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...
Category - Supervision
Emma RadmoreFCA publishes package of investment regulation reforms
The FCA has published its long-awaited decisions and further proposals on reforms to how it regulates the conduct of investment business. The package comprises: consultation on client categorisation and conflicts of...
BoE sets out FMI rule review framework
The BoE has published its Statement of Policy on how it undertakes rule reviews in respect of its role as supervisor of FMIs. The statement includes details on how stakeholders can engage with reviews and how results...
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...
FCA consults on admin fee reduction
The FCA is consulting on reducing its administration fee for late or overdue returns to £100. It is consulting on the proposal as part of its quarterly consultation. It says changes to its processes have resulted in...
FCA writes to Treasury Committee on Budget leak
Nikhil Rathi has written to the Treasury Committee setting out the FCA’s role in investigating the effects of the leak of Budget information.
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...
FCA charges former bank director with fraud and forgery
The FCA has charged Henrik Schliemann, a former director of a merchant bank, who also held the Compliance Oversight and MLRO roles, with 9 offences relating to fraud and forgery. It alleges he transferred millions of...
Financial Inclusion Committee updates on accessibility initatives
The Financial Inclusion Committee held its fourth meeting on 3 November 2025. Attendees presented on specific strategy interventions that their organisations are leading on. This included: Interventions recommended by...
Laura WilesFCA simplifies complaints reporting process
The FCA has confirmed changes set to simplify its complaints reporting process. The key changes include: Consolidating existing returns – the FCA will be consolidating five existing complaints returns into a...
Property (Digital Assets etc) Act gets Royal Assent
The Property (Digital Assets etc) Act has received Royal Assent and come into force on 2 December. It confirms that a “thing” – including something digital or electronic – can still be the object...
PRA updates policy on managing climate-related risks
The PRA has published its final policy on enhancing banks’ and insurers’ approaches to managing climate risks. The consultation had planned – among other things – to strengthen governance...
John ConnorFCA censures Institute of Certified Bookkeepers for AML supervision failings
The FCA has censured the Institute of Certified Bookkeepers (ICB) for serious deficiencies in its AML supervision. The action is the FCA’s first ever enforcement outcome against a professional body supervisor...
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...
Victoria FergusonFCA updates on access to cash regime review
The FCA has given an update to the Treasury Committee on its access to cash regime. The FCA’s rules on access to cash came into force in September 2024, and require designated banks and building societies to...
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 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...
FCA publishes CRA review findings
The FCA has carried out a multi-firm review of the effectiveness and governance of rating committees at UK Credit Rating Agencies. It found: good practices in the role of committees in setting new ratings through a well...
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.
PRA publishes annual credit union sector assessment
The PRA’s latest assessment of the credit union sector highlights the regulator’s view of the key risks to credit unions with total assets up to £50m. It addresses the particular risks relating to:...
Treasury Committee launches financial inclusion inquiry
The Treasury Committee has launched a new inquiry into the Government’s Financial Inclusion strategy. It wants to probe whether: the Government properly understands the scale of the challenge to address financial...
RegData access through My FCA from 28 November
The FCA has confirmed that from 28 November, access to RegData will be though signing into My FCA – and there are plans that this will soon also include Connect and the Online Invoicing Sysetm.
FOS consults on plan and budget
The FOS is consulting on its 2026/7 Plan and Budget. Headlines include: anticipated 188,000 new complaints across all products; resolving 245,000 complaints of which 60,000 will be related to motor finance commission;...
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 takes RegTech platform into Sandbox
The FCA has published an update on its Regulatory Sandbox cohort, which now includes the RegTech platform, Eunice. Eunice aims to help transparency in UK crypto-markets. Its solution will focus on disclosures...
Court appoints creditors’ proposed special administrators in API insolvency
The High Court has granted a payment institution special administration order for JNFX Ltd – an authorised payment institution – upon application by its directors. It was common ground between the parties...
PRA publishes firm-specific LIST results
The PRA has published individual firm results from its Life Insurance Stress Test (LIST), the first of its kind conducted under the Solvency UK regime implemented in 2024. This follows the publication of its sector-wide...
FCA publishes skilled persons data for Q2 2025
The FCA has published its latest data on skilled persons reports, covering 1 July – 30 September 2025. During this period, the FCA commissioned 6 skilled persons reports: 2 reports related to insurance, 1 to...
Unlocking opportunities: vital role of carbon credits in net-zero ambition
As Scotland moves towards its target of being net zero by 2045, we’ve looked at how carbon credits are transforming the environmental and business landscape in an article in The Scotsman. If you would like to...
Chris McLauchlanFCA consults on fees for 2026/27
The FCA is consulting on its regulatory fees and levies for 2026/27. Key changes include: Introducing a new fee block for PISCES operators, with a minimum annual fee of £2,200, and an additional variable fee for firms...
Office for Investment launches Advisory Committee to deliver financial services ‘concierge service’
The Office for Investment: Financial Services – the Government department working on delivering a ‘concierge service’ for financial services in the UK – has launched an Advisory Committee of...
FCA updates on recognised codes
The FCA has updated its list of recognised industry codes. On 4 November, it extended recognition for the FX Global Code, the UK Money Markets Code and v2 of the Global Metals Code, all for 3 years.
FSCS limit increasing
The PRA has confirmed that the FSCS deposit limit for bank customers will increase to £120,000 from 1 December. As well as being a significant increase on the current £85,000, it is also £10,000 more than the PRA had...
FCA updates regulatory failure review policy
The FCA has reviewed its policy on investigating and reporting on regulatory failure, which was originally published in 2013. It has concluded the policy is still fit for purpose, making only one substantive change, to...
FCA speaks on balance between AI and humans
Dominic Holland of the FCA has spoken on how the financial markets must both harness the opportunities that AI and advanced analytics present while recognising that human expertise and judgement are key to making these...
PRA seeks views on transfer of risk in life insurance
The PRA has published a discussion paper on innovation in the life insurance sector, and sets out the regulator’s thinking on policy changes that could allow life insurers to transfer defined tranches of risk to...
NGFS publishes Guide on Climate Scenario Analysis
The Network for Greening the Financial System (NGFS) has updated its Guide on Climate Scenario Analysis. The new edition reflects significant progress made in this area since the last version in 2020, and highlights...
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 speaks on future of mortgage market
Nikhil Rathi, FCA chief executive, has delivered a speech on the future of the mortgage market at the L&G Mortgage Club’s 30th Anniversary Conference. The speech highlighted that while the market is currently...
BoE consults on systemic stablecoin regulation
The BoE is consulting on how it proposes to regulate sterling-denominated systemic stablecoins. It proposes: to allow issuers to hold up to 60% of backing assets in short-term UK government debt and for the other 40%...
Consumer Panel urges FCA to limit delay on complaints handling and reconsider deadline for FOS referrals
The Financial Services Consumer Panel has urged the FCA not to extend the pause on motor vehicle finance complaints beyond the currently proposed 31 July 2026. The Panel considers that an extension to the pause for some...
FOS responds to FCA crypto consultation
The FOS has published a response to the FCA’s consultation on applying Handbook rules to cryptoasset firms. Overall, the FOS agreed with the benefits of extending access to its complaints resolution framework to...
Research shows rising compliance costs
TheCityUK has published the results of research it carried out with PwC UK that shows firms are spending increasing amounts on compliance. Conclusions, based on indepth interviews with 19 CCOs and a targeted survey...
FCA speaks on CRO role
Sarah Pritchard has spoken on the role of the CRO in regulated firms. She noted that firms generally want the sector to become more comfortable with taking managed risks to support growth and hopes that the FCA’s...
Treasury launches Financial Inclusion Strategy
HM Treasury has launched its new Financial Inclusion Strategy, which includes Lloyds, NatWest, Barclays, Nationwide and Santander expanding on the partnership Shelter has with HSBC, so that homeless people will be able...
FCA extends motor commission redress consultation to 12 December
The FCA has provided an update on its progress towards a redress scheme for customers treated unfairly when taking out loans to buy cars. So far, in response to its consultation, it has received comments on: the time...
Treasury responds to criticism over delays in designating critical third parties.. and more
At the House of Commons Treasury Committee meeting, Economic Secretary Lucy Rigby confirmed that critical third parties will be designated by this time next year – although this was couched with caveats that the...
FCA speaks on financial capability
Nikhil Rathi has spoken on the importance not only of ensuring vulnerable consumers have access to help but also that we improve knowledge. He noted that around two-thirds of renters, for example, do not have contents...
PRA and FCA publish guidance on Berne agreement
The PRA and FCA have published guidance for Swiss investment firms and UK insurance and investment services firms on what opportunities the Berne Financial Services Agreement brings them. Swiss investment firms can...
FCA publishes review on consolidation of financial advice and wealth management firms
The FCA has published a multi-firm review on consolidation in the financial advice and wealth management sector, examining how groups manage risk, debt, governance and integration during and after acquisition. In terms...
LSB closes after 15 years of independent oversight in financial services
As of 31 October 2025, the Lending Standards Board (LSB) has closed, after a solvent wind-down of its operations. The LSB has summarised its impact and legacy in a final report on independent oversight and customer...
FCA updates on sandbox firms
The FCA has now received over 630 applications to join the Regulatory Sandbox since it opened. The sandbox has been operating on an “always open” model since 2021 and has accepted 31 firms since then –...
FOS sees sharp drop in cases
The latest quarterly data on complaints from the FOS show new cases dropping by more than a third, largely because professional representatives are bringing fewer cases since the FOS changed its charging model. The FOS...
PRA publishes near final CRR restatement
The PRA has released its near-final policy statement on the restatement of the remainder of the assimilated CRR into its Rulebook. The feedback covers elements not finalised previously, specifically securitisation...
Michael LewisPRA publishes near-final policy on capital for small banks
The PRA has published a policy statement setting out the near-final form of its suite of rules setting out the simplified capital regime for Small Domestic Deposit Takers. The changes follow the existing simplified...
FCA updates Treasury Committee on Sexism in the City
The Treasury Committee has published its latest letter to the FCA and the FCA’s response on progress following the Sexism in the City enquiry and report. The Committee asked the FCA for an update on progress...
FCA publishes whistleblowing data
The latest quarterly whistleblowing data figures from the FCA show an increase in reports over the last quarter and the same quarter in 2024. The FCA received 405 new reports containing 1,379 allegations. 70% of...
Chancellor launches new Scale-Up unit
Speaking at an FCA Forum in Leeds, Rachel Reeves announced the launch of a new PRA/FCA “Scale-up unit” to support scaling firms to navigate regulation so they can grow and invest faster. The unit is...
Skills Commission launches research on AI’s impact on the financial services workforce
The Financial Services Skills Commission has launched research into how AI and disruptive technologies are likely to change the financial services workforce and its skills needs over the next 5-10 years. The research is...
FCA and PSR support proposals for consolidation approach
The FCA and PSR have issued a joint response to HM Treasury’s consultation on consolidating the PSR’s functions within the FCA. The regulators agree with the Government’s proposed approach for the FCA...
FCA writes to compliance managers on T+1 settlement expectations
The FCA has written to compliance officers at asset management and alternative firms to set out its expectations in anticipation for the transition to T+1 settlement on 11 October 2027. By the end of 2025, firms should:...
FCA opens motor finance data room
As part of its consultation on the motor finance commission redress scheme, the FCA has opened a data room to help firms understand its analysis of loss. The data room is not open to everyone, but on request to...
FCA updates complaints data
The FCA has published complaints data from H1 2025. Key takeways include: complaints levels have stayed fairly static for 4 years, with the last half’s complaints being 1.85m, a slight rise from the previous...
Treasury publishes action plan to ensure regulators support growth
HM Treasury has published its new approach on ensuring regulators and regulation supports growth. The paper focusses on the full UK regulatory system – including the finance, business, energy and environmental...
FCA updates on recent enforcement actions
Therese Chambers has spoken on the FCA’s enforcement activity over the past 2 years. She noted that although the FCA’s approach to enforcement cases has changed, the base messaging has not. It expects firms...
Treasury Committee asks questions on AWS outage
The Treasury Committee has written to HM Treasury following the AWS web outage which disrupted several firms. Its main question is why HM Treasury has not yet designated AWS (or indeed any other major technology...
Treasury confirms FCA to take over AML supervision responsibility for all professional services
HM Treasury has announced reforms to anti-money laundering and terrorism financing supervision, granting the FCA responsibility for all AML/CTF supervision of professional services firms currently supervised by HMRC or...
Regulators publish guidance on cyber response and recovery
The BoE, PRA and FCA have published guidance to firms and FMIs setting out some good practices they have seen on cyber response and recovery capabilities. It hopes boards can use the findings to support discussions...
FCA highlights widespread non-compliance in financial crime controls at corporate finance firms
The FCA has set out findings from its survey on financial crime controls in corporate finance firms. The review focussed on the 300 plus firms which are currently not required to submit financial crime data regulatory...
FCA sets out client categorisation expectations for corporate finance firms
The FCA has published high-level observations from its multi-firm review of client categorisation in corporate finance firms. The review considered compliance with client categorisation and certification rules under...
Chancellor launches investment fast track service
The Chancellor has launched a one-stop support service to make the UK more attractive to global investors. The investment fast track concierge service will be a partnership between HM Treasury, the financial regulators...
PRA consults on “low impact” amendments
The PRA is consulting on a package of various amendments to its rulebook none of which are substantive. The changes relate to: giving effect to the deference arrangements under the Berne Agreement; a change to the TMTP...
BoE outlines approach to AI, DLT and quantum computing
The BoE has published an outline of how it is working to make sure firms can innovate responsibly so use of new technologies can boost the UK’s productivity and economic growth while meeting its objectives to...
Sheilah MackieRegulators agree remuneration reforms
The PRA and FCA have finalised rule changes following their consultations on changes to the remuneration rules for banks, building societies and designated investment firms. The aim of the changes, which met with...
PIMFA study calls for clearer regulation
PIMFA has published the results of a recent study that shows its members want clearer and more consistent regulatory communication, as regulatory change is consuming significant resource that they could otherwise put on...
FCA launches open finance tech sprints
In order to support the delivery of open finance, the FCA has launched 2 new TechSprints and announced a new partnership with Raidiam. The partnership with Raidiam follows the launch of its Smart Data Accelerator in...
BoE launches DLT innovation challenge
In collaboration with the Bank for International Settlements Innovation Hub, the BoE has launched an experimental wholesale settlement DLT innovation challenge, in order to better understand how the private sector will...
PSR 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...
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...
Payment 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...
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...
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...
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.
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...
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...