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...
Category - Topics
Laura WilesPSR decides not to pursue interim cross-border fee cap and consults on approach
The PSR has decided that it will not proceed with implementing an interim cap on cross-border interchange fees. The decision follows a December 2024 market review into UK-EEA cross-border interchange fees which...
FCA calls on firms to prepare for T+1 settlement
With two years until the UK transitions to T+1 settlement on 11 October 2027, the FCA has called for firms to start their preparations for the shift, outlining what it has heard from the industry and what good...
PSR reflects on APP reimbursement impact one year on
One year after its implementation on 7 October 2024, the PSR has reflected on the impact of the APP reimbursement requirement. The latest figures show that in the first nine months following implementation: £112m was...
BoE consults on fees for 2025/26 FMI supervision
The BoE has published a consultation on fees for FMI supervision in 2025/26. Key proposals include: Introducing a new category 3 for UK payment systems to align with other FMI types; and Relative to the 2024/25 fee...
FSB calls for improvements in cross-border payments implementation
The Financial Stability Board (FSB) has published its 2025 progress report on actions taken under the G20 Roadmap for Enhancing Cross-Border Payments. It notes that while the FSB and partner organisations have completed...
Regulators make MiFID Org Reg changes
The PRA and FCA have announced their final policy and rules on restating the MiFID Org Reg in their rulebooks. There are no significant changes to the content of the assimilated EU measure, but the FCA is removing the...
Emma RadmorePayment services firm Currency Matters enters special administration
Currency Matters Limited – a firm authorised by the FCA to provide payment services to corporate and retail clients – has entered into special administration. Frank Ofonagoro and Allister Manson of Opus...
FCA sets out expectations of CMCs involved in motor finance commission claims
Following the launch of its much awaited consultation on the motor finance redress scheme, the FCA has written a letter to claims management companies (CMCs) involved in motor finance commission claims, setting out key...
Government publishes guidance on ECCTA 2023 information sharing measures
The Government has published guidance on the information sharing measures under ECCTA 2023. The guidance sets out: The policy intent of the measures – namely the disapplication of confidentiality and civil...
FCA consults on motor finance redress scheme
The FCA has decided that a compensation scheme for customers treated unfairly when taking out motor finance is the right way to go, and is consulting on the terms of the scheme. Its research shows that: based on data...
FCA makes new rules
In the FCA’s latest Handbook Notice, it confirms new rules made at its October Board Meeting to: ICOBS to increase the medical condition premium trigger point for consumers with pre-existing medical conditions to...
Regulators to take action on poor claims management
The FCA is joining the SRA, ICO and ASA to address the ongoing problem of misleading advertising and inadequate information that some CMCs and law firms working on motor finance claims are publishing, and also the risk...
FCA updates on open banking progress
The FCA has published a research note it commissioned to collect views on open banking and finance in the UK. It wanted a good understanding of the current state of open banking to help to inform future development. The...
G7 cyber experts publish group statement on AI and cybersecurity
The G7 Cyber Expert Group (CEG) has published a statement on AI and cybersecurity, outlining the rapid evolution of AI technologies and encouraging jurisdictions to monitor developments, promote public-private-academic...
FCA motor finance redress scheme consultation due 7 October
The FCA will publish its consultation on its proposed motor finance redress scheme shortly after close of markets on 7 October.
EU-UK Financial Regulatory Forum host fourth meeting
On 1 October 2025, the fourth meeting of the Joint EU-UK Financial Regulatory Forum took place in Brussels. The agenda focused on six themes: Policy, macro-economic and financial stability outlook; Banking; Capital...
FCA explores quantum computing opportunities in financial services
The FCA has published a research note on the potential applications of quantum computing in UK financial services. Key findings included: Quantum computing in financial services presents a national growth opportunity;...
FCA speaks on regulatory priorities
Lucy Castledine – director of consumer investments at the FCA – has given a speech on regulatory perspectives and priorities in for 2025 at the Personal Investment Management & Financial Advice...
PRA publishes final policy on streamlining liquidity reporting
The PRA has published its final policy on closing liquidity reporting gaps and streamlining Standard Formula reporting. Key changes include: Delay of implementation timeline from 31 December 2025 to 30 September 2026;...
FCA addresses concerns over application of Consumer Duty to wholesale firms
The FCA has published a letter to the Chancellor on its plans to address concerns about the application of the Consumer Duty for firms who are primarily engaged in wholesale activity. The FCA has engaged with wholesale...
FCA updates on Consumer Duty requirements and focus areas
Following its call for input on the Consumer Duty requirements, the FCA has set out progress on the action it has taken so far, and further action it plans to take following stakeholder input. Priorities for...
FCA consults on targeted support Handbook amendments
The FCA is consulting on Handbook changes following its targeted support work. The changes are aimed at ensuring the proposals for targeted support work effectively with existing requirements, and include: Modifying...
UK Finance announces live pilot project on tokenised sterling deposits
UK Finance has announced a live pilot project to deliver the first UK transactions of tokenised sterling deposits. The pilot will run until mid-2026 and consider three use cases: Person-to-person payments via online...
Treasury consults on Commercial Credit Data Sharing scheme
HM Treasury has published a consultation and call for evidence on enhancing the UK’s Commercial Credit Data Sharing (CCDS) scheme. which facilitates the sharing of credit informaiton on SMEs between lenders and...
UK and Australia host inaugural Joint Financial Regulatory Forum
The inaugural UK-Australia Joint Financial Regulatory Forum was held on 24 September 2025, discussing priority areas such as regulatory reform, pensions regulation and digital assets.
AIC criticises Government’s lack of progress on Pension Schemes Bill
The Association of Investment Companies (AIC) has expressed dissatisfaction at the Government’s lack of progress on the Pension Schemes Bill, which has not been amended during its passage through the House of...
FCA set to open listing applications for retail crypto ETN programmes
The FCA has confirmed that it will begin to accept listing applications for the review of retail crypto ETN programmes from 25 September 2025. All applications received on this date will be treated as having been...
FCDO publishes sanctions guidance
The Foreign, Commonwealth & Development Office (FCDO) has published a starter guide to UK sanctions and guidance on how to report a suspected sanctions breach. The starter guide is aimed at helping businesses and...
UK and US launch financial services taskforce
The Chancellor and the US Treasury Secretary have unveiled a new Transatlantic Taskforce for Markets of the Future. The Taskforce will report via the Financial Regulatory Working Group on various recommendations to help...
FCA speaks on market confidence
Therese Chambers of the FCA has spoken on how tackling financial crime can lead to increased confidence in the UK financial services marketplace. She quoted the FCA statistic of the number of UK consumers who prefer to...
Which? sends insurance super-complaint
Which? has made a super-complaint to the FCA about claims standards and acceptance rates in the home and travel sector. It feels that although the FCA has acknowledged the issues in the past, it has not done enough to...
Treasury Committee writes to AI providers
The Treasury Committee has written to 6 major providers of AI services, asking for thoughts on the impact AI will have on financial services and specific questions about the providers’ strategy and resilience, and...
PRA updates on skilled persons and authorisations
The latest figures from the PRA show: it commissioned 3 skilled persons reviews in Q2 2025/6, one each on controls and risk management, prudential and tech and information management; and it achieved 100% compliance on...
FCA publishes “smart data accelerator” information
The FCA has published details of its smart data accelerator. It explains how the accelerator will build on its existing capabilities, and will have 4 main pillars – use case testing, policy testing, international...
PRA consults on reducing reporting requirements
The PRA is planning to delete 37 reporting templates to each the burden of regulatory reporting for banks. The proposals focus on templates inherited from EU requirements, which the PRA thinks are now either no longer...
Customers to receive £200m in motor insurance compensation
After the FCA found that some insurers were short-changing customers on stolen or written off vehicle claims, motor insurers have changed their settlement and compensation practices. The shift means that around 270,000...
FCA celebrates access to cash progress
The FCA has updated on progress a year on from the implementation of its access to cash rules, which require banks and building societies to assess and mitigate the impact of changes in cash services, like closing a...
FCA speaks on rebalancing risk to support innovation and growth
Kate Collyer – FCA chief economist – has delivered a speech on rebalancing risk to support innovation and growth. The speech stressed many of the points covered in the regulators 2025 – 2030 strategy...
FCA consults on applying Handbook rules to cryptoasset firms
The FCA has published a consultation on applying existing Handbook rules to firms conducting cryptoasset activities. Currently, the FCA’s rules for cryptoasset cover financial promotions and preventing financial...
FOI data shows reduction in e-money licences
Data obtained by business news platform City AM through a Freedom of Information request has revealed that as few as 6 authorised e-money institution (AEMI) licence applications have been approved by the FCA in the last...
FCA publishes market study on retail pure protection market
The FCA has published the first of two papers in its pure protection market study, on the structure of the UK pure protection market for retail customers. Key findings included: The UK pure protection market is highly...
PRA consults on further changes to insurance third-country branches policy
The PRA is consulting on further changes to its policy on insurance third-country branches. In 2024, the PRA revised its approach to third-country branches, introducing greater proportionality under the Solvency II...
FCA launches awareness campaign on motor finance compensation scheme
The FCA has launched a £1m campaign raising awareness of the motor finance compensation scheme the regulator is proposing. It aims to inform customers that they do not need to use a claims management company (CMC) or...
FMSB appoints technical director
The Financial Markets Standards Board (FMSB) has appointed Daniel Mayston as a Technical Director. Mayston previously spent 18 years at BlackRock as the managing director responsible for electronic trading and market...
Court sanctions distribution plan in Rational FX special administration
The High Court has approved a distribution plan in the special administration of Rational Foreign Exchange Ltd which enables the joint special administrators – Kristina Kicks and Edward Boyle of Interpath –...
FCA talks to Commons about motor finance
The FCA made one of its regular appearances before the Treasury Select Committee on 9 September. The session focused on motor finance. It updated the Committee that there were around 30 million agreements entered into...
FCA speaks on financial crime enforcement
Steve Smart of the FCA has spoken on the importance of detecting and disrupting harm caused by financial crime. He noted: that statistics show that those who fall victim to financial crime can lose confidence in the...
FCA sets out good and poor practice on applications
The FCA has published a set of good and poor practices to help applicants for authorisation and registration. It focuses on 3 themes: having staff with appropriate skills, experience and capacity it is good where firms...
Court strikes out claim of CRM and Principle breach by retrieving bank
In the case of Dawn Barclay-Ross v Starling Bank Limited, the claimant claimed that, as a victim of APP fraud, she paid £120,000 from her Starling bank accounts. She sought to recover the amount she had paid, and other...
BoE seeks appointments for Retail Payments Infrastructure Board
The BoE has outlined the aims of the new Retail Payments Infrastructure Board (RPIB), which will bring together expertise across the sector to design next generation infrastructure. The RPIB will translate the vision...
Finfluencers plead not guilty on illegal FX promotions charges
Three ‘finfluencers’ have appeared before Westminster Magistrates’ Court charged with offences relating to illegal promotions on social media posts. Charles Hunter, Kayan Kalipha and Luke Desmaris are...
FCA proposes changes to implement Berne Agreement
The FCA is proposing changes to several modules of the Handbook to implement the Berne Financial Services Agreement. The changes would: amend GEN to provide that a person will not be subject to the Handbook in...
FCA to cut more reporting forms
The FCA has published its latest set of proposals for reducing the burden of regulatory reporting. It proposes to change the reporting frequency to annually for sections E (PII), G (training and competence) and M...
FCA goes ahead with contactless limit proposals
The FCA is now formally consulting on giving card providers the flexibility to decide customer contactless limits. The proposal follows its discussion paper in which it mooted removing the contactless limit altogether...
Treasury Committee publishes insurance company letters
The Treasury Committee wrote to Admiral, Axa, Scottish Widows and Aviva asking questions designed mainly to establish whether they are treating customers fairly. Each insurer was asked specific questions which they had...
FCA publishes feedback on AI Live Testing
The FCA is launching AI Live Testing, and has published feedback on its Engagement Paper on the potential benefits, opportunities and challenges raised by its proposals. On the whole, respondents welcomed the...
FCA publishes mortgage lending statistics for Q2 2025
The FCA has published mortgage lending statistics for Q2 2025. The data comes from firms carrying out mortgage lending and mortgage administration, who are required to submit the Mortgage Lending and Administration...
OFSI issues sanctions breach report
OFSI has published a report on a breach of the Counter-Terrorism sanctions by Vanquis Bank. Delays in the bank’s processes for restricting account access meant that a Designated Person had full access to funds in...
Wolfsberg Group publishes fiat-backed issuer account provision guidance
The Wolfsberg Group has published its guidance for firms on providing bank account services for fiat-backed stablecoin issuers. In principle, the Group thinks that most of the same financial crime risk management...
New FCA Handbook site going live and solo
The FCA is soon to turn off its old Handbook site, and that viewers should now use the new site.
Market Watch looks at corporate finance systems and controls
The latest edition of Market Watch contains the FCA’s observations on the systems and controls corporate finance firms have in place for handling inside information about their corporate clients. It has identified...
Treasury consults on payment systems regulation
HM Treasury is consulting on how it plans to integrate the PSR’s functions primarily within the FCA, following its announcement earlier this year. It wants the FCA to take on the PSR’s responsibilities so...
FCA responds to Lords Committee report on competitiveness and growth objective
The FCA has published its response to a House of Lords Financial Services Regulation Committee report which concluded that the regulators’ secondary international competitiveness and growth objective is being held...
FCA seeks views on providing fair access to LSE data centre rooftop
The FCA is seeking views on whether the LSE Group and the landlord of the LSE data centre building have hindered competition for low latency connectivity services (LLCS) between certain trading venues. At present, only...
BoE makes appointments to Financial Policy Committee
Stephen Blyth has been appointed, and Randall Kroszner reappointed, as external members of the BoE Financial Policy Committee. Professor Stephen Blyth is a British mathematician and academic. He will serve a three-year...
Treasury responds on regulators’ secondary objectives
HM Treasury has written to the Lords’ Financial Services Regulation Committee with its response to the Committee’s report on the FCA and PRA’s secondary international competitiveness and growth...
Waltham Forest Council Employee Credit Union enters administration
Waltham Forest Council Employee Credit Union – which traded as Forest Savers – has entered into administration and ceased trading. Dina Devalia and Terri Mulgrew of Quantuma were appointed joint...
PSR publishes annual report and accounts for 2024/25
The PSR has published its annual report and accounts for 2024/25. Strategically, the PSR has been working towards integrating with the FCA. It has also been focussed on the NPV, innovation, competition and security, and...
BoE publishes guidance on requesting waivers and modifications from DSS rules
The BoE has published guidance on requesting waivers and modifications from its Digital Securities Sandbox rules. The document sets out the basic process the BoE will follow once a completed application is submitted...
BoE speaks on “multi-money” system
Sarah Breeden – Deputy Governor of Financial Stability at the BoE – has delivered a speech on innovation in money and payments at the Bank of England and Warwick Business School Innovation in Money and...
Home Office updates on Economic Crime Plan 2
The Home Office has published an outcomes progress report on the Economic Crime Plan 2, which was originally published in March 2023. It highlights: increases in both prosecutions and convictions for both principal and...
Treasury consults on MLR amendments
HM Treasury is consulting on the promised amendments to the MLRs. It has published the draft amending regulations for comment by 30 September. As Treasury noted in its feedback to its consultation on the need for...
FTP fraud offence takes effect
The Home Office has heralded the effective date of the failure to prevent fraud offence. It said the offence is intended to encourage organisations to build anti-fraud cultures in the same way the Bribery Act has helped...
Innovate Finance writes to Home Office on digital ID
Innovate Finance has published its submission to the Home Affairs Committee pointing out the benefits of Digital ID for combatting financial crime, streamlining services and fostering innovation. The submission looks at...
FCA removes more data returns
The FCA has continued its policy of reducing the burden on firms of submitting regulatory returns. Firms will no longer have to complete REP008 in respect of disciplinary action against non-senior managers for Conduct...
FCA confirms streamlining of regulatory publications
FCA has confirmed its plan to archive its older supervisory communications so that firms can find relevant current publications more easily. All its multi-firm and thematic reviews dated before 2022 will still be...
Wolfsberg Group reports on suspicious activity monitoring
The Wolfsberg Group has published its second statement on effective monitoring for suspicious activity. It has looked at how financial institutions are moving beyond traditional transaction monitoring and has now set...
FCA investigates Drax Group
The FCA has confirmed it is investigating Drax Group. The confirmation follows an announcement by the company, and the FCA has provided no further details. The Drax announcement says the investigation is into...
FCA encourages boost to workplace savings
The FCA has taken action to help employers and savings providers offer workplace savings schemes in light of the Financial Lives Survey conclusion that around 30% o UK consumers have no, or less than £1000 in cash...
FCA approves first PISCES operator
The FCA has approved the LSE as the first approved PISCES operator. PISCES is to be delivered through a testing sandbox until the FCA finalises a permanent regime in 2030.
FCA publishes access to cash figures
The FCA has published its overview of geographical access to cash coverage at the end of Q2 2024. This is the first publication using data the FCA has collected under its new regime. The data suggests that 97.3% of the...
FCA publishes review of algorithmic trading controls
The FCA has published the results of its multi-firm review of principal trading firms’ compliance with MiFID Regulatory Technical Standards 6, which imposes requirements on investment firms engaged in algorithmic...
BoE publishes annual RTGS and CHAPS report
The BoE has published its annual report on the real-time gross settlement (RTGS) system and CHAPS. The RTGS Renewal Programme completed in April 2025, and introduced RT2, a new core ledger and settlement engine aimed at...
Ready, set, go! Compulsory identity verification to begin from 18 November 2025
Companies House has confirmed that compulsory identity verification (IDV) will begin from 18 November 2025. IDV will become a compulsory part of the incorporation process, new director appointments and registration of...
Ella MarshEmployment update: other developments August 2025
There have been several interesting developments in the last month, which are summarised below. Unpaid internships: call for evidence The DBT has published a call for evidence, seeking evidence and views on unpaid...
Karen Plumbley-JonesEmployment legislation update August 2025
This month, we focus on the Employment Rights Bill. Parliament is in summer recess until early September, which means that the House of Lords and House of Commons do not conduct official business and no progress can be...
Employment cases update August 2025
This month, we look at Woodhead v WTTV Ltd and another where the High Court had to decide if the employer had breached its duty of care to an employee accused of sexual harassment. In Stedman v Haven Leisure Ltd, the...
Transition Finance Council consults on guidelines for funders
The Transition Finance Council is consulting on draft guidelines aimed at supporting capital allocation to transitioning entities across different asset classes and jurisdictions, with a focus on financing entities that...
John ConnorFCA reports on synthetic data use and challenges
The FCA has published a report from its Synthetic Data Expert Group, set up in 2023, which looks at synthetic data used in financial services, the challenges associated with its use and how they can be mitigated. The...
SFO and CPS update prosecutor guidance in time for FTP fraud
The SFO and CPS have published joint updated guidance for prosecutors on dealing with corporate prosecutions, particularly with the failure to prevent fraud offence – which takes effect on 1 September – in mind. The...
“Associate” appeal in sanctions designation case refused
The wife of an individual designated under the sanctions regime has challenged her designation as a person “associated” with him. So far, she has challenged the designation at administrative review and then...
FCA publishes pension transfer process review
The FCA has published the results from its multi-firm review of life insurers’ pension transfer process. The review followed concerns that consumers were complaining of slow transfer times. The FCA surveyed 18...
Michael LewisFCA encouraged by sustainability-linked loans market progress
The FCA has published a letter in which it shares insights from its ongoing engagement with banks in the sustainability linked loans market. The FCA comments that SLLs can be a useful transition financing tool for...
Challenger banks continue to lead CMA satisfaction survey rankings
The Competition and Markets Authority (CMA) has published its latest set of banking satisfaction results, which show that the challenger banks continue to rank higher than their traditional counterparts. Monzo is ranked...
FCA blogs on evolution of consumer credit
Alison Waters, director of consumer finance at the FCA, has looked at what the next decade holds for consumer credit. She noted the 2024 Financial Lives survey which found that 84% of UK adults had at least one credit...
PSR revokes SDs and issues new directions to Pay.UK and LINK
Following consultation, the PSR has published its decisions to revoke Specific Direction 2 and 2a, and Specific Direction 4 and 4A Earlier this year, the PSR also revoked Specific Direction 3, which required that all...
FCA publishes cyber resilience insights
The FCA has published some thoughts on good and poor practice arising from discussions with the Cyber Coordination Group during 2024. Key topics were: the reconnection framework and third party management: firms are...
FCA publishes authorisations metrics Q1 2025/26
The FCA’s authorisations operating metrics for April to June 2025 show that 12 metrics are green, 2 are amber and 1 is red. The 1 red category is due to 11 applications being determined after the statutory...
Trust Financial Planning enters liquidation
Trust Financial Planning Ltd has entered into creditors’ voluntary liquidation. Paul Stanley and Dean Watson of Begbies Traynor were appointed joint liquidators of the firm on 7 August 2025. In March 2025, the...