Heating engineers across Britain are being urged to take up the offer of a government-funded heat pump to install in their own homes, as part of efforts to roll out the clean technology.

Research and innovation firm Nesta is running a “start at home” initiative to provide heating engineers with a funded heat pump and training on how to install it, so they can learn the ropes before fitting the technology for customers.

The initiative comes after a pilot scheme by Nesta found supporting heating engineers to install their first heat pump in their home boosted their technical knowledge, understanding of living with the technology, and confidence in promoting them to customers.

Experts warn large-scale deployment of clean electric-powered heat pumps is key to replacing the widespread use of gas boilers in homes to reduce carbon emissions as part of targets to cut greenhouse gases to “net zero” by 2050.

That means installing round 450,000 heat pumps in existing homes a year by 2030, requiring 38,000 more installers trained and confident to install heat pumps before then, Nesta said.

The organisation said heat pumps were more efficient than gas boilers, potentially lowering energy bills, and tend to require less maintenance and last longer, keeping homes warm for years.

But Nesta pointed to research by the Department for Energy Security and Net Zero (DESNZ) suggesting only 27% of newly trained installers have gone on to complete an installation within a year, partly due to a lack of a confidence in the technology and the process of putting it in.

So the start at home scheme is being rolled out with partners across England, Wales and Scotland, providing heat engineers with heat pumps for their own homes and expert support, and putting them on the path to the accreditation needed to install the technology for customers under government schemes.

Madeleine Gabriel, Nesta’s director of sustainable future, said: “As more and more households look to switch their home heating, it will be all hands to the pump – and we want to help ensure that Britain’s heating workforce is ready to respond.

“Although lots of heating engineers are curious about heat pumps, many rarely get the chance to see one, let alone install one.

“The ‘start at home’ scheme changes that by beginning where it makes most sense – at home.

“Our message to all heating engineers is simple: secure your future by getting hands-on with the tech with installation yourself.”

Eric MacRae, a heating engineer who took part in the pilot which ran across Scotland, added: “I have confidence now that I’ve got one running in my own property that I have 24/7 experience of.

“Instead of giving people a spiel, I can now speak from personal experience of using it myself.

“It’s giving me an extra edge, and I feel that I can emphasise more of the advantages than I previously would have been able to.”

KARACHI:

The Pakistan Stock Exchange (PSX) endured another volatile session on Tuesday, where the benchmark KSE-100 index shed 1,579 points, or 0.94%. After opening on a positive note, the index touched the intra-day high of 168,519, but selling pressure emerged immediately, dragging the market down.

The index hit the intra-day low of 165,997 towards the end of trading. Tuesday’s decline marked the second consecutive session of losses, following a 0.73% drop on Monday. Despite early optimism, investors remained cautious, leading to profit-taking in key sectors. The index appears to be in a consolidation phase, hovering around key support zones.

Arif Habib Limited (AHL) remarked that selling pressure persisted for the second session, when the KSE-100 traded down to Monday’s low of 166k. Some 26 shares rose while 73 fell with HBL (+3.56%), Engro Fertilisers (+1.54%) and Askari Bank (+3.85%) contributing the most to index gains. On the flip side, Hub Power (-3.75%), Engro Holdings (-2.7%) and Lucky Cement (-3.09%) were the biggest drags, it said.

Among economic news, AHL mentioned, the State Bank of Pakistan (SBP) governor sees inflation holding steady, although further interest rate cuts will depend on the impact of recent floods and the outcome of ongoing International Monetary Fund (IMF) review. For the index, 166k is emerging as a key level and it will need to immediately regain 167.2k to target the 170k mark, AHL added.

KTrade Securities, in its market wrap, noted that the PSX concluded another volatile session in negative territory as the benchmark KSE-100 index lost 1,579 points (-0.94%) to close at 166,174. The decline was driven by rising geopolitical tensions with India and ongoing economic concerns, particularly in the context of IMF review and fiscal scrutiny.

Heavyweight stocks from sectors such as power, energy, cement, fertiliser and oil & gas exploration were among the major contributors to the downside. Despite the market-wide sell-off, investor sentiment remained cautiously optimistic, with many participants staying engaged in anticipation of clarity on macroeconomic developments, KTrade said.

Topline Securities commented that following Monday’s downbeat momentum, bears kept their firm control in Tuesday’s session as well. The KSE-100 index opened on a positive note, with bulls charging ahead to push the market up by 766 points. However, the optimism was short-lived as selling pressure intensified midway through the day.

The index nosedived to the intra-day low of 1,755 points before eventually settling at 166,174, down 1,579 points. It attributed the negative close mainly to heavy profit-taking by local institutions, which overshadowed early gains and dragged the market into the red.

The decline was driven by losses in Hub Power, Engro Holdings, Lucky Cement, Mari Energies and UBL, which pulled the index down by 986 points. Partial support came from HBL, Engro Fertilisers, Askari Bank and Allied Bank, which contributed 380 points, Topline stated. JS Global analyst Mohammed Waqar Iqbal said that the benchmark index remained under pressure and faced volatility as profit-taking continued to impact the market.

Overall trading volumes slightly decreased to 1.266 billion shares from Monday’s tally of 1.274 billion. The value of shares traded stood at Rs54.2 billion. The PSX announced on X that on Tuesday, 54% of the total traded value was in Shariah-compliant stocks.

Shares of 487 companies were traded. Of these, 183 closed higher, 267 fell and 37 remained unchanged.

PTCL was the volume leader with trading in 180.6 million shares, falling Rs0.27 to close at Rs31.14. It was followed by The Bank of Punjab with 134.7 million shares, rising Rs0.62 to close at Rs35.08 and Cnergyico PK with 90.7 million shares, edging down Rs0.03 to close at Rs8.76. Foreign investors sold shares worth Rs614 million, the National Clearing Company reported.

Compensation payouts on around 14 million unfair motor finance deals could start next year, at an average of about £700 each, the Financial Conduct Authority (FCA) has said.

The regulator previously suggested motorists could receive less than £950 per deal, but it now suggests they could receive less compensation than previously estimated.

The redress scheme was previously estimated to cost lenders between £9bn and £18bn; it is now expected to cost lenders £8.2bn, based on about 85 per cent of eligible consumers taking part.

Motor finance firms broke the law or its rules by not properly informing customers about commission paid by lenders to the car dealers that sold them the loan, the regulator said. This meant that many motorists did not have the opportunity to negotiate or find a better deal and therefore may have paid a higher interest rate for their loan.

Nikhil Rathi, the FCA’s chief executive, said in a statement that it was time for customers to get fair compensation.

“Many motor finance lenders did not comply with the law or the rules,” Mr Rathi said. “Now we have legal clarity, it’s time their customers get fair compensation. Our scheme aims to be simple for people to use and lenders to implement.”

The FCA boss said that not everyone would get what they wanted following the ruling, as the regulator will work on the compensation scheme.

“We recognise that there will be a wide range of views on the scheme, its scope, timeframe and how compensation is calculated,” he said. “On such a complex issue, not everyone will get everything they would like.

“But we want to work together on the best possible scheme and draw a line under this issue quickly.

“That certainty is vital, so a trusted motor finance market can continue to serve millions of families every year.”

The FCA found that car buyers “may have been charged too much” by their lenders, meaning that anyone who bought their car before January 2021 using a car finance scheme could be eligible for compensation.

Some companies used “discretionary commission arrangements” with brokers, which gave them the power to adjust customers’ interest rates on Personal Contract Purchase and Hire Purchase agreements.

The watchdog, which looked into data from across some 32 million agreements made between 2007 and 2024, believes setting up a free compensation scheme will be easier and quicker for customers to access, and more cost-effective for firms by removing much of the legal and administrative work.

As up to 90 per cent of new cars purchased in the UK are bought using motor finance, it’s estimated that millions could potentially be due payouts following the ruling.

Because these brokers earned more commission on higher rates, this created an incentive to maximise the rate given. An estimated 40 per cent of car finance deals were thought to be affected by the issue.

The FCA outlawed this practice from 28 January 2021, but acknowledged that a “high number” of people have now come forward to claim they had been overcharged before the ban.