The PSR has considered changes in the payments landscape from consumer, merchant and industry perspectives. For consumers, the PSR notes growth in digital payments and digital wallets technology. Cards remain the most...
Author - Laura Wiles
Laura Wiles
PSR publishes summary of scheme and processing fees roundtables
The PSR has published a summary of discussion points at the stakeholder roundtables it conducted in July 2024 on scheme and processing fees. The discussion on remedies was split into four sections, each focusing on a...
First pension provider connects to pensions dashboard system
The first pension provider has successfully connected to the live pensions dashboard system, following the DWP’s staged timetable. The development follows the three volunteer participant connection journeys...
BoE publishes Q1 2025 credit conditions survey
The BoE has published its credit conditions survey for Q1 2025. The quarterly survey covers secured and unsecured lending to households, and lending to non-financial corporations, non-bank financial firms and small...
FCA speaks on delivering enforcement priorities in collaboration with the US
Therese Chambers – FCA joint executive director of enforcement and market oversight – has delivered a speech on delivering enforcement priorities at the Spring Conference of NYU’s Program on Corporate...
FCA establishes US and APAC presence
For the first time, the FCA has established a presence in the US and Asia-Pacific. In the US, Tash Miah has joined the British Embassy in Washington DC. Miah will work closely with the Department for Business and Trade...
TheCityUK publishes response to call for evidence on AI
TheCityUK has published a response to HM Treasury’s call for evidence on AI in financial services. The industry-led body supports the aim of the inquiry and the Treasury Committee’s work on ensuring the UK...
Treasury and FCA hold perimeter meeting
HM Treasury and the FCA have held their fourth annual meeting on issues relating to the regulatory perimeter. The meeting noted the government’s strong commitment to the FCA’s secondary competitiveness and...
FCA publishes multi-firm review of trading apps
The FCA has published a multi-firm review assessing the business models, products and services of trading app firms. The review aims to support new firms and traditional investment brokers seeking to offer such...
PSR defers APP claims management system consultation
The PSR had planned to consult in April 2025 on adopting Reporting Standard B and whether to put in place regulatory requirements for Pay.UK’s reimbursement claims management system. Having considered stakeholder...
BoE publishes digital pound report and design note
The BoE has published an experiment report on whether it is feasible to implement an offline payment functionality for a digital pound. The report concluded that while it might be technically possible to introduce such...
FCA finishes consumer investment policy sprint
The FCA has concluded a 6-week policy sprint on new ways to assist consumers in making important investment decisions. The initiative is part of the FCA’s work on targeted support and bridging the gap between...
FCA reappoints Nikhil Rathi as Chief Executive
The Government has confirmed the reappointment of Nikhil Rathi as Chief Executive of the FCA. His second five-year term will last until September 2030. The FCA highlighted a series of recent policy changes introduced...
BoE publishes results of H1 2025 Systemic Risk Survey
The BoE has published the results of its H1 2025 Systemic Risk Survey. The survey aims to quantify and track market participants’ views of risks to – and their confidence in – the stability of the UK...
PSR appoints interim Head of Policy
The PSR has appointed Claire Simpson as interim Head of Policy. Ms Simpson previously led the PSR’s work on APP scams. Her appointment is effectively immediately, and she replaces Kate Fitzgerald, who leaves the...
CMA publishes guidance on unfair commercial practices
The CMA has published guidance on provisions in the Digital Markets, Competition and Consumers Act 2024 (DMCC) designed to protect consumers from unfair trading. The provisions replace and update the existing Consumer...
CMA writes to Lloyds on breach of Retail Banking Order
The CMA has written a letter to Lloyds Banking Group in relation to the bank’s breaches of the Retail Banking Market Investigation Order 2017. Part 5 (Payment Transactions Histories) of the Retail Banking Market...
PRA consults on accelerating investment by insurance firms
The PRA has launched a consultation on reforming the Matching Adjustment application process, by introducing a Matching Adjustment Investment Accelerator (MAIA) permission to reduce barriers to investment by insurers...
FSB nominates Andrew Bailey as chair
The Financial Stability Board (FSB) has nominated Andrew Bailey – BoE Governor – to serve as its next chair, replacing Klaas Knot – President of De Nederlandsche Bank. His term will last for three...
PRA sets out approach to credit union service organisations
Laura Wallis – PRA Director of UK Deposit Takers – has written a letter setting out the PRA’s approach to Credit Union Service Organisations (CUSOs). The PRA has observed increased interest from credit...
OFSI publishes financial sanctions guidance for insolvency practitioners
The Office of Financial Sanctions Implementation (OFSI) has published guidance on financial sanctions aimed at insolvency practitioners and firms. The publication comes after insolvency practitioners have been added to...
FOS sets out 2025/26 plans and budget
The FOS has published its plans and budget for 2025/26. It expects to resolve 270,000 this financial year, a 20% increase compared to last year. To ensure fairness and value for money, it has maintained case fees for...
FCA updates cash-based money laundering webpage
The FCA has updated its webpage on cash-based money laundering, which sets out the regulator’s recent work on reducing money laundering through cash deposits via the Post Office, and its expectations of...
CMA consults on SME banking undertakings
The Competition & Markets Authority (CMA) has launched a review of the SME Banking (Behavioural) Undertakings given in 2002 by nine clearing banks following a market investigation by the then Competition Commission...
APPG on Fair Banking publishes APP fraud report
The All Party Parliamentary Group (APPG) on Fair Banking has published a report on APP fraud, considering its scale and impact, and the effectiveness of associated regulation. The report concludes that while significant...
PRA fines former NED for Individual Conduct Rule breaches
The PRA has fined Mr George Hambro – former notified non-executive director of Wyelands Bank Plc – £72,000 for breaching Individual Conduct Rule 2. Rule 2 states that individuals must act with due skill...
OFSI publishes financial sanctions guidance for letting agents
The Office of Financial Sanctions Implementation (OFSI) has published guidance on financial sanctions aimed at letting agents. The publication comes after letting agents have been added to the list of “relevant...
PRA publishes regulatory digest
The PRA has published its regulatory digest, summarising important developments delivered in March 2025. Key publications included: Confirmation of the FSCS management expenses levy limit for 2025/26; Proposals to...
FOS fees for CMCs come into force
From 1 April 2025, professional representatives will be charged £250 to refer a case to the FOS. Professional representatives will be able to refer ten cases to the FOS for free, but every subsequent case will be...
PRA proposes increasing FSCS deposit protection limit
The PRA has set out proposals to raise the deposit protection limit of the FSCS from £85,000 to £110,000. The proposed increase takes into account inflation that has occurred since the current limit was introduced in...
NCA publishes annual SARs report
The NCA has published its annual report on suspicious activity reports (SARs), covering April 2023 – March 2024. The report shows a 1.5% increase in the total number of SARs (872,048) compared to the previous year...
FCA launches new reporting portal
The FCA has launched its new portal – My FCA – as a single point of sign in for reporting tasks like submitting regulatory data and paying fees. Previously, firms needed to sign in to 3 different systems...
FCA publishes latest Handbook Notice
The FCA has published its latest Handbook Notice, which confirms the following updates: Amendments to FEES including to: Add the 2025/26 management expenses levy limit figures; Increase registration fees for small...
Regulators publish FSCS management expenses levy limit 2025/26
The PRA has published a policy statement setting out the Management Expenses Levy Limit (MELL) for the FSCS in 2025/26. The MELL for 2025/26 will be taken forward as proposed, namely £108.6m to include: the FSCS...
FSB announces establishment of Cross-Border Payments Data Forum
The FSB has announced the establishment of a Forum on Cross-Border Payments Data, as a result of its recommendations for cross-border data frameworks published in December 2024. The Forum will bring together experts in...
UK and Switzerland continue negotiations on enhanced trade agreement
An enhanced Free Trade Agreement between the UK and Switzerland has been through a sixth round of negotiations between 3 and 10 March 2025. The Government considers that free trade agreements have an important role to...
BoE launches 2025 Bank Capital Stress Test
The BoE has launched its 2025 Bank Capital Stress Test, aimed at the seven largest and most systemic UK banks and building societies. The test replaces the Annual Cyclical Scenario, and involves a hypothetical stress...
FCA launches study into fair value in the pure protection market
The FCA has launched a market study into the effectiveness of the distribution of pure protection insurance products. While the FCA has seen indications of good outcomes for consumers, and low complaints figures, there...
FCA issues first enforcement action and fine against a Recognised Investment Exchange
In its first enforcement action against a UK recognised investment exchange, the FCA has fined London Metal Exchange (LME) £9.2m for failing to have adequate systems and controls in place to deal with severe market...
Government launches procurement process for pilot Digital Gilt Instrument issuance
The Chancellor has published details of the launch of the procurement process for the pilot Digital Gilt Instrument (DIGIT) issuance, which was announced in the November 2024 Mansion House speech. The Government hopes...
Chancellor to streamline fintech regulation
The Chancellor has hosted senior representatives from the fintech sector to discuss new draft legislation which will streamline how the area is regulated. The new legislation will reform the framework under MiFID...
LSB finds ethnic minority-led businesses less likely to have full loan applications approved
The Lending Standards Board has published new research which found that UK ethnic minority-led businesses (EMBs) are three times less likely (19%) than White British-led businesses (58%) to have their lending product...
Treasury launches call for evidence on small business access to finance
HM Treasury has launched an open call for evidence on small businesses’ access to debt finance in the UK. The call for evidence covers all aspects of the lending market, demand for finance, the application and...
Supreme Court permission to appeal application lodged in Markou case
A permission to appeal application has been lodged at the Supreme Court in the Markou case. The application follows the Court of Appeal granting the FCA’s appeal in December 2024 against an Upper Tribunal decision which...
FCA sets out findings from IFPR liquidity risk management review
The FCA has set out findings from its multi-firm review of liquidity risk management at wholesale trading (sell-side) firms, particularly brokers, in scope of the Investment Firms Prudential Regime (IFPR). The review...
FCA and ICO to host roundtable on opportunities for AI deployment in financial services
The FCA and ICO have written a joint letter on supporting AI, innovation and growth in the financial services industry. The regulators acknowledge the importance of regulatory certainty around the use of technologies...
FCA publishes review of firms’ treatment of vulnerable customers
The FCA has published findings from its review of how firms are responding to the needs of customers in vulnerable circumstances. The FCA also sought to assess whether its existing vulnerability guidance remained...
FCA sets out good practice for the consumer support outcome
The FCA has published findings from its review of firms’ approaches to the consumer support outcome of the Consumer Duty. In May 2024, the FCA conducted a qualitative survey of 407 firms across the retail...
FCA publishes quarterly consultation
The FCA has published its regular quarterly consultation on miscellaneous amendments to its Handbook. The proposed amendments include: Re-alignment of the disclosure requirements in BCOBS 4.3.4R(2) for non-ring-fenced...
PSR critiques card scheme and processing services market
The PSR has published the final report in its market review into card scheme and processing fees, concluding that the current market is not working well for card scheme and processing services. Key takeaways from the...
PRA consults on raising leverage ratio threshold for retail deposits
The PRA is consulting on increasing the retail deposits leverage ratio threshold to £70bn. Firms with over £50bn in retail deposits or £10bn of non-UK assets are currently required to meet a minimum leverage ratio...
FCA researches explanations to consumers on AI outputs
As part of its AI research series, the FCA has published a research note exploring the effectiveness of different methods for explaining AI outputs to consumers in the context of determining consumer creditworthiness...
FCA publishes skilled persons data for Q2 / Q3 2024
In the quarter ending September 2024, the FCA commissioned 14 skilled persons reports: 6 reports related to consumer investments, 2 to insurance, 2 to wholesale markets (buy-side) and 4 to wholesale markets (sell-side);...
FCA announces winners of competition on economic growth research
The FCA has announced the winners of its research competition on economic growth. The competition was launched in November 2024, and attracted 43 entries from 41 organisations. Each successful project will be awarded up...
FCA and BoE speak on T+1 implementation
Sasha Mills, BoE Executive Director of Financial Market Infrastructure, and Mark Francis, FCA interim director of wholesale markets sell-side, have delivered speeches on the implementation of T+1 settlement at a UK...
FSB seeks feedback on implementation of global regulatory framework for crypto-asset activities
The FSB is seeking feedback as part of its thematic peer review on the implementation of its global regulatory framework for crypto-asset activities. The FSB has distributed a questionnaire to relevant jurisdictions to...
PRA sets out future approach to policy
The PRA has set out its approach to policy under the FSMA 2023 regulatory framework, which gave the regulatory wider rule making responsibilities and enhanced accountability requirements. The Approach document has now...
Government agrees 2027 implementation for T+1 settlement
The Accelerated Settlement Taskforce (AST) Technical Group has published its final report on T+1, setting out a detailed plan for the UK to move to faster settlement of securities trades. The report recommends –...
FCA fines Mako in cum-ex trading investigations
The FCA has fined Mako Financial Markets Partnership LLP £1,662,700 for financial crime systems and controls failures. The firm had also failed to adequately apply policies and procedures it did have in place. The case...
FCA researches potential mortgage pricing differences by demographic characteristics
As part of its AI research series, the FCA has published a report on the potential for pricing differences by demographic characteristics in the mortgages market. The FCA compared mortgage features like interest rates...
FOS sets out approach to CMC fees
The FOS has published a policy statement setting out its approach to charging professional representatives a fee of £250 if they wish to refer a case to its service. The new arrangements will take effect from 1 April...
FCA 2024 fin proms data shows increased action against misleading adverts
The FCA’s latest financial promotions data shows 19,766 promotions were amended or withdrawn in 2024, almost doubling the 2023 figure of 10,008. In previous reporting, the FCA acknowledged this sharp increase was...
Lords Committee calls for FCA to cease “naming and shaming” enforcement plans
The Financial Services Regulation Committee has published a report – Naming and shaming: how not to regulate – setting out its views on the FCA’s controversial ‘naming and shaming’...
FCA reforms commodity derivatives framework
The FCA has published a policy statement on reforms to the regulatory framework for commodity derivatives. The 2023 consultation covered key pillars of the regime, including position limits and related exemptions...
FCA speaks on culture
Emily Shepperd, FCA chief operating officer, has delivered a speech on culture at the 10th Annual Culture and Conduct in Financial Services Summit. The speech, titled “Culture is contagious” highlights that...
UK Finance sets out principles governing customer vulnerability disclosures in mortgage sector
UK Finance has published a set of principles for information sharing between mortgage intermediary firms and lenders. The FCA has advised that it continues to see vulnerable consumers face challenges when disclosing...
FCA secures £500,000 confiscation order against insider dealer
The FCA has secured a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer. The order amounts to all of Mr Zina’s available assets, and must be paid within 3 months, otherwise he...
HM Treasury launches call for evidence on AI in financial services
The Treasury Committee has launched a new inquiry into the potential impacts of increased use of AI in banking, pensions and other financial services. It is seeking evidence on how financial services can utilise AI...
FCA sets out priorities for payments portfolio firms
The FCA has written a letter setting out its priorities for payments portfolio firms. Since its previous letter in March 2023, the regulator noted that it had seen improvements in governance arrangements, risk...
UK and Japan publish Financial Regulatory Forum Joint Statement
The UK and Japan held the 3rd Financial Regulatory Forum on 20 January 2025 – with two joint sessions held on Transformation of the Global Landscape and Sustainable and Climate Finance. The UK contingent was made...
FCA secures £6m confiscation order against fraudster
The FCA has secured a confiscation order of £5,963,376.15 against Guy Flintham, who is currently serving a 6-year prison sentence after pleading guilty to fraud by false representation in relation to a fraudulent...
FCA publishes Handbook Notice on collective investment schemes sourcebook updates
The FCA has published a Handbook Notice describing changes to COLL as set out in the Collective Investment Schemes Sourcebook (Concentration Limits) Instrument 2025, which came into force 31 January 2025. Following a...
FCA outlines supervision strategy for CMCs
The FCA has written to claims management companies (CMCs) outlining its supervision strategy, including its updated view of the harms and risks that CMCs pose and its expectations for firms in the sector. The FCA...
FCA sets out supervision priorities for mortgage intermediaries
The FCA has written to mortgage intermediaries outlining its supervision priorities for the next 2 years. Its key focus will be on embedding the Consumer Duty. Other priorities include: Quality of advice and unsuitable...
FCA outlines wholesale broker supervision strategy
The FCA has published a Dear CEO letter to wholesale brokers, setting out its new supervision strategy for firms. In the last 2 years, the FCA has engaged with firms on issues including risk management, financial crime...
FCA settles care home investment scheme claim against solicitors
The FCA has settled a claim against solicitors Lupton Fawcett LLP in respect of work undertaken for the Qualia Group by a former member of the firm. The FCA previously brought a successful claim in the High Court...
FSB sets out 2025 priorities
The Financial Stability Board (FSB) has set out its work programme for 2025. Priority areas include: Supporting global cooperation on financial stability Enhancing the resilience of non-bank financial intermediation...
FOS anticipates 37,000 fraud and scams complaints next financial year
The FOS expects fraud and scams to account for 35% – or 37,000 – of incoming banking and loan complaints in the coming financial year. This is an increase on the 33,000 fraud and scams cases it forecast to...
PRA outlines supervision priorities for international banks and deposit takers in 2025
The PRA has published Dear CEO letters to international banks and designated investment firms, and UK deposit takers, setting out its supervision priorities for 2025. The need for robust governance, risk management and...
PRA suggests “concierge” service for inbound firms to improve competitiveness
In response to a letter of 24 December 2024, the PRA has written to the Prime Minister, Chancellor and Secretary of State, setting out its ongoing work and plans to advance competitiveness and growth. The PRA sees its...
Chancellor to host industry forums on Financial Services Growth and Competitiveness Strategy
To inform the design of the inaugural Financial Services Growth and Competitiveness Strategy, the Chancellor is set to host a series of Industry Forums to seek views on the best way to deliver long-term in the sector...
LSB finds consumers lack awareness of BNPL costs
The Lending Standards Board (LSB) has published new research which concludes that consumers do not understand the true costs of Buy-Now, Pay-Later (BNPL) products. Data showed that: Only 52% of BNPL users were aware of...
FCA writes to Government on supporting growth
In response to a letter of 24 December 2024, the FCA has written to the Prime Minister, Chancellor and Secretary of State, setting out its ongoing work and plans to support growth. Digital innovation The FCA outlined...
PRA delays Basel 3.1 implementation
The PRA, in consultation with HM Treasury, has decided to postpone the implementation of the Basel 3.1 framework by one year to 1 January 2027. The delay will allow more time for clarity on how the framework will be...
FSB considers relevance of climate transition plans for financial stability
The Financial Stability Board (FSB) has published a report on the relevance of climate transition plans for financial stability. The FSB found that in providing forward looking information, climate transition plans can...
OFSI and OFAC sign MoU
HMT has published a MoU between the Office of Financial Sanctions Implementation (OFSI) and the United States Office of Foreign Assets Control (OFAC), to facilitate the exchange of information between the organisations...
BoE updates on digital pound
The BoE has published a report setting out the work it has done in the last year on the digital pound and the evolving payments landscape. The regulator has been working with HMT to explore the possibility of a digital...
FCA sets out expectations on redress liabilities and “polluter behaviours”
The FCA is increasingly seeing firms attempt to avoid potential or actual liabilities whilst still benefitting from the assets of the business, which it calls “polluting behaviour”. It has published new...
PRA outlines insurance supervision priorities for 2025
The PRA has published a Dear CEO letter to PRA-regulated insurance firms, setting out its supervision priorities for 2025. The key priorities reflect the ongoing developments in the context for life and general...
Regulators consult on FSCS management expenses levy limit 2025/26
The FCA and PRA are consulting on proposals for the Management Expenses Levy Limit (MELL) for the FSCS in 2025/26. The regulators propose the MELL for 2025/26 will be £108.6m, consisting of: the FSCS management expenses...
FCA fines Arian Financial for failings relating to cum-ex trading
The FCA has fined Arian Financial LLP £288,962.53 for financial crime systems and controls failures. The firm’s failure to implement adequate measure put it at risk of being used to support fraudulent trading and...
FCA sets out strategy for credit reference agencies and service providers
The FCA has published a portfolio letter to credit reference agencies (CRAs) and credit information service providers (CISPs) setting out its strategy for the next two years. The priorities will focus on: Embedding of...
HM Treasury confirms continuation of pension fund clearing exemption
Following a call for evidence in November 2023 on the exemption pension funds currently have from the obligation to clear certain derivates contracts at a central counterparty, HM Treasury has published responses from...
FCA objects to Change in Control due to notification failures
The FCA has issued a final notice objecting to the proposed acquisition of Olampicaran Limited by Mr Ahmed, who had failed to notify and seek approval from the FCA. Olampicaran was a small payments firm providing money...
Lords Committee writes to FCA on motor finance commission cases
The House of Lords Financial Services Regulation Committee has written to the FCA asking it to clarify certain elements of its position on the motor finance commission cases, as set out in a letter dated 13 November...
Regulators review MoU on payments systems
The BoE, FCA, PRA, PSR have reviewed their MoU on payments systems in the UK, as they are required to do on an annual basis. The regulators noted that over the past year they have taken steps to improve the sharing of...
FCA executes search warrants in relation to unauthorised businesses
The FCA, in conjunction with the West Midlands Police, the Eastern Region Special Operations Unit and Police Scotland, has executed search warrants in two investigations involving unauthorised debt and claims management...
FCA issues Supervisory Notice to Hydrogard Legal Services
The FCA has published a First Supervisory Notice against Hydrogard Legal Services Limited, a firm with claims management permissions, requiring it to immediate cease carrying on all regulated activities other than with...
FCA sets out updates to the National Storage Mechanism
Following a consultation, the FCA has set out its enhancements to the National Storage Mechanism (NSM). The changes will introduce more comprehensive metadata requirements to improve functionality, making it easier for...
FCA publishes latest Handbook Notice
The FCA has published its latest Handbook Notice, which confirms the following updates: Introduction of criminal background checks on owners and controllers at the authorisation gateway. The change is in line with a...