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Author - Laura Wiles

PSR explores changes in the payments landscape

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...

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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 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...

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...

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...

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...

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...

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 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...