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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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);...
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...
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...
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...
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...
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 –...
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...
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...
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...
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...
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’...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...