Emma RadmoreAndrew Bailey has spoken on why the UK needs stronger long-term growth, and how bank capital supports a resilient banking system. He looked at the potential that tokenisation and modernisation of payments laws present...
Category - Supervision
Regulators consult on tailored captive insurance regime
The FCA and PRA are jointly consulting on a new tailored regime for captive insurance. The proposed regime would cover single-parent captive insurers, but the regulators plan to extend to other structures in due course...
Laura Wiles
Government updates on Growth and Competitiveness
One year after the launch of the Financial Services Growth and Competitiveness Strategy, the Government has published an update. It notes key achievements of the past year as: putting the FSM Bill before Parliament...
Chancellor gives 2026 Mansion House speech
On 14 July, the Chancellor’s annual Mansion House Speech highlighted: progress against the economic strategy; plans to unlock investment generally and specifically though a new SME lending package; and further...
FCA consults on consolidating fund reporting regime for asset managers
The FCA is consulting on a new and consolidated regime of Fund Reporting for Asset Management Entities (FRAME). Key proposals include: Creating a consolidated reporting regime for UK funds (FRAME) to replace the...
FCA consults on simplifying remuneration rules
The FCA is consulting on simplifying the remuneration regime for solo-regulated firms. Key proposals include: Replacing the existing AIGM, UCITS and MiFIDPRU remuneration codes with a single consolidated code; Moving...
Treasury consults on ring-fencing reform
Separate to the PRA’s consultation, HM Treasury is consulting on proposed changes to the ring-fencing regime. The changes it proposes concern: a New Growth Allowance, which will be 10% of the Pillar 1 RWA of a...
Michael LewisFCA and DWP amend consultation on Value for Money framework
The FCA and Department for Work and Pensions (DWP) have issued a joint consultation on draft rules and regulations under the Value for Money (VFM) framework. The VFM framework aims to shift the pensions market focus...
FCA publishes review on products and services outcome
The FCA has published a review outlining good practice and areas for improvement in firms’ approaches to products and services. Design and target market Good practice in this area included: Mapping customer needs...
Government announces first critical third party designations
HM Treasury has made its first Critical Third Party (CTP) designations for: Microsoft Ireland Operations Limited Google Cloud EMEA Limited Amazon Web Services EMEA SARL Oracle Corporation UK Limited These global cloud...
Katie SimmondsFOS publishes annual report
The FOS annual report for 2025-6 notes that the past year saw the biggest change to the FOS funding model since it was created 25 years ago, together with the work on reform of the redress system. The past year saw a...
Committee reports on growth and competitiveness
The Financial Services Regulation Committee has given its one year update on the FCA and PRA’s secondary competitiveness and growth objective. It notes that London has maintained its second place ranking as a...
FSM Bill day 6 debate
The Committee stage in the House of Lords has held its 6th and final day of debate on the Financial Services and Markets Bill. It considered: the future of the ring-fencing regime, which gave rise to a lively debate...
Government publishes action plan progress report
HM Treasury and the Department for Business and Trade have published a progress report for the Regulation Action plan, on which they last updated in October 2025. The report looks at work across the three pillars of:...
FCA publishes guidance on crypto application form
The FCA has published an information sheet about the authorisation application form for cryptoasset firms. The note outlines: Core components of the authorisation application, including specific information required for...
BoE sets fees for FMI supervision in 2026/27
BoE has published its fees for financial market infrastructure (FMI) supervision in 2026/27. The total FMI levy will increase by 3% to £18m. Respondents welcomed the reduction in UK CCP fees against the figure...
PRA sets fees and levies for 2026/27
PRA has published its fees and levies for 2026/27. The Total Funding Requirement (TFR) will be £345.3m, 0.4% (£1.3m) lower than the proposed figure and 1.4% (£4.9m) lower than the TFR for 2025/26. The Annual Funding...
FSM Bill day 5 debate
The House of Lords completed the fifth session of the report stage of the FSM Bill on 6 July. The debate included: the need for some recognition in the law of AI and technology developments; whether the FCA should be...
Financial Stability Report shows resilience still good
The July Financial Stability Report from the BoE says that the financial system overall remains resilient, as do UK households and businesses, with strength in the banking system to support any times of stress. It also...
FCA updates on complaints return
The FCA has updated its website information on complaints returns to remind firms that from 1 January 2027 there will be one single return covering the current DISP 1 Annex 1, CCR, FP, CMC and PSR returns. It says firms...
FSM Bill completes 4th Committee day
The fourth day of debate on the Financial Services and Markets Bill took place on 1 July. The main topics of discussion were international rules and growth and competitiveness. Key points made included: the need for a...
FCA consults on simplifying consumer investment disclosures
The FCA is consulting on simplifying consumer investment disclosures. The regulator is proposing to align cost disclosure requirements derived from the MiFID regime with the Consumer Composite Investments (CCI) regime...
FCA finds poor value in legacy unit-linked pensions products
The FCA has published a multi-firm review of Consumer Duty price and value practices in unit-linked pensions and savings. Overall, the review found that unit-linked products deliver fair value, but customers holding...
FCA sets 2026/27 fees
The FCA has published its fees and levies for 2026/27. Changes include: A £16m (22.9%) increase in the FOS compulsory jurisdiction levy, which for 2026/27 totals £86m; A £5.4m (0.7%) increase in the Annual Funding...
FCA updates trading names guidance
The FCA has updated its website page on use of trading names. The page explains: how to add trading names to the Register; how the FCA checks whether a name is a genuine trading name (specifically, that the name is...
PRA reminds firms on protected deposit reporting requirements
The PRA has reminded firms that the “class A tariff base” for reporting under the Depositor Protection rules includes both covered deposits and the total balance of any deposits in any account which holds...
PRA speaks on enforcement process evolution
David Chaplin of the PRA has spoken on how behaviour in regulatory investigations is evolving and how the shift to earlier engagement and “candour” can help faster and more efficient enforcement processes...
PRA publishes annual report
The PRA’s annual report, published alongside the BoE’s, looks at the activities of the past year to support its regulatory objectives. The report includes summaries of the work on: Basel 3.1 implementation...
FCA speaks on future of the credit market
Alison Walters – director of consumer finance at the FCA – has delivered a speech on the future of the credit market at a Credit Week: Powering the Future of Finance event. The speech noted that a more...
FCA speaks on regulation in the age of AI
Nikhil Rathi – chief executive of the FCA – has delivered a speech on rethinking regulation in the age of AI at techUK’s Agents of Change: Generative and Agentic AI in Financial Services 2026 event...
FCA announces launch of climate scenarios regulatory sandbox
The FCA is launching a sandbox cohort testing innovative climate scenario tools and approaches. Firms and specialists who incorporate innovative approaches to climate scenarios and are ready to test their climate...
Smaller Business Practitioner Panel responds on consumer credit fin proms
The Smaller Business Practitioner Panel (SBPP) has published its response to the FCA’s consultation on simplifying the financial promotions rules for consumer credit firms. The panel broadly agreed with the...
FCA publishes multi-firm review of insurers’ financial crime controls
The FCA has published a multi-firm review considering how firms in the retail, wholesale and life insurance sectors can improve their financial crime systems and controls. The cross-sector findings report the following...
FCA consults on money and assets scheme for SIPPs
The FCA is consulting on strengthening consumer protection and supporting sustainable market growth in the self-invested person pensions (SIPPs) market. Key proposals include: Due diligence requirements to reduce scams...
PRA consults on final Basel 3.1 element
The PRA has published a consultation on the final element of Basel 3.1 implementation in the UK: the internal model approach to market risks. Key proposals include: Extending the monitoring period for the profit and...
BoE publishes 2025 CCP Global Default Simulation findings
BoE – alongside a cohort of other CCP authorities – has published findings from the 2025 CCP Global Default Simulation exercise. The exercise demonstrated that CCPs and market participants could execute...
BoE confirms private markets system-wide exploratory scenario
BoE has confirmed details of the hypothetical macroeconomic and financial market scenario to be used in the private markets system-wide exploratory scenario. The scenario spans a 5 year window and envisages a severe but...
BoE holds interest rates
The Monetary Policy Committee has voted by a 7-2 majority to keep the Bank Rate at 3.75% (2 members wanted to increase it to 4%). Global energy prices have fallen since the previous meeting, but are still higher than...
Committee concerned about FSM Bill and “having regard”
The Financial Services Regulation Committee is concerned about the provisions in the FSM Bill which remove the requirement for the PRA and FCA to “have regard” to regulatory principles and to show that they...
FSMB amendments grow before Committee stage
As at 17 June, the tabled amendments for discussion in Committee stage of the FSM Bill ran to 68 pages. Key submissions: aim to create a debate on what the new look consumer credit regulatory regime will look like and...
FCA updates on research themes
The FCA has outlined the four themes that dictate the research it does – growth, wholesale markets, helping consumers and regulation – with questions around financial crime having a place in all of them...
Committee stage for FSM Bill to start on 22 June
The Financial Services and Markets Bill had its second reading in the Lords on 8 June and has now been scheduled for the Committee stage starting from 22 June. At second reading, Lord Stockwood introduced the Bill for...
FCA proposes simplified climate disclosure rules
The FCA has published its latest quarterly consultation on miscellaneous amendments to its Handbook. Proposed amendments include: Following a post-implementation review of climate disclosure rules, simplifying...
BoE and FCA reaffirm FMI MoU
BoE and FCA have reaffirmed the arrangements under their Memorandum of Understanding on the supervision of FMIs. The regulators consider that the arrangements remain effective, highlighted recent collaborations in...
AR data shows increased revenue but fewer principals
The FCA has updated its website with details on the appointed representatives population and activity. There are currently around 33,000 active ARs and 2,400 principals, representing a reduction of 5.3% in principals...
FCA introduces Retail Banking Business Model return
The FCA is introducing an annual regulatory reporting return for retail banks and building societies, which will replace its d hoc collections of Retail Banking Business Model (R2B2) data. The return will feature a core...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 141 which sets out a number of changes, most of which we’ve reported on elsewhere, including: Changes to COLL to support the use of distributed ledger technology (DLT) in authorised...
PRA makes rules on Pillar 2A review – Phase 1
The PRA has published its policy statement and final rules following its consultation on updating the Pillar 2A methodologies and guidance ahead of a fuller modernisation of its approach to Pillar 2A capital. Following...
FCA publishes skilled persons report update
The FCA has published details of the number of skilled persons reports commissioned between 1 January and 301 March 2026. There were 4 in total, relating to consumer investments (2), insurance and payment and digital...
FCA to host Annual Public Meeting in Edinburgh for the first time
The FCA will hold its Annual Public Meeting in Edinburgh on 6 October 2026. The regulator has today opened a new office space in Edinburgh, and the event later this year will mark the first time the APM has been held in...
FCA opens scale up unit
The FCA has opened its scale-up unit, so that fast-growing and innovative businesses can apply to get more support to help them grow. The service was already available to dual authorised firms (6 are currently in the...
Financial Services and Markets Bill starts legislative process
The Financial Services and Markets Bill has been published and has started its parliamentary passage in the House of Lords, where it has had its first reading but the second reading, which is when debate starts, does...
PRA to consult on ring-fencing changes
The PRA has confirmed it will be consulting over the summer on rules that will allow firms more flexibility on how they share operational resources across the ringfence, following the Government confirmation that this...
FCA asks for CMC market study scope views
The FCA is consulting on the scope of its upcoming market study on claims management services. When it announced the study it said it wanted to understand the root causes of some of practices it has observed in the...
Update on plans for ring-fencing reform
HM Treasury has published a policy paper with the formalised plans for the reform of the ring-fencing regime, which was heralded in the Mansion House speech in 2025. The changes will not revoke the regime in its...
BoE consults on settlement hours extension
The BoE is consulting on how it will move RTGS and CHAPS toward near 24×7 operation. CHAPS will be opening at 01:30 from September 2027 and the next stage could involve: an additional settlement day at the weekend...
FCA publishes credit rating agency review
The FCA has published the results of its multi-firm review of how UK-registered credit rating agencies conduct surveillance on ratings, and the methodologies and internal controls they use. It found that some firms...
PRA publishes firm feedback summary
The PRA has published the results of its 2025 survey of firms in which it asked questions to help it identify how it could supervise better. Last year’s exercise included more firms than previous surveys so...
BoE speaks on operational resilience
Liz Oakes of the BoE has spoken of the importance of operational and cyber resilience in a changing world. She stressed that firms must develop strong risk management frameworks as their first line of defence, and...
Lords to appoint financial regulation committee
The Order paper for the House of Lords for 14 May disclosed the intention to move to appoint a select committee to consider matters relating to financial regulation.
PRA speaks on clinical supervision
Sam Woods has spoken on how banking supervision has evolved and what the role of a supervisor is now and will be in the future. He spoke of the differences between prudential regulation and the more interventionist...
New FCA Board appointments
The FCA has appointed Simon Wells as executive director of markets, and Johan Sekora as COO.
Government responds on cross-cutting reforms
The Government has published its response to its consultation on cross cutting reforms as part of the Financial Services Growth and Competitiveness Strategy. It has confirmed that it will: legislate to set the shorter...
FCA publishes new rules on fund tokenisation
The FCA has published new rules aimed at supporting asset managers innovate with fund tokenisation. The new policy sets out how AFMs can use distributed ledger technology (DLT) to issue, transfer and maintain records of...
FCA to open pre-application meetings for crypto firms
Cryptoasset firms preparing for the new authorisation regime under FSMA will be able to request pre-application meetings with the FCA from 11 May 2026 via the Pre-Application Support Service (PASS). PASS meetings are...
FCA denies further remediation for Wellesley complainants
The FCA has issued a response to complaints regarding its handling of Wellesley & Co, a formerly authorised firm which had promoted and arranged high-risk property development investments which were not covered by...
FCA publishes latest complaints data
The latest 6 month complaints data from the FCA shows: a slight increase in complaints compared to the previous half year, but complaints have been relatively stable at between 1.7, and 2m since 2021; a 10% increase in...
PRA speaks on mutual supervision
Charlotte Gerken of the PRA has spoken on changes in and regulatory plans for supervising mutuals. She focussed on building societies, as her speech was to the BSA, and highlighted the PRA’s decision to withdraw...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 140 which sets out a number of changes, most of which we’ve reported on elsewhere, including: Updating the FEES manual to reflect the 2026/27 management expenses levy limit;...
PRA finalises some low impact amendments and consults on more
The PRA has finalised a set of low impact amendments to its rules on Fees, Skills, Knowledge and Expertise and SS3/18, and is consulting on more, which will: update the Groups part of the Rulebook; make consequential...
FCA reviews good practice in managing inactive AR risks
The FCA has published its review of how firms manage risks relating to appointed representatives who are inactive. It notes that while an AR is registered to a firm the firm needs to have effective oversight of it that...
PRA publishes Business Plan
The PRA’s Business Plan for 2026/7 sets out: strategic priorities of: maintaining safety and soundness of the banking and insurance sectors and ensuring continuing resilience; being at the forefront of identifying...
PRA and BoE consult on 2026/27 fees
The PRA is consulting on its regulatory fees and levies for 2026/27 Key changes include: An increase of £3.6m in the costs allocated funding the Future Banking Data programme; Increasing several non-periodic fees in...
Regulators reject AI “wait and see” criticism
The Treasury Committee has published responses from the Treasury, FCA and BoE to its report on AI in financial services which warned of the risks of poor AI supervision. All three regulators reject the characterisation...
FCA updates on Connect form submission
The FCA is making changes to application and notification forms on Connect. It is redesigning forms to make them more intuitive and is also taking the opportunity to improve the strucutre of some of its questions and to...
FCA updates skilled persons page
The FCA has updated its website page on skilled persons. The page explains what skilled persons do, how they are appointed, the lots effective for 4 years from 1 April and gives figures for the quarterly reports...
BoE updates operational guides
The BoE updated its guidance on how it might implement the UK resolution regime if a bank fails. The new guidance looks at matters such as how the BoE might execute a transfer resolution, and has updated the guidance on...
FCA updates firm guidance on motor finance redress scheme
The FCA has updated its guidance page that sets out key dates and checklists for firms within scope of the motor finance redress scheme. The page: notes the end of the implementation period for the 2 schemes; reminds...
FCA publishes tips on good asset management applications
The FCA has published examples of good and poor practice on how asset managers can improve applications for authorisation. It has higlighted several areas which tend to hold up applications. where firms cannot show they...
UK – U.S. regulatory working group discusses trends
The 12th meeting of the UK-U.S. Financial Regulatory Working Group tool place in late February. It discussed: economic and financial stability; the Transatlantic Taskforce for Markets of the Future; digital finance and...
BoE publishes systemic risk survey results
The BoE has published the results of its systemic risk survey for H1 2026. Respondents generally remained confident in the stability of the UK financial system, but noted: geopolitical risk and cyber attack as the two...
BoE blogs on cross-border failures
A BoE blog has considered the practicalities of cross-border resolutions, taking the Credit Suisse and Silicon Valley examples. It notes that with the improved co-operation these issues were dealt with in an orderly...
APPG publishes call for action on conduct regulation
Following publication of its report following the call for evidence about the FCA, the All Party Parliamentary Group on Investment Fraud and Fairer Financial Services has published the cover note to accompany a further...
Regulators confirm FSCS MELL limit
The PRA and FCA have confirmed the Management Expenses Levy Limit for the FSCS for the 2026/27 financial year will be nearly £113m.
Regulators launch taskforce to address poor practice in motor finance claims handling
The FCA has joined forces with the Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) to create a taskforce for tackling poor practice in motor...
Lenders reaffirm Mortgage Charter commitment amid global uncertainty
The Chancellor and Economic Secretary have assembled the six largest banks and building societies, as well as UK Finance, to discuss the impact of the Iran conflict on households and small businesses, and to reaffirm...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 139, which sets out a number of changes, most of which we’ve reported on elsewhere, including: As part of redress reforms, amends to clarify when firms should report emerging...
FCA reflects on operational resilience regime one year on
A year on from the implementation of its operational resilience rules, the FCA has set out good and poor practice for firms. The regulator also noted that operational disruptions among cloud service providers in 2025...
FCA reflects on a year of MyFCA
The FCA has reflected on the first anniversary of the My FCA portal. The new platform is now used by all firms. As part of ongoing improvements, and following the successful removal of separate sign in for the RegData...
FCA and ICO publish joint statement on vulnerability data
The FCA and ICO have published a joint statement on regulatory expectations regarding firms’ approaches to vulnerability data. The FCA wants firms to understand the needs of vulnerable customers and take steps to...
PRA finalises changes to resolution planning requirements
The BoE and PRA have finalised changes to firms’ resolution reporting and disclosure requirements. The key changes include: Increasing the threshold for firms in scope of the Resolution Assessment Framework...
FCA consults on fees
The FCA’s consultation on fees and levies for 2026/7 proposes small fee increases in most areas of business, but with reductions to others. The FCA’s ORA budget has increased by only 1%, and it has no...
Treasury updates on Women in Finance Charter
HM Treasury has published its annual review of progress by signatories of the Women in Finance Charter. 42% of the 210 signatories met their targets for female representation in senior manager, with a further 29% having...
Complaints Commissioner finds serious failings in FCA’s handling of British Steel Pension Scheme saga
The Financial Regulators Complaints Commission has issued its final report on allegations from former members of the British Steel Pension Scheme against the FCA. The report concluded that the handling of BSPS transfers...
FCA issues guidance on crypto MLR registration ahead of full authorisation regime
The FCA has published guidance for firms considering applying for registration under the MLRs ahead of the new cryptoasset regulation regime coming into effect in October 2027. The guidance highlights that until the new...
FCA perimeter report calls for Government action
The FCA’s perimeter report has identified 15 areas where the FCA wants to see change from the government, including: removing self-certification for FPO purposes and raising the thresholds for the HNWI and...
PSR publishes work plan and budget for 2026/27
The PSR has published its work plan for 2026/27, highlighting it continued focus on tackling high card fees, maintaining APP fraud protection, and supporting innovation and competition in the UK payments sector. In...
FCA launches synthetic data AML solution tech sprint
The FCA is launching a Synthetic Data AML Solution Sprint exploring how synthetic data can support the development of innovative AML transaction monitoring solutions. The sprint aims to: Support innovation in AML...
PRA fines Bank of London group entities
The PRA has fined The Bank of London Group Limited and its parent financial holding company Oplyse Holdings Limited £2m. It found that, between October 2021 and May 2024 the firms had: misled the PRA over their capital...
FCA launches market study on later life mortgages
The FCA has launched a market study into later life mortgages. The study seeks to examine whether changes are needed to enable the lifetime and retirement interest only mortgage sector to meet consumers’ needs, as...
UK-Japan financial regulatory forum reports on progress
The fourth meeting of the UK-Japan financial regulatory forum took place on 18 March between HM Treasury and the Japan Financial Services Agency. The forum discussed: digital finance, with the UK updating on its plans...
Regulators publish new rules on operational incident and third party reporting
The FCA and PRA have published their new rules on operational incident and third-party reporting. The new rules are aimed at helping the regulators respond quickly to disruptions, giving firms greater certainty on what...
FCA calls for views on access to SME finance
The FCA is calling for views on how regulation can help SMEs access finance across debt, equity, hybrid and alternative finance markets. The regulator notes that at the start of 2025, SMEs accounted for around 60% of...
John Connor