OFSI has updated its guidance on assessment and monetary penalties in financial sanctions enforcement, in line with the outcome of last year’s consultation. The guidance covers: OFSI’s enforcement approach;...
Category - Topics
Emma RadmoreData (Use and Access) Act 2025: majority of changes related to data protection now in force
The UK’s data protection landscape shifted again on 5 February 2026 with the arrival of a major implementation milestone under the Data (Use and Access) Act 2025 (DUAA). The Data (Use and Access) Act 2025 (Commencement...
Sheilah MackieE-money firm exits UK markets
Gemini Payments UK, an EMIL, and Gemini Intergalactic UK, a registered cryptoasset firm, have announced plans to exit the UK market. All customer accounts will be closed from 6 April, following a phased wind-down...
FOS sees new low in complaints numbers
The latest complaints statistics from the FOS show complaints levels have returned to 2023/4 levels. It is pleased that it is getting more complaints directly from consumers, and that the quality of complaints via...
JMLSG updates guidance
The JMLSG has published revisions to its guidance following consultation. The changes, which have been submitted to HM Treasury for approval, are to: Chapter 6 of Part 1 in respect of data protection and subject access...
FCA restricts IFA activities
The FCA has stopped another IFA from carrying out any regulated activities and has imposed a restriction on asset disposal. The action, against Advantage Wealth Management Ltd, follows FCA’s concerns about how the...
Treasury makes crypto Regulations
HM Treasury has made the Regulations that will introduce several new designated and regulated activities relating to crypto assets. In the main, the Regulations take effect on 25 October 2027, but take effect in part at...
High Court decision provides guidance on distribution plans in investment bank special administrations
The High Court has handed down a decision offering important guidance on the appropriate timing and scope of court involvement in the preparation of distribution plans under the Investment Bank Special Administration...
Amy GallimoreCourt sanctions transfer of insurance business within Arch group
The High Court has sanctioned the transfer of the entire insurance business of Southern Rock Insurance Company to Alwyn Insurance Company pursuant to section 111 of FSMA. Both companies are subsidiaries of Arch Capital...
Laura WilesPRA invites views on improving regulatory reporting for banks
The PRA has issued a discussion paper on regulatory reporting for banks under its Future Banking Data programme. The programme aims to reduce costs for firms in line with the regulator’s competitiveness and growth...
Regulators write again to CMCs on motor finance commission claim risks
The FCA and SRA have written to claims management companies and law firms involved in motor finance commission claims again. This time, the regulators are warning firms to make sure claimants do not have multiple...
PRA writes to CFOs on resolvability
The PRA has written to CFOs of major UK banks on their preparations for the third Resolvability Assessment Framework assessment which will include a detailed assessment of firms’ ability to achieve the Continuity...
FCA speaks on insurance
Sarah Pritchard spoke at the ABI annual conference on innovation, growth and trust in the insurance industry. She spoke of the various new types of regulatory support available, such as through the AI Lab, Sandboxes and...
First UK-China working group meets in Beijing
Lucy Rigby has launched the UK-China Financial Working Group, which met in Beijing. She was accompanied by the Prime Minister and over 50 representatives from British businesses, including 11 financial and professional...
PRA and FCA announce first scale-up unit firms
6 banks and building societies have been accepted to the first cohort of the PRA and FCA’s new joint scale-up unit. The unit is designed to help growing, innovative firms develop new products, move into new...
ABI publishes 2026-8 strategy
The ABI’s 2026-8 strategy continues to put customers at the forefront of its efforts. It is pleased with recent projects such as its new insurance guide for SMEs, and is now also looking to have its new Pensions...
BoE speaks on risks and benefits of Principal Trading
Rebecca Jackson of the PRA has spoken on the growing importance of Principal Trading Firms, and the opportunities they create for banks. She said banks have reported prime brokerage balances to be at new peak levels...
Michael LewisFCA finds falling premium finance rates for insurance customers
The FCA has found that interest rates for premium finance have fallen by an average 4.1 percentage points in the past 3 years, which has resulted in savings for customers on mainly motor but also home insurance. Firms...
Treasury makes Targeted Support amendment regulations
HM Treasury has made Regulations amending the RAO to: provide that targeted support is a specified activity, but when a person is providing targeted support they are not advising on investments for the purposes of...
PSR publishes APP dashboard Q3 2025
The PSR has published the APP scams reimbursement dashboard updated for Q3 2025. The stats show that reimbursement rates are still high, and indeed slightly increased from the previous quarter. The proportion of claims...
Sheldon Mills speaks on AI review
Sheldon Mills, speaking at the FCA’s Supercharged Sandbox Showcase event, has headlined his review. He stressed the review does not change the FCA’s regulatory approach but that it wants to understand what...
Court gives guidance on CCA unfair relationships and mortgages
The High Court has provided useful guidance on the boundary between mortgage and consumer credit regulation, confirming that regulated mortgage contracts fall under the MCOB regime and are excluded from the unfair...
Criminal Cases Review Commission refers trader convictions back to Court of Appeal
The Criminal Cases Review Commission (CCRC) has referred the convictions of five traders back to the Court of Appeal after determining that there was ‘no distinguishing factor’ between those cases and two...
PSR speaks on delivering the National Payments Vision
David Geale – PSR managing director at and FCA executive director for payments and digital finance – has given a speech on delivering National Payments Vision at the Payments Regulation and Innovation Summit...
Report calls for action for UK to stay global finance leader
A report by TheCityUK and PWC calls for more decisive action to make sure financial and associated professional services remain the world’s best. The report is concerned that while insurance and professional...
LMA sets out strategy
The Lloyd’s Market Association will focus its 2026 efforts on 4 areas: growth, following the Government’s confirmation that insurance and reinsurance have the potential to be key drivers of growth –...
Bank penalised for sanctions breach
OFSI has imposed a penalty of £160,000 on Bank of Scotland plc for breaches of the Russian sanctions restrictions. During February 2023 the bank processed 24 payments totalling around £77,000 (£76,000 credited and the...
Ex-LCF CEO in contempt of court
The SFO has announced that Michael Thomson, former CEO of LCF, and his wife have each been held in contempt of court after admitting several breaches of a restraint order. The restraint proceedings were imposed as part...
ASA criticises Coinbase ad
The ASA has instructed CB Payments Ltd trading as Coinbase that it must not show its set of Video on Demand and poster ads with a theme of “everything is just fine” in their current form again. The ads had a...
Ashley BorthwickTreasury appoints AI Champions to lead financial services roll out
HM Treasury has appointed two AI Champions to lead the rollout of AI in financial services. The new Champions are Harriet Rees and Rohit Dhawan, with both appointments taking effect from 20 January. Rees is Group Chief...
Treasury updates on Women in Finance Charter
HM Treasury has published a progress update on the Women in Finance Charter. Priorities from the 2024/25 review are reducing the gender pay gap and improving the representation of women in finance, particularly for the...
FCA consults on aligning sustainability disclosure requirements with international standards
The FCA is consulting on evolving its rules for listed companies’ sustainability disclosures to aligning with the UK Sustainability Reporting Standards (SRS), which are themselves based on the International...
John ConnorFCA updates crypto information page
The FCA has updated its information page on its approach to crypto-regulation to confirm that the application period for firms wanting to become authorised for the new crypto-activities will run from 30 September 2026...
Lords Committee launches stablecoin inquiry
The Financial Services Regulation Committee has launched an inquiry into the growth and proposed regulation of UK stablecoins. The Committee is seeking submissions by 11 March 2026 on: How the global market for –...
Treasury confirms changes to OFSI enforcement process
HM Treasury has published OFSI’s response to its 2025 consultation on improving civil enforcement processes for financial sanctions. The consultation considered measures such as: Changes to the public case...
Pensions Dashboard consults on daily reporting via API
The Pensions Dashboard Programme is consulting on proposals to update its reporting standards to implement routine daily reporting of data to the Money and Pensions Service (MaPS) via an API. The current reporting...
FCA publishes interim report on pure protection distribution
The FCA has published a interim report in its market study on the distribution of pure protection products to retail customers. The report notes that the pure protection market works well in many respects, including by...
UK Sanctions List becomes sole source of UK sanctions designations
As of 28 January 2026, the UK Sanctions List is now the sole source of UK sanctions designations, with the OFSI Consolidated List of Asset Freeze Targets now closed. The Government has also published guidance on...
OFSI and partners crack down on cryptoasset abuse
The Office of Financial Sanctions Implementation (OFSI) and its UK law enforcement and regulatory partners have clamped down on the abuse of cryptoassets. OFSI has recently partnered with the Crypto Cash Fusion Cell...
FCA publishes inaugural Enforcement Watch
The FCA has published the first iteration of its Enforcement Watch newsletter, covering implementation of its updated Enforcement Guide, enforcement case priorities, and international partnerships. As a reminder, under...
FCA secures bond consolidated tape provider
The FCA has signed a contract with Etrading Software (ETS) to deliver the UK bond consolidated tape, and has set out next steps in the process. The development comes after the High Court lifted a freeze on the contract...
FCA calls for input on its review of AI’s long-term impact on retail financial services
The FCA is calling for input on its review into the long-term impact of AI on retail financial services. The review builds on initiatives like AI sprints and AI lab, and the FCA’s confirmation that it does not...
T+1 settlement taskforce updates on progress
The UK Accelerated Settlement Taskforce has published a progress report on the move towards T+1 settlement in October 2027. The report highlights a number of the task force’s achievements in 2025, including:...
FCA urges consumers to exercise caution when considering high risk investments
The FCA has published guidance for consumers on the new Public Offers and Admissions to Trading regime, urging them to exercise caution when investing in high-risk securities such as mini-bonds and loan notes. The...
FCA imposes restrictions on EMI BeAccount
The FCA has issued a first supervisory notice to electronic money institution (EMI) BeAccount Ltd, imposing restrictions on its business activities due to concerns the firm no longer meets, or is unlikely to meet, the...
FCA cancels SPI registrations
The FCA has issued final notices cancelling iCorp Global Limited and Omdoom General Trading‘s registrations as small payments institutions (SPIs). iCorp Global had failed to notify the FCA of significant changes...
FCA consults further on crypto regulation
The FCA has today published the latest consultation paper setting out its proposals for the regulatory regime around cryptoassets. This paper follows six previous consultations, as well as numerous discussion papers...
Stephen Wilson90% of mortgage lending now covered by UK Finance Financial Abuse Code
UK Finance has confirmed that 90% of mortgage lending is now covered by its Financial Abuse Code. The development comes after several institutions – including Coventry Building Society and Monzo – have...
Ashley Alder takes over as PSR Chair
Ashley Alder, current FCA Chair, will also take on the role of Chair of the PSR from 26 January, when Aidene Walsh’s term ends. He will as a result act as Chair of both entities as they move to consolidation.
BoE publishes 2025 CBEST thematic
The BoE has released its 2025 CBEST Thematic publication, which sets out insights from assessments of firms and FMIs. Of course, the main observation is that strong cyber hygiene is not a one-time exercise and that...
FCA closes 2022 investigation
The FCA has closed its investigation into Wellesley & Co Limited, the only authorised entity within its corporate group, which had promoted and arranged high-risk investments relating to property development, and...
FCA updates op res webpage
The FCA has updated its webpage on operational resilience, to include links to and information about recent publications and activity, particularly around cyber-security.
Regulators give clarity on enforcement approach for open banking pricing models
The FCA and PSR have issued a joint statement on open banking pricing models, confirming that they will not currently be prioritising an investigation under the Competition Act into to centralised ‘access...
UK and Indonesia to establish Economic Growth Partnership
The Department for Business and Trade has issued a policy paper on the establishment of a UK-Indonesia Economic Growth Partnership. Both jurisdictions will designate official contact points to ensure effective co...
PRA publishes final Basel 3.1 policy documents
The PRA has published its final instruments, supervisory statements, statements of policy, and templates to reflect Basel 3.1. The measures reflect the revised UK implementation date for the Basel 3.1 requirements of 1...
Treasury Select Committee warns of risks of poor AI supervision
The Treasury Select Committee has published its report on the use of AI by financial institutions. The report, summarising the results of an inquiry that started nearly a year ago, notes that AI and wider technology...
SFO Director retires mid-term
Nick Ephgrave, Director of the SFO, is to retire at the end of March – half way through his 5 year post. The SFO will appoint an interim director before starting a formal recruitment process for his successor. Mr...
Tribunal upholds FCA fine and ban on adviser
The Upper Tribunal has upheld the FCA’s decision to fine and ban a financial adviser. The FCA had decided Darren Reynolds had caused customers significant harm by acting dishonestly and showing a clear disregard...
SFO secures director convictions in £70m tree planting investment scheme fraud
The Serious Fraud Office has secured three convictions of former Ethical Forestry Limited directors, all of whom pleaded guilty in relation to a £70m investment scheme fraud. The directors had defrauded around 3000 UK...
Wealth management firm Logic Investments enters special administration
Logic Investments Ltd – a wealth management firm – has entered special administration. Alex Watkins and Ed Boyle of Interpath were appointed joint special administrators of the firm on 16 January 2026. In...
FCA encourages industry to share views on proposed open banking standards body
The FCA has written to trade associations on the processes for establishing a Future Entity, as part of the development of the open banking ecosystem. As set out in its 2025 feedback statement, the FCA expects Future...
FCA publishes multi-firm review on small mutual life insurers
The FCA has published findings from its multi-firm review on customer outcomes achieved by smaller mutual life insurers. The key findings were as follows: Target Market Statements – Firms had a strong focus on...
FCA to hold stablecoin tech sprint
The FCA is holding a stablecoin tech-sprint in March 2026 to help shape policy and standards for future payments. The vent will focus on: Retail payments Cross-border payments E-commerce and B2B transactions Remittance...
PSR pleased at Court backing on cross-border interchange fees
The PSR has welcomed the High Court’s agreement that the PSR does have the power to impose a cap on cross-border interchange fees. The regulator had proposed a cap, because it considered the figures unduly high at...
Report finds continued interconnectedness between UK and EU markets, even five years post-Brexit
Five years on from Brexit, cross-border financial flows between the UK and EU still account for a significant part of overall financial activity in both markets, according to a report from Global City. The report...
PRA publishes 2026 supervisory plans
The PRA has published its supervisory priorities for 2026. Its main plans focus on streamlining supervision, so that periodic supervisory meetings and other activities will move to a two year cycle – an initiative...
Report finds UK remains largest global financial services net exporter
A report from TheCityUK has found that the UK is still the world’s largest financial services net exporter. It stays ahead of the US, and has more than the combined surpluses of Singapore, Switzerland and...
FSMB publishes 2026 workplan
The Financial Markets Standards Board (FMSB) has published its 2026 Workplan. The plan sets out a number of initiatives around each key topic area, including: Market practices: Pre-heding disclosure and consent Grey...
UK and EU regulators sign MoU on critical third parties
Financial regulators in the UK and EU have signed a memorandum of understanding (MoU) in order to strengthen cooperation and oversight of critical third parties that fall (CTPs) under the UK’s CTP regime and...
FCA consults on annual retail banking business return
The FCA is consulting on the creation of an annual retail banking business model return. It has previously collected relevant data on an ad hoc basis, which it feels is both burdensome for firms and doesn’t give...
Government publishes post-quantum cryptography roadmap
The Government has published the G7 Cyber Expert Group statement on advancing a coordinated roadmap for the transition to a post-quantum cryptography in the financial sector. The group has previously highlighted the...
Katie SimmondsRegulators consult on MELL 2026/27
The financial regulators propose to set the FSCS Management Expenses Levy Limit for 2026/27 at £113m, an increase on the current year which broadly tracks inflation.
Consultation closes on 10 February.
FCA gets confiscation order for lending platform fraudster
The FCA has obtained a confiscation order for over £250,000 against Andrew Currie, who was convicted of defrauding investors through the now-collapsed peer-to-peer lending platform, Collateral (UK) Ltd. The amount is...
FCA updates on Advice Guidance Targeted Support Policy Sprint
The FCA launched its Targeted Support Policy Sprint in February 2025, and showcased the results in April. It has now published a webpage on what the Sprint achieved and how it has helped to form the FCA’s plans...
Report looks at global norms for AI in financial services
A report by the International Regulatory Strategy Group has looked at consistency and disparities between emerging norms in the use of AI in financial services. Generally, it found that there is broad alignment on high...
FCA publishes good and bad practices in complex ETP sales
The FCA has published some examples of good practice and areas for improvement within firms that sell complex ETPs to retail consumers. These are, broadly, exchange traded funds, commodities and notes, but can now also...
HMRC updates AML risk guidance for accountancy service providers
HMRC has updated its risk assessment and guidance for accountancy service providers within its supervisory remit. HMRC notes that: the 2025 NRA assessed ASP services as high risk for money laundering – noting that...
Committee private markets report concludes too many “unknown unknowns”
The Financial Services Regulation Committee has published a report following its inquiry into the growth of private markets in the UK. Private markets, mainly in the form of private equity funds and private credit funds...
FCA publishes webpages on the new crypto regulation regime
The FCA has published new webpages on the upcoming cryptoasset regulation regime, which is expected to come into force October 2027. The pages provide guidance on: How the gateway will operate The regulated activities...
Pensions Dashboard seeks views on how to deliver private sector dashboards
The Pensions Dashboard Programme is seeking views on how to best deliver private sector dashboards (PSDs). The immediate focus of the PDP remains the successful connection of providers and schemes, but it remains...
FCA consults further on value for money framework in workplace pensions
The FCA is consulting further on the value for money framework in workplace pensions. In particular, the paper proposes revisions to the way arrangements are assessed and compared in order to make the process more...
HMRC confirms Economic Crime Levy changes
HMRC has confirmed an increase in the Economic Crime Levy taking effect from the financial year beginning April 2026 onwards. The previous “large” band is not to be split into 2, creating a new set of...
HMRC updates on MLR non-compliance
HMRC has updated its website with details of businesses against which it has recently taken action for breach of MLRs. In the period from October 2024 – March 2025, there have been many fines, including: on a...
Court considers scope of s26 FSMA
The Court of Appeal was asked to consider whether failure of a law firm to have advised that arrangements constituted collective investment schemes made Claimants who essentially operated and promoted the schemes liable...
BoE publishes guidance on CET1 notifications
The BoE has published a webpage on notifications required of firms if they intend to include interim or year-end profits in Common Equity Tier 1. A notification is only required if the profits are being included in CET1...
Berne Financial Services Agreement takes effect
The Berne Financial Services Agreement (BFSA) took effect on 1 January 2026, and aims to make it easier for UK and Swiss firms to do business in each other’s country. The FCA has published and information page...
Government updates single sanctions list guidance
The FCDO, HM Treasury and OFSI guidance on preparing for the UK Sanctions List that will be the only source of UK sanctions designations from 28 January has been updated. There is now a new checklist section, and a...
New FOS compensation award interest rate takes effect
A new interest rate – Bank of England base rate +1% – will apply to any compensation awards firms are directed to make in cases referred to the FOS on or after 1 January 2026. The change follows a...
FCA cancels SPI registration
The FCA has cancelled the registration of small payment institution First Money Services Ltd following the firm’s breaches of the PSRs 2017. Specifically, the firm: failed to provide payment services within 12...
FCA publishes explanatory note on derivatives trading obligation
The FCA has published an explanatory statement relating to its Direction on the derivatives trading obligation. It issued the new direction at the end of 2024 to modify the UK DTO under UK MiFIR. The direction allows...
FCA investigates CMC
The FCA has announced it is investigating the activities of The Claims Protection Agency Limited, a claims management company which has used several trading names, in relation to its advertising and sales tactics for...
FCA warns of holiday park collective investment risk
The FCA has warned consumers about the potential for consumer harm being caused by unauthorised firms offering investment in holiday homes that may be constituted as collective investment schemes.
Court rejects challenge to OFSI licence
The Administrative Court has rejected a challenge of a general licence OFSI issued to allow the distribution of assets from VTB Capital plc’s estate while its assets were frozen. PJSC VTB Bank (VTBB), the...
FCA publishes AGM question responses
The FCA has published a 60 page document setting out its responses to questions raised but not answered at its AGM. The answers are grouped into topics, including: AI – and in particular how to ensure vulnerable...
PRA finalises “low impact” changes
The PRA has published finalised changes to its rules which it has designated as having low impact. The changes include: conditional disapplication of the General Provisions to give effect to the deference arrangements...
FCA removes contactless limit requirement
The FCA has gone ahead with its plans to remove the contactless limit requirement, so that in future providers and consumers will be able to set higher limits or turn off contactless limits all together, with the result...
FCA removes permissions from Verus and imposes stringent asset restriction
The FCA has removed all regulatory permissions from Verus Financial Services Limited and imposed a stringent assets restriction. The FCA is concerned that the firm has repeatedly breached an existing asset restriction...
Insolvency Service announces combined 23 year director disqualifications
The Insolvency Service has confirmed that two business partners have been disqualified from acting as directors after allowing £13.9m to pass through two companies using unauthorised bank overdrafts. Scott Dylan –...
FCA simplifies ancillary activities exemption test
The FCA has set out changes simplifying the ancillary activities exemption, which allows a firm to be exempt from authorisation as an investment firm where its trading in commodity derivatives, emission allowances, or...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 136, which sets out a number of changes, most of which we’ve reported on elsewhere, including: Removing regulatory contactless limits and implementing a new risk-based...