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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...

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...

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...

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...

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...

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...

PRA 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)...

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...

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...

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...

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...

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...

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...

Chancellor to streamline fintech regulation

The Chancellor has hosted senior representatives from the fintech sector to discuss new draft legislation which will streamline how the area is regulated. The new legislation will reform the framework under MiFID...

FCA 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...

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...

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...

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...

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...