In an exciting week for consumer credit lawyers, in addition to the consultation paper on the reform of the Consumer Credit Act 1974 (CCA), we also have HM Treasury’s response to the feedback it received from the 61...more
On 29 April, the UK government published draft legislation which will bring currently unregulated cryptoassets, including stablecoins, within the scope of financial services regulation. This is the first of a number of...more
5/5/2025
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Licensing Rules ,
New Legislation ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
Stablecoins ,
UK
The UK Government has announced the abolition of the Payment Systems Regulator (PSR), with a view to driving economic growth and reducing the burdens on business.
The practical impact on firms is yet to be seen, and the...more
The UK’s Authorised Push Payment (APP) Fraud Reimbursement Scheme came into force on October 7, 2024. It requires in-scope payment service providers (PSPs) sending payments through either the Faster Payment System (FPS) or...more
The UK’s Authorised Push Payment (APP) Fraud Reimbursement Scheme came into force on October 7, 2024. It requires in-scope payment service providers (PSPs) sending payments through either the Faster Payment System (FPS) or...more
It has been a long time in gestation but finally, over three and a half years after the Woolard Review highlighted the potential risks of unregulated, but easily available, interest free credit facilities, we have the...more
The PRA has published its final policy on the requirements for non-systemic UK banks and building societies to prepare for a solvent exit. The new rules require all firms in scope to prepare for an orderly solvent exit as...more
In our annual financial services Horizon Scanning webinar, our regulatory team provided an overview of upcoming and expected changes for UK firms.
Partners from our UK team considered regulatory updates on the horizon for...more
On 27 March 2023, the UK’s HM Treasury published draft legislation – The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (the Order). The Order will extend the ‘financial promotion’...more
This paper discusses the way forward for the UK as it moves out of the legislative orbit of the EU and commences the wider regulatory reform programme proposed by the UK government.
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The FCA published its final rules on the Consumer Duty in a Policy Statement on 27 July 2022 (PS22/9) and firms now have until 31 July 2023 to fully implement such rules for new and existing products or services and until 31...more
The FCA published its final rules on the Consumer Duty in a Policy Statement on 27 July 2022 (PS22/9) and firms now have until 31 July 2023 to fully implement such rules for new and existing products or services and until 31...more
The FCA has finalised its new proposed consumer duty regime for UK firms, with a start date of July 2023 (subject to transitional provisions). The first milestone in terms of a relevant firm’s implementation project is 31...more
On 22 September, just two months after the Financial Services and Markets Bill (FSM Bill) was introduced to Parliament, the government introduced the Retained EU Law (Revocation and Reform) Bill (the Brexit Freedoms Bill). ...more
The Financial Services and Markets Bill establishes a new framework for the Bank of England’s regulation of Financial Market Infrastructure (FMI) and in particular central counterparties (CCPs) and central securities...more
The Financial Services and Markets Bill creates a Designated Activities Regime that will impact both authorised and unregulated firms. The Designated Activities Regime is intended to maintain the purview of the Financial...more
This briefing is one in a series on the Financial Services and Markets Bill (FSMB). In this briefing we discuss the revocation of onshored EU law contained in the FSMB, focusing on some questions of relevance to firms.
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On 20 July 2022, just before the UK Parliament’s summer recess, the long awaited Financial Services and Markets Bill (FSM Bill) was introduced to Parliament....more
Almost a year after the Brexit transition period ended and the UK government is beginning to refine its thinking on how the financial services framework should evolve in a post-Brexit world in order to ensure it is fit for...more
HM Treasury's recent publication concludes the Government's review of he payments landscape. In it, the Government sets out its vision for the UK payments sector identifying four priority areas and actions for itself,...more
On 14 May 2021 the FCA published its first Consultation Paper on a new “Consumer Duty” (CP21/13).1 The new Consumer Duty would...
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On 7 January 2021, HM Treasury issued a consultation setting out its proposed approach to UK regulation of cryptoassets, including a regulatory framework for "stable tokens”. The consultation sets out only high-level...more
Over the recent months there has been a proliferation in the development of stablecoins, namely crypto-assets pegged in value to fiat currency or other assets. While the price fluctuations of other crypto-assets make them...more