Laura WilesThe BoE has set out key elements of its 2025 stress test of UK central counterparties (CCPs), and published a spreadsheet containing risk factor shocks for each market stress scenario. This year’s test will focus...
Category - Topics
Emma RadmoreFCA consults on investment firm capital simplification
The FCA is consulting on plans to simplify its rules on the amount of capital investment firms need. It is not planning to change the fundamental requirement, but things it can reduce the volume of legal text that sets...
Michael LewisCommittee inquiry to hear evidence from FCA on finfluencers
The Treasury Committee will hear evidence from the FCA as part of an inquiry on finfluencers at a meeting on 30 April 2025. Evidence will be heard from Steve Smart, Joint Executive Director for Enforcement and Market...
FCA publishes AI sprint summary
The FCA has published a summary of the AI sprint it held in January, which had 115 participants. 4 common themes came out of the event: that firms need clarity from the FCA on how regulatory frameworks apply to AI; the...
PRA sets out final rules on step-in risk assessments
The PRA has published a policy statement setting out its updated requirements on the identification and management of step-in risk The new rules – based on Basel Committee on Banking Supervision guidelines –...
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...
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...
UK Finance feeds back on use of AI
UK Finance has responded to the Treasury Committee call for evidence on use of AI in financial services. The response highlights: that adoption of AI varies significantly across financial services, but most...
UK insurance firm charged with “failure to prevent” offence
The SFO has charged United Insurance Brokers Limited with failing to prevent its US based intermediaries from bribing Ecuadorian state officials. The alleged activities happened between 2013 and 2016 and relate to...
Court refuses judicial review application on time barred complaint
The High Court has refused an application for a judicial review of a FOS decision that it had no jurisdiction to address a complaint because the complaint was made out of time. The claimants had complained to their...
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 consults on CCI and simplification of investor disclosures
The FCA is consulting on ways to simplify investor disclosures relating to Consumer Composite Investments. It says nearly a quarter of UK adults hold a product which comes within the UK’s new concept of a CCI...
FCA identifies first set of unnecessary data reporting
The FCA is consulting on removing 3 streams of data that it currently collects from firms by way of regulatory returns. As promised, it says this will reduce the reporting burden for 16,000 firms. It proposes to remove:...
API enters special administration
Blackthorn Finance Ltd, an authorised payment institution, has entered special administration. The FCA had imposed restrictions and an asset requirement on the firm in late 2023 and the firm had entered members...
Employment Key Facts – at a glance
We’ve updated our key facts document to include all the latest statutory figures on tribunal awards and calculations, consultation periods, minimum wage, sickness and family payments and statutory notices.
Karen Plumbley-JonesEmployment legislation update – April 2025
The past few weeks have seen a lot of action on the legislative front. Employment Rights Bill – the Bill was introduced in the House of Lords and had its first reading on 14 March. It passed its second reading on 27...
Employment cases update – April 2025
Metroline Travel Ltd v Taylor A bus driver was dismissed for gross misconduct after fighting with a driver from another company. He brought a claim for unfair dismissal. The employment tribunal (ET) upheld his claim...
OFSI publishes property services threat assessment
OFSI has published its latest “threat assessment” for the property and related services sector. The assessment, an update of the 2022 assessment, is relevant to all firms and sole practitioners involved in...
FCA publishes update on PISCES and pre-application support
On 10 April 2025, the FCA released a statement following its December 2024 consultation on the regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES) (CP 24/29). The FCA...
Ella MarshTheCityUK 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...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
Companies House changes – get ready for identity verification
We’ve written this article on the identity verification reforms being introduced under the Economic Crime and Corporate Transparency Act 2023.
FCA reviews bereavement and PoA registration practices
The FCA has published a multi-firm review of how retail banks and building societies treat customers in financial difficulties, building on its previous review of life insurers’ bereavement claim processes. It...
LSB to publish Ethnic Minority-led Business Code
The LSB has developed a Code aimed at improving access to financial services for ethnic minority-led businesses following research that shows a disproportionate amount of these businesses face difficulties getting...
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...
PRA publishes Fees and Levies rates proposals for 2025/26
The PRA today published its CP 8/25, setting out its proposals for fees and levies for the current year. The Annual Funding Requirement, to cover the PRA’s ongoing regulatory activities, is £328.7m, down £2.6m...
Stephen WilsonPRA publishes Business Plan
The PRA’s 2025/6 Business Plan focuses on: significant work already completed on competitiveness and growth – such as the capital requirements to support SME and infrastructure lending, making the Solvency...
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...
Commons publishes access to cash findings
The House of Commons library has published a report that gives an overview of the policy relating to closure of bank and building society branches and initiatives to protect access to cash. The report includes: how...
FPC looks at role and risks of AI
As part of its “Financial Stability in Focus” work, the FPC has published a paper looking at how the rapid pace of development in firms’ use of AI can cause uncertainties and how these may translate...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
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...
FCA publishes its proposal for annual fees and levies rates for 2025/2026
Today the FCA published consultation paper CP 25/7, setting out its proposals for the fees and levies to be imposed on the financial services industry to fund the FCA and FOS for the coming financial year. Key points of...
FCA and Treasury consult on AIFM regulation reform
HM Treasury is consulting on proposed changes to the laws affecting AIFMs and the FCA has published a call for input seeking views on its own proposals. The Treasury consultation focuses on the areas of the UK...
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...
FCA publishes final rules on derivatives trading obligation
The FCA has published a policy statement on the derivates trading obligation (DTO) and post-trade risk reduction services. The policy statement includes the FCA’s final rules on the classes of secured overnight...
Regulators consult on mortgage lending threshold raise
The PRA and the FCA are consulting on amendments to the PRA Rulebook and the FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending. The Financial Policy Committee has recommended...
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...
ICO review of firms’ use of children’s data
The ICO has published a report of its findings of a review which took place over six months last year of over 40 participant financial services firms’ use of children’s’ data. Providers of products...
AFME updates MiFIR and MiFID implementation guide
The Association for Financial Markets in Europe (AFME) has updated its implementation guide for firms operating in secondary capital markets to take account of MiFIR and MiFID II reforms in the UK and EU. The guide...
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...
PSR consults on scheme and processing fees
Following the report it prepared into the scheme and processing fees charged by Visa and Mastercard, PSR has set out a number of proposed remedies on which it is consulting: requiring Mastercard and Visa to provide more...
Duncan ScottOFSI 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...
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...
FCA updates on motor finance complaints
FCA has further updated its page containing guidance on the handling of motor finance complaints to include the link to its submission to the Supreme Court. It had previously updated its guidance in the light of the...
FCA publishes final motor finance Supreme Court submissions
As the appeal against the Court of Appeal Decision in Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited and Hopcraft v Close Brothers has begun in the Supreme Court, FCA has published its final...
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 speaks on investment culture and pensions savings
Nikhil Rathi has spoken on how to build a healthier investment culture in a world where consumers need more from their pensions but significant immediate investment is not possible. He focussed on the need for...
Treasury updates high risk third country notice
HM Treasury has updated its high risk third country advisory notice in line with the changes announced by FATF at its last plenary session. As a reminder, the FATF changes now apply as soon as announced by FATF, so have...
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...
PRA and FCA consult on margin requirements
The PRA and FCA are consulting on a proposal that would indefinitely extend the current temporary exemption for single-stock equity options and index options from the UK bilateral margining requirements. The current...
ASA confirms scope of advertising restriction on unregulated investments
Following consultation, the ASA has confirmed that the BCAP restriction on advertising “unregulated investments” applies only to financial products that a layperson would generally consider to be...
BoE speech on innovation in wholesale payments
The BoE’s Executive Director of Payments, Victoria Cleland, has given a speech at the Pay360 event highlighting the Bank’s recent efforts to further innovation in the wholesale payments field. In particular...
UK Finance publishes proliferation finance paper
UK Finance has published a paper that looks at risk management of proliferation finance risks by financial institutions. The guide looks at proliferation finance standards and regulatory frameworks in the UK and...
Insurance associations launch misconduct training programme
The MMA, IUA and LIIBA have joined together to launch a non-financial misconduct training programme, following an FCA request. The FCA’s 2024 report highlighting the issues in the wholesale speciality insurance...
FOS limit increasing from 1 April
The FCA has confirmed that, in line with the policy that the FOS limit automatically adjusts to keep pace with inflation, the limits from 1 April 2025 will be £445,000 for complaints referred on or after that date about...
FCA gives more detail on rule streamlining
Alongside its action plan, the FCA has published details of its “Consumer Duty rule review“. It has released a feedback statement following its call for input last year when it asked firms to tell it how...
FCA publishes 5 year strategy
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
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...
The IA says CCIs must learn the lessons from PRIIPs
The IA’s response to the FCA’s consultation on the new product information framework for Consumer Composite Investments says it is crucial that the new framework genuinely results in a better information set...
OFSI annual review shows £25bn frozen Russian assets
The OFSI annual review for 2023-4 shows that as of March 2024, the UK Government had designated over 2,000 entities and individuals under the Russia sanctions regime and frozen £25bn worth of Russian assets. It...
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...
FCA calls for evidence on MCOB interest rate stress test rule
The FCA has published an online call for evidence on the impact of the MCOB rule on the mortgage interest stress test. The call for evidence looks particularly at MCOB 11.6.18R and is part of the FCA’s review of...
Companies House launches Authorised Corporate Service Provider registration service
On 18 March 2025, Companies House launched a new service enabling eligible third-party corporate service providers to apply to register as an Authorised Corporate Service Provider (ACSP). This initiative aims to enhance...
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...
Treasury publishes MiFID Org Reg reform draft
HM Treasury has published a near-final version of legislation to reform the MiFID Organisation Regulation. The policy note accompanying the draft explains that: Treasury needs, in law, to restate elements of the...
FCA refuses crypto-application on harm basis
The FCA has published its decision notice explaining why it has refused the application of Zeux Limited for registration as a crypto firm under the MLRs. The firm submitted its application in 2022. The FCA decided that...
FCA decides to fine and ban Crispin Odey
The FCA has published a decision notice of a fine of £1.8m and ban on Crispin Odey for his actions in, in its view, deliberately acting to frustrate Odey Asset Management’s disciplinary process into his conduct...
Chancellor unveils more red tape cutting
The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...
More ECCTA provisions take effect
The 4th Commencement Order for the Economic Crime and Corporate Transparency Act 2023 brings into force: on 18 March, the remainder of the provisions on the procedure for verifying identity, authorisation of corporate...
FCA consults on removing contactless limit
The FCA is asking for views on whether it would be a good thing to remove the contactless limit, and has published an “engagement paper” to seek views. The suggestion is all part of the work to support...
Treasury publishes AML/CFT supervision report
Treasury has published its supervision report 2023-4 for AML and CFT – the 12th report in all. The report is wider-ranging than previous years, including things like metrics on guidance and training that...
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...
OFSI updates sanctions FAQs
OFSI has updated its UK financial sanctions FAQs with 13 new questions about what “relevant firms” need to do to comply with their reporting obligations. The questions include answers on how the obligations...
FCA updates guidance and case studies on individual approvals
The FCA has updated its website on applying for SMFs and for approved person status within AR firms and has also shared some new case studies on what it looks for when assessing a senior manager application. It looks at...
PSR updates on scam data publication plans
The PSR has outlined how it plans to publish APP scam data for 2024. Before the mandatory reimbursement requirement came into force in October, it published data annually. For the last cycle of 2024, it is planning to...
FCA drops enforcement transparency and DEI proposals
The FCA has confirmed it will not be taking forward its controversial proposals to publicise investigations into regulated firms on a “public interest” basis. Nikhil Rathi confirmed that because of a lack of...
Government abolishes PSR
The Government has announced its intention to abolish the Payment Systems Regulator as part of its drive towards efficiency. It plans mainly to consolidate the PSR’s operations within the FCA. Rachel Reeves said...
Treasury updates on Women in Finance Charter progress
HM Treasury signed up to the Women in Finance Charter in 2016. Since then, its own female representation in senior management, as at March 2024, had increased from 43% to 50%. Treasury has been prioritising: a long term...
Mortgage stats show rises all round
The latest statistics on mortgage lending for Q4 2024 from the MLAR submitted to the FCA show: the highest stock of outstanding mortgage loans since reporting began in 2007 (£1,678.2 bn); a 4.9% increase in the value of...
FCA displeased at funeral provider Complaints Commissioner criticism
The FCA does not agree with the findings of the Complaints Commissioner that it did not identify significant risks in relation to Safe Hands funeral plan provider. The FCA did not acquire legislative powers to regulate...
FCA says sustainability rules do not prevent defence investment
The FCA has published a statement explaining that its sustainability rules do not prevent investment in or finance for defence companies. It explains that the aims of its sustainable finance rules are to ensure...
FCA updates on motor finance review next steps
The FCA has said that it no longer plans its proposed announcement during May on its planned next steps in its motor finance commission review. Instead, it will confirm within 6 weeks of the decision of the Supreme...
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 invites applications for bond consolidated tape provider
The FCA is inviting applicants for a bond consolidated tape provider. The UK bond consolidated tape will collate data such as price and volume of transactions, combining information on trades executed on trading venues...