FIN.

Category - Supervision

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...

Emma Radmore
01/07/2025

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.

Laura Wiles
30/06/2025

FCA publishes latest Handbook Notice

The FCA has published its latest Handbook Notice, which includes amendments relating to: the updated Enforcement Guide (now ENFG), and consequential amendments throughout the Handbook; the introduction of the PISCES...

Laura Wiles
27/06/2025

Tribunal backs Staley ban

The Upper Tribunal has upheld the FCA’s decision to ban Jes Staley from holding any senior management role in the financial services industry. It did however reduce the financial penalty in response to...

Emma Radmore
27/06/2025

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...

Emma Radmore
27/06/2025

PRA publishes annual reports

The PRA has published its annual report for 2024/25, and a second report on its secondary competitiveness and growth objective. The annual report outlines the PRA’s achievements in advancing its statutory...

Laura Wiles
26/06/2025

BoE speaks on RTGS 2 and innovation

Victoria Cleland – BoE Executive Director of Payments – has delivered a speech at the UK Finance Digital Innovation Summit on the success of the renewed Real Time Gross Settlement (RTGS) service, and ongoing...

Laura Wiles
26/06/2025

BoE launches DLT innovation challenge

The BoE has launched a distributed ledger technology (DLT) innovation challenge in collaboration with the Bank for International Settlements Innovation Hub London Centre. The challenge aims to engage with the private...

Laura Wiles
24/06/2025

BoE renews commitment to FX Global Code

The BoE has renewed its Statement of Commitment to the FX Global Code, based on the revised code dated December 2024. The Code sets out good practice in the FX market, and in signing the renewed statement, the BoE...

Laura Wiles
23/06/2025

PSR publishes consumer payments research report

The PSR has published its 2024-25 Consumer Research report, which aimed to understand the influences behind consumer payment choices, how consumers behaved in different circumstances, and what they required of their payments systems.
Key findings included:

Payment behaviours are guided by context and rooted in habit;
Consumers are largely satisfied with payment systems and feel that payments are working well:

95% of consumers agree that payment systems in the UK are working well;
92% say that they can make and receive payments in a timely manner; and
87% feel their money is secure when they make payments in the UK;

However, 41% worried about the possibility of fraud (a particular concern for financially constrained consumers) and 39% experiencing limited choice in payments;
Consumers are confident about prioritising different needs for different payments:

Ease of use is consumers� top priority for lower value payment types, closely followed by speed;
Protection and security are the top priorities for higher value payments, with 42% of consumers preferring credit cards for higher value items; and
For recurring payments, reliability was key: 74% of consumers preferred to use direct debits or standing orders for their utility bills, and about two-thirds for rent or mortgages and entertainment subscriptions;

Contactless card payments remain the most frequently used payment type, with younger consumers significantly more likely to use mobile wallets regularly. A third of customers said they used contactless payments more than they did last year due to convenience, and they trust them more than they did previously; and
The majority of consumers felt positive and reassured when informed about the PSR�s recently introduced APP fraud reimbursement policy.

Laura Wiles
18/06/2025

FCA speaks on balance

Emily Shepperd has spoken on the balance the FCA has been striving to get in its efforts to support the financial services sector, and how it has now a focus of 4 key areas as opposed to the 13 it had a few years ago...

Emma Radmore
18/06/2025

FCA publishes findings of research competition on growth and competitiveness

The FCA has published the findings of the winners of its inaugural economic research competition on growth, competitiveness and regulation in UK financial services. The competition involved funding 3-month long projects, with researchers awarded up to �30,000.
The successful projects were:

What factors affect the demand for finance and longevity of newly listed firms? – University of Birmingham
Tail risk and consumer protection: implications for growth – University College London
Improving productivity measurement in the UK financial services sector – London School of Economics
Measuring transmission risk in UK financial services – Fathom Consulting
International competitiveness in the UK financial services sector – University of Edinburgh
UK financial services � a data-driven overview for the FCA – Beauhurst

Laura Wiles
18/06/2025

PRA speaks on balancing innovation with regulation

David Bailey of the PRA has spoken on how it is working to help foster innovation in the UK’s banking and insurance sectors. Externally, its efforts to date have focussed on reducing the regulatory burden for firms, particularly so far in relation to insurance reporting and its current work on bank remuneration requirements. It has now embedded its secondary objective into the way it works, which has resulted in immediate policy decisions in areas such as Basel 3.1, where it will take the opportunity of the need to implement international standards to tailor its rules to reflect UK-specific circumstances. It now also has both a new bank and new insurer start up unit, run jointly with the FCA.
The PRA also needs to get the balance right between on the one hand setting lengthy and detailed expectations and on the other limiting itself just to high level principles.� The solution is probably a middle ground, but an approach that needn’t be the same for each issue.

Emma Radmore
18/06/2025

Data (Use and Access) Bill: now agreed

The Data (Use and Access) Bill (DUA Bill) has been agreed upon and is now awaiting Royal Assent. This significant milestone follows a lengthy and complex journey through Parliament, marked by debates and amendments, particularly in the latter stages around the issue of whether the DUA Bill should cover transparency on AI models using copyrighted works to train the models (a topical but somewhat tangential issue to the core subjects covered in the Bill).� This led to a “ping pong” between the Lords and Commons where we saw a number of passionate debates on the topic of transparency. Baroness Kidron, speaking on behalf of creatives in the Lords, talked about the UK Government cosying up to tech companies. She said she has spoken to AI academics and tech companies and one such said to her “of course we prefer it for free, but if you don’t protect your IP, we will take it just like we did your high street”. Baroness Jones of Whitchurch, the Under Secretary of State for DSIT, stated that the Government will soon work on more comprehensive AI legislation. She emphasized the need to await the outcome of the economic impact assessment and the report on AI and copyright to determine what further actions, including legislation, might be necessary. After a few weeks of intense debates, where the tension between the rights of creators and the interests of the UK tech industry was evident, the Lords eventually conceded on the issue of transparency on 11 June 2025 (at least in terms of the DUA Bill).
The DUA Bill aims to harness the power of data to drive economic growth, and make it easier for businesses to use technology while maintaining high standards of data protection.� The DUA Bill will introduce new smart data schemes, establish digital verification services, create a national underground asset register, and simplify the data protection regime in the UK (though less extensively than previously proposed under the last Government). The provisions in the DUA Bill on Smart Data will support open banking in the UK and extend its benefits to an open finance scheme.�Additionally, the DUA Bill proposes changes to the UK GDPR and PECR (the latter governing direct marketing and the use of cookies and similar technology), including the introduction of a new lawful ground of “recognised legitimate interests,” the removal of consent requirements for non-intrusive cookies, the widening of grounds for solely automated decisions, the simplification of scientific research provisions, clarifications on dealing with subject access requests, changes to rules on data exports, and changes to the structure of the Information Commissioner’s Office (ICO).
So what’s next for the DUA Bill? While the commencement is typically 2 months after Royal Assent for Bills, the DUA Bill will take longer. Detailed discussions on secondary legislation will be necessary. Within the first two months, only minor clarifications will be made; however, substantive changes to data protection provisions and ICO governance are expected to take 6 to 12 months. Meanwhile, the European Commission is in the process of evaluating the adequacy of the new data protection regime in the UK to decide if it will continue to provide adequate protection for data flowing from the EU to the UK without additional regulatory protections being required. Businesses and stakeholders should prepare for the upcoming changes and stay informed about the progress of the DUA Bill as it moves towards implementation.
Please get in touch with me (Sheilah) or Victoria Ferguson if you’d like any more information.

Sheilah Mackie
17/06/2025

FCA cancels SPI permission

The FCA has cancelled the permission of a small payment institution which did not in fact start providing payment services and failed to submit regulatory returns. Transfer Now Ltd was registered in January 2019 and...

Emma Radmore
13/06/2025

FCA appoints Deputy CEO

Sarah Pritchard is the new FCA deputy chief executive – having already lead FCA’s supervision, policy and competition division, then its markets function and most recently its consumers and competition arm...

Emma Radmore
10/06/2025

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-Jones
09/06/2025

FCA 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...

Emma Radmore
09/06/2025

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.
 

Emma Radmore
05/06/2025

FCA publishes updated Enforcement Guide

Following considerable sector backlash over – and the FCA’s subsequent revision of – proposals to introduce increase transparency in enforcement with a ‘public interest’ test, the FCA has...

Laura Wiles
03/06/2025

Government completes exit from NatWest

Following almost 17 years of public ownership, the Government has completed its final sale of shares in NatWest Group.
The Government’s involvement with Natwest – formerly Royal Bank of Scotland, RBS – arose when it intervened during the financial crisis to prevent the bank’s collapse. During 2008 and 2009, it provided �45.5bn of funding to stabilise the bank, of which around �35bn has been returned to the Government via the share sales, dividends and fees. The Office for Budget Responsibility highlighted that this shortfall is far less than the economic harm that would have resulted from no intervention.
The exit from NatWest means that the Government has now concluded all banking sector interventions made during the financial crisis.

Laura Wiles
02/06/2025

PRA publishes regulatory digest

The PRA has published its regulatory digest, summarising important developments delivered in May 2025. Key publications included: Consultation on Pillar 2A Phase 1 capital review Updates in respect of the PRA’s...

Laura Wiles
02/06/2025

FCA tests AI large language models on consumer guidance

The FCA has published a research note�on the effectiveness of large language models (LLMs) like OpenAI’s GPT series in consumer-facing financial services.
The research conducted two pilot projects: asking GPT models to generate simplified definitions of complex financial terms, tailored to specific reading ages and supported by examples; and comparing the effectiveness of consumer guidance on cash savings queries generated by LLMs with responses under a traditional website FAQ format.
The key findings were as follows:

While LLMs have strong potential to simplify complex information, enhance readability and accessibility, validating their outputs requires a robust evaluation framework that combines human judgment with automation.
LLM effectiveness is dependent on context – outcomes like user comprehension and engagement were influenced by how the model was embedded within the customer journey, including design and delivery.
There is a strong appetite for AI-drive assistance, with many users responding positively to automated support.

The FCA has also published an engagement paper which outlines proposals for live AI model testing pilots.

Laura Wiles
30/05/2025

FCA to check and update requirements, limitations and directions

The FCA has found that some of its data on the 11,000 requirements, directions or limitations that it currently applies to over 9,000 firms is out of date or has been superseded by new content. It is looking to review and update all these issues as appropriate. It plans just to make any small changes that don’t affect what a firm can or can’t do, but to contact firms to discuss any larger, more substantive changes it thinks necessary. Firms do not currently need to take any action unless the FCA contacts them.� The FCA is looking to make the changes over the next few months, so firms may see changes to the information on the Register.

Emma Radmore
29/05/2025

FCA apologises over mini-bond firms

The FCA has apologised to investors in 2 firms that issued mini-bonds. Basset & Gold plc and Basset & Gold Ltd were appointed representatives of three regulated firms and went out of business in 2022 and 2021...

Emma Radmore
29/05/2025

FCA speaks on rebalancing risk

Dominic Holland, director of market oversight at the FCA, has spoken on how the FCA is working to rebalance risk to spur growth, but not at the expense of consumer protection. His speech, to corporate treasurers...

Emma Radmore
27/05/2025

FCA bans former Credit Suisse VP

The FCA has banned former Credit Suisse Vice President Detelina Subeva for lacking integrity. This is the third ban on former Credit Suisse staff following their roles in conspiracy to commit money laundering, which...

Emma Radmore
27/05/2025

PRA consults on Pillar 2A review

The PRA is consulting on Phase 1 of its Pillar 2A capital review. The paper focuses on how the PRA will address the consequential impacts of the near-final PRA rules implementing Basel 3.1, and also includes proposals to improve information, guidance and transparency for firms. Other proposed changes look to� improve the proportionality of regulation.
The changes address:

credit risk
operational risk
pension obligation risk and
market and counterparty credit risk.

Consultation closes on 5 September.

Michael Lewis
22/05/2025

FCA publishes last quarter operating metrics

The FCA’s operating metrics from the quarter to end March 2025 shows 13 green, 3 amber and just one red – which was due to just one application (an MLD5 registration) being determined after the statutory deadline. 348...

Emma Radmore
21/05/2025

PRA updates approach to international bank supervision

The PRA has updated its SS5/21 and published a policy statement on business within branches of international banks that operate in the UK, and on what it expects from those entities in terms of booking models and liquidity reporting.
It says it has updated its approach to keep its open approach to international banking, while maintaining safety of the UK system. It has increased the thresholds around FSCS-covered deposits by 30% but has also introduced a new indicative threshold of �300m of total retail and small business instant access deposits above which it would expect the bank to have a UK subsidiary rather than a branch. The PRA has made this, and a few other, changes, partly in response to lessons learnt from the Silicon Valley Bank collapse.

Emma Radmore
20/05/2025

Treasury publishes BNPL legislation

The Government has finally published its response to its consultations on regulation of buy-now-pay-later products and services and laid the necessary legislation before Parliament.
The Government had already decided that the BNPL products that should no longer benefit from the article 60F(2) RAO exemption would be those offered by third-party providers – so that those offered by merchants would continue to benefit so long as the products met the conditions of the article. It subsequently consulted on the draft legislation it had drafted to achieve the changes.
However, in response to the draft consultation, it received many representations that allowing merchants to carry on using the exemption created an unlevel playing field, and particularly expressing concerns that large tech and e-commerce platforms would start offering BNPL agreements on a similar scale to third-party lenders. The Government acknowledges this risk but says it is important that low-risk everyday transactions should continue to be within the exemption.� It will monitor developments and respond it if sees any significant change or potential consumer harm.
The Government also intends to proceed with its proposals:

to disapply the CCA information disclosure requirements to BNPL products, so that the FCA can draft its own bespoke rules;
to retain the possibility for the court to make time orders where appropriate; and
to exempt most merchants from the need to become authorised credit brokers in order to promote BNPL products; and
urgently to put in place a temporary permissions regime for firms needing authorisation.

Once the enabling legislation is made, the FCA will then have 12 months to draft, consult on and finalise its rules, and regulation will start from mid-2026. The FCA will consult soon on its rules and will, in its consultation, set out its timescales.

Emma Radmore
19/05/2025

NextCrowd enters administration

Business Agent Limited, trading as NextCrowd and NextFin, has entered administration. The FCA had placed restrictions on the company in July 2024 following significant regulatory breaches. Louise Longley and Julian...

Laura Wiles
16/05/2025

FCA publishes 2024 Financial Lives survey

The FCA has published findings from its 2024 Financial Lives survey. Key findings from the latest report include: 1 in 10 people have no cash savings at all, and another 21% have less than £1,000 to draw on in an...

Laura Wiles
16/05/2025

HM Treasury launches PISCES Sandbox to boost capital markets

HM Treasury has announced the launch of the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES).� This initiative aims to support new and emerging companies to raise capital and scale up while strengthening the UK’s capital markets.
The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, set the legal framework for PISCES.� The Regulations were made on 14 May 2025 and were laid before Parliament on 15 May 2025.� They are scheduled to come into force on 5 June 2025.� This meets the Chancellor’s Mansion House commitment to set up PISCES before the end of May and it expects trading to start in the Autumn.
Alongside the announcement HM Treasury confirmed it will legislate in the next Finance Bill to allow employers, with employee permission, to amend existing enterprise management incentive and company share option plans to include a PISCES trading event as an exercisable event, without losing tax advantages, and exempt PISCES transactions from Stamp Taxes on Shares.� This will make PISCES more appealing and encourage a greater number of businesses to use the platform.
The FCA has been designated as the regulator for the sandbox.� It is mandated to assess applications from eligible operators, impose conditions to ensure transparent trading, enforce robust disclosure requirements, and monitor market practices to prevent abuse.� The FCA will publish its rules soon after the legislation comes into force and will then accept applications to operate PISCES trading events.

Ella Marsh
16/05/2025

Government makes PISCES legislation

The Government has laid the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, the Regulations which set the legal framework for PISCES. This...

Ella Marsh
15/05/2025

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...

Michael Lewis
12/05/2025

FCA updates on whistleblowing data

The FCA has published its whistleblowing data for Q1 2025. Levels of reporting remain fairly consistent, with 281 reports coming in (with 752 allegations in total). Most of the reports were made online, and in 64% of cases the whistleblower shared their identity.� Over a quarter of the allegations related to compliance, closely followed by fitness and propriety.
During the period, the FCA closed 468 reports, taking significant action to manage harm in only 2.6% of cases but contacting the firm to request action or information in 41%.

Emma Radmore
12/05/2025

FCA updates AR data

The FCA has updated its website with details on the appointed representatives population and activity. There are currently around 34,000 active ARs and around 2,500 principals – both figures showing a slight...

Emma Radmore
08/05/2025

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...

Emma Radmore
07/05/2025

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) –...

Emma Radmore
07/05/2025

FCA publishes latest Handbook Notice

The FCA has published its latest Handbook Notice, which confirms updates relating to its new rules on the derivatives trading obligation (DTO) and post-trade risk reduction services. The FCA has made updates to the...

Michael Lewis
02/05/2025

Committee hears evidence on finfluencers

On 30 April 2025, the Treasury Committee heard evidence from the FCA as part of an inquiry on finfluencers. Steve Smart, Joint Executive Director for Enforcement and Market Oversight, and Lucy Casteldine, Director of...

Laura Wiles
02/05/2025

PSR publishes annual plan and budget

The PSR has published its annual plan and budget for 2025/26, highlighting its work in the coming year as it approaches consolidation with the FCA. In the meantime, the PSR retains its remit and powers pending...

Laura Wiles
02/05/2025

Updated RTGS service goes live

The BoE’s updated RTGS service – RT2 – went live on 28 April 2025. RT2 is set to support the BoE’s strategic objectives for RTGS and CHAPS, and to drive innovation and competition in wholesale...

Laura Wiles
30/04/2025

UK Finance updates financial abuse code

UK Finance has published the third version of its Financial Abuse Code, which is designed to increase understanding amongst firms of how to identify signs of economic abuse suffered by their customers, and provides...

Laura Wiles
30/04/2025