The Bank of England is considering loosening the ringfencing rules that require UK banks to separate their retail operations from other activities, in response to calls from several UK lenders to scrap the regime entirely. This move aims to head off demands for a complete overhaul of the post-crisis banking regulations. Chancellor Rachel Reeves has expressed an 'open-minded' stance on reforming the banking industry's ring-fencing regime, indicating potential government support for changes to the current rules. In other financial news, HM Revenue & Customs (HMRC) has issued 1.32 million 'simple assessments' to state pensioners in the 2023/24 tax year, a 74% increase from the previous year. This surge in tax bills is attributed to frozen income tax thresholds and rising pension payments, pushing more pensioners into the tax net or higher tax brackets. Millions of Mastercard holders in the UK are set to receive compensation following a £200 million settlement approved by the Competition Appeal Tribunal. The settlement addresses claims that Mastercard's fees were unlawfully high between 1992 and 2008, impacting consumers through higher retail prices. The Department for Work and Pensions (DWP) has warned nearly 24 million benefit claimants to report any of 20 specified changes in their circumstances or risk fines, as overpayments cost taxpayers billions annually. The DWP is also paying benefits early due to an upcoming Bank Holiday weekend, urging claimants to act by 5pm on Friday if they do not receive their payments. Additionally, the Post Office has agreed to compensate hundreds of sub-postmasters affected by a data breach last year, with individual payouts of up to £5,000. Meanwhile, early pension withdrawals are resulting in tax bills as high as £98,700 for those accessing large sums.