A new report from the Financial Services Skills Commission shows that changes in technology are pressurising financial institutions to continually adjust their skills strategies, with skills gaps being a moving target...
Category - Topics
Emma RadmorePRA fines Bank of London group entities
The PRA has fined The Bank of London Group Limited and its parent financial holding company Oplyse Holdings Limited £2m. It found that, between October 2021 and May 2024 the firms had: misled the PRA over their capital...
FCA to make motor finance announcement on 30 March
The FCA has confirmed that it will set out its approach on motor finance redress soon after markets close on 30 March.
FCA tells firms to get ready for NFM changes
The FCA has published a new page on its website summarising the effects of the new Non Financial Misconduct rules for non-banks, which take effect on 1 September, and telling firms what they should be doing to prepare...
FCA gives guidance on targeted support consumer segments
The FCA has published some practical examples of good and poor practice to help firms in making judgements when designing consumer segments in targeted support models. It stresses that the guidance is not a template...
FCA warns of Annex I firm risks
The FCA has warned regulated firms about the need to do proper checks when dealing with Annex I firms such as unregulated lenders, safe custody providers, money brokers and financial leasing companies. It reminds firms...
SFO to host International Economic Crime Conference
The Serious Fraud Office is set to host the International Economic Crime Conference in May, alongside France’s Parquet National Financier and Switzerland’s Office of the Attorney General. The three...
Laura WilesFCA launches market study on later life mortgages
The FCA has launched a market study into later life mortgages. The study seeks to examine whether changes are needed to enable the lifetime and retirement interest only mortgage sector to meet consumers’ needs, as...
FCA places restrictions on debt management firm
The FCA has ordered Beauforce Corporation to cease carrying out regulated activities and return all client money. The restriction means it can no longer provide regulated debt advice or debt management services to...
FCA speaks on pensions and technology
Nikhil Rathi has made a speech on pensions and technology at the JP Morgan Pensions and Savings Symposium. The speech highlighted the potential of technology to transform how consumers see their pension savings, with...
UK-Japan financial regulatory forum reports on progress
The fourth meeting of the UK-Japan financial regulatory forum took place on 18 March between HM Treasury and the Japan Financial Services Agency. The forum discussed: digital finance, with the UK updating on its plans...
FCA publishes Wholesale “priorities” reports
The FCA has published its Regulatory Priorities reports for the wholesale buy side and wholesale markets sectors. On the buy side, it wants to prioritise: evolving regulation to foster growth and innovation and service...
Michael LewisFCA updates EMI/API “approach” document
The FCA has published an updated version of its “approach” document to how it regulates under the EMRs and PSRs. The new version has updated chapter 20 in respect of exemptions to SCA, including the...
Regulators publish new rules on operational incident and third party reporting
The FCA and PRA have published their new rules on operational incident and third-party reporting. The new rules are aimed at helping the regulators respond quickly to disruptions, giving firms greater certainty on what...
Upper Tribunal publishes decision on banned FX trading firm owner
The Upper Tribunal has published its decision refusing to make non-publication orders in respect of the FCA’s decision notices against Kasim Garipoglu and his firm GKPay. Mr Garipoglu argued that the FCA was not...
FCA calls for views on access to SME finance
The FCA is calling for views on how regulation can help SMEs access finance across debt, equity, hybrid and alternative finance markets. The regulator notes that at the start of 2025, SMEs accounted for around 60% of...
John ConnorPRA consults on liquidity reform
The PRA is consulting on changing its liquidity requirements so that banks will be able to monetise liquid assets quickly if needed in response to a fast-paced stress event. It uses as an example the Silicon Valley Bank...
FCA publishes Consumer Finance Regulatory Priorities report
The 6th Regulatory Priorities report from the FCA focuses on consumer finance. Its priorities are: that consumers should be able to access credit that meets their needs: it wants to see firms continue to innovate while...
APPG reports on FCA Call for Evidence
The All Party Parliamentary Group on Investment Fraud and Fairer Financial Services has published a report on the Call for Evidence about the FCA. It called for evidence because it wanted to hear more about the actions...
FCA and FOS consult on redress modernisation proposals
The Government has decided to proceed with its plans to modernise the redress system, and the FCA and FOS are now consulting on plans. HM Treasury has published the outcome of its review, in which it confirms it will...
FCA bans FX trading firm owner
The FCA has banned Kasim Garipoglu from working in financial services. He had been chief executive and director of his firm for 10 years until December 2022. During that time, the FCA said he repeatedly disregarded...
Concept Capital Group enters administration, halting FCA enforcement proceedings
Concept Capital Group Ltd (CCG) has entered administration. Joanne Hammond and Jason Ainge of BTG were appointed joint administrators of the firm on 9 March 2026. In July 2025, the FCA had announced High Court...
FCA sets out good practice for consumer understanding outcome
The FCA has published findings from its review of firms’ approaches to consumer understanding. In September 2025, the FCA conducted a survey of 38 firms, including payments, insurance, retail banking, consumer...
UK Finance publish guidance on contactless limits
UK Finance has published guidance on upcoming changes to contactless limits. Currently, contactless debit and credit cards are subject to: A single transaction limit of £100 Background limits that require a consumer to...
EU-UK Financial Regulatory Forum host fifth meeting
On 11 March 2026, the fifth meeting of the Joint EU-UK Financial Regulatory Forum took place in London. The meeting emphasised the importance of maintaining regulated structured engagement on financial services...
FCA outlines regulatory priorities for retail banking
The FCA has published its regulatory priorities for the retail banking sector. The report notes that retail banking is changing significantly, with consumers using branches less and ever-diversifying digital channels...
BoE speaks on reforming cross-border payments
Andrew Bailey – BoE Governor – has delivered a speech on progress on the G20 Cross-border Payments Roadmap at the FSB Payments Summit. The speech noted that cross-border payments remain slow, expensive and...
FCA publishes Mortgages Regulatory Priorities report
The FCA has published its Regulatory Priorities report for mortgages. Its key priorities will be: to improve consumer outcomes under the Mortgage Rule Review by simplifying its rules, so as to enable firms to innovate...
FCA critical of second charge mortgage practices
The FCA has carried out a review of the second charge mortgage market and, although it found examples of good practice from lenders and intermediaries, it also found several weaknesses that it says may put borrowers at...
FCA restricts business of API suspended by HMRC
The FCA has published details of requirements it imposed on Sendsii Limited, a money remitter, on 23 January. HMRC had suspended the firm’s AML registration in October 2025 for a period of 6 months, and as a...
Individual jailed for illegal SRB scheme
Rajinder Gill has been jailed for 2.5 years for running a sale and rent back scheme and providing credit agreements and mortgages without authorisation. 2 accomplices received community orders and a suspended sentence...
PRA fines insurer for solvency miscalculations
The PRA has fined U K Insurance Limited £10,625,000 in connection with miscalculation of its Solvency II balance sheet in 2023 and 2024. The miscalculations happened because of ineffective controls and resourcing issues...
FOS warns young drivers on car insurance issues
The FOS has noted some themes that young drivers can face with car insurance: drivers have unknowingly invalidated their insurance by making undeclared modifications to their cars; FOS has received several complaints...
FCA updates mortgage lending statistics
The Q4 2025 mortgage lending statistics show a slight fall in the outstanding value of all residential mortgage loans, but the value is still significantly higher than in the corresponding period last year. Similarly...
FCA publishes Pensions Regulatory Priorities letter
The FCA has published the third in its series of Regulatory Priorities letters, this time for the pensions sector. The letter recognises that consumer needs must stay central while the current batch of reforms allow...
Home Office calls for evidence on economic crime information sharing
The Home Office is asking for views on how data and information is currently being shared for economic crime prevention, detection and investigation. It wants to understand what barriers to effective information sharing...
Treasury sets up Market Engagement Group
HM Treasury has set up a Market Engagement Group, to be a senior-level forum in which market participants will share their views on UK-related developments in financial markets with the Chancellor. It is inviting...
Government publishes 2026-2029 Fraud Strategy
The Government has published its Fraud Strategy for 2026 to 2029. The strategy has 3 pillars – disrupting, safeguarding and responding. As part of the strategy, there will be a new Online Crime Centre and Report...
FCA speaks on payment supervision consolidation
David Geale, PSR managing director and FCA director for payment and digital finance, spoke on the impact of consolidating the PSR into the FCA, and how this can help a more joined-up approach. Firms will no longer have...
OPBAS report says “room for improvement”
The latest OPBAS report on how professional body supervisors monitor AML compliance within their regulated communities says that effectiveness of supervision is better now than at any time since 2018 but the enforcement...
FCA cancels SPI permission
The FCA has cancelled the permission of Dania Money Transfer Limited, a small payments institution which had been registered with the FCA since March 2018. As with many of the other payment institution permissions...
FCA publishes quarterly consultation
The FCA has published its regular quarterly consultation on miscellaneous amendments to its Handbook. The proposed amendments include: Consequential amendments to CASS to reflect changes to the definition of designated...
Government writes to Commons ahead of finalised UK SRS
The Department of Business & Trade wrote to the House of Commons Business and Trade Committee at the end of February to herald the imminent publication of the finalised UK Sustainability Reporting Standards, which...
Treasury publishes TCFD reporting good practice guide
HM Treasury has published guidance on good practice in preparing annual reports and account to deliver transparent climate disclosures that will help decision making. The guidance comes ahead of the last stage of the...
FCA appoints 2 senior leaders
The FCA has announced the appointment of Chris Knight as director of insurance, and David Lymburn as interim deputy managing director of the PSR. Mr Knight will join in July, and Mr Lymburn has already taken up his post.
PRA confirms RIE Part introduction
The PRA has confirmed its approach to introducing a new Part in its Rulebook on Recognised Exchanges which specify conditions under the assimilated CRR for the purposes of identifying exchanges or assets traded on an...
Treasury publishes draft capital requirements amendment laws
Treasury has published two draft statutory instruments: the CRR (Market Risk Transitional Provision) Regulations 2026 will introduce a transitional provision to require credit institutions and designated investment...
FCA publishes Consumer Investment Regulatory Priorities Report
The second of the FCA’s new Regulatory Priorities reports is for the consumer investments sub-sector. It highlights recent key policy decisions and changes, specifically the upcoming targeted support and CCI...
FCA updates on motor finance compensation scheme decision timings
The FCA has confirmed that it is still considering the responses it received to its consultation on a motor finance compensation scheme. It says that if it proceeds with the scheme, it will make changes from what it...
Stephen WilsonProperty lender Market Financial Solutions enters into administration amid fraud allegations
Market Financial Solutions Limited (MFS), one of the UK’s leading specialist property finance lenders, has been placed into administration. The High Court decision comes amid claims of serious financial...
Amy GallimoreKatharine Braddock CB appointed as new PRA CEO
HM Treasury has announced that Katharine Braddock CB will be the next Deputy Governor for Prudential Regulation at the BoE and Chief Executive of the PRA. The appointment starts in June, when Sam Woods ends his term of...
FCA publishes crypto permission gateway dates
The FCA has made a direction setting out the window within firms wanting to become authorised will need to complete their applications. The period will start on 30 September 2026 and end on 28 February 2027. As a...
FCA speaks on wholesale finance markets
Nikhil Rathi spoke on what the FCA is doing to boost the UK’s wholesale finance markets. He spoke of changes already made, such as the revised framework for commodities markets and position limits, changes to...
FCA makes Targeted Support rules and opens gateway
The FCA has made the necessary Handbook Instrument to implement rule changes to accommodate the Targeted Support regime. The changes introduce new Glossary definitions and amend several parts of the Handbook, but mainly...
PRA updates on next LIST exercise
The PRA plans to launch its next Life Insurance Stress Test (LIST) exercise in January 2028, following its work last year. It will provide further details at the end of 2026 after it has engaged with stakeholders to...
FCA updates on SDR labels
The FCA has published examples of good and poor practice on using labels under the SDR regime. The labels were introduced in July 2024, and the FCA has found gradual improvements as firms have become familiar with...
Treasury publishes guidance on digital identity verification services
HM Treasury has published guidance on using digital identities with the MLRs. Entities covered by the MLRs must have customer due diligence (CDD) measures in place to verify the identity of their customers and...
SFO appoints interim director
The Serious Fraud Office has appointed Graham McNulty as interim director. His appointment takes effect at the start of April.
McNulty joined the SFO in September 2024 as Chief Operating Officer.
Treasury updates high risk jurisdiction list
HM Treasury has published its updated list of high-risk third countries, following the February FATF meeting. The full list is now: • Algeria • Angola • Bolivia • British Virgin Islands • Bulgaria • Cameroon • Côte...
FCA updates authorisations metrics
The FCA has published its operating metrics for October to December 2025, which is the first quarter for which it is reporting against its new targets, which it has decided to report against voluntarily before the...
Treasury exempts British Business Bank and subsidiaries from FSMA
HM Treasury has made an exemption order that exempts the British Business Bank plc, various of its subsidiaries, and the National Housing Bank Limited from the need for authorisation under FSMA to carry out any RAO...
FCA updates on CCR009
The FCA has published resources on the new CCR009 return that replaces the CCR004 and CCR005 and elements of CCR002 and CCR007 for ancillary credit firms. Most firms will need to submit annually, but firms with annual...
Payments Vision Delivery Committee publishes Payments Forward Plan
The Payments Vision Delivery Committee, comprising HM Treasury, the BoE, FCA and PSR, has published its Payments Forward Plan, which sets out upcoming initiatives across retail and wholesale markets. It looks at what is...
FCA announces stablecoin sandbox cohort
The FCA has selected Monee Financial Technologies, ReStabilise, Revolut and VVTX as the companies that will test how their stablecoin services work within its sandbox. It received 20 applications, and has chosen the 4...
PRA consults on UK Solvency II own funds
The PRA is consulting on removing the requirement for insurers to need permission to classify equity accounted subordinated instruments into tiers of own funds. This was a requirement carried over from Solvency II. At...
FCA consults on designation of Credit Reference Agencies
Following the Credit Information Market study, the FCA is consulting on proposals to close gaps in consumers’ credit files by designating certain Credit Reference Agencies and requiring lenders who share credit...
FCA updates Consumer Duty resources
The FCA has created a new webpage about the Consumer Duty. The main page summarises what the Duty is and highlights what the FCA expects to see in each outcome. It also notes its recognition that smaller firms, while...
FCA updates Consumer Duty Board report advice for smaller firms
The FCA has updated the page on its website where it shares its views on good and poor practice in Consumer Duty Board reports to share some additional insights relevant to smaller firms. It notes that most of the...
FCA cancels another payments registration
The FCA has cancelled the registration of another payments firm. Stallion Money Limited, an API, had had its HMRC registration cancelled in 2020 and not renewed it, nor had it provided payment services since late 2020...
FATF publishes annual report
The FATF annual report for 2024-5 highlights: the finalisation of the changes to Recommendation 16 on international requirements for payment transparency and strengthening of recommendation 1 on the risk-based approach;...
FCA and Independent Football Regulator sign MoU
The FCA has signed a MoU with the Independent Football Regulator so the two organisations can work together where football and financial services intersect – but does not give any indication of what matters might...
BoE confirms early morning settlement hours extension
The BoE has confirmed it is extending CHAPS settlement hours by moving the start of settlement to 01:30 (from the current 6:00) from September 2027. There was limited demand for extending the window at the end of the...
FCA launches “Regulatory Priorities” reports with insurance sector
The FCA has announced the launch of 9 annual “Regulatory Priorities” reports that will replace its “portfolio” letters. There will be a report for each of the following sectors, in which the FCA...
FCA cancels firm permissions due to late fees
The FCA has issued two final notices cancelling firms’ permissions on the basis that they are is failing to satisfy the suitability threshold condition and are not fit and proper to conduct regulated activities...
‘Finfluencers’ plead guilty to issuing unauthorised FX trading fin proms
Seven social media ‘finfluencers’ have pleaded guilty to issuing unauthorised financial promotions in relation to an unauthorised foreign exchange trading scheme. Biggs Chris, Jamie Clayton, Lauren Goodger...
FCA publishes video guides for payments and digital asset firm applications
The FCA has published a series of video guides aimed at helping payments and digital asset firms improve their applications for authorisation and registration. The guides cover: Expectations of the MLRO; Application...
FCA confirms forbearance in relation to new listing rules
The FCA has issued a forbearance statement following the introduction of the new Public Offers and Admissions to Trading Regulations regime. The new regime and associated changes to the UK Listing Rules came into force...
BoE confirms fee increase for CCPs and CSDs
The BoE has finalised its fees for FMI supervision in 2025/26. Respondents had expressed concerns over the increase in fees for central counterparties (CCPs) and central securities depositories (CSDs) because of policy...
ECB speaks on digital euro
Piero Cipollone – Member of the Executive Board of the ECB – has delivered a speech on the digital euro at the Italian Parliamentary Committee on Inquiry into the Banking, Financial and Insurance System. The...
FSB launches strategic review of crisis preparedness
The FSB has launched a strategic review of crisis preparedness activities. The review aims to: Strengthen and, where necessary, adapt the FSB’s crisis preparedness activities to respond to vulnerabilities in the global...
PRA consults on changes to implement Overseas Prudential Requirements Regime
The PRA is consulting on changes to its rules to accommodate the Treasury’s Overseas Prudential Requirements Regime (OPPR). Key changes include: Aligning the PRA rules with the OPRR framework, so they operate...
PSR fines Bank of Ireland UK £3.7m for Confirmation of Payee failures
The PSR has fined the Bank of Ireland UK approximately £3.7m for implementing Confirmation of Payee requests over a year after the deadline. The safeguard was not applied to transactions involving more than 1.1m new...
FCA updates on STORs and market observations
The FCA has updated its figures of STORs and market observations it as received. In 2025, it received 3,806 STORs, mainly relating to insider dealing in equities and reasonably evenly spread throughout the year; 302...
Tribunal upholds fine and ban on individuals
The Upper Tribunal has upheld the FCA’s decisions to fine and ban two individuals who had held senior positions in two wealth companies. Stephen Burdett, said the FCA, caused 232 pension funds worth over £10m to...
BoE publishes summary of AI roundtables
The BoE has published a summary of its three recent round tables with firms, at which it wanted to get a better understanding of the constraints firms are facing in adopting AI and what it can do do support responsible...
Katie SimmondsRegulators consult on securitisation reform
The PRA and FCA are consulting on reforms to securitisation requirements. The PRA’s consultation relates mainly to the securitisation general requirements, although some parts relate to specific capital...
PRA extends insurance branch modification by consent
The PRA has updated the modification by consent that gives relief from some reporting requirements to third-country insurance branches that solely write non-UK risks. It has extended the current modification to 30 June...
FATF updates high list jurisdictions list
FATF has updated its list of jurisdictions subject to countermeasures and those subject to increased monitoring. North Korea and Iran remain on the countermeasures list, and enhanced due diligence should be applied in...
FCA publishes whistleblowing data for Q4 2025
The latest whistleblowing data from the FCA (covering October – December 2025) shows: 281 new whistleblowing reports containing 788 allegations in total (down from 405 reports in Q3 2025, and 292 for the same...
OFSI calls for evidence on ownership and control test
OFSI is calling for evidence on how financial sanctions regulations on ownership and control are applied, including how firms implement the rules and what challenges they face. Firms and stakeholders are asked to share...
Treasury seeks views for FATF evaluation
HM Treasury is asking firms for views that will support: the upcoming FATF Mutual Evaluation later this year; and the UK’s plans to update the Proliferation Financing NRA. It’s asking firms to respond by 31...
FCDO updates sanctions search guide
The FCDO has updated its user guide on the UK Sanctions List search tool. It sets out how to find individuals, entities and ships subject to UK sanctions, and refers to the OFSI guidance on financial sanctions.
Government appoints HSBC as DIGIT pilot provider
The government has appointed HSBC as the platform provider for the Digital Gilt Instrument pilot issuance. The appointment follows a procurement process.
BoE implements reporting changes
The BoE has decided to proceed with its proposal to amend the technical standards in respect of information it gathers as resolution authority. As a result of Brexit, it examined what reporting templates were still...
Treasury consults on AR regime changes
HM Treasury has published its long-awaited consultation on reforming the Appointed Representatives regime. It has remained concerned that while the regime is important, and necessary, poor oversight of representatives...
FCA exchanges cooperation letters with Indian regulator
The FCA has signed an exchange of letters with the International Financial Services Centres Authority, which is the unified regulator for financial institutions operating in the Gujarat International Finance Tec-City...
FCA makes final BNPL rules
The FCA has made its final rules that will apply to firms offering Buy Now Pay Later (Deferred Payment Credit) products that fall newly within the scope of the RAO from 15 July. The rules are effectively a tailored...
FCA starts legal action against global crypto exchange
The FCA has started legal proceedings against HTC, formerly known as Huobi, a global crypto exchange, for illegal financial promotions of crypto asset services to UK customers. It has previously warned about the...
FCA writes to Trade Associations on Open Banking Future Entity
The FCA has written to trade associations confirming it has appointed KPMG to carry out an independent assessment of proposals for a standard setting body for UK Open Banking APIs that is capable of becoming the Future...
FCA releases latest skilled persons figures
The FCA has published statistics for the skilled persons reports it commissioned in the quarter to December 2025. It commissioned 11 in all, including 3 on insurance firms and 2 each on consumer finance and retail...