The PRA is consulting on changing its liquidity requirements so that banks will be able to monetise liquid assets quickly if needed in response to a fast-paced stress event. It uses as an example the Silicon Valley Bank...
Category - Supervision
Michael LewisAPPG reports on FCA Call for Evidence
The All Party Parliamentary Group on Investment Fraud and Fairer Financial Services has published a report on the Call for Evidence about the FCA. It called for evidence because it wanted to hear more about the actions...
Emma RadmoreFCA sets out good practice for consumer understanding outcome
The FCA has published findings from its review of firms’ approaches to consumer understanding. In September 2025, the FCA conducted a survey of 38 firms, including payments, insurance, retail banking, consumer...
Laura WilesFCA outlines regulatory priorities for retail banking
The FCA has published its regulatory priorities for the retail banking sector. The report notes that retail banking is changing significantly, with consumers using branches less and ever-diversifying digital channels...
FCA publishes Mortgages Regulatory Priorities report
The FCA has published its Regulatory Priorities report for mortgages. Its key priorities will be: to improve consumer outcomes under the Mortgage Rule Review by simplifying its rules, so as to enable firms to innovate...
Treasury sets up Market Engagement Group
HM Treasury has set up a Market Engagement Group, to be a senior-level forum in which market participants will share their views on UK-related developments in financial markets with the Chancellor. It is inviting...
FCA publishes quarterly consultation
The FCA has published its regular quarterly consultation on miscellaneous amendments to its Handbook. The proposed amendments include: Consequential amendments to CASS to reflect changes to the definition of designated...
FCA appoints 2 senior leaders
The FCA has announced the appointment of Chris Knight as director of insurance, and David Lymburn as interim deputy managing director of the PSR. Mr Knight will join in July, and Mr Lymburn has already taken up his post.
PRA confirms RIE Part introduction
The PRA has confirmed its approach to introducing a new Part in its Rulebook on Recognised Exchanges which specify conditions under the assimilated CRR for the purposes of identifying exchanges or assets traded on an...
Treasury publishes draft capital requirements amendment laws
Treasury has published two draft statutory instruments: the CRR (Market Risk Transitional Provision) Regulations 2026 will introduce a transitional provision to require credit institutions and designated investment...
Katharine Braddock CB appointed as new PRA CEO
HM Treasury has announced that Katharine Braddock CB will be the next Deputy Governor for Prudential Regulation at the BoE and Chief Executive of the PRA. The appointment starts in June, when Sam Woods ends his term of...
FCA updates authorisations metrics
The FCA has published its operating metrics for October to December 2025, which is the first quarter for which it is reporting against its new targets, which it has decided to report against voluntarily before the...
Treasury exempts British Business Bank and subsidiaries from FSMA
HM Treasury has made an exemption order that exempts the British Business Bank plc, various of its subsidiaries, and the National Housing Bank Limited from the need for authorisation under FSMA to carry out any RAO...
FCA and Independent Football Regulator sign MoU
The FCA has signed a MoU with the Independent Football Regulator so the two organisations can work together where football and financial services intersect – but does not give any indication of what matters might...
FCA publishes video guides for payments and digital asset firm applications
The FCA has published a series of video guides aimed at helping payments and digital asset firms improve their applications for authorisation and registration. The guides cover: Expectations of the MLRO; Application...
FCA confirms forbearance in relation to new listing rules
The FCA has issued a forbearance statement following the introduction of the new Public Offers and Admissions to Trading Regulations regime. The new regime and associated changes to the UK Listing Rules came into force...
BoE confirms fee increase for CCPs and CSDs
The BoE has finalised its fees for FMI supervision in 2025/26. Respondents had expressed concerns over the increase in fees for central counterparties (CCPs) and central securities depositories (CSDs) because of policy...
FSB launches strategic review of crisis preparedness
The FSB has launched a strategic review of crisis preparedness activities. The review aims to: Strengthen and, where necessary, adapt the FSB’s crisis preparedness activities to respond to vulnerabilities in the global...
PRA consults on changes to implement Overseas Prudential Requirements Regime
The PRA is consulting on changes to its rules to accommodate the Treasury’s Overseas Prudential Requirements Regime (OPPR). Key changes include: Aligning the PRA rules with the OPRR framework, so they operate...
FCA publishes whistleblowing data for Q4 2025
The latest whistleblowing data from the FCA (covering October – December 2025) shows: 281 new whistleblowing reports containing 788 allegations in total (down from 405 reports in Q3 2025, and 292 for the same...
BoE implements reporting changes
The BoE has decided to proceed with its proposal to amend the technical standards in respect of information it gathers as resolution authority. As a result of Brexit, it examined what reporting templates were still...
Treasury consults on AR regime changes
HM Treasury has published its long-awaited consultation on reforming the Appointed Representatives regime. It has remained concerned that while the regime is important, and necessary, poor oversight of representatives...
FCA exchanges cooperation letters with Indian regulator
The FCA has signed an exchange of letters with the International Financial Services Centres Authority, which is the unified regulator for financial institutions operating in the Gujarat International Finance Tec-City...
FCA releases latest skilled persons figures
The FCA has published statistics for the skilled persons reports it commissioned in the quarter to December 2025. It commissioned 11 in all, including 3 on insurance firms and 2 each on consumer finance and retail...
Data (Use and Access) Act 2025: majority of changes related to data protection now in force
The UK’s data protection landscape shifted again on 5 February 2026 with the arrival of a major implementation milestone under the Data (Use and Access) Act 2025 (DUAA). The Data (Use and Access) Act 2025 (Commencement...
Sheilah MackiePRA invites views on improving regulatory reporting for banks
The PRA has issued a discussion paper on regulatory reporting for banks under its Future Banking Data programme. The programme aims to reduce costs for firms in line with the regulator’s competitiveness and growth...
Regulators write again to CMCs on motor finance commission claim risks
The FCA and SRA have written to claims management companies and law firms involved in motor finance commission claims again. This time, the regulators are warning firms to make sure claimants do not have multiple...
PRA writes to CFOs on resolvability
The PRA has written to CFOs of major UK banks on their preparations for the third Resolvability Assessment Framework assessment which will include a detailed assessment of firms’ ability to achieve the Continuity...
First UK-China working group meets in Beijing
Lucy Rigby has launched the UK-China Financial Working Group, which met in Beijing. She was accompanied by the Prime Minister and over 50 representatives from British businesses, including 11 financial and professional...
PRA and FCA announce first scale-up unit firms
6 banks and building societies have been accepted to the first cohort of the PRA and FCA’s new joint scale-up unit. The unit is designed to help growing, innovative firms develop new products, move into new...
BoE speaks on risks and benefits of Principal Trading
Rebecca 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...
Treasury makes Targeted Support amendment regulations
HM Treasury has made Regulations amending the RAO to: provide that targeted support is a specified activity, but when a person is providing targeted support they are not advising on investments for the purposes of...
Sheldon Mills speaks on AI review
Sheldon Mills, speaking at the FCA’s Supercharged Sandbox Showcase event, has headlined his review. He stressed the review does not change the FCA’s regulatory approach but that it wants to understand what...
PSR speaks on delivering the National Payments Vision
David Geale – PSR managing director at and FCA executive director for payments and digital finance – has given a speech on delivering National Payments Vision at the Payments Regulation and Innovation Summit...
Report 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 updates on Women in Finance Charter
HM Treasury has published a progress update on the Women in Finance Charter. Priorities from the 2024/25 review are reducing the gender pay gap and improving the representation of women in finance, particularly for the...
FCA consults on aligning sustainability disclosure requirements with international standards
The FCA is consulting on evolving its rules for listed companies’ sustainability disclosures to aligning with the UK Sustainability Reporting Standards (SRS), which are themselves based on the International...
John ConnorLords Committee launches stablecoin inquiry
The Financial Services Regulation Committee has launched an inquiry into the growth and proposed regulation of UK stablecoins. The Committee is seeking submissions by 11 March 2026 on: How the global market for –...
FCA publishes interim report on pure protection distribution
The FCA has published a interim report in its market study on the distribution of pure protection products to retail customers. The report notes that the pure protection market works well in many respects, including by...
UK Sanctions List becomes sole source of UK sanctions designations
As of 28 January 2026, the UK Sanctions List is now the sole source of UK sanctions designations, with the OFSI Consolidated List of Asset Freeze Targets now closed. The Government has also published guidance on...
FCA calls for input on its review of AI’s long-term impact on retail financial services
The FCA is calling for input on its review into the long-term impact of AI on retail financial services. The review builds on initiatives like AI sprints and AI lab, and the FCA’s confirmation that it does not...
T+1 settlement taskforce updates on progress
The UK Accelerated Settlement Taskforce has published a progress report on the move towards T+1 settlement in October 2027. The report highlights a number of the task force’s achievements in 2025, including:...
FCA urges consumers to exercise caution when considering high risk investments
The FCA has published guidance for consumers on the new Public Offers and Admissions to Trading regime, urging them to exercise caution when investing in high-risk securities such as mini-bonds and loan notes. The...
Ashley Alder takes over as PSR Chair
Ashley Alder, current FCA Chair, will also take on the role of Chair of the PSR from 26 January, when Aidene Walsh’s term ends. He will as a result act as Chair of both entities as they move to consolidation.
BoE publishes 2025 CBEST thematic
The BoE has released its 2025 CBEST Thematic publication, which sets out insights from assessments of firms and FMIs. Of course, the main observation is that strong cyber hygiene is not a one-time exercise and that...
FCA closes 2022 investigation
The FCA has closed its investigation into Wellesley & Co Limited, the only authorised entity within its corporate group, which had promoted and arranged high-risk investments relating to property development, and...
FCA updates op res webpage
The FCA has updated its webpage on operational resilience, to include links to and information about recent publications and activity, particularly around cyber-security.
Regulators give clarity on enforcement approach for open banking pricing models
The FCA and PSR have issued a joint statement on open banking pricing models, confirming that they will not currently be prioritising an investigation under the Competition Act into to centralised ‘access...
UK and Indonesia to establish Economic Growth Partnership
The Department for Business and Trade has issued a policy paper on the establishment of a UK-Indonesia Economic Growth Partnership. Both jurisdictions will designate official contact points to ensure effective co...
PRA publishes final Basel 3.1 policy documents
The PRA has published its final instruments, supervisory statements, statements of policy, and templates to reflect Basel 3.1. The measures reflect the revised UK implementation date for the Basel 3.1 requirements of 1...
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...
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...
SFO secures director convictions in £70m tree planting investment scheme fraud
The Serious Fraud Office has secured three convictions of former Ethical Forestry Limited directors, all of whom pleaded guilty in relation to a £70m investment scheme fraud. The directors had defrauded around 3000 UK...
FCA encourages industry to share views on proposed open banking standards body
The FCA has written to trade associations on the processes for establishing a Future Entity, as part of the development of the open banking ecosystem. As set out in its 2025 feedback statement, the FCA expects Future...
FCA publishes multi-firm review on small mutual life insurers
The FCA has published findings from its multi-firm review on customer outcomes achieved by smaller mutual life insurers. The key findings were as follows: Target Market Statements – Firms had a strong focus on...
FCA to hold stablecoin tech sprint
The FCA is holding a stablecoin tech-sprint in March 2026 to help shape policy and standards for future payments. The vent will focus on: Retail payments Cross-border payments E-commerce and B2B transactions Remittance...
Report finds continued interconnectedness between UK and EU markets, even five years post-Brexit
Five years on from Brexit, cross-border financial flows between the UK and EU still account for a significant part of overall financial activity in both markets, according to a report from Global City. The report...
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...
FSMB publishes 2026 workplan
The Financial Markets Standards Board (FMSB) has published its 2026 Workplan. The plan sets out a number of initiatives around each key topic area, including: Market practices: Pre-heding disclosure and consent Grey...
UK and EU regulators sign MoU on critical third parties
Financial regulators in the UK and EU have signed a memorandum of understanding (MoU) in order to strengthen cooperation and oversight of critical third parties that fall (CTPs) under the UK’s CTP regime 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...
Government publishes post-quantum cryptography roadmap
The Government has published the G7 Cyber Expert Group statement on advancing a coordinated roadmap for the transition to a post-quantum cryptography in the financial sector. The group has previously highlighted the...
Katie SimmondsRegulators consult on MELL 2026/27
The financial regulators propose to set the FSCS Management Expenses Levy Limit for 2026/27 at £113m, an increase on the current year which broadly tracks inflation.
Consultation closes on 10 February.
FCA updates on Advice Guidance Targeted Support Policy Sprint
The FCA launched its Targeted Support Policy Sprint in February 2025, and showcased the results in April. It has now published a webpage on what the Sprint achieved and how it has helped to form the FCA’s plans...
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...
HMRC updates AML risk guidance for accountancy service providers
HMRC has updated its risk assessment and guidance for accountancy service providers within its supervisory remit. HMRC notes that: the 2025 NRA assessed ASP services as high risk for money laundering – noting that...
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...
FCA publishes webpages on the new crypto regulation regime
The FCA has published new webpages on the upcoming cryptoasset regulation regime, which is expected to come into force October 2027. The pages provide guidance on: How the gateway will operate The regulated activities...
FCA consults further on value for money framework in workplace pensions
The FCA is consulting further on the value for money framework in workplace pensions. In particular, the paper proposes revisions to the way arrangements are assessed and compared in order to make the process more...
HMRC updates on MLR non-compliance
HMRC has updated its website with details of businesses against which it has recently taken action for breach of MLRs. In the period from October 2024 – March 2025, there have been many fines, including: on a...
BoE publishes guidance on CET1 notifications
The BoE has published a webpage on notifications required of firms if they intend to include interim or year-end profits in Common Equity Tier 1. A notification is only required if the profits are being included in CET1...
Berne Financial Services Agreement takes effect
The Berne Financial Services Agreement (BFSA) took effect on 1 January 2026, and aims to make it easier for UK and Swiss firms to do business in each other’s country. The FCA has published and information page...
FCA 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...
FCA simplifies ancillary activities exemption test
The FCA has set out changes simplifying the ancillary activities exemption, which allows a firm to be exempt from authorisation as an investment firm where its trading in commodity derivatives, emission allowances, or...
FCA publishes latest Handbook Notice
The FCA has published Handbook Notice 136, which sets out a number of changes, most of which we’ve reported on elsewhere, including: Removing regulatory contactless limits and implementing a new risk-based...
PSR consults on transparency and governance changes for scheme and processing fees
The PSR is consulting on proposed changes to improve transparency and governance in fees. The changes follow the PSR’s market review, which concluded that Mastercard and Visa are subject to ineffective competitive...
FCA takes notice of insurance super complaint
The FCA has responded to the super complaint Which? submitted about standards in home and travel insurance markets. It had already planned to make some changes, but has now expanded its work. In particular, if will do...
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...
Chancellor highlights growth opportunity in crypto regulation
The Chancellor has highlighted that new cryptoasset legislation coming into effect in the UK in 2027 will unlock growth while protecting consumers by bringing cryptoassets into the scope of other similarly regulated...
Office of the Public Guardian publishes guidance on powers of attorney, deputyship and guardianship
The Office of the Public Guardian (OPB) has published guidance to help staff in regulated markets understand what services it can offer to customers who may not be able to make their own decisions. The guidance covers...
FCA sets out roadmap for mortgage rule reforms
The FCA has published a roadmap on modernising mortgage rules. The FCA launched a discussion paper in June 2025 on areas in which changes could be made to the current mortgages framework. It now publishes its feedback...
APPG on Investment Fraud and Fairer Financial Services holds general meeting and elects new officers
The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has held its annual general meeting, which outlined its continued focus on protecting consumer interests and addressing the...
FCA clarifies common misconceptions about risk warnings for investments
The FCA has published a new webpage on risk warnings for mainstream investments, covering expectations on firms promoting investment products and common misconceptions about risk warnings. The FCA highlights the general...
FCA reviews wholesale bank delivery of best execution in listed cash equities
The FCA has published its multi-firm review of wholesale banks and how they deliver best execution in UK listed cash equities. Best execution is the obligation on firms to take all sufficient steps to get the best...
BoE consults on exempting post-trade risk reduction services from clearing obligation
The BoE is consulting on exempting post-trade risk reduction (PTRR) transactions from the clearing obligation. PTRR providers offer services to counterparties to derivatives transactions, to reduce counterparty...
Financial Policy Committee speaks on balancing innovation and financial stability risk
Randall Kroszner – external member of the Financial Policy Committee – has delivered a speech on promoting innovation while guarding against financial stability risk at the 20th High-level meeting on...
FCA publishes targeted support rules
The FCA has published its policy statement on how it will allow firms to offer targeted support to customers so as to offer them recommendations on investments but not a full, in-depth individual advisory service...
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:...
Motor insurance taskforce publishes final report
The motor insurance taskforce has published its report on work to reduce and stabilise motor insurance premiums. The report shows that premiums have in fact been steadily dropping throughout 2025 and work will continue...
FCA launches “Firm Checker”
The FCA has launched a new tool called “Firm Checker” so that consumers can check to see whether firms that approach them are properly authorised and have the right permissions for the services they plan to...
Regulators set out 2026 growth measures
The FCA has written to the Prime Minister setting out its growth measures planned for 2026. The ambitious package highlights that the FCA has met nearly all of the 50 commitments it promised to do this year, and that...
12 practical tips to master your contracting: tip 7
The tip for today is: Make sure the contract is in final form ready for signing by the parties 🚨 Before the contract is signed, you need to check that all of the content is completed, this includes the content of the...
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...