Money, in brief

The US Securities and Exchange Commission (SEC), the agency that polices US investment markets, voted on Wednesday 30 September to propose letting more ordinary savers into private markets. [1]

Private markets are shares and loans in companies that are not sold on a public stock market, such as private equity, venture capital and hedge funds. [2][3]

Many of these deals may be sold only to 'accredited investors'. [2] That means earning $200,000 a year, or $300,000 for a couple, or owning $1 million not counting the main home. [2]

The SEC is asking whether passing an exam written by FINRA, the industry body that oversees US brokers, should also count. [1] Officials said it could have about 75 multiple-choice questions and cost about $100, and a pass would last ten years. [2]

It also asks whether holding a CPA, CFA or CFP, three common accounting and finance qualifications, should be enough on its own. [1] The CFA Institute, which awards the CFA, welcomed the idea. [4]

Separately, advisers who run funds sold to the public could charge a performance fee of up to 20% of a fund's gains. [5] That is similar to what hedge funds have long charged. [6]

Interval funds, which buy back savers' shares only at set times, would get more say over those times. [5] They could also take sales charges out of the money a saver withdraws, under conditions. [5]

Paul Atkins, the SEC's chair, said these investments should not be kept for the wealthiest. [3] He also said private deals can carry more risk and fewer protections than public ones. [3]

This year several private credit funds, which lend money to companies, limited how much savers could take out. [6] Between January and March, savers asked for 21.9% of Blue Owl's $20bn credit fund back, and it let out 5% a quarter. [7]

In March the fund manager BlackRock held withdrawals from its $26bn HLEND credit fund to 5%, after requests passed 9% of its value. [8]

US crowdfunding rules already take a different route: they cap how much a person who is not accredited may put in. [9]

The public can comment for 60 days after the plans appear in the Federal Register, the US government's official journal. [1]

Why it matters. The next test is the 60-day comment period, and whether people ask for a cap on how much a newly accredited saver can put in, as some did in 2019 and 2020. [9]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]