [36]

18. 19

    Insurer lifts a premium sixfold after a claim

    A London family with three young children says LV= General Insurance has stalled repairs to subsidence damage since they claimed in 2023, the Guardian's consumer column reported on 29 September. [37] Claims for subsidence, damage from ground movement, are soaring as repeated droughts make soil shrink. [37] Meanwhile the family's yearly premium rose from 400 pounds to 2,500 pounds. [37] LV= now accepts that the extension needs a full rebuild and says it is reviewing the premium. [37]

    Why it matters — LV= says permanent repairs must wait until the cause is dealt with, and blames a neighbour's eucalyptus tree that the neighbour will not remove. [37]

19. 20

    A romance conman loses his appeal

    England's Court of Appeal refused Mark Acklom's bid to overturn an order to repay 125,000 pounds to Carolyn Woods, the BBC reported on 30 September. [38] In 2012 he posed as an MI6 agent, a Swiss banker and a property developer to take her life savings. [38] He admitted fraud worth 300,000 pounds in 2019, and Woods says she lost closer to 850,000 pounds. [38] Such confiscation orders take into account how much money a criminal has now. [38]

    Why it matters — His lawyer argued that a Spanish fine of 423,000 euros should lower what he could pay, and the judges rejected that. [38] Woods told the BBC she still does not believe Acklom will repay her. [38]