The PSR is consulting on proposed changes to improve transparency and governance in fees. The changes follow the PSR’s market review, which concluded that Mastercard and Visa are subject to ineffective competitive...
Category - Topics
Laura WilesFCA launches investigation into WH Smith
The FCA has opened an investigation into WH Smith PLC in relation to potential breaches of the UK Listing Principles and Rules, and Disclosure and Transparency Rules. The announcement comes after an independent review...
ESG Ratings RAO changes made
The FSMA (Regulated Activities)(ESG Ratings) Order 2025 has introduced a new regulated activity in article 63U of the RAO of providing an ESG rating where that rating is likely to influence a decision to make an...
John ConnorFCA takes notice of insurance super complaint
The FCA has responded to the super complaint Which? submitted about standards in home and travel insurance markets. It had already planned to make some changes, but has now expanded its work. In particular, if will do...
Emma RadmoreGovernment consults on benchmarks reform
HM Treasury is consulting on what the regulatory regime for benchmarks and benchmark administrators should look like in the future. It plans to replace the current Benchmarks Regulation, which stems from a 2018 EU...
Tribunal finds for FCA in Reynolds limitation hearing
The Upper Tribunal has published its decision on a reference by Darren Reynolds relating to an FCA Warning Notice in which the FCA said it would ban and fine Mr Reynolds for failing to meet the fit and proper test. In...
12 practical tips to master your contracting: tip 12
It’s time for the last of our 12 tips! The tip for today is: Use your business’ standard forms 🚨 Businesses often have their own standard contracts for the supply or purchase of goods and services. Your...
Victoria FergusonCPS announces fund manager fraud conviction
The CPS has secured conviction of three fund managers for fraud by abuse of position of trust. The 3 individuals had worked together to defraud a hedge fund and sovereign wealth fund which belonged to the people of...
FCA publishes highlights from Leeds Growth Sprint
The FCA has published the highlights from an event it held in Leeds in late October, in which the Chancellor and the FCA discussed various growth initiatives, such as the concierge, scale-up and PAS services, and...
Treasury writes to FSR Committee on “growing pains”
Lucy Rigby, Economic Secretary to the Treasury, has written to the Financial Services Regulatory Committee on the need for clarity and culture change to ensure the secondary growth and competitiveness objectives are...
Chancellor makes payment regulation recommendations
The Chancellor has written to the FCA and PSR with recommendations on payments regulation going forwards. The letter emphasises the Government’s growth agenda and the need for regulators to drive forward the...
Treasury publishes report on PESAR
HM Treasury has published a report on the Payment and Electronic Money Special Administration Regime introduced under the Payment and Electronic Money Institution Insolvency Regulations 2021. The report, by Adam...
FCA notes open banking progress
The FCA says that in the past year, more than 16 million users have engaged with open banking, with the number of payments increasing by 53% year on year. It says a key driver of this is the rise of VRPs which make up...
FCA seeks views on market risk capital requirements
The FCA is asking for views on whether it would remove unnecessary barriers and free up capital if it creates tailored market risk rules for non-bank trading firms. The current rules we designed to ensure banks were...
Michael LewisFCA consults on next steps for crypto as Treasury lays legislation
The FCA is consulting on the next step in regulating crypto-related activities following the Treasury laying draft legislation before Parliament to enable the new regulatory regime. The FCA’s proposals will affect...
12 practical tips to master your contracting: Tip 11
The tip for today is: Comply with the contract’s formality requirements 🚨 If you need to send a notice under the contract, exercise a right under the contract, or make a variation to the contract, you must make...
12 practical tips to master your contracting: tip 10
The tip for today is: Be aware of termination rights in the contract 🚨 Parties sign up to a contract with expectations that the collaboration will proceed smoothly. Sometimes though, things won’t go as planned or...
ABI publishes 2025 annual report
The Association of British Insurers (ABI) has published its 2025 annual report. The report highlights the 40th anniversary of the ABI, and sets out the ABI’s crucial role in shaping the UK’s growth and...
Chancellor highlights growth opportunity in crypto regulation
The Chancellor has highlighted that new cryptoasset legislation coming into effect in the UK in 2027 will unlock growth while protecting consumers by bringing cryptoassets into the scope of other similarly regulated...
FCA closes investigation into Mirabella Advisors, principal of Greensill Capital
The FCA has announced the closure of its investigation into Mirabella Advisors LLP. The FCA had launched an investigation into the firm in 2021 in relation to the oversight of Greensill Capital Securities Limited, the...
Office of the Public Guardian publishes guidance on powers of attorney, deputyship and guardianship
The Office of the Public Guardian (OPB) has published guidance to help staff in regulated markets understand what services it can offer to customers who may not be able to make their own decisions. The guidance covers...
FCA sets out roadmap for mortgage rule reforms
The FCA has published a roadmap on modernising mortgage rules. The FCA launched a discussion paper in June 2025 on areas in which changes could be made to the current mortgages framework. It now publishes its feedback...
12 practical tips to master your contracting: tip 9
The tip for today is: Don’t start performing the contract until signed 🚨 It can be very tempting to start the supply of goods and services before the contract has been fully agreed and signed. It may be that you...
APPG on Investment Fraud and Fairer Financial Services holds general meeting and elects new officers
The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has held its annual general meeting, which outlined its continued focus on protecting consumer interests and addressing the...
FCA clarifies common misconceptions about risk warnings for investments
The FCA has published a new webpage on risk warnings for mainstream investments, covering expectations on firms promoting investment products and common misconceptions about risk warnings. The FCA highlights the general...
FCA reviews wholesale bank delivery of best execution in listed cash equities
The FCA has published its multi-firm review of wholesale banks and how they deliver best execution in UK listed cash equities. Best execution is the obligation on firms to take all sufficient steps to get the best...
FCA publishes final NFM guidance
The FCA has published its final guidance to all firms on how to address non-financial misconduct. The guidance follows its decision to align the rules on NFM for banks and non-banks, when it made changes that take...
FCA fines Nationwide for financial crime control failings
The FCA has imposed yet another large fine for poor financial crime prevention systems and controls. This time, Nationwide Building Society has been fined £44m for failings between late 2016 and mid-2021. The FCA found...
FCA not to proceed with capital deduction for redress plans
The FCA has finally confirmed it will not be proceeding with its proposals to require personal investment firms to set aside capital for potential redress liabilities at an early stage. It says it has made this decision...
Insolvency Practitioners Association responds to FCA’s MVF redress consultation
The Insolvency Practitioners Association (IPA) has published its response to the FCA’s MVF redress scheme consultation. Overall, the IPA supports the scheme, but it urges the FCA to introduce an insolvency...
FCA publishes pure protection market study
The FCA has published the results of its pure protection market study consumer research. Key conclusions from the quantitative results of the study include: Â 42% of consumers held a pure protection policy (privately...
FCA consults on improvements to digital pension planning tools
The FCA is consulting on rules to better support consumers using digital pension planning tools and making non-advised decisions to transfer Defined Contribution (DC) pensions. The consultation is informed by feedback...
BoE consults on exempting post-trade risk reduction services from clearing obligation
The BoE is consulting on exempting post-trade risk reduction (PTRR) transactions from the clearing obligation. PTRR providers offer services to counterparties to derivatives transactions, to reduce counterparty...
Financial Policy Committee speaks on balancing innovation and financial stability risk
Randall Kroszner – external member of the Financial Policy Committee – has delivered a speech on promoting innovation while guarding against financial stability risk at the 20th High-level meeting on...
FCA publishes targeted support rules
The FCA has published its policy statement on how it will allow firms to offer targeted support to customers so as to offer them recommendations on investments but not a full, in-depth individual advisory service...
12 practical tips to master your contracting: Tip 8
The tip for today is: Make sure you sign and date the contract 🚨 Once you have agreed the terms of the contract with your counterparty you need to make sure it is fully signed and dated. 🚨 A signed contract usually...
Regulators update Regulatory Initiatives Grid
The latest edition of the Regulatory Initiatives Grid updates on timelines for 124 live initiatives across the 9 organisations covered by the grid. The press release heralding the publication highlights the themes of:...
Industry launches UK Retail Investment Campaign
19 firms have launched the “UK Retail Investment Campaign“, which will launch with the introduction of targeted support in April 2026. The firms, which include banks, wealth and investment managers...
Motor insurance taskforce publishes final report
The motor insurance taskforce has published its report on work to reduce and stabilise motor insurance premiums. The report shows that premiums have in fact been steadily dropping throughout 2025 and work will continue...
FCA launches “Firm Checker”
The FCA has launched a new tool called “Firm Checker” so that consumers can check to see whether firms that approach them are properly authorised and have the right permissions for the services they plan to...
Pensions Dashboard progressing well
MaPS has published a report including the findings from the mid-point of Phase 1 consumer testing of the Pensions Dashboard. Users are happy with the service and three-quarters of pension records are now connected to...
Regulators set out 2026 growth measures
The FCA has written to the Prime Minister setting out its growth measures planned for 2026. The ambitious package highlights that the FCA has met nearly all of the 50 commitments it promised to do this year, and that...
12 practical tips to master your contracting: tip 7
The tip for today is: Make sure the contract is in final form ready for signing by the parties 🚨 Before the contract is signed, you need to check that all of the content is completed, this includes the content of the...
Sophie Hutcherson reappointed as FCA NED
Sophie Hutcherson will take on a second 3-year term as NED to the FCA board, extending her tenure to April 2029.
Home Office publishes Anti-Corruption Strategy
The Home Office has published the latest UK Anti-Corruption strategy. It builds on the 2017-2022 strategy and includes 123 commitments to tackle and build resilience to corruption. It complements and builds on the...
BoE publishes CCP stress test results
The BoE has published its report on the results from the 2025 CCP Stress Test. The main conclusions from the test are: Central Counterparties have enough resource to absorb losses in an extreme global shutdown and the...
FCA consults on rule clarifications
The FCA is consulting on various rule changes to: resolve uncertainties in current rules; make some current rules clearer or more proportionate; and resolve conflicts and duplications. General changes update and remove...
FCA consults on fund liquidity risk management enhancements
The FCA is consulting on how best to ensure that authorised fund managers are equipped to manage their funds’ liquidity and that they use their management tool effectively. The proposals follow measures the FCA...
FCA gets hearing date for Asset Land distributions
The High Court will hear the FCA’s application for approval to distribute funds recovered for Asset Land investors on 19 December.
FCA confirms insurance rule simplification
The FCA has confirmed changes to its rules for insurance firms, which will: clarify which rules apply to commercial insurance: the rules create an “SME watershed” so that smaller commercial customer remain...
12 practical tips to master your contracting: Tip 6
The tip for today is: Be mindful what you write in an email 🚨 We know from yesterday’s tip that emails can be legally binding. To try and show that your email discussions are only discussions and not a contract...
Treasury publishes annual AML supervision report
HM Treasury has published its annual report on AML and CFT supervision. Key points include: recognition that the reform of professional body supervision so that the FCA will become the direct AML supervisor of...
PRA confirms reporting template deletion
The PRA has confirmed it will be deleting 37 templates from its reporting requirements, following its consultation earlier this year. It will also be consolidating the FINREP scoping provisions into one single rulebook...
FCA publishes package of investment regulation reforms
The FCA has published its long-awaited decisions and further proposals on reforms to how it regulates the conduct of investment business. The package comprises: consultation on client categorisation and conflicts of...
BoE sets out FMI rule review framework
The BoE has published its Statement of Policy on how it undertakes rule reviews in respect of its role as supervisor of FMIs. The statement includes details on how stakeholders can engage with reviews and how results...
Regulators report on mutuals
The PRA and FCA have published a report on the mutuals landscape, looking at the importance of mutuals to the financial sector, and the measures the regulators take to ensure proportionality in regulation. The report...
Treasury updates on provisional licence regime
Following the Government’s announcement that it plans to create a regime to allow the FCA to grant limited-time permissions to start-up firms applying for authorisation, so they can start their business in a...
FCA consults on admin fee reduction
The FCA is consulting on reducing its administration fee for late or overdue returns to £100. It is consulting on the proposal as part of its quarterly consultation. It says changes to its processes have resulted in...
12 practical tips to master your contracting: Tip 5
The tip for today is: Be careful of informal contracting 🚨 Contracts do not need to be in writing to be legally binding. They can be formed by telephone calls, exchanges of emails and even by WhatsApp exchanges. 🚨 A...
FCA writes to Treasury Committee on Budget leak
Nikhil Rathi has written to the Treasury Committee setting out the FCA’s role in investigating the effects of the leak of Budget information.
FCA publishes multi-firm review of life insurance bereavement process
The FCA has carried out a review of life insurers’ bereavement claim process. The review covered 15 insurers representing over 75% of the life protection market. It looked at customer journeys for 4 product...
UK imposes sanctions on terrorist group
The UK has imposed an asset freeze and director disqualification on an individual and a group suspected of belonging to and supporting organisations involved in terrorism in India. It has used powers under the Domestic...
PRA consults on insurance reporting
The PRA is consulting on post-implementation amendments to the UK Solvency II rules on reporting and disclosure. The changes are mainly minor clarifications and correction of errors.
Consultation closes on 4 March.
G7 publishes cyber response guidance
G7 has published its guidance on fundamental elements of collective cyber incident response and recovery in the financial sector. The Cyber Expert Group chaired by the US Department of the Treasury and the BoE has...
BoE launches private markets exercise
The BoE has started a second system-wide exploratory scenario exercise relating to the private markets. This one focuses on how the ecosystem operates under stress and how this could impact the UK economy and financial...
FCA charges former bank director with fraud and forgery
The FCA has charged Henrik Schliemann, a former director of a merchant bank, who also held the Compliance Oversight and MLRO roles, with 9 offences relating to fraud and forgery. It alleges he transferred millions of...
FCA close to awarding bond consolidated tape contract
The FCA is waiting for the High Court to lift the freeze on its awarding a contract to its chosen bond consolidated tape provider. The FCA had run a tender process and made its choice of provider in the summer, but then...
12 practical tips to master your contracting: Tip 4
The tip for today is: Keep the contract scope under review 🚨 If the services/deliverables are likely to change over time there could be value in including a mechanism for an annual (or more frequent) review of them. 🚨...
Financial Inclusion Committee updates on accessibility initatives
The Financial Inclusion Committee held its fourth meeting on 3 November 2025. Attendees presented on specific strategy interventions that their organisations are leading on. This included: Interventions recommended by...
FCA simplifies complaints reporting process
The FCA has confirmed changes set to simplify its complaints reporting process. The key changes include: Consolidating existing returns –Â the FCA will be consolidating five existing complaints returns into a...
Property (Digital Assets etc) Act gets Royal Assent
The Property (Digital Assets etc) Act has received Royal Assent and come into force on 2 December. It confirms that a “thing” – including something digital or electronic – can still be the object...
FCA announces AI “live testing”
The FCA has launched its AI Live Testing initiative, which firms in the financial sector ready to use AI in the financial markets can sign up to to get tailored support to hep with its development and use. The...
PRA updates policy on managing climate-related risks
The PRA has published its final policy on enhancing banks’ and insurers’ approaches to managing climate risks. The consultation had planned – among other things – to strengthen governance...
FCA confirms motor commission complaint response deadlines
The FCA has confirmed the new complaint handling deadline limits for motor finance-related complaints. The current pause on all motor finance complaints expires imminently, and the FCA has now confirmed that: there will...
Stephen WilsonFCA censures Institute of Certified Bookkeepers for AML supervision failings
The FCA has censured the Institute of Certified Bookkeepers (ICB) for serious deficiencies in its AML supervision. The action is the FCA’s first ever enforcement outcome against a professional body supervisor...
12 practical tips to master your contracting: Tip 3
The tip for today is: Make sure the scope of services and obligations is clear 🚨 Don’t use jargon which means that the scope is unclear. Be wary of using catch all wording and assuming that it will cover the...
FCA updates on access to cash regime review
The FCA has given an update to the Treasury Committee on its access to cash regime. The FCA’s rules on access to cash came into force in September 2024, and require designated banks and building societies to...
Court concludes special administrators unable to terminate customer contracts to protect firm’s economic interests
In a directions application, the High Court concluded that the joint special administrators (JSAs) of Argentex were not entitled to terminate customer contracts under the firm’s terms of business for the purpose...
FPC publishes December update
The records of the FPC meetings on 25 November and 1 December note that: risks to financial stability have increased during 2025 for a variety of reasons, including fragmentation of trade and financial markets; many...
12 practical tips to master your contracting: Tip 2
✅ Today is day 2 of 12 practical tips to master your contracting ✅ Use clear language in your contracts: 🚨 The purpose of a contract is to have a record of what the parties have agreed. It is really important that your...
12 practical tips to master your contracting: Tip 1
In the run up to the festive period, we will be sharing 12 practical tips to master your contracting. For day 1 the tip is…. Contracts are highly regulated, but the regulations don’t cover everything 🚨 In...
FCA consults on ESG rating reform
The FCA is consulting on new rules that will ensure that ESG ratings are transparent, reliable and comparable. It says around half of ESG ratings users are concerned about how the ratings are built and their...
FCA publishes CRA review findings
The FCA has carried out a multi-firm review of the effectiveness and governance of rating committees at UK Credit Rating Agencies. It found: good practices in the role of committees in setting new ratings through a well...
PRA publishes lists of SIIs
The PRA has published updated lists of
UK headquartered globally systemically important institutions; and
buffer rates for other SIIs which are ring-fences banks, large domestic firms and large building societies.
PRA publishes annual credit union sector assessment
The PRA’s latest assessment of the credit union sector highlights the regulator’s view of the key risks to credit unions with total assets up to £50m. It addresses the particular risks relating to:...
FCA finalises SI regime for bonds and derivatives
The FCA has published its policy statement and final rules on the Systematic Internaliser regime for bonds and derivatives, effective from 1 December. The regime for bonds and derivatives, structured finance products...
Treasury Committee launches financial inclusion inquiry
The Treasury Committee has launched a new inquiry into the Government’s Financial Inclusion strategy. It wants to probe whether: the Government properly understands the scale of the challenge to address financial...
RegData access through My FCA from 28 November
The FCA has confirmed that from 28 November, access to RegData will be though signing into My FCA – and there are plans that this will soon also include Connect and the Online Invoicing Sysetm.
FOS consults on plan and budget
The FOS is consulting on its 2026/7 Plan and Budget. Headlines include: anticipated 188,000 new complaints across all products; resolving 245,000 complaints of which 60,000 will be related to motor finance commission;...
FCA and PRA publish margin requirement changes
The PRA and FCA have finalised the changes to their Binding Technical Standards on margin requirements for non-centrally cleared derivatives, applicable to dual authorised credit institutions and investment firms. The...
Chancellor sets FPC remit and recommendations with Budget
As part of the Budget announcements, the Chancellor published a letter to the Governor of the BoE with recommendations for the FPC. The letter focuses on the government’s often-stated priority of regulating for...
SFO updates guidance on corporate compliance programmes
The SFO has updated its guidance on evaluating corporate compliance programmes. The guidance looks at: when the SFO may want to look at programmes – it does this in 6 situations, mainly when it is considering some...
FCA takes RegTech platform into Sandbox
The FCA has published an update on its Regulatory Sandbox cohort, which now includes the RegTech platform, Eunice. Eunice aims to help transparency in UK crypto-markets. Its solution will focus on disclosures...
Court appoints creditors’ proposed special administrators in API insolvency
The High Court has granted a payment institution special administration order for JNFX Ltd – an authorised payment institution – upon application by its directors. It was common ground between the parties...
FCA pleased with investment firm data quality
The FCA has published the results of its review of data quality in prudential regulatory reporting by MiFIDPRU investment firms. Generally, it is pleased. It says most firms understand their reporting requirements and...
PRA publishes firm-specific LIST results
The PRA has published individual firm results from its Life Insurance Stress Test (LIST), the first of its kind conducted under the Solvency UK regime implemented in 2024. This follows the publication of its sector-wide...
FCA publishes skilled persons data for Q2 2025
The FCA has published its latest data on skilled persons reports, covering 1 July – 30 September 2025. During this period, the FCA commissioned 6 skilled persons reports: 2 reports related to insurance, 1 to...
Unlocking opportunities: vital role of carbon credits in net-zero ambition
As Scotland moves towards its target of being net zero by 2045, we’ve looked at how carbon credits are transforming the environmental and business landscape in an article in The Scotsman. If you would like to...
Chris McLauchlanFCA consults on improvements to transaction reporting regime
The FCA has published its consultation on improving the UK transaction reporting regime. HM Treasury has committed to repealing and replacement rules set out in the MiFIR transaction reporting rules implemented in 2018...
FCA consults on fees for 2026/27
The FCA is consulting on its regulatory fees and levies for 2026/27. Key changes include: Introducing a new fee block for PISCES operators, with a minimum annual fee of £2,200, and an additional variable fee for firms...