The FCA has published an independent report from KPMG on proposals for the establishing a future open banking standards-setting body. As multiple organisations have expressed interest in facilitating the design of the...
Category - Topics
Laura WilesFCA will “robustly” defend motor finance scheme
Further to a statement expressing its disappointment over certain responses to its motor finance redress scheme earlier this week, the FCA has published details of its approach to the proposed challenges. The regulator...
FCA charges unauthorised mortgage broker
The FCA has charged Shaun Lawrence for unauthorised mortgage broking activities. Mr Lawrence had previously been authorised to give mortgage advice, but had his permissions revoked in 2008, and was simultaneously fined...
FCA publishes new rules on fund tokenisation
The FCA has published new rules aimed at supporting asset managers innovate with fund tokenisation. The new policy sets out how AFMs can use distributed ledger technology (DLT) to issue, transfer and maintain records of...
Michael LewisFCA to open pre-application meetings for crypto firms
Cryptoasset firms preparing for the new authorisation regime under FSMA will be able to request pre-application meetings with the FCA from 11 May 2026 via the Pre-Application Support Service (PASS). PASS meetings are...
FCA denies further remediation for Wellesley complainants
The FCA has issued a response to complaints regarding its handling of Wellesley & Co, a formerly authorised firm which had promoted and arranged high-risk property development investments which were not covered by...
FCA cancels permission of car sales company
The FCA has issued a final notice cancelling the permission of Dhillon Motor Holdings. The firm had failed to satisfy the suitability threshold condition and was not judged to be fit and proper to conduct regulated...
Insights from FCA’s CDD/EDD review
Read our insight article written for Law 360 on conclusions from the FCA’s review of firms’ policies and procedures on CDD and EDD.
Emma RadmoreFCA publishes latest complaints data
The latest 6 month complaints data from the FCA shows: a slight increase in complaints compared to the previous half year, but complaints have been relatively stable at between 1.7, and 2m since 2021; a 10% increase in...
PRA consults on funded reinsurance
The PRA is consulting on changing regulatory treatment of funded reinsurance to treat it more like other investments. Life insurers pay large up-front premiums to reinsurers in return for future payments, which...
PRA speaks on mutual supervision
Charlotte Gerken of the PRA has spoken on changes in and regulatory plans for supervising mutuals. She focussed on building societies, as her speech was to the BSA, and highlighted the PRA’s decision to withdraw...
Market Watch looks at using ECCTA to share information
The latest edition of the FCA’s Market Watch looks at how firms can use ECCTA to share customer information to help fight economic crime. The ECCTA provisions apply to all firms subject to the MLRs, and covers a...
Government confirms risk transformation changes for insurance markets
The Government has published its feedback on its consultation on changes to the Risk Transformation Regulations and its next steps. It plans to: introduce more flexible funding requirements and authorisation processes...
FCA consults on CONC promotion simplification and seeks views on APR disclosures
The FCA is consulting on changes to CONC to remove several provisions relating to financial promotions, and is also seeking views on the usefulness of the current APR requirements and whether there is a better...
FCA publishes new PISCES operator sandbox notice
The FCA has published the direction and approval notice that allows Vestd Limited to conduct intermittent trading events in eligible private company securities for the duration of the PISCES sandbox within the sandbox...
FCA reiterates disappointment over motor finance scheme challenge
The FCA has again expressed its disappointment that “some” have decided to challenge its motor finance commission redress scheme, which will have the effect of delaying payments under the scheme and...
FLA not challenging redress scheme
The FLA has confirmed it will not be challenging the FCA’s motor finance commission redress scheme. It says that, while it still has concerns about the scheme, it recognises that the most important thing is that...
FCA cancels permissions and SPI registration
The FCA has issued final notices cancelling the Part 4A permission of Yes You Can and the small payment institution (SPI) registration of Owenico Finance. The former cancellation was on the basis that Yes You Can had...
FCA leads on action against finfluencers
The FCA has led a second international ‘week of action’ targeting illegal finfluencers. 17 global regulators were involved in the programme, which included enforcement activity, consumer awareness campaigns...
FCA publishes good practice examples from Cyber Coordination Group
The FCA has published good and poor practice emerging from its Cyber Coordination Group (CCG) in 2025 covering key resilience topics like: incident response practices and recovery at scale; implications of AI, quantum...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 140 which sets out a number of changes, most of which we’ve reported on elsewhere, including: Updating the FEES manual to reflect the 2026/27 management expenses levy limit;...
FCA censures Sapia over WealthTek failings
The FCA has censured Sapia because of its failure to put in place sufficient safeguards over client money that emanated from WealthTek which was its appointed representative. Sapia admitted it did not properly separate...
“Next step invest” launches with Savvy the squirrel
A new website urges consumers to think about investing for the first time. Backed my numerous financial institutions, including banks, wealth and investment managers, investment firms and insurers, and supported by the...
FCA says “consider your clients” before challenging its scheme
The FCA has put out another notice to law firms and CMCs acting for consumers who may be due redress for motor finance agreements they entered into. The FCA stresses that it has no vested interest in setting up the...
PRA finalises some low impact amendments and consults on more
The PRA has finalised a set of low impact amendments to its rules on Fees, Skills, Knowledge and Expertise and SS3/18, and is consulting on more, which will: update the Groups part of the Rulebook; make consequential...
FCA updates on financial advisory market
The FCA has published its findings from its latest financial adviser survey. It surveyed over 4,000 firms and looked at data it holds on over 30,000 advisers. Key conclusions included: the market is broadly stable, as...
Innovate Finance looks at accelerating Unicorn landscape
A new Innovate Finance report, prepared with the Boston Consulting Group, looks at how the UK can secure its position as the world’s leading FinTech bug and help its top firms become globally competitive. Working...
Sheilah MackieFCA helps disrupt illegal P2P crypto trading
The FCA, using its powers under the MLRs, and working with HMRC and the South West Regional Organised Crime Unit, targeted 8 London premises suspected of illegal peer-to-peer crypto trading. There are no properly...
Treasury, PRA and FCA confirm SMCR changes
HM Treasury, the PRA and FCA have published updates on SMCR reform. Treasury has published its response to its 2025 consultation on the reforms, which confirms that it will: remove the statutory requirements for...
UK Private Capital reports on supporting the green transition
UK Private Capital has published a report on the role private capital plays in supporting the green transition. It notes that a monumental effort is needed to meet the net zero 2050 commitment, alongside tens of...
John ConnorFCA reviews good practice in managing inactive AR risks
The FCA has published its review of how firms manage risks relating to appointed representatives who are inactive. It notes that while an AR is registered to a firm the firm needs to have effective oversight of it that...
Government announces payment regulation overhaul
As part of the UK’s Fintech week, the government has announced how it plans to modernise payment services regulation. There is no consultation yet, but the government will publish that soon. Its plans include:...
Stephen WilsonWhat’s new in employment law? April 2026
Read our update on the latest employment law developments, including the most recent Employment Rights Act issues.
Karen Plumbley-JonesData protection complaints – are you ready?
Read our article on the changes coming into effect in June on the processes data controllers will have in place for individuals to raise data protection complaints.
Katie SimmondsFCA looks at impact of market soundings on quality
The FCA has looked at how market soundings in UK equity capital market transactions in UK listed shares impact on market quality. It worked with 5 banks, and looked at 63 transactions, 90% of which were market sounded...
FCA shares “Innovation insights”
The FCA has published a report looking at what’s changing in the fintech markets, where the risks are shifting and what the FCA is doing to help firms. Its main conclusions are: funding is becoming more...
PRA publishes Business Plan
The PRA’s Business Plan for 2026/7 sets out: strategic priorities of: maintaining safety and soundness of the banking and insurance sectors and ensuring continuing resilience; being at the forefront of identifying...
PRA and BoE consult on 2026/27 fees
The PRA is consulting on its regulatory fees and levies for 2026/27 Key changes include: An increase of £3.6m in the costs allocated funding the Future Banking Data programme; Increasing several non-periodic fees in...
Regulators reject AI “wait and see” criticism
The Treasury Committee has published responses from the Treasury, FCA and BoE to its report on AI in financial services which warned of the risks of poor AI supervision. All three regulators reject the characterisation...
FCA simplifies short selling regime
The FCA has published its final rules simplifying the UK short selling regime, which aims to reduce the reporting burden on firms, while maintaining regulatory oversight. The key changes are: Shifting to anonymised...
LMA publishes managing agent guidance
The Lloyds Market Association has published guidance for managing agents on the FCA’s PS25/21, to help them take a more proportionate approach to commercial and wholesale business. The guidance looks at:...
FCA blogs on Year 2 Consumer Duty Board reports
A blog from Jonathan Pearson, head of consumer policy at the FCA, notes that now that firms are into the third cycle of Consumer Duty board reports, the FCA has seen gradual improvement in report quality, but that firms...
Smart investment for a green future
We are pleased to have recorded a podcast for The Scotsman on financing decarbonisation. Listen to me (Chris), discussing it with Simon Crichton, Head of Nature, Food and Resource at Triodos Bank UK. Previously...
Chris McLauchlanTerminating a contract: how to get it right
Read our article on what to make sure of before you terminate a contract.
Victoria FergusonFCA publishes research on synthetic data and AML
The FCA has published a report summarising the work it has done with the Turing Institute and Plenitude Consulting on generating a synthetic dataset for use in fostering innovation in money laundering detection. The...
FCA to take further action against Hartley
The FCA plans to take further action against Hartley Pensions Limited, a SIPP operator which went into administration in 2022, and an individual involved with it. The FCA says the firm provided false and misleading...
OFSI publishes 2026-2029 strategy
OFSI’s strategy for the next 3 years explains how OFSI wants to evolve the way it delivers its three key outcomes of: an enhanced understanding of threats grounded in data; high quality licensing, enforcement and...
FCA consults on crypto perimeter guidance
The FCA is consulting on draft perimeter guidance aimed at helping firms understand what crypto-related activities will fall within the UK regulatory perimeter from October 2027. The guidance sets out how the FCA...
Court approves distribution scheme for failed insurance broker client monies
EC3 Brokers Ltd, a Lloyds insurance broker, went into administration in late 2022 holding client monies subject to CASS 5. Its clients were corporate entities which were either end-insureds/reinsureds or were producing...
Amy GallimoreFCA updates on Connect form submission
The FCA is making changes to application and notification forms on Connect. It is redesigning forms to make them more intuitive and is also taking the opportunity to improve the strucutre of some of its questions and to...
FCA updates skilled persons page
The FCA has updated its website page on skilled persons. The page explains what skilled persons do, how they are appointed, the lots effective for 4 years from 1 April and gives figures for the quarterly reports...
OFSI extends deadline on ownership and control call for evidence
The Office of Financial Sanctions Implementation (OFSI) has extended the deadline on its call for evidence on the ownership and control test in UK financial sanctions regulations by one week. The call for evidence now...
FCA updates fake communications list
The FCA has updated its list of fake FCA communications, alerting firms that it has received reports of fake letters claiming to be from its deputy chief, Sarah Pritchard, and referencing a fake FCA employee. The letter...
BoE updates operational guides
The BoE updated its guidance on how it might implement the UK resolution regime if a bank fails. The new guidance looks at matters such as how the BoE might execute a transfer resolution, and has updated the guidance on...
FCA updates firm guidance on motor finance redress scheme
The FCA has updated its guidance page that sets out key dates and checklists for firms within scope of the motor finance redress scheme. The page: notes the end of the implementation period for the 2 schemes; reminds...
FCA publishes tips on good asset management applications
The FCA has published examples of good and poor practice on how asset managers can improve applications for authorisation. It has higlighted several areas which tend to hold up applications. where firms cannot show they...
UK – U.S. regulatory working group discusses trends
The 12th meeting of the UK-U.S. Financial Regulatory Working Group tool place in late February. It discussed: economic and financial stability; the Transatlantic Taskforce for Markets of the Future; digital finance and...
FCA publishes multi-firm, multi-sector CDD/EDD review
The FCA has published a report following its 2025 review of CDD, EDD and ongoing due diligence controls within a range of asset management, crowdfunding, wholesale banking, CfD and non-bank lending firms. Its high level...
FCA and BoE ask for applications for transaction reporting task force
The FCA and BoE are asking for expressions of interest from market participants wanting to join a new task force to inform the design of a long-term approach to harmonising transaction and post-trade reporting...
FOS responds on Mills Review
The FOS has published its response to the Mills Review on the impact of AI on retail financial services. It says: it has seen an increase in consumers using AI to make complaints and generally to correspond with the...
FCA makes BNPL temporary permission directions
The FCA has published a set of directions and a notification form for firms wishing to enter the Temporary Permissions Regime for the newly regulated deferred payment credit activities. As a reminder, the new regulated...
Supreme Court rules on principal responsibility
The Supreme Court has handed down its judgment in the case of Kession Capital Ltd (in Administration) v KVB Consultants Ltd and others. It overturned the High Court and Court of Appeal’s surprising view that a...
FCA confirms increase in FOS award limits
The FCA has confirmed that from 1 April 2026, FOS award limits will increase to: £455,000 for complaints about acts or omissions by firms on or after 1 April 2019 (an increase of £10,000); and £205,000 for complaints...
DRCF explores agentic AI
The Digital Regulation Cooperation Forum has published a paper exploring use of agentic AI and how UK regulatory frameworks can help realise its opportunities in a safe way. The paper looks at: defining agentic AI...
BoE publishes systemic risk survey results
The BoE has published the results of its systemic risk survey for H1 2026. Respondents generally remained confident in the stability of the UK financial system, but noted: geopolitical risk and cyber attack as the two...
BoE publishes FPC record
The BoE has published the record from the Financial Policy Committee meeting on 27 March 2026. The meeting focused on the negative supply shock to the global economy resulting from the conflict in the Middle East...
BoE and PRA respond on AI in financial services
The BoE and PRA have responded to January’s letter on AI-driven innovation from the Chancellor, the DSIT and the DBT. The response explains the regulators’ plans to enable safe AI innovation within the...
PRA and FCA consult on LTI lending
The PRA and FCA are consulting on amending the implementation of the Loan to Income flow limit to allow individual lenders to increase their share of high LTI lending but with the aim that the aggregate flow remains at...
BoE feeds back on gilt repo market
The BoE has published feedback following its 2025 discussion paper on improving the resilience of the gilt repo market. Generally, respondents agreed that things could be done to improve resilience and as a result the...
BoE blogs on cross-border failures
A BoE blog has considered the practicalities of cross-border resolutions, taking the Credit Suisse and Silicon Valley examples. It notes that with the improved co-operation these issues were dealt with in an orderly...
FOS publishes 2026/7 Plan and Budget
The FOS’ Plan and Budget for the next year is set against the backdrop of the planned significant changes to the way in which it operates. It will focus on providing a service that is quicker, clearer and easier...
APPG publishes call for action on conduct regulation
Following publication of its report following the call for evidence about the FCA, the All Party Parliamentary Group on Investment Fraud and Fairer Financial Services has published the cover note to accompany a further...
OFSI fines Irish entity for sanctions breach in first settlement case
OSFI has imposed a penalty of £390,000 on an Irish-incorporated subsidiary of Apple, Apple Distribution International Limited, for breach of the sanctions in relation to Russia. ADI had instructed a UK based bank to...
Regulators confirm FSCS MELL limit
The PRA and FCA have confirmed the Management Expenses Levy Limit for the FSCS for the 2026/27 financial year will be nearly £113m.
Crowdfunding platform enters administration
Shojin Financial Services Limited – a crowdfunding platform authorised by the FCA – has entered administration. Simon Carvill-Biggs and Ian Corfield of FRP were appointed joint administrators of the firm on...
Government publishes smart data strategy
The Government has published the Smart Data 2035 strategy, its vision for achieving a smart data economy for the UK. The document sets out the steps that will be taken between now and March 2029 to unlock growth...
FCA tightens eligibility requirements in final motor finance compensation scheme
The FCA has published a policy statement setting out of the terms of its motor finance redress scheme. The consultation received over 1,000 responses, with conflicting feedback as to the FCA’s proposals. The core...
Regulators launch taskforce to address poor practice in motor finance claims handling
The FCA has joined forces with the Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) to create a taskforce for tackling poor practice in motor...
Lenders reaffirm Mortgage Charter commitment amid global uncertainty
The Chancellor and Economic Secretary have assembled the six largest banks and building societies, as well as UK Finance, to discuss the impact of the Iran conflict on households and small businesses, and to reaffirm...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 139, which sets out a number of changes, most of which we’ve reported on elsewhere, including: As part of redress reforms, amends to clarify when firms should report emerging...
FCA reflects on operational resilience regime one year on
A year on from the implementation of its operational resilience rules, the FCA has set out good and poor practice for firms. The regulator also noted that operational disruptions among cloud service providers in 2025...
FCA fines investment firm over market abuse controls failure
The FCA has fined investment firm Dinosaur Merchant Bank Limited £338k for failing to implement systems and controls to detect and reporting suspicious trading in its CFD business. In June 2024, Dinosaur Merchant Bank...
FCA reflects on a year of MyFCA
The FCA has reflected on the first anniversary of the My FCA portal. The new platform is now used by all firms. As part of ongoing improvements, and following the successful removal of separate sign in for the RegData...
FCA and ICO publish joint statement on vulnerability data
The FCA and ICO have published a joint statement on regulatory expectations regarding firms’ approaches to vulnerability data. The FCA wants firms to understand the needs of vulnerable customers and take steps to...
The IA responds on Mills Review
The IA has responded to the Mills Review. It notes: investment managers will need to make their operating models evolve from periodic, manual assurance to continuous oversight of AI-driven decision-making; it is already...
PRA finalises changes to resolution planning requirements
The BoE and PRA have finalised changes to firms’ resolution reporting and disclosure requirements. The key changes include: Increasing the threshold for firms in scope of the Resolution Assessment Framework...
FCA consults on fees
The FCA’s consultation on fees and levies for 2026/7 proposes small fee increases in most areas of business, but with reductions to others. The FCA’s ORA budget has increased by only 1%, and it has no...
FCA publishes work programme
The FCA has published its work programme for 2026/27 together with its perimeter report. The plans stress the FCA’s drive to be a smarter, more data driven regulator, and include detail on how it will use AI to...
Equity for Growth (Securities) enters liquidation on petition by the FCA
Equity for Growth (Securities) Limited has entered liquidation on petition by the FCA. EFG is a corporate finance firm, and acted as principal for several appointed representatives between 2015 and 2020. The FCA...
Treasury updates on Women in Finance Charter
HM Treasury has published its annual review of progress by signatories of the Women in Finance Charter. 42% of the 210 signatories met their targets for female representation in senior manager, with a further 29% having...
Complaints Commissioner finds serious failings in FCA’s handling of British Steel Pension Scheme saga
The Financial Regulators Complaints Commission has issued its final report on allegations from former members of the British Steel Pension Scheme against the FCA. The report concluded that the handling of BSPS transfers...
FCA issues guidance on crypto MLR registration ahead of full authorisation regime
The FCA has published guidance for firms considering applying for registration under the MLRs ahead of the new cryptoasset regulation regime coming into effect in October 2027. The guidance highlights that until the new...
FCA perimeter report calls for Government action
The FCA’s perimeter report has identified 15 areas where the FCA wants to see change from the government, including: removing self-certification for FPO purposes and raising the thresholds for the HNWI and...
PSR publishes work plan and budget for 2026/27
The PSR has published its work plan for 2026/27, highlighting it continued focus on tackling high card fees, maintaining APP fraud protection, and supporting innovation and competition in the UK payments sector. In...
Treasury publishes draft MLR amendments
HM Treasury has published a draft statutory instrument setting out various proposed changes to the MLRs. The changes would take effect on various dates after the Regulations are made. Most changes would take effect...
Payments Association reports on digital platform role in APP fraud
The Payments Association has published a report looking at where liability should sit for APP fraud that begins on digital platforms. It says most fraud begins there, but the liability sits with the payment providers...
FCA consults on simplified advice
The FCA has published a consultation paper on proposed changes to its rules to make it easier for firms to give a broader range of simplified advice. It suggests: one set of common rules for suitability, and clarifying...
FCA publishes Payments Regulatory Priorities
The FCA has published its Regulatory Priorities report in respect of the Payments sector. Its priorities are: preparing to support effective growth, competition and innovation in future, including on open banking...
FCA launches synthetic data AML solution tech sprint
The FCA is launching a Synthetic Data AML Solution Sprint exploring how synthetic data can support the development of innovative AML transaction monitoring solutions. The sprint aims to: Support innovation in AML...
FCA varies EMI permission over unauthorised crypto business
The FCA has varied the authorisation of Paywiser Limited, an EMI which provides e-wallet payment accounts and debit card services to retail and corporate customers. It found that the firm was providing services to...