UK Finance has responded to the Treasury Committee call for evidence on use of AI in financial services. The response highlights: that adoption of AI varies significantly across financial services, but most...
The SFO has charged United Insurance Brokers Limited with failing to prevent its US based intermediaries from bribing Ecuadorian state officials. The alleged activities happened between 2013 and 2016 and relate to...
The High Court has refused an application for a judicial review of a FOS decision that it had no jurisdiction to address a complaint because the complaint was made out of time. The claimants had complained to their...
The FCA is consulting on removing 3 streams of data that it currently collects from firms by way of regulatory returns. As promised, it says this will reduce the reporting burden for 16,000 firms. It proposes to remove:...
Blackthorn Finance Ltd, an authorised payment institution, has entered special administration. The FCA had imposed restrictions and an asset requirement on the firm in late 2023 and the firm had entered members...
OFSI has published its latest “threat assessment” for the property and related services sector. The assessment, an update of the 2022 assessment, is relevant to all firms and sole practitioners involved in...
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
The FCA has published a multi-firm review of how retail banks and building societies treat customers in financial difficulties, building on its previous review of life insurers’ bereavement claim processes. It...
The LSB has developed a Code aimed at improving access to financial services for ethnic minority-led businesses following research that shows a disproportionate amount of these businesses face difficulties getting...
The FCA has written to the House of Lords Financial Services Regulation Committee describing the 2025/6 work programme. It highlights: the new dedicated authorisation officers for sandbox firms; streamlining data...
The FCA has renamed the former ESG Advisory Committee and it is now the Sustainable Finance Advisory Committee. The Committee advises the FCA board on emerging sustainability issues, including ensuring the FCA has...
The PRA’s 2025/6 Business Plan focuses on: significant work already completed on competitiveness and growth – such as the capital requirements to support SME and infrastructure lending, making the Solvency...
The House of Commons library has published a report that gives an overview of the policy relating to closure of bank and building society branches and initiatives to protect access to cash. The report includes: how...
As part of its “Financial Stability in Focus” work, the FPC has published a paper looking at how the rapid pace of development in firms’ use of AI can cause uncertainties and how these may translate...
The FPC met on 4 and 8 April to consider the uncertainties caused by deterioration in the global risk environment. Its headline conclusions are that: severe shocks are more likely and the growth outlook has weakened;...
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
HM Treasury has published its annual report assessing how the Women in Finance Charter has progressed. It says that in 2024 80% of the 205 signatories met or were on track to meet their targets for female representation...
The PRA and the FCA are consulting on amendments to the PRA Rulebook and the FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending. The Financial Policy Committee has recommended...
Nikhil Rathi has spoken on how to build a healthier investment culture in a world where consumers need more from their pensions but significant immediate investment is not possible. He focussed on the need for...
HM Treasury has updated its high risk third country advisory notice in line with the changes announced by FATF at its last plenary session. As a reminder, the FATF changes now apply as soon as announced by FATF, so have...
The PRA and FCA are consulting on a proposal that would indefinitely extend the current temporary exemption for single-stock equity options and index options from the UK bilateral margining requirements. The current...
Following consultation, the ASA has confirmed that the BCAP restriction on advertising “unregulated investments” applies only to financial products that a layperson would generally consider to be...
UK Finance has published a paper that looks at risk management of proliferation finance risks by financial institutions. The guide looks at proliferation finance standards and regulatory frameworks in the UK and...
The MMA, IUA and LIIBA have joined together to launch a non-financial misconduct training programme, following an FCA request. The FCA’s 2024 report highlighting the issues in the wholesale speciality insurance...
The FCA is asking ESG ratings providers to complete a voluntary survey which will help to shape future regulation of ESG ratings and sustainability disclosures more generally. It wants to understand: the business models...
The FCA has confirmed that, in line with the policy that the FOS limit automatically adjusts to keep pace with inflation, the limits from 1 April 2025 will be £445,000 for complaints referred on or after that date about...
The FCA is launching its “My FCA” portal for authorised and registered firms, from 31 March. Using the portal, firms will be able to see all their reporting and attestation tasks and see useful information...
Alongside its action plan, the FCA has published details of its “Consumer Duty rule review“. It has released a feedback statement following its call for input last year when it asked firms to tell it how...
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
The OFSI annual review for 2023-4 shows that as of March 2024, the UK Government had designated over 2,000 entities and individuals under the Russia sanctions regime and frozen £25bn worth of Russian assets. It...
The FCA has published an online call for evidence on the impact of the MCOB rule on the mortgage interest stress test. The call for evidence looks particularly at MCOB 11.6.18R and is part of the FCA’s review of...
HM Treasury has published a near-final version of legislation to reform the MiFID Organisation Regulation. The policy note accompanying the draft explains that: Treasury needs, in law, to restate elements of the...
The FCA has published its decision notice explaining why it has refused the application of Zeux Limited for registration as a crypto firm under the MLRs. The firm submitted its application in 2022. The FCA decided that...
The FCA has published a decision notice of a fine of £1.8m and ban on Crispin Odey for his actions in, in its view, deliberately acting to frustrate Odey Asset Management’s disciplinary process into his conduct...
The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...
The 4th Commencement Order for the Economic Crime and Corporate Transparency Act 2023 brings into force: on 18 March, the remainder of the provisions on the procedure for verifying identity, authorisation of corporate...
The FCA is asking for views on whether it would be a good thing to remove the contactless limit, and has published an “engagement paper” to seek views. The suggestion is all part of the work to support...
Treasury has published its supervision report 2023-4 for AML and CFT – the 12th report in all. The report is wider-ranging than previous years, including things like metrics on guidance and training that...
OFSI has updated its UK financial sanctions FAQs with 13 new questions about what “relevant firms” need to do to comply with their reporting obligations. The questions include answers on how the obligations...
The FCA has updated its website on applying for SMFs and for approved person status within AR firms and has also shared some new case studies on what it looks for when assessing a senior manager application. It looks at...
The PSR has outlined how it plans to publish APP scam data for 2024. Before the mandatory reimbursement requirement came into force in October, it published data annually. For the last cycle of 2024, it is planning to...
The FCA has confirmed it will not be taking forward its controversial proposals to publicise investigations into regulated firms on a “public interest” basis. Nikhil Rathi confirmed that because of a lack of...
The Government has announced its intention to abolish the Payment Systems Regulator as part of its drive towards efficiency. It plans mainly to consolidate the PSR’s operations within the FCA. Rachel Reeves said...
HM Treasury signed up to the Women in Finance Charter in 2016. Since then, its own female representation in senior management, as at March 2024, had increased from 43% to 50%. Treasury has been prioritising: a long term...
The latest statistics on mortgage lending for Q4 2024 from the MLAR submitted to the FCA show: the highest stock of outstanding mortgage loans since reporting began in 2007 (£1,678.2 bn); a 4.9% increase in the value of...
The FCA does not agree with the findings of the Complaints Commissioner that it did not identify significant risks in relation to Safe Hands funeral plan provider. The FCA did not acquire legislative powers to regulate...
The FCA has published a statement explaining that its sustainability rules do not prevent investment in or finance for defence companies. It explains that the aims of its sustainable finance rules are to ensure...
The responses from the 9 banks that were the subject of a Treasury Committee request for information on IT outages over the past 2 years show that, between January 2023 and February 2025 (not including the Barclays...
HM Treasury has amended the FSMA Exemption order to include a new schedule for the names of any person exempt from the FSMA general prohibition in respect of any regulated activity, and has added National Wealth Fund...
The FCA has published the results of its review of private market valuation processes. It is imperative that firms in these markets have robust processes given that the regular price discovery present in more liquid...
The FCA’s latest data on whistleblowing reports shows it received 292 reports in Q4 2024 containing 852 allegations in total. Nearly half the reports were made by reporters using the online form, although...
The FOS’ complaints data for Q4 2024 shows a rise of 40% in complaints over the same period last year. It received more than 68,000 complaints – which was in fact slightly less than the number it received...
The FCA has banned Andrew Pearse and Surjan Singh, former managing directors of Credi Suisse, following a US court convicting them of arranging corrupt loans to the Republic of Mozambique. The individuals had pleaded...
The FCA has started criminal proceedings against Kerry Nelson, former director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited and Jacqueline Stephens, business operations manager...
Olumide Osunkoya, who operated crypto ATMs at 28 locations through his company, Gidiplus Limited, while not being FCA registered to do so, has been jailed for 4 years. The FCA had refused Gidiplus’ application for...
Nikhil Rathi spoke to the ABI on how the FCA is looking to support growth while keeping strong consumer protection. He highlighted: the far reaching reforms to listing and prospectus rules the removal of the expectation...
The FCA has updated its resources on the Consumer Duty to confirm that, as of 27 February, it no longer expects firms to have a Duty champion, although of course they are free to have one. In the run up to the...
The FATF is carrying out a study to improve country and private sector understanding of current proliferation financing risks and its looking to set out evasion techniques that those who seek to evade the targeted...
The FATF has published an updated version of its standards, which now better support financial inclusion. It has updated standard 1, and the interpretative notes to standards 1, 10 and 15 and its Glossary definitions...
The CMA has reached settlement with 5 banks in relation to exchanges of information by traders on buying and selling gilts on specific dates. Individual traders shared competitively sensitive information in one-to-one...
The FATF has published a second consultation on changes to Recommendation 16 on payment transparency and the related guidance and glossary terms. It needs to make the update to adapt the standard to changes in payment...
John Dance, the former principal partner in the WealthTek LLP was charged in December 2024 with alleged misappropriation of customer funds totalling around £64m between 2014 and 2023. The trial date has now been listed...
At the February FATF plenary meeting, it: updated the list of high risk jurisdictions, to add Lao People’s Democratic Republic and Nepal, and remove the Philippines from increased monitoring; agreed changes to its...
The FCA has published the results of a survey of 22 firms, in which it checked whether firms that are charging their clients for ongoing advice and relating services are meeting their regulatory obligations and had been...
The Wolfsberg Group has published a set of FAQs on how members conceive of and conceptualise key terms associated with digital assets. It says the guide will be a reference point for its future work on the risks of and...
The Wolfsberg Group has published guidance on roles and responsibilities in payment transparency. Its guidance looks at the roles of the various actors in the payment chain and their respective responsibilities, using a...
A blog from the FCA has explained the reasoning behind its statement that it is to delete all emails in staff inboxes that are over a year old. The blog explains that the FCA is not deleting evidence, but rather is...
The FCA’s metrics showing its authorisations figures for the last quarter of 2024 shows no “red” metrics, and only one amber, which is on the new firm authorisations (which has been amber for some...
The FCA and PSR have published a report looking at the use and impact of digital wallets. Use of digital wallets is increasing rapidly, going from 8% in 2019 to 29% in 2023, and in 2023 around 20% of card users used a...
The press is reporting that the applications by HM Treasury and the Finance and Leasing Association to intervene in the Supreme Court hearing in the Johnson, Hopcraft and Wrench cases have been denied, while the...
The FCA is still considering the feedback to its consultation on requiring firms to set aside capital resources for potential redress liabilities. While it is continuing to carry out increased monitoring of firms and...
The FCA has confirmed that it will no longer imminently be publishing its feedback statement on the proposed extension of the SDR and investment labels regime to portfolio management. The FCA is aware that fund managers...
Nvayo Limited, an EMI, has entered special administration. The FCA had placed restrictions on the firm in 2023 because of AML compliance concerns, which meant the firm could not carry on any emoney services without the...
The Treasury has committed to a new mortgage guarantee scheme and urged the FCA to carry out an “ambitious and rapid” review of its mortgage rules – both with the aim of allowing more people to take...
The latest of OFSI’s Threat Assessment Reports focuses on financial services. The report is aimed at helping UK businesses to prioritise the highest risks in their approach to financial sanctions compliance. It...
The Foreign Affairs Committee has opened an inquiry on the UK’s sanctions strategy, and it asking for written evidence on questions such as whether Parliament should have greater oversight of the UK sanctions...
The PSR’s head of policy, Kate Fitzgerald, has blogged on what the PSR plans now that the main APP scam reimbursement requirement is in full effect. Its key priority relates to Pay.UK’s reimbursement claims...
The PRA has finalised the rule changes needed to allow it to streamline firm-specific capital communications. The changes do not change the capital requirements on firms but will simplify the content and process of the...
Following the FOS announcement on 6 February that Abby Thomas was stepping down from her role as Chief Executive and Chief Ombudsman, the Treasury Committee has written to both the FCA and the FOS about the...
The FCA received 2 new applications from crypto firms for registration under the MLRs in the past month. It also registered one firm, bringing the total registered since January 2020 to 50 – still only 14% of...
UK Finance has published guidance for the financial services sector on the failure to prevent fraud offence, which takes effect in September. The guidance cannot have statutory force or Government blessing, as the ECCTA...
The UK Finance response to the Treasury’s consultation on a UK Green Taxonomy shows that members hold different views as to whether a taxonomy would be useful in supporting the Government’s objectives. On...
The Treasury Committee has written to 9 banks and building societies asking them to provide information on IT outages in the past 2 years and how these have affected current accounts. The request follows the recent...
The FCA has published a paper evaluating the results and lessons from its ban on contingent charging and other remedies in relation to the defined benefit transfer advice market. The FCA put the measures in place in...
Hot on the heels of the FCA, the PRA has published its Climate Change Adaptation report. This is the PRA’s third report on the subject and focuses on the prudential impact on banks and insurers. Like the FCA, it...
HM Treasury has published responses from the Prudential Regulation Committee and Financial Policy Committee to its letters setting out recommendations. the Prudential Regulation Committee response notes what the PRA has...
The FCA has published a report requested by DEFRA, looking at the major issues that affect climate change adaptation in the financial services industry. Its research and its discussions with firms highlighted 3 major...
UK Finance and Accenture have published a report on how financial services firms are using generative AI. The report finds that the sector is investing more in AI, and that generative AI is driving the most value in:...
The JMLSG is consulting on changes to various parts of Part 1 of its guidance. The changes relate to: in chapter 5 new provisions on local authorities and professional deputies appointed by the Court of Protection or...
The PSR and BoE have published correspondence between them setting out how they intend to continue to work together on the CHAPS reimbursement requirement. The PSR does not have powers under the Financial Services...
The Global Financial Innovation Network has published a report on the use of consumer-facing AI in global financial services. The GFIN, spearheaded by the FCA and the Dubai FSA, carried out a study during 2024 on...
The LSB is to retire its Standards of Lending Practice for personal customers at the end of March 2025. The standards were first published in 2016, and have been reviewed and updated several times. However, the last...
The Civil Appeals case tracker shows that the appeal relating to judicial review of the FOS decision on DCAs is to be heard “by 8 December 2025”. As a reminder, the appeals in relation to the court cases on...
The FCA and the PSR have confirmed that Open Banking Limited will play a key role in setting up an independent central operator to coordinate how variable recurring payments are made in this next step in the development...
The FCA has shared its findings from its review of payment service and account providers’ use of the National Fraud Database (a cross-sector database hosted by Cifas) and a money mule account detection tool. The...
The FCA has carried out a review on the systems and controls against money laundering that wholesale brokers have in place to prevent money laundering through the capital markets and has concluded that they could do...
Companies House has confirmed that: from 25 February, it will be able to expedite striking off companies where the registrar concludes the company has been formed for a false basis and will be able to carry out checks...
The FCA has published summary grounds of intervention in support of its application to intervene in the appeals relating to motor dealer-broker commissions. The FCA wants to intervene in writing and for up to an hour...