The FCA has published a series of video guides aimed at helping payments and digital asset firms improve their applications for authorisation and registration. The guides cover: Expectations of the MLRO; Application...
Author - Laura Wiles
Laura Wiles
FCA confirms forbearance in relation to new listing rules
The FCA has issued a forbearance statement following the introduction of the new Public Offers and Admissions to Trading Regulations regime. The new regime and associated changes to the UK Listing Rules came into force...
BoE confirms fee increase for CCPs and CSDs
The BoE has finalised its fees for FMI supervision in 2025/26. Respondents had expressed concerns over the increase in fees for central counterparties (CCPs) and central securities depositories (CSDs) because of policy...
ECB speaks on digital euro
Piero Cipollone – Member of the Executive Board of the ECB – has delivered a speech on the digital euro at the Italian Parliamentary Committee on Inquiry into the Banking, Financial and Insurance System. The...
FSB launches strategic review of crisis preparedness
The FSB has launched a strategic review of crisis preparedness activities. The review aims to: Strengthen and, where necessary, adapt the FSB’s crisis preparedness activities to respond to vulnerabilities in the global...
PRA consults on changes to implement Overseas Prudential Requirements Regime
The PRA is consulting on changes to its rules to accommodate the Treasury’s Overseas Prudential Requirements Regime (OPPR). Key changes include: Aligning the PRA rules with the OPRR framework, so they operate...
PSR fines Bank of Ireland UK £3.7m for Confirmation of Payee failures
The PSR has fined the Bank of Ireland UK approximately £3.7m for implementing Confirmation of Payee requests over a year after the deadline. The safeguard was not applied to transactions involving more than 1.1m new...
FCA publishes whistleblowing data for Q4 2025
The latest whistleblowing data from the FCA (covering October – December 2025) shows: 281 new whistleblowing reports containing 788 allegations in total (down from 405 reports in Q3 2025, and 292 for the same...
OFSI calls for evidence on ownership and control test
OFSI is calling for evidence on how financial sanctions regulations on ownership and control are applied, including how firms implement the rules and what challenges they face. Firms and stakeholders are asked to share...
Court sanctions transfer of insurance business within Arch group
The High Court has sanctioned the transfer of the entire insurance business of Southern Rock Insurance Company to Alwyn Insurance Company pursuant to section 111 of FSMA. Both companies are subsidiaries of Arch Capital...
PRA invites views on improving regulatory reporting for banks
The PRA has issued a discussion paper on regulatory reporting for banks under its Future Banking Data programme. The programme aims to reduce costs for firms in line with the regulator’s competitiveness and growth...
Court gives guidance on CCA unfair relationships and mortgages
The High Court has provided useful guidance on the boundary between mortgage and consumer credit regulation, confirming that regulated mortgage contracts fall under the MCOB regime and are excluded from the unfair...
Criminal Cases Review Commission refers trader convictions back to Court of Appeal
The Criminal Cases Review Commission (CCRC) has referred the convictions of five traders back to the Court of Appeal after determining that there was ‘no distinguishing factor’ between those cases and two...
PSR speaks on delivering the National Payments Vision
David Geale – PSR managing director at and FCA executive director for payments and digital finance – has given a speech on delivering National Payments Vision at the Payments Regulation and Innovation Summit...
Treasury appoints AI Champions to lead financial services roll out
HM Treasury has appointed two AI Champions to lead the rollout of AI in financial services. The new Champions are Harriet Rees and Rohit Dhawan, with both appointments taking effect from 20 January. Rees is Group Chief...
Treasury updates on Women in Finance Charter
HM Treasury has published a progress update on the Women in Finance Charter. Priorities from the 2024/25 review are reducing the gender pay gap and improving the representation of women in finance, particularly for the...
Lords Committee launches stablecoin inquiry
The Financial Services Regulation Committee has launched an inquiry into the growth and proposed regulation of UK stablecoins. The Committee is seeking submissions by 11 March 2026 on: How the global market for –...
Treasury confirms changes to OFSI enforcement process
HM Treasury has published OFSI’s response to its 2025 consultation on improving civil enforcement processes for financial sanctions. The consultation considered measures such as: Changes to the public case...
Pensions Dashboard consults on daily reporting via API
The Pensions Dashboard Programme is consulting on proposals to update its reporting standards to implement routine daily reporting of data to the Money and Pensions Service (MaPS) via an API. The current reporting...
FCA publishes interim report on pure protection distribution
The FCA has published a interim report in its market study on the distribution of pure protection products to retail customers. The report notes that the pure protection market works well in many respects, including by...
UK Sanctions List becomes sole source of UK sanctions designations
As of 28 January 2026, the UK Sanctions List is now the sole source of UK sanctions designations, with the OFSI Consolidated List of Asset Freeze Targets now closed. The Government has also published guidance on...
OFSI and partners crack down on cryptoasset abuse
The Office of Financial Sanctions Implementation (OFSI) and its UK law enforcement and regulatory partners have clamped down on the abuse of cryptoassets. OFSI has recently partnered with the Crypto Cash Fusion Cell...
FCA publishes inaugural Enforcement Watch
The FCA has published the first iteration of its Enforcement Watch newsletter, covering implementation of its updated Enforcement Guide, enforcement case priorities, and international partnerships. As a reminder, under...
FCA secures bond consolidated tape provider
The FCA has signed a contract with Etrading Software (ETS) to deliver the UK bond consolidated tape, and has set out next steps in the process. The development comes after the High Court lifted a freeze on the contract...
FCA calls for input on its review of AI’s long-term impact on retail financial services
The FCA is calling for input on its review into the long-term impact of AI on retail financial services. The review builds on initiatives like AI sprints and AI lab, and the FCA’s confirmation that it does not...
T+1 settlement taskforce updates on progress
The UK Accelerated Settlement Taskforce has published a progress report on the move towards T+1 settlement in October 2027. The report highlights a number of the task force’s achievements in 2025, including:...
FCA urges consumers to exercise caution when considering high risk investments
The FCA has published guidance for consumers on the new Public Offers and Admissions to Trading regime, urging them to exercise caution when investing in high-risk securities such as mini-bonds and loan notes. The...
FCA imposes restrictions on EMI BeAccount
The FCA has issued a first supervisory notice to electronic money institution (EMI) BeAccount Ltd, imposing restrictions on its business activities due to concerns the firm no longer meets, or is unlikely to meet, the...
FCA cancels SPI registrations
The FCA has issued final notices cancelling iCorp Global Limited and Omdoom General Trading‘s registrations as small payments institutions (SPIs). iCorp Global had failed to notify the FCA of significant changes...
90% of mortgage lending now covered by UK Finance Financial Abuse Code
UK Finance has confirmed that 90% of mortgage lending is now covered by its Financial Abuse Code. The development comes after several institutions – including Coventry Building Society and Monzo – have...
Regulators give clarity on enforcement approach for open banking pricing models
The FCA and PSR have issued a joint statement on open banking pricing models, confirming that they will not currently be prioritising an investigation under the Competition Act into to centralised ‘access...
UK and Indonesia to establish Economic Growth Partnership
The Department for Business and Trade has issued a policy paper on the establishment of a UK-Indonesia Economic Growth Partnership. Both jurisdictions will designate official contact points to ensure effective co...
SFO secures director convictions in £70m tree planting investment scheme fraud
The Serious Fraud Office has secured three convictions of former Ethical Forestry Limited directors, all of whom pleaded guilty in relation to a £70m investment scheme fraud. The directors had defrauded around 3000 UK...
Wealth management firm Logic Investments enters special administration
Logic Investments Ltd – a wealth management firm – has entered special administration. Alex Watkins and Ed Boyle of Interpath were appointed joint special administrators of the firm on 16 January 2026. In...
FCA encourages industry to share views on proposed open banking standards body
The FCA has written to trade associations on the processes for establishing a Future Entity, as part of the development of the open banking ecosystem. As set out in its 2025 feedback statement, the FCA expects Future...
FCA publishes multi-firm review on small mutual life insurers
The FCA has published findings from its multi-firm review on customer outcomes achieved by smaller mutual life insurers. The key findings were as follows: Target Market Statements – Firms had a strong focus on...
FCA to hold stablecoin tech sprint
The FCA is holding a stablecoin tech-sprint in March 2026 to help shape policy and standards for future payments. The vent will focus on: Retail payments Cross-border payments E-commerce and B2B transactions Remittance...
Report finds continued interconnectedness between UK and EU markets, even five years post-Brexit
Five years on from Brexit, cross-border financial flows between the UK and EU still account for a significant part of overall financial activity in both markets, according to a report from Global City. The report...
FSMB publishes 2026 workplan
The Financial Markets Standards Board (FMSB) has published its 2026 Workplan. The plan sets out a number of initiatives around each key topic area, including: Market practices: Pre-heding disclosure and consent Grey...
UK and EU regulators sign MoU on critical third parties
Financial regulators in the UK and EU have signed a memorandum of understanding (MoU) in order to strengthen cooperation and oversight of critical third parties that fall (CTPs) under the UK’s CTP regime and...
FCA publishes webpages on the new crypto regulation regime
The FCA has published new webpages on the upcoming cryptoasset regulation regime, which is expected to come into force October 2027. The pages provide guidance on: How the gateway will operate The regulated activities...
Pensions Dashboard seeks views on how to deliver private sector dashboards
The Pensions Dashboard Programme is seeking views on how to best deliver private sector dashboards (PSDs). The immediate focus of the PDP remains the successful connection of providers and schemes, but it remains...
FCA consults further on value for money framework in workplace pensions
The FCA is consulting further on the value for money framework in workplace pensions. In particular, the paper proposes revisions to the way arrangements are assessed and compared in order to make the process more...
Berne Financial Services Agreement takes effect
The Berne Financial Services Agreement (BFSA) took effect on 1 January 2026, and aims to make it easier for UK and Swiss firms to do business in each other’s country. The FCA has published and information page...
New FOS compensation award interest rate takes effect
A new interest rate – Bank of England base rate +1% –Â will apply to any compensation awards firms are directed to make in cases referred to the FOS on or after 1 January 2026. The change follows a...
FCA cancels SPI registration
The FCA has cancelled the registration of small payment institution First Money Services Ltd following the firm’s breaches of the PSRs 2017. Specifically, the firm: failed to provide payment services within 12...
FCA removes permissions from Verus and imposes stringent asset restriction
The FCA has removed all regulatory permissions from Verus Financial Services Limited and imposed a stringent assets restriction. The FCA is concerned that the firm has repeatedly breached an existing asset restriction...
Insolvency Service announces combined 23 year director disqualifications
The Insolvency Service has confirmed that two business partners have been disqualified from acting as directors after allowing £13.9m to pass through two companies using unauthorised bank overdrafts. Scott Dylan –...
FCA simplifies ancillary activities exemption test
The FCA has set out changes simplifying the ancillary activities exemption, which allows a firm to be exempt from authorisation as an investment firm where its trading in commodity derivatives, emission allowances, or...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 136, which sets out a number of changes, most of which we’ve reported on elsewhere, including: Removing regulatory contactless limits and implementing a new risk-based...
PSR consults on transparency and governance changes for scheme and processing fees
The PSR is consulting on proposed changes to improve transparency and governance in fees. The changes follow the PSR’s market review, which concluded that Mastercard and Visa are subject to ineffective competitive...
FCA launches investigation into WH Smith
The FCA has opened an investigation into WH Smith PLC in relation to potential breaches of the UK Listing Principles and Rules, and Disclosure and Transparency Rules. The announcement comes after an independent review...
Treasury publishes report on PESAR
HM Treasury has published a report on the Payment and Electronic Money Special Administration Regime introduced under the Payment and Electronic Money Institution Insolvency Regulations 2021. The report, by Adam...
ABI publishes 2025 annual report
The Association of British Insurers (ABI) has published its 2025 annual report. The report highlights the 40th anniversary of the ABI, and sets out the ABI’s crucial role in shaping the UK’s growth and...
Chancellor highlights growth opportunity in crypto regulation
The Chancellor has highlighted that new cryptoasset legislation coming into effect in the UK in 2027 will unlock growth while protecting consumers by bringing cryptoassets into the scope of other similarly regulated...
FCA closes investigation into Mirabella Advisors, principal of Greensill Capital
The FCA has announced the closure of its investigation into Mirabella Advisors LLP. The FCA had launched an investigation into the firm in 2021 in relation to the oversight of Greensill Capital Securities Limited, the...
Office of the Public Guardian publishes guidance on powers of attorney, deputyship and guardianship
The Office of the Public Guardian (OPB) has published guidance to help staff in regulated markets understand what services it can offer to customers who may not be able to make their own decisions. The guidance covers...
FCA sets out roadmap for mortgage rule reforms
The FCA has published a roadmap on modernising mortgage rules. The FCA launched a discussion paper in June 2025 on areas in which changes could be made to the current mortgages framework. It now publishes its feedback...
APPG on Investment Fraud and Fairer Financial Services holds general meeting and elects new officers
The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has held its annual general meeting, which outlined its continued focus on protecting consumer interests and addressing the...
FCA clarifies common misconceptions about risk warnings for investments
The FCA has published a new webpage on risk warnings for mainstream investments, covering expectations on firms promoting investment products and common misconceptions about risk warnings. The FCA highlights the general...
FCA reviews wholesale bank delivery of best execution in listed cash equities
The FCA has published its multi-firm review of wholesale banks and how they deliver best execution in UK listed cash equities. Best execution is the obligation on firms to take all sufficient steps to get the best...
Insolvency Practitioners Association responds to FCA’s MVF redress consultation
The Insolvency Practitioners Association (IPA) has published its response to the FCA’s MVF redress scheme consultation. Overall, the IPA supports the scheme, but it urges the FCA to introduce an insolvency...
FCA publishes pure protection market study
The FCA has published the results of its pure protection market study consumer research. Key conclusions from the quantitative results of the study include: Â 42% of consumers held a pure protection policy (privately...
FCA consults on improvements to digital pension planning tools
The FCA is consulting on rules to better support consumers using digital pension planning tools and making non-advised decisions to transfer Defined Contribution (DC) pensions. The consultation is informed by feedback...
Financial Policy Committee speaks on balancing innovation and financial stability risk
Randall Kroszner – external member of the Financial Policy Committee – has delivered a speech on promoting innovation while guarding against financial stability risk at the 20th High-level meeting on...
Financial Inclusion Committee updates on accessibility initatives
The Financial Inclusion Committee held its fourth meeting on 3 November 2025. Attendees presented on specific strategy interventions that their organisations are leading on. This included: Interventions recommended by...
FCA simplifies complaints reporting process
The FCA has confirmed changes set to simplify its complaints reporting process. The key changes include: Consolidating existing returns –Â the FCA will be consolidating five existing complaints returns into a...
FCA censures Institute of Certified Bookkeepers for AML supervision failings
The FCA has censured the Institute of Certified Bookkeepers (ICB) for serious deficiencies in its AML supervision. The action is the FCA’s first ever enforcement outcome against a professional body supervisor...
FCA updates on access to cash regime review
The FCA has given an update to the Treasury Committee on its access to cash regime. The FCA’s rules on access to cash came into force in September 2024, and require designated banks and building societies to...
Court concludes special administrators unable to terminate customer contracts to protect firm’s economic interests
In a directions application, the High Court concluded that the joint special administrators (JSAs) of Argentex were not entitled to terminate customer contracts under the firm’s terms of business for the purpose...
Court appoints creditors’ proposed special administrators in API insolvency
The High Court has granted a payment institution special administration order for JNFX Ltd – an authorised payment institution – upon application by its directors. It was common ground between the parties...
FCA hosts second economic research conference
On 25 November 2025, the FCA hosted its second annual Economic Research Conference. The conference featured representatives from academia, industry and the government, and explored how financial services regulation...
PRA publishes firm-specific LIST results
The PRA has published individual firm results from its Life Insurance Stress Test (LIST), the first of its kind conducted under the Solvency UK regime implemented in 2024. This follows the publication of its sector-wide...
FCA publishes skilled persons data for Q2 2025
The FCA has published its latest data on skilled persons reports, covering 1 July – 30 September 2025. During this period, the FCA commissioned 6 skilled persons reports: 2 reports related to insurance, 1 to...
FCA consults on improvements to transaction reporting regime
The FCA has published its consultation on improving the UK transaction reporting regime. HM Treasury has committed to repealing and replacement rules set out in the MiFIR transaction reporting rules implemented in 2018...
FCA consults on fees for 2026/27
The FCA is consulting on its regulatory fees and levies for 2026/27. Key changes include: Introducing a new fee block for PISCES operators, with a minimum annual fee of £2,200, and an additional variable fee for firms...
Office for Investment launches Advisory Committee to deliver financial services ‘concierge service’
The Office for Investment: Financial Services – the Government department working on delivering a ‘concierge service’ for financial services in the UK – has launched an Advisory Committee of...
SFO launches first major crypto investigation into $28m scheme
The Serious Fraud Office (SFO) has launched a first-of-its-kind investigation into suspected fraud in a $28m crypto scheme. It has asked investors in the scheme to come forward with any information they hold about the...
NCA publishes guidance on SARs and DAML requests
The UK Financial Intelligence Unit (UKFIU) – an independent unit within the National Crime Agency (NCA) – has published guidance on best practice for Suspicious Activity Reports (SARs). The first two...
PRA seeks views on transfer of risk in life insurance
The PRA has published a discussion paper on innovation in the life insurance sector, and sets out the regulator’s thinking on policy changes that could allow life insurers to transfer defined tranches of risk to...
Pensions Dashboard reminds providers and schemes of October 2026 deadline
The Pensions Dashboard Programme has reminded pensions providers and schemes that they have just under a year left to complete connection to the pensions dashboard ecosystem. The final deadline is 31 October 2026, and...
NGFS publishes Guide on Climate Scenario Analysis
The Network for Greening the Financial System (NGFS) has updated its Guide on Climate Scenario Analysis. The new edition reflects significant progress made in this area since the last version in 2020, and highlights...
FCA speaks on future of mortgage market
Nikhil Rathi, FCA chief executive, has delivered a speech on the future of the mortgage market at the L&G Mortgage Club’s 30th Anniversary Conference. The speech highlighted that while the market is currently...
Payments Vision Delivery Committee publishes strategy for retail payments infrastructure
The Payments Vision Delivery Committee has published its strategy for the future of UK retail payments infrastructure, in line with the Government’s National Payments Vision. The strategy is built on the three...
Consumer Panel urges FCA to limit delay on complaints handling and reconsider deadline for FOS referrals
The Financial Services Consumer Panel has urged the FCA not to extend the pause on motor vehicle finance complaints beyond the currently proposed 31 July 2026. The Panel considers that an extension to the pause for some...
FOS responds to FCA crypto consultation
The FOS has published a response to the FCA’s consultation on applying Handbook rules to cryptoasset firms. Overall, the FOS agreed with the benefits of extending access to its complaints resolution framework to...
Treasury responds to criticism over delays in designating critical third parties.. and more
At the House of Commons Treasury Committee meeting, Economic Secretary Lucy Rigby confirmed that critical third parties will be designated by this time next year – although this was couched with caveats that the...
APPG on Fair Banking criticises FCA’s proposed MVF redress scheme
The All-Party Parliamentary Group (APPG) on Fair Banking has published a report on the motor finance commission saga and the FCA’s proposed redress scheme, exploring whether the framework adequately compensates...
Government publishes webpage with case studies on sanctions enforcement actions
The Government has published a webpage collating case studies and key lessons from sanctions enforcement actions taken by UK enforcement bodies. The page lists published monetary penalties, prosecution outcomes and...
Court holds FOS entitled to uphold complaint against investment firm for incorrect EPC categorisation
The Court of Appeal has held that the FOS was entitled to uphold a complaint made by an individual client against an investment firm, where the client had made losses after investing in contracts for difference (CFDs)...
FCA publishes review on consolidation of financial advice and wealth management firms
The FCA has published a multi-firm review on consolidation in the financial advice and wealth management sector, examining how groups manage risk, debt, governance and integration during and after acquisition. In terms...
LSB closes after 15 years of independent oversight in financial services
As of 31 October 2025, the Lending Standards Board (LSB) has closed, after a solvent wind-down of its operations. The LSB has summarised its impact and legacy in a final report on independent oversight and customer...
Skills Commission launches research on AI’s impact on the financial services workforce
The Financial Services Skills Commission has launched research into how AI and disruptive technologies are likely to change the financial services workforce and its skills needs over the next 5-10 years. The research is...
OFSI reminds firms of frozen assets reporting deadline
As part of its annual frozen assets review, the Office of Financial Sanctions Implementation (OFSI) has reminded firms that they will need to submit a report by 30 November 2025 if they hold or control funs or economic...
FCA and PSR support proposals for consolidation approach
The FCA and PSR have issued a joint response to HM Treasury’s consultation on consolidating the PSR’s functions within the FCA. The regulators agree with the Government’s proposed approach for the FCA...
FCA writes to compliance managers on T+1 settlement expectations
The FCA has written to compliance officers at asset management and alternative firms to set out its expectations in anticipation for the transition to T+1 settlement on 11 October 2027. By the end of 2025, firms should:...
Treasury publishes action plan to ensure regulators support growth
HM Treasury has published its new approach on ensuring regulators and regulation supports growth. The paper focusses on the full UK regulatory system – including the finance, business, energy and environmental...
Treasury confirms FCA to take over AML supervision responsibility for all professional services
HM Treasury has announced reforms to anti-money laundering and terrorism financing supervision, granting the FCA responsibility for all AML/CTF supervision of professional services firms currently supervised by HMRC or...
FCA highlights widespread non-compliance in financial crime controls at corporate finance firms
The FCA has set out findings from its survey on financial crime controls in corporate finance firms. The review focussed on the 300 plus firms which are currently not required to submit financial crime data regulatory...
FCA sets out client categorisation expectations for corporate finance firms
The FCA has published high-level observations from its multi-firm review of client categorisation in corporate finance firms. The review considered compliance with client categorisation and certification rules under...