Sheilah MackieRebecca 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...
Category - Resources
Michael Lewis
Emma RadmoreReport 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...
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...
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...
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...
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...
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...
John ConnorFCA 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 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...
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 FergusonFCA 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...
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...
Laura Wiles12 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...
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...
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:...
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...
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...
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.
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...
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...
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...
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...
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...
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...
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. 🚨...
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...
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...
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.
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...
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...
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...
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...
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...
Regulators 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...
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...
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...
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.
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...
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...
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 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 to consult on motor finance redress scheme
In the light of the Supreme Court judgment of 1 August, the FCA has confirmed it will consult on a redress scheme. It says it is clear that there have been breaches of the law and its rules where motor finance firms did...
PRA consults on transferring CRR definitions to Rulebook
The PRA has published a consultation on PRA Rulebook Glossary definitions to replace those currently set out under the Articles 4, 4A, 4B and 5 of the Capital Requirements Regulation (CRR). The consultation follows HM...
FCA invites UK-Swiss cross border business interest
The FCA is using the Berne agreement to start inviting firms to express interest in providing cross-border services between the UK and Switzerland. The agreement will benefit wholesale firms, with UK wholesale insurance...
PRA finalises Rulebook restatement of CRR and Solvency II requirements
The PRA has published its policy statement on the changes to take effect on 1 January 2026 that will continue and in some cases finish the restatement of assimilated law into its Rulebook. The changes mainly affect:...
Treasury publishes market and wholesale updates
In the wake of the Leeds reform announcements, HM Treasury has published: recommendations for the FMI Committee from the Chancellor, required under the BoE Act; guidance on the government’s approach to designating...
Government, FCA and FOS to modernise redress system
The Government is consulting on FOS reforms. The reforms are designed to stop FOS acting as a quasi-regulator – most notably to ensure its decisions align more with FCA rules. Proposals include: adapting the...
Financial Stability Report considers continued geopolitical risk and uncertainty
The BoE has published the Financial Policy Committee’s latest Financial Stability Report. The FPC found that risks and uncertainty associated with geopolitical tensions, global fragmentation of trade and financial...
FCA updates fee rate movement chart
The FCA has published a chart that clearly explains changes to fee rates for the 2025/6 fee year and the reasons for the change. The FCA’s annual funding requirement has increased by 3.8%. The chart explains why some...
PRA hosts Future Banking Data roundtable
The PRA has hosted a roundtable with CFOs at large systemic firms to discuss the Future Banking Data project, which focuses on opportunities to develop and implement a long-term reporting approach for firms which is...
FCA speaks on harnessing AI and technology
Jessica Rusu has spoken on how the FCA plans to harness AI and tech to deliver its strategic priorities. It says that proper use can help it deliver on all 4 pillars, including helping firms to get new customers and...
FCA finalises 2025/6 fees
The FCA has finalised its fees and levies for 2025/26. Changes include: FCA’s introduction of a new CC$ category for motor vehicle lending with discretionary commission arrangements for firms that entered into at...
FCA Smaller Business Practitioner Panel responds to FOS consultation on compensation interest
The FCA Smaller Business Practitioner Panel has published its response to the FOS consultation on the calculation of interest firms must pay on compensation awards. The Panel supports the proposal to adopt a tracker...
PRA publishes 2025/26 fees
The PRA has published details of its fees for 2025/26.
The Total Funding Requirement (TFR) will be �350.2m, 0.8% lower than the 2024/25 TFR of �353m.
The Annual Funding Requirement (AFR) for 2025/26 is �336.4m, up �5.1m from 2024/25 AFR of �331.3 million, and �7.7m higher than that proposed due to the PRA receiving an increased allocation of the BoE�s wider investment portfolio and central support costs, partially offset by a decrease in the pensions provision.
BoE publishes IEO evaluation of horizon scanning
The BoE has published the results of the Independent Evaluation Office’s evaluation of whether it uses horizon scanning effectively to inform decision making. The evaluation was commissioned by the BoE Court of...
FCA to “improve” Handbook website
The FCA plans to launch a newlook Handbook website, which it says will be easier to navigate than the current version. Other features will include the ability to compare different versions of the text so it is easier to...
PRA consults on rule changes allowing Credit Unions to invest in service organisations
The PRA has published a consultation paper setting out proposals for changes to make it clear that Credit Unions can invest in Credit Union Service Organisations, subject to guard rails. In support of the...
Stephen WilsonNew guidance on quantum-safe cryptographic practices
The Cross Market Operational Resilience Group has published guidance to help the financial sector transition towards quantum-safe cryptographic practices as institutions move to post-quantum cryptography. PQC refers to...
Caroline ChurchillTreasury U-turn on BNPL regulation for domestic premises suppliers
After holding fast for so long over its decision not to exempt domestic premises suppliers from the need for authorisation under the cut-back BNPL exemption, the Government has now been persuaded to exempt them after...
Employment cases update – May 2025
Our case law update this month includes the Supreme Court’s landmark ruling in For Women Scotland Ltd v The Scottish Ministers, which clarified the interpretation of “man”, “woman” and “sex” for the purposes of the Equality Act 2010.� In Sullivan v Isle of Wight Council, the Court of Appeal looked at whether job applicants could claim whistleblowing protections.� Gourlay v West Dunbartonshire Council dealt with the reduction of compensation in the context of an unfair dismissal, victimisation and disability discrimination claim and in Madu v Loughborough College, the issue was the correct level of a costs order�made against a claimant.
For Women Scotland Ltd v The Scottish Ministers
A Scottish women’s rights group appealed against a decision that upheld the dismissal of its petition for judicial review of statutory guidance implemented under the Gender Representation on Public Boards (Scotland) Act 2018. The guidance stated that “woman” in that Act had the meaning under the Equality Act 2010 (EqA 2010) and that in the Gender Recognition Act 2004 (GRA 2004), where a full gender recognition certificate (GRC) had been issued to a person that their acquired gender was female or male, the person’s sex was that of a woman or a man respectively. The group argued that the 2018 Act purported to legislate on matters outside of the Scottish Parliament’s devolved competence.
The Supreme Court (SC) concluded that the terms “man”, “woman” and “sex” in the EqA 2010 refer to a person’s biological sex. �Although Section 9(1) GRA 2004 provides that a trans person with a GRC is entitled to have their acquired gender recognised for all purposes, Section 9(3) provides that this is subject to provision made by any other enactment or any subordinate legislation.� The SC held that the EqA 2010 is inconsistent with Section 9(1) and so Section 9(3) applied.� The SC emphasised that this interpretation does not remove protection from trans people, with or without a GRC. Trans people are protected from discrimination on the ground of gender reassignment and are also able to claim direct discrimination, indirect discrimination and harassment on the ground of perception or association with their acquired gender.
Sullivan v Isle of Wight Council [2025] EWCA Civ 379
Miss Sullivan had unsuccessfully applied for posts with the council. �She complained to the council and also later wrote to her MP detailing things that she said had occurred at the interviews and complaining about the activities of a charitable trust (of which one of the trustees was a member of the interviewing panel). �The council found her complaint to be unsubstantiated and did not offer her a further review. �Miss Sullivan subsequently brought a whistleblowing claim against the council, alleging that she had suffered a detriment as a result of the protected disclosure she had made about its employee’s alleged involvement in a trust with financial irregularities. �She accepted that she was not a worker within the meaning of the Employment Rights Act 1996 or an applicant for a post with an NHS employer, which would ordinally mean that she was not entitled to whistleblowing protection. �However, she argued that the legislation was incompatible with Article 14 of the European Convention on Human Rights, in so far as it protected workers and applicants for NHS posts but not job applicants generally.
The Court of Appeal held that being a job applicant is capable of constituting some “other status” under Article 14 but that an external job applicant is not in a ‘materially analogous’ position to internal applicants or applicants for NHS posts (who are protected by law).� Any difference in treatment is objectively justified because the legislation pursues a legitimate aim and the means adopted to achieve it are appropriate and proportionate.� Miss Sullivan had also not suffered any difference in treatment as a job applicant because her complaint to the council had been made as a member of the public and was not connected with possible employment.
Mr Brian Gourlay v West Dunbartonshire Council [2025] EAT 29
Mr Gourlay had multiple sclerosis and diabetes. �He was dismissed in 2015 for gross misconduct and brought claims for unfair dismissal, victimisation and disability discrimination. �It was agreed by the parties that he had developed a psychiatric illness by the date of his dismissal. �Mr Gourlay argued that his psychiatric illness was caused by the employer’s discrimination, and the employment tribunal (ET) accepted evidence that the employer’s failure to make reasonable adjustments had precipitated his illness and that he was permanently unfit for work. �The ET reduced Mr Gourlay’s past and future wage and pension loss to reflect the possibility that he would have sought or obtained ill health retirement on grounds unrelated to his psychiatric illness or that his employment would have terminated in 2017 in any event by a mutually agreed termination or by an irretrievable breakdown in working relationships.
Mr Gourlay appealed. �The Employment Appeal Tribunal�held that the ET was wrong to reduce his discrimination compensation, as the discriminatory dismissal had caused his permanent incapacity for work and the purpose of compensation was to put the employee in the position he would have been in had the discrimination not taken place. �A finding that his employment might have later ended lawfully if the dismissal had not occurred was based on speculation and did not justify a reduction in his compensation. �A reduction would only be appropriate if a lawful dismissal would also have caused him to be unable to work. �The case was remitted to a fresh ET to re-assess compensation.
Mr A E Madu v Loughborough College [2025] EAT 52
Mr Madu brought a claim for race discrimination against the college after failing to secure a part-time lecturer�role. �He was initially a litigant in person and then obtained legal representation.� His claim failed and the college applied for costs. �The ET concluded that Mr Madu should have appreciated from the outset that his claim had no reasonable prospects of success and awarded �20,000 in costs against him. He appealed and the EAT overturned the costs order. The ET had made assumptions about what advice Mr Madu had received from his solicitor, which was protected by legal professional privilege. �It was therefore wrong to infer that he must have been advised to discontinue his claim. �The ET had also failed to consider the difficulties claimants face in assessing the prospects of success in discrimination claims before the hearing, particularly when they act in person. �The claim was remitted to a fresh ET for reconsideration.
Karen Plumbley-JonesFCA to launch Supercharged AI sandbox
The FCA is launching a new, “supercharged” sandbox to give firms greater opportunity to experiment with AI. Its initiative that uses NVIDIA accelerated computing and enterprise software is open to all firms...
FCA consults on removing more returns and lifting ban on retail crypto ETN sales
FCA’s latest quarterly consultation proposes to: further streamline regulatory returns: it plans to: remove the GI pricing attestation and retail investment advisor complaints forms; reduce the frequency for...
FCA sets out key considerations for motor finance redress scheme
Although the FCA has not formally decided whether it will introduce a redress scheme in respect of motor finance commission arrangements, it has set out the key things it will need to consider if it were to do so. It...
FOS consults on interest levels on compensation payments
The FOS is consulting on how it should be calculating the interest it orders firms to pay on compensation awards. It has been criticised for its current stance, which is to order businesses to pay 8% interest on top of any compensation for issues that have resulted in customers being deprived of money (pre-determination interest), or where they don’t pay the compensation on time (post-determination interest).
Feedback to the call for input on modernising the dispute resolution system generally has suggested it could be better if the interest rate were aligned with market conditions. So the FOS is now recommending changing the rate to the BoE base rate +1% for all new complaints, with the base rate calculated as an average rate over the period that the money way due until the date the redress payment is made.
The proposals will apply to pre-determination interest – the FOS gives an example of if an insurer undervalued the write off value of a car by �1,000, then the interest would be awarded from the date the complainant should have got that amount until the date they receive it, and to post-determination interest. But changing the approach to any interest that may be payable as part of a money award is not covered as these calculations have as their aim to ensure the complainant recovers their actual loss.
While the “tracker at average rate +1%” is the FOS’s preferred option, it also seeks views on whether it should
keep the current fixed rate
move to a lower fixed rate or
track base rate +1% but use the prevailing base rate at the time the complaint is determined.
It also seeks views on how to manage the transition to the new calculation. While its preferred option is to apply it to complaints it receives after the date it implements the new rate, the other options are:
apply to all existing cases as at the date of implementation
apply only where the act or omission complained about is after the implementation date or
apply only to customer losses that occur after the implementation date.
It also welcomes views on any challenges firms will face making the changes, when it might be appropriate not to apply interest and how often the FOS should review its approach to interest.
Consultation closes on 2 July.
FCA speaks on UK-China partnership
Ashley Alder has spoken of his optimism that financial cooperation between the UK and China is on the rise following the success of January’s UK-China Economic and Financial Dialogue. He highlighted the UK’s...
FCA pleased with small asset management firm compliance
The FCA has published the results of its review into smaller asset management and alternatives businesses, as part of its drive to establish which business models pose the most risks of harm to consumers. It has found...
BoE speaks on digitalisation
Sarah Breedon has spoken on the importance of interoperability in an increasingly digitalised environment. She said the BoE is aware that developments in digital money and assets risk new systems emerging in what she...
FOS publishes half yearly complaints data
The FOS has published its complaints data for the period July to December 2024. Key statistics include: an increase of nearly 50% in new complaints compared to the same period in 2023 (141,000 new complaints) –...
PRA speaks on safe growth of bulk purchase annuity deals
Gareth Truran of the PRA has spoken on what the PRA is doing to react to the high levels of BPA deals, and how it is looking to ensure market safety. He focused on 3 aspects of the PRA’s work: supporting...
Financial Services Skills Commission updates on financial services skills gap
A report by the Financial Services Skills Commission says that firms in the sector have been investing significant amounts in learning, and that this should be helping to fill the skills gap, which is particularly...
FCA updates complaints stats
The FCA has updated its complaints data for H2 2024. Based on aggregate data; there was a slight decrease in complaints from H1; overall, complaints numbers have been relatively steady for the past 4 years; all products...
FCA publishes AI sprint summary
The FCA has published a summary of the AI sprint it held in January, which had 115 participants. 4 common themes came out of the event: that firms need clarity from the FCA on how regulatory frameworks apply to AI; the...
BoE publishes Q1 2025 credit conditions survey
The BoE has published its credit conditions survey for Q1 2025. The quarterly survey covers secured and unsecured lending to households, and lending to non-financial corporations, non-bank financial firms and small...
UK Finance feeds back on use of AI
UK Finance has responded to the Treasury Committee call for evidence on use of AI in financial services. The response highlights: that adoption of AI varies significantly across financial services, but most...
Employment cases update – April 2025
Metroline Travel Ltd v Taylor A bus driver was dismissed for gross misconduct after fighting with a driver from another company. He brought a claim for unfair dismissal. The employment tribunal (ET) upheld his claim...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
PRA publishes Business Plan
The PRA’s 2025/6 Business Plan focuses on: significant work already completed on competitiveness and growth – such as the capital requirements to support SME and infrastructure lending, making the Solvency...
FPC looks at role and risks of AI
As part of its “Financial Stability in Focus” work, the FPC has published a paper looking at how the rapid pace of development in firms’ use of AI can cause uncertainties and how these may translate...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
Employment cases update – March 2025
Higgs v Farmor’s School [2025] EWCA Civ 109 A school dismissed a Christian employee for posts she had made on her personal Facebook page that criticised the nature of sex education in schools and the teaching of...
FOS sets out 2025/26 plans and budget
The FOS has published its plans and budget for 2025/26.
It expects to resolve 270,000 this financial year, a 20% increase compared to last year. To ensure fairness and value for money, it has maintained case fees for businesses at �650, and introduced a new fee model for professional representatives.
The ambitious case resolution target comes despite a considerable increase in complaints, particularly in relation to motor finance commission, which account for almost half of the FOS’s current 190,000 cases.
During the consultation stage, the FOS expected that it would receive around 240,000 cases in 2025/26. It now expects this figure to be closer to 209,000. This remains a slight increase compared to 2022/23 and 2023/24, but is a significant drop from the 330,000 cases the FOS predicts it will have received over 2024/25 as a result of motor finance commission complaints.
The FOS will publish full complaints data for 2024/25 during the summer.
PRA publishes regulatory digest
The PRA has published its regulatory digest, summarising important developments delivered in March 2025. Key publications included: Confirmation of the FSCS management expenses levy limit for 2025/26; Proposals to...
UK and Switzerland continue negotiations on enhanced trade agreement
An enhanced Free Trade Agreement between the UK and Switzerland has been through a sixth round of negotiations between 3 and 10 March 2025. The Government considers that free trade agreements have an important role to...
FCA gives more detail on rule streamlining
Alongside its action plan, the FCA has published details of its “Consumer Duty rule review“. It has released a feedback statement following its call for input last year when it asked firms to tell it how...
FCA publishes 5 year strategy
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
EU think tank proposes SME sustainable finance framework to encourage lending
EU advisory body the Platform on Sustainable Finance has proposed a streamlined, voluntary framework for financial institutions to classify loans or other types of financing provided to SMEs as sustainable finance. It...
FCA updates on motor finance review next steps
The FCA has said that it no longer plans its proposed announcement during May on its planned next steps in its motor finance commission review. Instead, it will confirm within 6 weeks of the decision of the Supreme...
FCA sets out findings from IFPR liquidity risk management review
The FCA has set out findings from its multi-firm review of liquidity risk management at wholesale trading (sell-side) firms, particularly brokers, in scope of the Investment Firms Prudential Regime (IFPR). The review...