The Office for Investment: Financial Services – the Government department working on delivering a ‘concierge service’ for financial services in the UK – has launched an Advisory Committee of...
Category - Topics
Laura WilesSFO launches first major crypto investigation into $28m scheme
The Serious Fraud Office (SFO) has launched a first-of-its-kind investigation into suspected fraud in a $28m crypto scheme. It has asked investors in the scheme to come forward with any information they hold about the...
NCA publishes guidance on SARs and DAML requests
The UK Financial Intelligence Unit (UKFIU) – an independent unit within the National Crime Agency (NCA) – has published guidance on best practice for Suspicious Activity Reports (SARs). The first two...
New law gives FCA powers on “ancillary activities” scope
Changes to the RAO give the FCA a rule making power to set the criteria for determining whether commodity and emissions dealers need authorisation as investment firms. The conditions for the “ancillary activities...
Michael LewisFCA confirms end date for failed Gibraltar insurer policies
Premier Insurance Company Limited, a Gibraltar authorised insurer operating in the UK on a freedom of services basis, went into administration in October, after stopping writing new policies in January 2025. The FCA...
Emma RadmoreFCA consults on consolidated tape
The FCA is consulting on introducing a UK equity consolidated tape, that will bring data from across UK markets together. The FCA wants the tape to include post-trade data and the attributed best bid and offer prices...
FCA Q2 metrics show all deadlines met
The FCA’s operating service metrics for July – September 2025 for authorisations show 13 metrics in green, 1 in amber and none red. It says the amber is because some cancellation applications exceeded the...
Pensions Dashboard user update
The Pensions Dashboard Programme has issued an update on who will be able to use pensions dashboards. It says most people should be able to, but is aware that younger people may find it hard to pass the verification...
FCA updates on T+1 settlement
The FCA has updated its information pages on the move to T+1 settlement, which will happen on 11 October 2027. It has written to Chief Compliance Officers of asset management and alternative firms, as it became aware...
FCA updates on recognised codes
The FCA has updated its list of recognised industry codes. On 4 November, it extended recognition for the FX Global Code, the UK Money Markets Code and v2 of the Global Metals Code, all for 3 years.
FCA approves PISCES operator
The FCA has approved JP Jenkins as a new operator of a PISCES platform. It had previously approved the London Stock Exchange, so there are now two approved operators.
PSR pleased with CoP effect
The PSR has published its latest fraud prevention data, and noted that now that nearly all firms that use FPS also use CoP there has been a marked improvement in fraud prevention. Since CoP was expanded beyond the...
FSCS limit increasing
The PRA has confirmed that the FSCS deposit limit for bank customers will increase to £120,000 from 1 December. As well as being a significant increase on the current £85,000, it is also £10,000 more than the PRA had...
PRA publishes LIST results
The PRA has published the results of its 2025 Life Insurance Stress Test. It says the results, the first under Solvency UK show the sector is resilient. The exercise covered 11 insurers active in the bulk purchase...
FCA updates regulatory failure review policy
The FCA has reviewed its policy on investigating and reporting on regulatory failure, which was originally published in 2013. It has concluded the policy is still fit for purpose, making only one substantive change, to...
JMLSG consults on guidance updates
The JMLSG is consulting on some clarifications to parts of Chapter 3 and 6 of Part I of its guidance. in chapter 3, in respect of monitoring effectiveness of AML controls, to clarify that this includes group entities...
FCA speaks on balance between AI and humans
Dominic Holland of the FCA has spoken on how the financial markets must both harness the opportunities that AI and advanced analytics present while recognising that human expertise and judgement are key to making these...
FCA speaks on bespoke customer needs
Sarah Pritchard has spoken of how considering the individual characteristics of consumers is critical to helping their financial well being. She said the FCA is working on guiding consumers on what is best for them in...
PRA seeks views on transfer of risk in life insurance
The PRA has published a discussion paper on innovation in the life insurance sector, and sets out the regulator’s thinking on policy changes that could allow life insurers to transfer defined tranches of risk to...
Pensions Dashboard reminds providers and schemes of October 2026 deadline
The Pensions Dashboard Programme has reminded pensions providers and schemes that they have just under a year left to complete connection to the pensions dashboard ecosystem. The final deadline is 31 October 2026, and...
NGFS publishes Guide on Climate Scenario Analysis
The Network for Greening the Financial System (NGFS) has updated its Guide on Climate Scenario Analysis. The new edition reflects significant progress made in this area since the last version in 2020, and highlights...
FCA cancels SPI registration for failure to register for AML supervision
The FCA has published a Decision Notice cancelling the registration of a small payment institution which had been registered with it for 5 years but, despite repeated warnings, had not registered with the HMRC for AML...
FCA finds Consumer Duty issues at CFD providers
The FCA has carried out a review of CFD providers‘ Consumer Duty compliance, specifically looking at whether they meet the price and value outcome. It included around a quarter of providers in the review. It has...
PRA confirms changes to retail deposits threshold
The PRA has confirmed changes to the retail deposits threshold for application of the leverage ratio requirement. The threshold increases from £50bn to £75bn on 1 January 2026 and there will also be a three-year...
UK and Singapore associations report on digital asset adoption
The IA and the Investment Management Association of Singapore has published a report on tokenised asset market opportunities and challenges. The report notes the current gap between technological innovation and...
FSCS updates on compensation in 2025
The FSCS’ latest Outlook publication explains how the FSCS has now brought most of its claims management and all its customer call-handling in house, and as a result has halved the time it is taking to chase third...
FCA and MAS agree strategic partnership on AI
The FCA and the Monetary Authority of Singapore have agreed a new partnership on AI, which the regulators hope will enable innovative firms in the UK and Singapore to scale and operate effectively across markets, and...
TheCityUK releases UK asset management report
TheCityUK has published research on the UK’s role in the global asset management landscape. the UK remains Europe’s largest fund management centre with a 10% year on year rise in AUM in 2024; institutional...
HMRC updates AML fees
HMRC is increasing its AML supervisory fees from 1 December. Following feedback that its initially proposed increases were too much, it has reduced the amount of some increases. The new fees will be: £500 for the fit...
FCA speaks on future of mortgage market
Nikhil Rathi, FCA chief executive, has delivered a speech on the future of the mortgage market at the L&G Mortgage Club’s 30th Anniversary Conference. The speech highlighted that while the market is currently...
FCA speaks on transition finance
Alicia Kedzierski has spoken to the LMA conference on raising standards in sustainable lending. She said the FCA has seen improvements in the sustainability-linked loan market, but that we need to be clear on what...
John ConnorFCA finds poor practices in financial crime risk assessment controls
The FCA has published the findings from its multi-firm review of a range of firms’ business wide and customer risk assessment processes. Key findings included: while most firms have a BWRA, not many were...
FCA finds no benefit in credit builder products
The FCA has reviewed a selection of credit builder products and concluded that are are not effective for most consumers. It looked particularly at products that report regular payments to CRAs with the aim solely of...
BoE consults on systemic stablecoin regulation
The BoE is consulting on how it proposes to regulate sterling-denominated systemic stablecoins. It proposes: to allow issuers to hold up to 60% of backing assets in short-term UK government debt and for the other 40%...
Treasury consults on FCA AML powers
Treasury is consulting on the key duties, powers and accountability mechanisms that the FCA will need to take over as AML supervisor of law firms, accountants and trust and company service providers. In the main, the...
Firm loses appeal on “name and shame”
A firm (not yet named) has lost its appeal against an FCA decision to publicise the fact that it is under investigation and release the firm’s name in doing so. The judge granted permission for judicial review of...
Payments Vision Delivery Committee publishes strategy for retail payments infrastructure
The Payments Vision Delivery Committee has published its strategy for the future of UK retail payments infrastructure, in line with the Government’s National Payments Vision. The strategy is built on the three...
Consumer Panel urges FCA to limit delay on complaints handling and reconsider deadline for FOS referrals
The Financial Services Consumer Panel has urged the FCA not to extend the pause on motor vehicle finance complaints beyond the currently proposed 31 July 2026. The Panel considers that an extension to the pause for some...
FOS responds to FCA crypto consultation
The FOS has published a response to the FCA’s consultation on applying Handbook rules to cryptoasset firms. Overall, the FOS agreed with the benefits of extending access to its complaints resolution framework to...
Research shows rising compliance costs
TheCityUK has published the results of research it carried out with PwC UK that shows firms are spending increasing amounts on compliance. Conclusions, based on indepth interviews with 19 CCOs and a targeted survey...
PRA updates on captives plan
Shoib Khan of the PRA spoke on the PRA’s actions to support innovation in insurance markets, through its various accelerator and other initiatives. He also updated on the proposals for a UK captive regime, saying...
Regulators to streamline UK EMIR Intragroup regime
The FCA is consulting on making the UK EMIR Intragroup Regime clearer for counterparties wanting exemptions from clearing and margin requirements. The current temporary regime expires at the end of 2026 and industry has...
FSSC asked to report on disruptive technology
HM Treasury has asked the Financial Services Skills Commission to produce a report on the skills needed to make sure the UK workforce can lead the way in digitisation, innovation and adoption. It wants the FSSC to...
FCA speaks on CRO role
Sarah Pritchard has spoken on the role of the CRO in regulated firms. She noted that firms generally want the sector to become more comfortable with taking managed risks to support growth and hopes that the FCA’s...
Treasury launches Financial Inclusion Strategy
HM Treasury has launched its new Financial Inclusion Strategy, which includes Lloyds, NatWest, Barclays, Nationwide and Santander expanding on the partnership Shelter has with HSBC, so that homeless people will be able...
Domestic supplier BNPL exemption confirmed
HM Treasury has made the legislation confirming that domestic premises suppliers will be exempt from the credit broking activity in relation to deferred payment credit (or BNPL) agreements, when the activity becomes a...
FCA extends motor commission redress consultation to 12 December
The FCA has provided an update on its progress towards a redress scheme for customers treated unfairly when taking out loans to buy cars. So far, in response to its consultation, it has received comments on: the time...
Treasury responds to criticism over delays in designating critical third parties.. and more
At the House of Commons Treasury Committee meeting, Economic Secretary Lucy Rigby confirmed that critical third parties will be designated by this time next year – although this was couched with caveats that the...
APPG on Fair Banking criticises FCA’s proposed MVF redress scheme
The All-Party Parliamentary Group (APPG) on Fair Banking has published a report on the motor finance commission saga and the FCA’s proposed redress scheme, exploring whether the framework adequately compensates...
Government publishes webpage with case studies on sanctions enforcement actions
The Government has published a webpage collating case studies and key lessons from sanctions enforcement actions taken by UK enforcement bodies. The page lists published monetary penalties, prosecution outcomes and...
FCA speaks on financial capability
Nikhil Rathi has spoken on the importance not only of ensuring vulnerable consumers have access to help but also that we improve knowledge. He noted that around two-thirds of renters, for example, do not have contents...
PRA and FCA publish guidance on Berne agreement
The PRA and FCA have published guidance for Swiss investment firms and UK insurance and investment services firms on what opportunities the Berne Financial Services Agreement brings them. Swiss investment firms can...
Court holds FOS entitled to uphold complaint against investment firm for incorrect EPC categorisation
The Court of Appeal has held that the FOS was entitled to uphold a complaint made by an individual client against an investment firm, where the client had made losses after investing in contracts for difference (CFDs)...
FCA publishes review on consolidation of financial advice and wealth management firms
The FCA has published a multi-firm review on consolidation in the financial advice and wealth management sector, examining how groups manage risk, debt, governance and integration during and after acquisition. In terms...
LSB closes after 15 years of independent oversight in financial services
As of 31 October 2025, the Lending Standards Board (LSB) has closed, after a solvent wind-down of its operations. The LSB has summarised its impact and legacy in a final report on independent oversight and customer...
FCA warns on consumer risks in CFDs
The FCA is warning consumers not to give up protections if they invest in CFDs. It is concerned: that regulated firms are trying to pressurise investors to opt up to professional status which would mean they lose...
HMRC adds TBML handbook to help site
HMRC has added a new handbook to its resources, to help firms identify trade-based money laundering and how to tackle it. The guide includes information on: common techniques; the legal framework; examples and case...
FCA updates on sandbox firms
The FCA has now received over 630 applications to join the Regulatory Sandbox since it opened. The sandbox has been operating on an “always open” model since 2021 and has accepted 31 firms since then –...
FOS sees sharp drop in cases
The latest quarterly data on complaints from the FOS show new cases dropping by more than a third, largely because professional representatives are bringing fewer cases since the FOS changed its charging model. The FOS...
PRA publishes near final CRR restatement
The PRA has released its near-final policy statement on the restatement of the remainder of the assimilated CRR into its Rulebook. The feedback covers elements not finalised previously, specifically securitisation...
PRA publishes near-final policy on capital for small banks
The PRA has published a policy statement setting out the near-final form of its suite of rules setting out the simplified capital regime for Small Domestic Deposit Takers. The changes follow the existing simplified...
FCA consults on short selling changes
As part of the programme to repeal and replace assimilated law, the FCA is consulting on reforming the short selling regime, as part of its drive to remove unnecessary barriers that might restrict short-selling while...
Treasury consults on Bank Referral Scheme enhancements
Treasury is consulting on how it might enhance the Bank Referral Scheme, which started in 2014 and requires 9 major lenders to refer SMEs to whom they have refused to lend to a finance platform that can match the SME...
FCA updates Treasury Committee on Sexism in the City
The Treasury Committee has published its latest letter to the FCA and the FCA’s response on progress following the Sexism in the City enquiry and report. The Committee asked the FCA for an update on progress...
FCA pleased to move forward on ESG rating provider regulation
Following the Chancellor’s confirmation that the Government has finalised the legislation to bring ESG ratings providers within FSMA scope, the FCA says it can now consult on its proposed rules for relevant firms...
FCA issues guidance for firms on retail access to crypto ETNs
The FCA has given guidance to firms wanting to offer crypto ETNs to consumers, following the lifting of the ban on retail access earlier this month. Consumers can now access the products so long as they are UK listed...
FATF plenary results
At the FATF plenary sessions from 22-24 October, it: removed Burkina Faso, Mozambique, Nigeria and South Africa from the list of jurisdictions subject to increased monitoring; adopted the first two assessments in the...
FCA publishes whistleblowing data
The latest quarterly whistleblowing data figures from the FCA show an increase in reports over the last quarter and the same quarter in 2024. The FCA received 405 new reports containing 1,379 allegations. 70% of...
Chancellor launches new Scale-Up unit
Speaking at an FCA Forum in Leeds, Rachel Reeves announced the launch of a new PRA/FCA “Scale-up unit” to support scaling firms to navigate regulation so they can grow and invest faster. The unit is...
FCA speaks on the UK’s role in sustainable finance
Ashley Alder, FCA Chair, spoke at the Climate Financial Risk Forum Symposium, on the opportunities the UK offers to become the world’s sustainable finance centre. He spoke of the risks of climate change, and how...
Skills Commission launches research on AI’s impact on the financial services workforce
The Financial Services Skills Commission has launched research into how AI and disruptive technologies are likely to change the financial services workforce and its skills needs over the next 5-10 years. The research is...
OFSI reminds firms of frozen assets reporting deadline
As part of its annual frozen assets review, the Office of Financial Sanctions Implementation (OFSI) has reminded firms that they will need to submit a report by 30 November 2025 if they hold or control funs or economic...
FCA and PSR support proposals for consolidation approach
The FCA and PSR have issued a joint response to HM Treasury’s consultation on consolidating the PSR’s functions within the FCA. The regulators agree with the Government’s proposed approach for the FCA...
FCA writes to compliance managers on T+1 settlement expectations
The FCA has written to compliance officers at asset management and alternative firms to set out its expectations in anticipation for the transition to T+1 settlement on 11 October 2027. By the end of 2025, firms should:...
FCA opens motor finance data room
As part of its consultation on the motor finance commission redress scheme, the FCA has opened a data room to help firms understand its analysis of loss. The data room is not open to everyone, but on request to...
FCA updates complaints data
The FCA has published complaints data from H1 2025. Key takeways include: complaints levels have stayed fairly static for 4 years, with the last half’s complaints being 1.85m, a slight rise from the previous...
FCA bans and fines advisor
The FCA has banned an advisor working in ITM Power Plc over £100,000 and banned him. Neil Dwane knew the details of a planned market announcement, and used it to sell his and a family member’s shares the day...
Treasury publishes action plan to ensure regulators support growth
HM Treasury has published its new approach on ensuring regulators and regulation supports growth. The paper focusses on the full UK regulatory system – including the finance, business, energy and environmental...
FCA updates on recent enforcement actions
Therese Chambers has spoken on the FCA’s enforcement activity over the past 2 years. She noted that although the FCA’s approach to enforcement cases has changed, the base messaging has not. It expects firms...
Treasury Committee asks questions on AWS outage
The Treasury Committee has written to HM Treasury following the AWS web outage which disrupted several firms. Its main question is why HM Treasury has not yet designated AWS (or indeed any other major technology...
Treasury confirms FCA to take over AML supervision responsibility for all professional services
HM Treasury has announced reforms to anti-money laundering and terrorism financing supervision, granting the FCA responsibility for all AML/CTF supervision of professional services firms currently supervised by HMRC or...
Regulators publish guidance on cyber response and recovery
The BoE, PRA and FCA have published guidance to firms and FMIs setting out some good practices they have seen on cyber response and recovery capabilities. It hopes boards can use the findings to support discussions...
FCA highlights widespread non-compliance in financial crime controls at corporate finance firms
The FCA has set out findings from its survey on financial crime controls in corporate finance firms. The review focussed on the 300 plus firms which are currently not required to submit financial crime data regulatory...
FCA sets out client categorisation expectations for corporate finance firms
The FCA has published high-level observations from its multi-firm review of client categorisation in corporate finance firms. The review considered compliance with client categorisation and certification rules under...
FCA publishes multi-firm review on combatting romance fraud
The FCA has published a multi-firm review on combatting romance fraud, setting out key findings on how firms detect and prevent this type of financial crime. Key findings included: Intervention and prevent are made...
Chancellor launches investment fast track service
The Chancellor has launched a one-stop support service to make the UK more attractive to global investors. The investment fast track concierge service will be a partnership between HM Treasury, the financial regulators...
FCA publishes 2024 general insurance value measures data
The FCA has published general insurance value measures data for the period covering January to December 2024. Highlights from the data include that despite recent cost increases for consumers in motor and home...
PRA consults on “low impact” amendments
The PRA is consulting on a package of various amendments to its rulebook none of which are substantive. The changes relate to: giving effect to the deference arrangements under the Berne Agreement; a change to the TMTP...
BoE outlines approach to AI, DLT and quantum computing
The BoE has published an outline of how it is working to make sure firms can innovate responsibly so use of new technologies can boost the UK’s productivity and economic growth while meeting its objectives to...
Sheilah MackieRegulators agree remuneration reforms
The PRA and FCA have finalised rule changes following their consultations on changes to the remuneration rules for banks, building societies and designated investment firms. The aim of the changes, which met with...
FCA streamlines capital rules for investment firms
The FCA has made its new capital rules for investment firms, reducing the wordcount of relevant rules by 70% in the process. The rules apples to all entities that are subject to MIFIDPRU. There are no changes to the...
DRCF calls for views on Agentic AI and regulatory challenges
The Digital Regulation Cooperation Forum has published a call for views on the regulatory challenges that Agentic AI presents. It is particularly interested in: the key regulatory challenges firms are facing when...
Katie SimmondsFCA gets $100m redress for BlueCrest investors
The FCA has, after many years, secured a redress scheme worth $101m for investors who lost money due to BlueCrest Capital Management (UK) LLP’s failure to manage conflicts of interest that arose when it both...
FCA consults on fund tokenisation
The FCA is consulting on how it can support the development of fund tokenisation. As part of its wider roadmap for digital assets, the plans include: guidance on how to operate tokenised fund registers under FCA rules;...
Treasury repeals more EU laws
The latest Commencement Order made under FSMA 2023 brings into force the necessary powers to repeal various assimilated EU legislation on set dates, including: the MiFID Org Reg – with powers brought in from 23...
AI providers respond to Treasury Committee
Following the Treasury Select Committee’s request to the largest providers of AI to the UK financial services sector for information on their services and their thoughts on service provision, it has now published...
PIMFA study calls for clearer regulation
PIMFA has published the results of a recent study that shows its members want clearer and more consistent regulatory communication, as regulatory change is consuming significant resource that they could otherwise put on...
Government publishes guidance on preparing for single UK sanctions list
The FCDO, HM Treasury and OFSI have launched guidance on the publication of a single sanctions list on 28 January 2026. Currently, UK designations are set out in 2 lists: the UK Sanctions List and the OFSI Consolidated...
FCA launches open finance tech sprints
In order to support the delivery of open finance, the FCA has launched 2 new TechSprints and announced a new partnership with Raidiam. The partnership with Raidiam follows the launch of its Smart Data Accelerator in...
BoE launches DLT innovation challenge
In collaboration with the Bank for International Settlements Innovation Hub, the BoE has launched an experimental wholesale settlement DLT innovation challenge, in order to better understand how the private sector will...