The FCA has published a multi-firm review on combatting romance fraud, setting out key findings on how firms detect and prevent this type of financial crime. Key findings included: Intervention and prevent are made...
Author - Laura Wiles
Laura Wiles
Chancellor launches investment fast track service
The Chancellor has launched a one-stop support service to make the UK more attractive to global investors. The investment fast track concierge service will be a partnership between HM Treasury, the financial regulators...
FCA publishes 2024 general insurance value measures data
The FCA has published general insurance value measures data for the period covering January to December 2024. Highlights from the data include that despite recent cost increases for consumers in motor and home...
Government publishes guidance on preparing for single UK sanctions list
The FCDO, HM Treasury and OFSI have launched guidance on the publication of a single sanctions list on 28 January 2026. Currently, UK designations are set out in 2 lists: the UK Sanctions List and the OFSI Consolidated...
FCA launches open finance tech sprints
In order to support the delivery of open finance, the FCA has launched 2 new TechSprints and announced a new partnership with Raidiam. The partnership with Raidiam follows the launch of its Smart Data Accelerator in...
BoE launches DLT innovation challenge
In collaboration with the Bank for International Settlements Innovation Hub, the BoE has launched an experimental wholesale settlement DLT innovation challenge, in order to better understand how the private sector will...
PSR decides not to pursue interim cross-border fee cap and consults on approach
The PSR has decided that it will not proceed with implementing an interim cap on cross-border interchange fees. The decision follows a December 2024 market review into UK-EEA cross-border interchange fees which...
FCA calls on firms to prepare for T+1 settlement
With two years until the UK transitions to T+1 settlement on 11 October 2027, the FCA has called for firms to start their preparations for the shift, outlining what it has heard from the industry and what good...
PSR reflects on APP reimbursement impact one year on
One year after its implementation on 7 October 2024, the PSR has reflected on the impact of the APP reimbursement requirement. The latest figures show that in the first nine months following implementation: £112m was...
BoE consults on fees for 2025/26 FMI supervision
The BoE has published a consultation on fees for FMI supervision in 2025/26. Key proposals include: Introducing a new category 3 for UK payment systems to align with other FMI types; and Relative to the 2024/25 fee...
FSB calls for improvements in cross-border payments implementation
The Financial Stability Board (FSB) has published its 2025 progress report on actions taken under the G20 Roadmap for Enhancing Cross-Border Payments. It notes that while the FSB and partner organisations have completed...
Payment services firm Currency Matters enters special administration
Currency Matters Limited – a firm authorised by the FCA to provide payment services to corporate and retail clients – has entered into special administration. Frank Ofonagoro and Allister Manson of Opus...
FCA sets out expectations of CMCs involved in motor finance commission claims
Following the launch of its much awaited consultation on the motor finance redress scheme, the FCA has written a letter to claims management companies (CMCs) involved in motor finance commission claims, setting out key...
Government publishes guidance on ECCTA 2023 information sharing measures
The Government has published guidance on the information sharing measures under ECCTA 2023. The guidance sets out: The policy intent of the measures – namely the disapplication of confidentiality and civil...
G7 cyber experts publish group statement on AI and cybersecurity
The G7 Cyber Expert Group (CEG) has published a statement on AI and cybersecurity, outlining the rapid evolution of AI technologies and encouraging jurisdictions to monitor developments, promote public-private-academic...
EU-UK Financial Regulatory Forum host fourth meeting
On 1 October 2025, the fourth meeting of the Joint EU-UK Financial Regulatory Forum took place in Brussels. The agenda focused on six themes: Policy, macro-economic and financial stability outlook; Banking; Capital...
FCA explores quantum computing opportunities in financial services
The FCA has published a research note on the potential applications of quantum computing in UK financial services. Key findings included: Quantum computing in financial services presents a national growth opportunity;...
PRA publishes final policy on streamlining liquidity reporting
The PRA has published its final policy on closing liquidity reporting gaps and streamlining Standard Formula reporting. Key changes include: Delay of implementation timeline from 31 December 2025 to 30 September 2026;...
FCA speaks on regulatory priorities
Lucy Castledine – director of consumer investments at the FCA – has given a speech on regulatory perspectives and priorities in for 2025 at the Personal Investment Management & Financial Advice...
FCA addresses concerns over application of Consumer Duty to wholesale firms
The FCA has published a letter to the Chancellor on its plans to address concerns about the application of the Consumer Duty for firms who are primarily engaged in wholesale activity. The FCA has engaged with wholesale...
FCA updates on Consumer Duty requirements and focus areas
Following its call for input on the Consumer Duty requirements, the FCA has set out progress on the action it has taken so far, and further action it plans to take following stakeholder input. Priorities for...
FCA consults on targeted support Handbook amendments
The FCA is consulting on Handbook changes following its targeted support work. The changes are aimed at ensuring the proposals for targeted support work effectively with existing requirements, and include: Modifying...
UK Finance announces live pilot project on tokenised sterling deposits
UK Finance has announced a live pilot project to deliver the first UK transactions of tokenised sterling deposits. The pilot will run until mid-2026 and consider three use cases: Person-to-person payments via online...
Treasury consults on Commercial Credit Data Sharing scheme
HM Treasury has published a consultation and call for evidence on enhancing the UK’s Commercial Credit Data Sharing (CCDS) scheme. which facilitates the sharing of credit informaiton on SMEs between lenders and...
UK and Australia host inaugural Joint Financial Regulatory Forum
The inaugural UK-Australia Joint Financial Regulatory Forum was held on 24 September 2025, discussing priority areas such as regulatory reform, pensions regulation and digital assets.
AIC criticises Government’s lack of progress on Pension Schemes Bill
The Association of Investment Companies (AIC) has expressed dissatisfaction at the Government’s lack of progress on the Pension Schemes Bill, which has not been amended during its passage through the House of...
FCA set to open listing applications for retail crypto ETN programmes
The FCA has confirmed that it will begin to accept listing applications for the review of retail crypto ETN programmes from 25 September 2025. All applications received on this date will be treated as having been...
FCDO publishes sanctions guidance
The Foreign, Commonwealth & Development Office (FCDO) has published a starter guide to UK sanctions and guidance on how to report a suspected sanctions breach. The starter guide is aimed at helping businesses and...
Customers to receive £200m in motor insurance compensation
After the FCA found that some insurers were short-changing customers on stolen or written off vehicle claims, motor insurers have changed their settlement and compensation practices. The shift means that around 270,000...
FCA celebrates access to cash progress
The FCA has updated on progress a year on from the implementation of its access to cash rules, which require banks and building societies to assess and mitigate the impact of changes in cash services, like closing a...
FCA speaks on rebalancing risk to support innovation and growth
Kate Collyer – FCA chief economist – has delivered a speech on rebalancing risk to support innovation and growth. The speech stressed many of the points covered in the regulators 2025 – 2030 strategy...
FCA consults on applying Handbook rules to cryptoasset firms
The FCA has published a consultation on applying existing Handbook rules to firms conducting cryptoasset activities. Currently, the FCA’s rules for cryptoasset cover financial promotions and preventing financial...
FOI data shows reduction in e-money licences
Data obtained by business news platform City AM through a Freedom of Information request has revealed that as few as 6 authorised e-money institution (AEMI) licence applications have been approved by the FCA in the last...
FCA publishes market study on retail pure protection market
The FCA has published the first of two papers in its pure protection market study, on the structure of the UK pure protection market for retail customers. Key findings included: The UK pure protection market is highly...
PRA consults on further changes to insurance third-country branches policy
The PRA is consulting on further changes to its policy on insurance third-country branches. In 2024, the PRA revised its approach to third-country branches, introducing greater proportionality under the Solvency II...
FCA launches awareness campaign on motor finance compensation scheme
The FCA has launched a £1m campaign raising awareness of the motor finance compensation scheme the regulator is proposing. It aims to inform customers that they do not need to use a claims management company (CMC) or...
FMSB appoints technical director
The Financial Markets Standards Board (FMSB) has appointed Daniel Mayston as a Technical Director. Mayston previously spent 18 years at BlackRock as the managing director responsible for electronic trading and market...
Court sanctions distribution plan in Rational FX special administration
The High Court has approved a distribution plan in the special administration of Rational Foreign Exchange Ltd which enables the joint special administrators – Kristina Kicks and Edward Boyle of Interpath –...
BoE seeks appointments for Retail Payments Infrastructure Board
The BoE has outlined the aims of the new Retail Payments Infrastructure Board (RPIB), which will bring together expertise across the sector to design next generation infrastructure. The RPIB will translate the vision...
Finfluencers plead not guilty on illegal FX promotions charges
Three ‘finfluencers’ have appeared before Westminster Magistrates’ Court charged with offences relating to illegal promotions on social media posts. Charles Hunter, Kayan Kalipha and Luke Desmaris are...
FCA publishes feedback on AI Live Testing
The FCA is launching AI Live Testing, and has published feedback on its Engagement Paper on the potential benefits, opportunities and challenges raised by its proposals. On the whole, respondents welcomed the...
FCA publishes mortgage lending statistics for Q2 2025
The FCA has published mortgage lending statistics for Q2 2025. The data comes from firms carrying out mortgage lending and mortgage administration, who are required to submit the Mortgage Lending and Administration...
FCA responds to Lords Committee report on competitiveness and growth objective
The FCA has published its response to a House of Lords Financial Services Regulation Committee report which concluded that the regulators’ secondary international competitiveness and growth objective is being held...
FCA seeks views on providing fair access to LSE data centre rooftop
The FCA is seeking views on whether the LSE Group and the landlord of the LSE data centre building have hindered competition for low latency connectivity services (LLCS) between certain trading venues. At present, only...
BoE makes appointments to Financial Policy Committee
Stephen Blyth has been appointed, and Randall Kroszner reappointed, as external members of the BoE Financial Policy Committee. Professor Stephen Blyth is a British mathematician and academic. He will serve a three-year...
Waltham Forest Council Employee Credit Union enters administration
Waltham Forest Council Employee Credit Union – which traded as Forest Savers – has entered into administration and ceased trading. Dina Devalia and Terri Mulgrew of Quantuma were appointed joint...
PSR publishes annual report and accounts for 2024/25
The PSR has published its annual report and accounts for 2024/25. Strategically, the PSR has been working towards integrating with the FCA. It has also been focussed on the NPV, innovation, competition and security, and...
BoE publishes guidance on requesting waivers and modifications from DSS rules
The BoE has published guidance on requesting waivers and modifications from its Digital Securities Sandbox rules. The document sets out the basic process the BoE will follow once a completed application is submitted...
Treasury confirms next budget date
HM Treasury has confirmed that the next budget will be released on Wednesday 26 November 2025, and will address an economy that the Chancellor feels is ‘not working well enough for working people’. Rachel...
BoE speaks on “multi-money” system
Sarah Breeden – Deputy Governor of Financial Stability at the BoE – has delivered a speech on innovation in money and payments at the Bank of England and Warwick Business School Innovation in Money and...
FCA publishes review of algorithmic trading controls
The FCA has published the results of its multi-firm review of principal trading firms’ compliance with MiFID Regulatory Technical Standards 6, which imposes requirements on investment firms engaged in algorithmic...
BoE publishes annual RTGS and CHAPS report
The BoE has published its annual report on the real-time gross settlement (RTGS) system and CHAPS. The RTGS Renewal Programme completed in April 2025, and introduced RT2, a new core ledger and settlement engine aimed at...
Challenger banks continue to lead CMA satisfaction survey rankings
The Competition and Markets Authority (CMA) has published its latest set of banking satisfaction results, which show that the challenger banks continue to rank higher than their traditional counterparts. Monzo is ranked...
PSR revokes SDs and issues new directions to Pay.UK and LINK
Following consultation, the PSR has published its decisions to revoke Specific Direction 2 and 2a, and Specific Direction 4 and 4A Earlier this year, the PSR also revoked Specific Direction 3, which required that all...
FCA publishes authorisations metrics Q1 2025/26
The FCA’s authorisations operating metrics for April to June 2025 show that 12 metrics are green, 2 are amber and 1 is red. The 1 red category is due to 11 applications being determined after the statutory...
Trust Financial Planning enters liquidation
Trust Financial Planning Ltd has entered into creditors’ voluntary liquidation. Paul Stanley and Dean Watson of Begbies Traynor were appointed joint liquidators of the firm on 7 August 2025. In March 2025, the...
FCA updates Enforcement Information Guide
The FCA has updated its Enforcement Information Guide, which sets out its regulatory enforcement process and powers. The document builds on more detailed information provided in DEPP and the Enforcement Guide (ENFG)...
FOS publishes complaints data for Q1 2025/26
FOS has published its complaints data for Q1 2025/26. Key statistics include: 68,000 complaints processed within the first 3 months of the financial year, with lower levels of complaints about everyday financial...
FCA publishes multi-firm review on climate reporting rules
The FCA has published findings from its review of climate reporting by asset managers, life insurers and FCA-regulated pension providers. In 2021, the FCA finalised its climate disclosure rules, requiring the above...
FCA fines Woodford and former director £46m for management failures
The FCA has issued fines totalling almost £46m to Woodford Investment Management (WIM) and its former director and investment manager, Neil Woodford, for failures in their management of the Woodford Equity Income Fund...
FOS motor finance appeal scheduled for September 2025
Following the much awaited Supreme Court judgment in the Johnson, Wrench and Hopcraft cases, FOS has announced that the Court of Appeal hearing on DCAs in motor finance will take place from 16 – 18 September 2025...
FCA enables retail access to crypto ETNs
The FCA has announced that firms will – as of 8 October 2025 – be able to give retail customers access to crypto exchange traded notes (cETNS). cETNS for retail customers must be traded on an FCA-approved...
FCA publishes latest Handbook Notice
The FCA has published its latest Handbook Notice (No 132), which includes amendments relating to: new rules to better capture non-financial misconduct in non-banks; the Public Offers and Admissions to Trading...
FCA fines Sigma Broking £1.1m for transaction reporting failures
The FCA has fined Sigma Broking Limited £1.1m for transaction reporting failures. In January 2024, Sigma informed the FCA that it had submitted approximately 984,000 incorrect reports. Following independent review, it...
PRA calls for views on making residential mortgage market competitive
The PRA has published a discussion paper on a range of potential policy changes to the treatment of residential mortgage exposures under the internal ratings based (IRB) approach to credit risk. The paper arises from...
FOS publishes 2024/25 ADR report
The FOS has published its report on complaints it received in the year to 8 July 2025, It notes the figures don�t include complaints brought by businesses but may include some brought by charities and trustees.
Key stats include:
285,640 complaints from UK consumers (up from around 175,000 last year) and 7,515 from non-UK residents;
complaints relating to 285,279 businesses in the UK(up from around 175,000 last year) and nearly 7,900 outside the UK;
of the total complaints, nearly 237,499 were about banking and nearly 43,000 about insurance;
538 (or 0.18%) complaints were dismissed, for various reasons, including:
over half of them because the FOS considered that dealing with it would seriously impair its effective operation; and
20% because the complaint subject matter had already been subject to court proceedings where there had been a decision on its merits; and
average resolution time of 61 days (up from 42).
PRA consults on transferring CRR definitions to Rulebook
The PRA has published a consultation on PRA Rulebook Glossary definitions to replace those currently set out under the Articles 4, 4A, 4B and 5 of the Capital Requirements Regulation (CRR). The consultation follows HM...
FCA appoints interim FOS chair
The FCA has appointed Liam Coleman as the interim chair of the FOS. His role will begin on 10 October 2025. Coleman has extensive financial services experience, including at the Co-Operative Bank, RBS and Nationwide...
PRA issues first reinsurer fine
The PRA has fined Barents Reinsurance S.A., London Branch, £1.79m for controls, governance and reporting failures. The fine is the first that the PRA has taken against a firm operating solely as a reinsurer. Barents is...
Former deputy CEO banned for misleading FCA
Jean-Noel Alba, former deputy CEO of asset manager H2O AM has been fined �1m and banned from the financial services industry for deliberately misleading the FCA.
The firm had failed to carry out proper due diligence on investments between 2015 and 2019. During the FCA’s investigation, Mr Alba provided false and misleading statements and documentation. He also asked junior colleagues to create minutes where formal meetings had occurred, and provided due diligence materials, including investment research, which he claimed were produced at the time, but had in fact been created years after the investments were made.
Financial Services Regulators Complaints Commissioner publishes annual report
The Financial Services Regulators Complaints Commissioner has published its annual report for 2024/25. Key findings included: 954 complaints and enquiries were closed; 325 complaint elements were investigated, of which...
FCA finds poor practice in home and travel insurance claims handling
The FCA has published analysis showing that increases in the cost of motor claims – including higher prices for cars, parts, labour, energy, and more complex supply chains – have contributed to premium...
OFSI finds high risks associated with sanctions compliance in cryptoassets sector
OFSI has published a report setting out its threat assessment relating to sanctions compliance in the cryptoassets sector. Key takeaways included that it is: almost certain that cryptoasset firms have under-reported...
BoE and FCA reaffirm FMI oversight cooperation
The BoE and FCA have updated their MoU on the supervision of FMIs. In updating the MoU, the regulators wrote to Central Counterparties (CCPs), Recognised Investment Exchanges (RIEs) and Recognised Central Securities...
Court confirms that compulsory liquidation stay on proceedings does not prevent sale of property by a secured creditor
The High Court has held that the stay in section 130(2) of the Insolvency Act 1986 does not apply to the sale of property by a secured creditor pursuant to a power of sale: Waypark Commercial Mortgage 1 Limited v...
National Risk Assessment highlights increased risk arising from adoption of financial technologies
The Home Office has published the fourth National Risk Assessment, setting out the key money laundering and terrorist financing risks for the UK. The NRA identifies the following key risk areas: fraud; sanctions...
OFSI launches online reporting and licencing forms
OFSI has launched online forms for submitting licence applications, reporting suspected breaches, and other key reporting such as on frozen assets. The forms will operate alongside existing processes during a transition...
PRA updates on DyGIST
The PRA has confirmed that the 2026 Dynamic General Insurance Stress Test (DyGIST) will commence in May 2026. The PRA has set out the insurers it will invite to participate in the test, who together make up more than...
HM Treasury sets out improvements to MLRs
HM Treasury has reviewed the responses to its consultation on improvement the effectiveness of the MLRs, and has published a response setting out key areas where it intends to make changes. The consultation covered four...
FCA publishes Open Finance Sprint report
The FCA has published a report setting out the outcomes of the Open Finance Sprint it held in March 2025. The sprint aimed on practical data-sharing use cases for supporting four opportunity areas: financial wellbeing;...
Payments and e-money firm Ziglu enters special administration
Ziglu Limited – an authorised e-money and payment services firm – has entered into special administration. David Shambrook and Damian Webb of RSM were appointed joint special administrators of the firm on 7...
Pensions Dashboard Programme updates on progress
The Pensions Dashboard Programme (PDP) has provided an update on the progress of the scheme, which launched in April 2025. Over 20m pension records have now been connected to the new platform, and the State Pension as...
BoE fines Vocalink £11.9m for compliance failure
The BoE has fined Vocalink Limited £11.9m in respect of a compliance failure under s.196 of the Banking Act 2009. This marks the first time that the BoE has fined a financial market infrastructure (FMI) firm. Vocalink...
PRA to review LTI limit rule and offers interim modification by consent
Following recommendations by the FPC, the PRA is reviewing the loan to income (LTI) ratio requirements, and offering a modification by consent in the meantime for firms to disapply the relevant rule. The current...
Financial Stability Report considers continued geopolitical risk and uncertainty
The BoE has published the Financial Policy Committee’s latest Financial Stability Report. The FPC found that risks and uncertainty associated with geopolitical tensions, global fragmentation of trade and financial...
BoE sets out thematic findings from 2024 Cyber Stress Test
The BoE has published a report setting out its thematic findings from the 2024 Cyber Stress Test, a voluntary exercise which involved providers and users of wholesale services to model the impact of a suspected cyber attack affecting transaction settlement.
The stress test used three variations of the scenario: a suspected cyber attack; a confirmed cyber attack; and a longer cyber attack.
Key findings included:
Financial stability decisions�– while participants had mature scenario modelling and response capabilities, they lacked a comprehensive understanding of the FPC’s Impact Tolerance and how potential impacts could lead to financial instability.��Firms are encouraged to consider actions to protect financial stability and manage systemic risk from operational disruptions;
Financial stability mitigation
Operational mitigation – some participants had not tested all available workarounds for processing payments, highlighting the need for firms to collaborate with FMIs to ensure awareness and adoption of mitigation options;
Confidence mitigation – participants demonstrated good understanding of the Sector Response Framework (SRF) processes.��However, further work is needed to improve awareness of operational resilience contingency procedures among customer relationship managers and incident responders;
Financial mitigation -while capital is a fungible mitigant to losses, it does not mitigate operational disruption impacts. Service providers needed a better understanding of customer firms’ funding positions to meet liquidity needs during longer incidents;
Disconnection and reconnection – firms’ decisions about disconnecting from critical systems affect their ability to mitigate financial stability impacts.��It is important for firms to understand disconnection and reconnection options, align them with risk appetites, and reflect potential financial stability impacts in their playbooks.��The Cross Market Operational Resilience Group (CMORG) is working on defining best practice reconnection processes.
Treasury Committee to question insurance industry heads
The Treasury Select Committee will hold a one-off oral evidence session with the leaders of four major insurance firms on the state of the insurance industry. MPs are seeking to understand the main challenges, concerns...
Regulators increase mortgage lending threshold
The PRA has amended its Rulebook and the FCA has amended its Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending. The Financial Policy Committee had recommended increasing the...
Regulators and Lloyd’s agree streamlined managing agent authorisation process
The PRA, FCA and the Society of Lloyd’s have agreed to streamline the regulatory approval process for Lloyd’s managing agents. The changes follow a successful pilot operated in the Lloyd’s market in...
Individuals sentenced to combined 12 years imprisonment for crypto fraud
Raymondip Bedi and Patrick Mavanga have been sentenced to a combined 12 years imprisonment for their involvement in a �1.5m crypto fraud conducted between February 2017 and June 2019, involving them cold calling victims to sell them fake investments in crypto.
Bedi was sentenced to 5 years and 4 months, while Mavanga received 6 years and 6 months.
The sentencing follows convictions achieved by the FCA late in 2024. Confiscation proceedings aiming to recover the proceeds from the fraud are ongoing.
Innovate Finance reports on AI opportunities in financial services
Innovate Finance has published a report on AI opportunities in financial services. A BoE survey recently showed that 75% of firms are using AI, with 10% planning to adopt it in the next 3 years. In terms of benefits for...
PRA updates capital buffers framework
The PRA has issued its final policy�amending the UK capital buffers framework, which includes streamlining of policy materials to enhance usability and clarity.
The changes to the framework have been implemented as proposed, and include:
statement of policy on the PRA�s approach to identifying global systemically important institutions (G-SIIs) and setting G-SII buffers;
amendments to SoP � the PRA�s approach to identifying other systemically important institutions (O-SIIs);
amendments to SoP � the PRA�s approach to the implementation of the O-SII buffer;
reporting instructions for the purpose of identifying and assigning GSII buffer rates;
PRA Standards Instrument: The Technical Standards (specification of the methodology for the identification of Global Systemically Important Institutions) Instrument 2025; and
PRA Rulebook: CRR firms: capital buffers (consequential amendments) instrument 2025.
The updated framework will come into effect on 31 July 2025.
Committee launches inquiry into growth of private markets
The Financial Services Regulation Committee has launched an inquiry into the growth of private markets in the UK, following regulatory capital and liquidity reforms introduced after the global financial crisis in 2008...
FOS complaints double in 2024/25
The FOS has published its complaints data for 2024/25, which shows that over 305,000 complaints were received – this is a 54% increase on the number received in 2023/24, and the highest yearly total of complaints...
FCA finalises non-financial misconduct rules extension and consults on guidance
The FCA has finalised new rules amending the scope of COCON to extend the existing non-financial misconduct (NFM) rules for banks to non-banks. Currently, COCON applies primarily, in respect of non-banks, to conduct forming part of the firm’s SMCR financial activities.
The FCA is also consulting on additional guidance in COCON and FIT. The draft guidance contains:
detail on the scope of COCON, including:
the boundary between work and private life;
when conduct is outside of a firm’s SMCR financial activities; and
when NFM may be out of scope in a non-bank;
factors to consider when determining whether NFM breaches the conduct rules;
examples of reasonable steps for managers to protect staff; and
explanatory material on how various types of conduct, including NFM, are relevant to FIT.
The consultation closes on 10 September 2025 and the made new rules amending the scope of COCON take effect from 1 September 2026, both in line with the conduct breach reporting period and to allow the FCA time to finalise any guidance it might want to make. The changes to COCON will not apply retrospectively, so will not require firms to do any retrospective analysis of whether they have incorrectly determined a rule breach in the past.� The FCA notes in its feedback that if non-banks had not appreciated the restricted scope of COCON and have disciplined an employee for conduct that they thought was a COCON rule breach, they should both update their past breach notifications and ensure they do not include any such breach in Question F of the regulatory reference form – although it may still be relevant under Question G.
The FCA has chosen not to take forward guidance on the relevance of NFM and discriminatory practices in firms to its assessment of their suitability to undertake regulatory activities (in COND), and guidance to remind firms that they may need to disclose NFM at work or in private life in a regulatory reference (in SYSC) – it believes its existing guidance on this point is sufficient.
BoE gives update on synchronised settlement plans
In light of BoE’s renewed RTGS service which went live on 28 April 2025, Victoria Cleland – Executive Director for Payments – has delivered a speech on synchronised settlement plans and initiatives in...
PRA hosts Future Banking Data roundtable
The PRA has hosted a roundtable with CFOs at large systemic firms to discuss the Future Banking Data project, which focuses on opportunities to develop and implement a long-term reporting approach for firms which is...
FCA Smaller Business Practitioner Panel responds to FOS consultation on compensation interest
The FCA Smaller Business Practitioner Panel has published its response to the FOS consultation on the calculation of interest firms must pay on compensation awards. The Panel supports the proposal to adopt a tracker...
Treasury makes recommendations for Women in Finance Charter signatories
HM Treasury has published a report on the progress of the Women in Finance Charter signatories, and how they can accelerate. On average, signatories increased female representation in senior management to 36% in 2024...
FCDO publishes sanctions guidance for non-UK businesses
The Foreign, Commonwealth and Development Office (FCDO) has published guidance on UK sanctions for non-UK businesses. The guidance concerns sanctions targetting Russia, and aims to assist businesses in third countries...