FIN.

Author - Emma Radmore

UK Finance feeds back on use of AI

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...

API enters special administration

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...

FCA updates Regulatory Initiatives Grid

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...

FCA updates Lords Committee on work plan

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...

PRA publishes Business Plan

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...

Commons publishes access to cash findings

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...

FPC looks at role and risks of AI

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...

FPC publishes April update

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;...

FCA publishes work programme 2025-6

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)...

PRA and FCA consult on margin requirements

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...

FCA launches ESG ratings provider survey

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...

FOS limit increasing from 1 April

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...

FCA to launch new portal

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...

FCA gives more detail on rule streamlining

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...

FCA publishes 5 year strategy

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...

FCA refuses crypto-application on harm basis

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...

FCA decides to fine and ban Crispin Odey

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...

Chancellor unveils more red tape cutting

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...

More ECCTA provisions take effect

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...

FCA consults on removing contactless limit

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...

OFSI updates sanctions FAQs

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...

PSR updates on scam data publication plans

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...

Government abolishes PSR

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...

Mortgage stats show rises all round

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...

Bank IT outages of over 800 hours in 2 years

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...

FOS reports huge rise in cases

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...

FCA speaks on challenges of growth

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...

FATF consults on Recommendation 16

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 trial date set

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...

FATF plenary outcomes

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...

Wolfsberg Group publishes digital asset FAQs

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...

FCA explains email deletion plan

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...

FCA delays “polluter pays” decisions

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...

FCA delays decision on SDR extension

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...

E-money firm goes into special administration

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...

Treasury acts to encourage more mortgages

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...

FCA updates crypto-registration stats

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 publishes FTP fraud guidance

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...

FCA evaluates results of DB market measures

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...

UK Finance publishes generative AI use report

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:...

JMLSG consults on Part 1 amendments

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...