Laura WilesThe FCA is consulting on simplifying the remuneration regime for solo-regulated firms. Key proposals include: Replacing the existing AIGM, UCITS and MiFIDPRU remuneration codes with a single consolidated code; Moving...
Category - Topics
Government appoints Wholesale Digital Markets Champion
To support the delivery of tokenisation in wholesale financial markets, the Government has appointed Chris Woolard as the Wholesale Digital Markets Champion. Woolard will be tasked with: Establish a cross-industry...
FCA and DWP amend consultation on Value for Money framework
The FCA and Department for Work and Pensions (DWP) have issued a joint consultation on draft rules and regulations under the Value for Money (VFM) framework. The VFM framework aims to shift the pensions market focus...
FCA publishes review on products and services outcome
The FCA has published a review outlining good practice and areas for improvement in firms’ approaches to products and services. Design and target market Good practice in this area included: Mapping customer needs...
Report urges UK to be more ambitious on Islamic finance
A report from TheCityUK says the UK can be more ambitious, coordinated and strategic in its approach to Islamic finance, and if it does this it can capitalise on the growth opportunities that Shariah compliant finance...
Emma RadmoreFOS publishes annual report
The FOS annual report for 2025-6 notes that the past year saw the biggest change to the FOS funding model since it was created 25 years ago, together with the work on reform of the redress system. The past year saw a...
FCA charges solicitor with insider dealing
The FCA has charged a solicitor with 5 counts of insider dealing. It alleges that he used inside information obtained through his role acting on an acquisition to deal in securities of the relevant company on 5...
Committee reports on growth and competitiveness
The Financial Services Regulation Committee has given its one year update on the FCA and PRA’s secondary competitiveness and growth objective. It notes that London has maintained its second place ranking as a...
FSM Bill day 6 debate
The Committee stage in the House of Lords has held its 6th and final day of debate on the Financial Services and Markets Bill. It considered: the future of the ring-fencing regime, which gave rise to a lively debate...
Government publishes action plan progress report
HM Treasury and the Department for Business and Trade have published a progress report for the Regulation Action plan, on which they last updated in October 2025. The report looks at work across the three pillars of:...
Treasury reports on cyber resilience in FIs
HM Treasury has published a report on the value of cyber resilience in financial services. It looks at how the importance of cyber resilience is increasing as digital technologies become increasingly important to...
Katie SimmondsFCA releases motor finance challenge documents
The FCA has published various documents relating to the challenge to its motor finance commission redress scheme. It has published the Tribunal’s suspension and directions orders, as well as the applications and...
FCA publishes guidance on crypto application form
The FCA has published an information sheet about the authorisation application form for cryptoasset firms. The note outlines: Core components of the authorisation application, including specific information required for...
BoE sets fees for FMI supervision in 2026/27
BoE has published its fees for financial market infrastructure (FMI) supervision in 2026/27. The total FMI levy will increase by 3% to £18m. Respondents welcomed the reduction in UK CCP fees against the figure...
PRA sets fees and levies for 2026/27
PRA has published its fees and levies for 2026/27. The Total Funding Requirement (TFR) will be £345.3m, 0.4% (£1.3m) lower than the proposed figure and 1.4% (£4.9m) lower than the TFR for 2025/26. The Annual Funding...
FSM Bill day 5 debate
The House of Lords completed the fifth session of the report stage of the FSM Bill on 6 July. The debate included: the need for some recognition in the law of AI and technology developments; whether the FCA should be...
Financial Stability Report shows resilience still good
The July Financial Stability Report from the BoE says that the financial system overall remains resilient, as do UK households and businesses, with strength in the banking system to support any times of stress. It also...
Enforcement Watch looks at Consumer Duty
The second edition of FCA’s Enforcement Watch looks at its approach to supervising and enforcing the Consumer Duty. The FCA recognised that firms needed time to embed the Duty, and now, three years in, it has 11...
Stephen WilsonFCA tells banks to improve basic account access
A mystery shopping exercise by the FCA found one third of experiences with basic bank accounts do not meet its expectations. Nine banks and building societies must by law offer these accounts to people who may not be...
FCA updates on complaints return
The FCA has updated its website information on complaints returns to remind firms that from 1 January 2027 there will be one single return covering the current DISP 1 Annex 1, CCR, FP, CMC and PSR returns. It says firms...
FCA publishes AI in retail financial services review
The FCA has published a review looking at how AI could reshape retail financial services. The Mills Review, which was launched in January, looks at 4 major shifts likely to impact these markets: transformation of firm...
BoE suggests AI “kill switch” needed
The BoE raised this week the potential need for an AI “kill switch”. The BoE is concerned about advanced AIs that drift from public policy objectives or amplify market volatility, particularly where multiple...
FCA publishes research on cryptoasset markets
The FCA has published market description research on the development of cryptoasset markets in the UK and globally. The research provides an overview of how the markets operate, including the types of cryptoassets...
Tribunal suspends part of motor finance scheme
The Upper Tribunal has made an order that suspends parts of the FCA’s motor finance redress scheme. It is to hear the legal challenges to the scheme in either mid December 2026 or mid February 2027 – it...
FSM Bill completes 4th Committee day
The fourth day of debate on the Financial Services and Markets Bill took place on 1 July. The main topics of discussion were international rules and growth and competitiveness. Key points made included: the need for a...
FCA consults on simplifying consumer investment disclosures
The FCA is consulting on simplifying consumer investment disclosures. The regulator is proposing to align cost disclosure requirements derived from the MiFID regime with the Consumer Composite Investments (CCI) regime...
FCA finds poor value in legacy unit-linked pensions products
The FCA has published a multi-firm review of Consumer Duty price and value practices in unit-linked pensions and savings. Overall, the review found that unit-linked products deliver fair value, but customers holding...
FCA sets 2026/27 fees
The FCA has published its fees and levies for 2026/27. Changes include: A £16m (22.9%) increase in the FOS compulsory jurisdiction levy, which for 2026/27 totals £86m; A £5.4m (0.7%) increase in the Annual Funding...
UK takes over FATF presidency
The UK has taken over presidency of the Financial Action Task Force (FATF). Giles Thomson – the new president, – succeeds Elisa de Anda Madrazo of Mexico. Thomson also serves as Director for Economic Crime...
Court of Appeal allows mass motor finance claims
The Court of Appeal has dismissed an appeal by car finance lenders against a decision to allow mass claims to be brought using omnibus claim forms in respect of non-disclosed DCAs on car finance. Over 5,000 individuals...
FCA consults on closed-end fund changes
The FCA is consulting on changing the Listing Rules in respect of closed-ended investment funds. The proposals focus on conflicts management and aim to ensure that its rules apply consistently in a variety of scenarios...
BoE speaks on agentic AI
Sarah Breedon has spoken on how agentic AI is helping to transform cyber risk, markets and payments, and how the BoE is using it. She considered: the drivers of transition and financial stability risks; the financial...
New report looks at digital verification blueprint
A research report from The Global City looks at a digital verification orchestrator blueprint. This service would connect identity providers with organisations that need to verify people by enabling trusted, consent...
DRCF seeks views on consumer interest and AI
The DRCF is seeking views on: risks consumers feel they are exposed to and their attitude to risk in generative and agentic AI adoption (by 3 July); and the tools and framework that regulators and others have to manage...
FCA updates trading names guidance
The FCA has updated its website page on use of trading names. The page explains: how to add trading names to the Register; how the FCA checks whether a name is a genuine trading name (specifically, that the name is...
FCA updates on SMCR changes
The FCA has published an update on the planned SMCR changes. It has updated its “next steps” to confirm that improvements to regulatory reporting and processes will apply from 10 July, and changes to the...
PSR reports fall in payment fraud
The PSR has reported a £73m fall in payment fraud per year, and a fall in APP scams of 35,000 since the mandatory reimbursement requirement took effect. It also says that reimbursement rates are up to 65%, and that...
PRA reminds firms on protected deposit reporting requirements
The PRA has reminded firms that the “class A tariff base” for reporting under the Depositor Protection rules includes both covered deposits and the total balance of any deposits in any account which holds...
OFSI publishes ownership and control tips
OFSI has published some insights resulting from its call for evidence on ownership and control in the context of financial sanctions. Responses included: examples of where hypothetical control appears most often in...
FCA makes final crypto rules
The FCA has published its final rules setting out capital and resilience requirements for crypto and stablecoin trading firms, which complete its crypto roadmap. It has published a suite of policy statements on:...
PRA speaks on enforcement process evolution
David Chaplin of the PRA has spoken on how behaviour in regulatory investigations is evolving and how the shift to earlier engagement and “candour” can help faster and more efficient enforcement processes...
UK Finance to support voluntary digital verification plan
UK Finance is to support the group of banks and building societies who are driving forward a digital verification service led by financial institutions. The service planned would allow verification through a...
PRA publishes annual report
The PRA’s annual report, published alongside the BoE’s, looks at the activities of the past year to support its regulatory objectives. The report includes summaries of the work on: Basel 3.1 implementation...
TheCityUK report on climate change risks to investment
TheCityUK has published a report that highlights how climate change is becoming a financial stability issue in certain market sectors, and that this is leaving a possible protection gap as some value is underinsured and...
John ConnorFATF consults on payment transparency guidance
FATF is consulting on guidance on increasing payment transparency. It is proposing guidance to support the revisions to Recommendation 16, to help keep pace with the changing payments landscape. It expects all countries...
DRCF calls for views on authentication and trust
The Digital Regulation Cooperation Forum is calling for views on developments, opportunities and challenges associated with digital verification and synthetic media/deeptakes. The input will feed into its new series on...
FCA censures firm over Wealthtek losses
The FCA has censured CACEIS UK for failing to act on information that meant WealthTek clients were exposed to financial crime risks. The firm will make a voluntary payment of £31.7m to WealthTek clients. The firm, an...
FATF highlights terrorist financing risks of tech
FATF has published a report on key trends and typologies where social media is being abused to finance terrorist activity. The report covers all social media, instant messaging and streaming plaforms, and looks at how...
FSM Bill completes third day
The FSM Bill has completed its third day in the Committee stage in the Lords, and will enter its fourth day on 1 July. At the first session, on 22 June, the Committee discussed several core conduct issues, including:...
Firm loses appeal against publication of investigation
Promethean Finance appealed to the Upper Tribunal against the FCA’s decision to publish its decision to cancel the firm’s permission. The firm had become authorised as a debt packager business providing debt...
FCA consults on no more Consumer Duty for overseas business
The FCA is consulting on plans to simplify its rules more for wholesale businesses involved in retail markets. It plans to: remove all business for “genuinely” non-UK customers from the scope of the Consumer...
FOS exceeded consumer credit complaints jurisdiction
The High Court has handed down a decision confirming that the FOS overstepped its jurisdiction under the DISP rules regarding complaint time limits. It is the first known case in which the FCA – as statutory...
FCA speaks on future of the credit market
Alison Walters – director of consumer finance at the FCA – has delivered a speech on the future of the credit market at a Credit Week: Powering the Future of Finance event. The speech noted that a more...
BoE consults on Future Retail Payments Infrastructure
The Retail Payments Infrastructure Board – an arm of the BoE – has launched a consultation on the design of the Future Retail Payments Infrastructure. The consultation asks for views on: What payments...
Delegated Powers and Regulatory Reform Committee publishes Commercial Payments Bill report
The Delegated Powers and Regulatory Reform Committee has published its report on the Commercial Payments Bill. The latest developments are: The Delegated Powers and Regulatory Reform Committee is appointed by the House...
Victoria FergusonFCA confirms engagement with MVF scheme challengers and Tribunal
The FCA has updated its information page for firms on motor finance complaints in order to clarify uncertainties around requirements under the compensation scheme in light of ongoing legal proceedings against it. The...
FCA considers commitments offer from commodity traders involved in competition probe
The FCA has issued a statement in respect of its concerns around 11 traders that it believes may have hindered competition in commodity futures markers and infringed competition law by sharing sensitive information or...
FCA speaks on regulation in the age of AI
Nikhil Rathi – chief executive of the FCA – has delivered a speech on rethinking regulation in the age of AI at techUK’s Agents of Change: Generative and Agentic AI in Financial Services 2026 event...
OFSI considers US and UK economic sanctions regimes
HM Treasury and the Office of Financial Sanctions Implementation (OFSI) have published an overview comparing the approaches of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and OFSI...
FCA announces launch of climate scenarios regulatory sandbox
The FCA is launching a sandbox cohort testing innovative climate scenario tools and approaches. Firms and specialists who incorporate innovative approaches to climate scenarios and are ready to test their climate...
Smaller Business Practitioner Panel responds on consumer credit fin proms
The Smaller Business Practitioner Panel (SBPP) has published its response to the FCA’s consultation on simplifying the financial promotions rules for consumer credit firms. The panel broadly agreed with the...
FCA publishes multi-firm review of insurers’ financial crime controls
The FCA has published a multi-firm review considering how firms in the retail, wholesale and life insurance sectors can improve their financial crime systems and controls. The cross-sector findings report the following...
FCA launches bond consolidated tape
The FCA has launched its new bond consolidated tape whereby investors and market participants can access a single, real-time source of prices and trading activity in the UK market. The tape will be operated by ETS...
Michael LewisFCA consults on money and assets scheme for SIPPs
The FCA is consulting on strengthening consumer protection and supporting sustainable market growth in the self-invested person pensions (SIPPs) market. Key proposals include: Due diligence requirements to reduce scams...
Payments firm Monevium enters special administration
Monevium Ltd – a payment services firm – has entered special administration. Adam Stephens and Christopher Allen of S&W Partners were appointed joint special administrators of the firm on 18 June 2026...
PRA consults on final Basel 3.1 element
The PRA has published a consultation on the final element of Basel 3.1 implementation in the UK: the internal model approach to market risks. Key proposals include: Extending the monitoring period for the profit and...
BoE publishes 2025 CCP Global Default Simulation findings
BoE – alongside a cohort of other CCP authorities – has published findings from the 2025 CCP Global Default Simulation exercise. The exercise demonstrated that CCPs and market participants could execute...
BoE confirms private markets system-wide exploratory scenario
BoE has confirmed details of the hypothetical macroeconomic and financial market scenario to be used in the private markets system-wide exploratory scenario. The scenario spans a 5 year window and envisages a severe but...
FCA cancels another SPI permission
The FCA has cancelled the permission of Fortune Portfolio (t/a Libra), a small payments institution which has been registered with the FCA since January 2016. In the same vein as a range of other payment institution...
Pensions Dashboard outlines responses to daily MaPS reporting proposals
The Pensions Dashboard Programme has published the outcome of its reporting standards consultation, which proposed implementing daily reporting of data to the Money and Pensions Service (MaPS) via an API. Responses...
FCA cancels permission of a further car sales firm
The FCA has issued a final notice cancelling the consumer credit permissions of 5Star Vehicle Solutions. The firm had failed to satisfy the suitability threshold condition and was not judged to be fit and proper to...
Government responds on AML supervision reform
The Government has published its response to its consultation on reforming the AML/CTF supervisory framework for professional services firms. The FCA will become the registration body and keeper of the register of all...
BoE holds interest rates
The Monetary Policy Committee has voted by a 7-2 majority to keep the Bank Rate at 3.75% (2 members wanted to increase it to 4%). Global energy prices have fallen since the previous meeting, but are still higher than...
Committee concerned about FSM Bill and “having regard”
The Financial Services Regulation Committee is concerned about the provisions in the FSM Bill which remove the requirement for the PRA and FCA to “have regard” to regulatory principles and to show that they...
FCA speaks on financial crime prevention behind the scenes
Therese Chambers has outlined several of the initiatives the FCA takes to deter and prevent financial crime that never make the headlines. She spoke of the importance of the FCA stepping in not only when its actions...
FCA closes Drax investigation
The FCA confirmed in August 2025 that it was starting an investigation into Drax Group plc (as a listed entity) regarding disclosures to the market about the sustainability of Drax’s Canadian biomass. It has now...
FSMB amendments grow before Committee stage
As at 17 June, the tabled amendments for discussion in Committee stage of the FSM Bill ran to 68 pages. Key submissions: aim to create a debate on what the new look consumer credit regulatory regime will look like and...
Sanctions designation does not stop possession proceedings
The High Court has granted a lender possession of a property after the borrower failed to repay the loan as a result of becoming a Designated Person. A borrower under a secured mortgage became a Designated Person for...
OFSI imposes record fine on travel tech firm
OFSI has fined Sabre Global Technologies Limited, a travel technology firm, more than £1m for breach of Russian sanctions. It found the firm repeatedly made funds and economic resources available to a designated Russian...
Wholesale Digital Markets Champion ToR
The Government has published the Terms of Reference for what Chris Woolard, the appointed Wholesale Digital Markets Champion, will focus on. Specifically, he will: establish a cross-industry taskforce; report on how UK...
FCA updates on research themes
The FCA has outlined the four themes that dictate the research it does – growth, wholesale markets, helping consumers and regulation – with questions around financial crime having a place in all of them...
PRA outlines captive plans
Shoib Khan has set out the PRA’s plans for the UK captive regime, in advance of it publishing its long-awaited consultation. He noted that if properly structured, captives could advance both the primary and...
E-money firm placed into special administration over FCA’s financial crime concerns
Having imposed restrictions on Euro Exchange Securities UK, the FCA has succeeded in closing the payments firm after London’s High Court approved the FCA’s application to appoint administrators for the firm...
Harry WellsCommercial Payments Bill continues Lords progression
The Commercial Payments Bill has had its second reading in the House of Lords. The response was generally supportive with Lords acknowledging the need to protect small businesses from late payments. Concerns were raised...
FCA bans Collateral directors
The FCA has banned Andrew Currie and Peter Currie, who ran a P2P lender which was never authorised by the FCA. They had claimed it was authorised with interim permission, but in fact Peter Currie had fraudulently...
PRA updates insurer application forms
The PRA has updated its resources for new insurance start ups to include new forms for Lloyd’s managing agents.
FCA speaks on later life lending
Emad Aladhal, FCA director of retail banking, spoke on later life lending and its potential to become the fourth pillar in retirement. He said that at the moment, very few people think about housing wealth when...
Appeal refused in conditional sale default case
The Sheriff Appeal Court has refused permission to appeal in a case involving a conditional sale agreement. Mr G entered into a conditional sale agreement with Moneybarn No.1 Ltd in June 2023 to buy a car. Title would...
UK Finance says fraud remains national security threat
The latest Annual Fraud Report from UK Finance highlights £1.28bn reported as stolen through payment fraud in 2025 – up 4% from last year. 66% of APP frauds start online and 17% though telecoms networks. UK...
FCA consults on DEPP changes
The FCA is consulting on changes to DEPP to improve transparency and consistency, and to keep it up to date with how the FCA works in practice. It wants to make a few targeted changes including: raising the minimum fine...
ECCTA report pleased with Companies House improvements
A report into the implementation of parts 1 to 3 of ECCTA says the changes to company registration have delivered tangible benefits. It says nearly 4 million individuals have verified their identity since November 2025...
Consumer lender enters administration
Amplify Capital (U.K.) Limited, a consumer lender and credit broker which traded as Reevo Money and My Community Finance , has gone into administration with Robert Spence and Gareth Slater of Interpath Advisory...
FCA clarifies redress scheme details
The FCA has updated its website with a document giving more detail on several aspects of the motor finance commission redress scheme. The document runs to 20 pages and covers: the scope of the scheme, including the...
FCA summarises enforcement “lessons learned”
The House of Lords Financial Services Regulation Committee has published a letter from Nikhil Rathi on the lessons the FCA has learned in relation to publishing enforcement investigations. Broadly, the FCA was surprised...
FCA plans to fine individual for disclosure failures
The FCA has decided to find the Chief Executive of BancTrust, Carlos Fuenmayor, nearly £100,000 for having failed to tell the FCA about 3 issues that would have been material to its assessment of his fitness and...
New data protection complaints regime: One week left to go
From 19 June 2026 businesses must have a formal process in place for individuals to raise data protection complaints directly with them. The ICO has reminded businesses that they must act now to put their complaints...
Article 60C(3) exempt agreement can fall within CCA unfair relationships provisions
The Court of Appeal has published its judgment in a case involving bankruptcy order following a loan entered into under coercion. Mr H was a longstanding friend and business associate of Ms M’s then partner (Mr C)...
MLR amendments finalised
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 were made on 9 June, and in the main take effect at the end of June. Only the provisions relating to crypto-firms take effect later, at various...
FSB consults on responsible AI adoption
The Financial Stability Board is asking for views on a set of proposed sound practices to help financial institutions responsibly navigate AI adoption. It has proposed a set of 12 practices covering: governance;...
Committee stage for FSM Bill to start on 22 June
The Financial Services and Markets Bill had its second reading in the Lords on 8 June and has now been scheduled for the Committee stage starting from 22 June. At second reading, Lord Stockwood introduced the Bill for...
FCA responds to Treasury Committee on MVF scheme
The FCA has published a letter on the motor finance compensation scheme, responding to the Treasury Committee’s request that it provide an update on the consequences of the legal challenges scheme. In terms of...
Regulators publish mortgage lending statistics
The FCA and PRA have published their mortgage lending statistics for Q1 2026. The latest findings show that: The outstanding value of all residential mortgage loans increased by 0.7% from the previous quarter, to £1...
FCA consults on further changes to mortgage rules
The FCA is consulting on further changes to mortgage lending rules, this time with the aim of helping greater numbers of creditworthy consumers access suitable mortgages. The regulator wants to increase the scope for...