On 15 July 2025, the Chancellor of the Exchequer, Rachel Reeves, delivered her second Mansion House speech, having earlier that day announced the so-called Leeds Reforms to “position the UK as the number one destination for...more
On 2 July 2025, the FCA published its long-awaited proposed next steps on addressing non-financial misconduct (NFM) in financial services. In a joint Consultation Paper and Policy Statement (CP25/18), the regulator is...more
7/3/2025
/ Code of Conduct ,
Corporate Misconduct ,
Employee Misconduct ,
Employees ,
Employment Policies ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Guidance Update ,
Joint Policy Statements ,
Joint Statements ,
Policy Statement ,
Professional Misconduct ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
UK
On 10 June 2025, the FCA unveiled its final proposals for the Private Intermittent Securities and Capital Exchange System (PISCES), following a comprehensive consultation process. The proposals mark a significant step in the...more
The regulator has dropped its proposed “public interest” test, but will take certain aspects of its proposals forwards.
On 3 June 2025, the FCA published its final policy (PS25/5) on announcing enforcement...more
Until recently, the UK and EU post-Brexit market abuse regimes remained substantially aligned. However, the passing of the EU Listing Act reforms in 2024 has meant that UK and EU MAR have started to diverge meaningfully for...more
5/12/2025
/ Capital Markets ,
Corporate Governance ,
Disclosure Requirements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Regulatory Reform ,
Insider Trading ,
Listing Standards ,
New Legislation ,
PDMR ,
Regulatory Reform ,
Reporting Requirements ,
Securities Regulation ,
UK
The proposals aim to make the UK regime more proportionate and suggest different rules applying to hedge funds, venture capital firms, and private equity houses.
On 7 April 2025, the FCA published a Call for Input, and HM...more
4/10/2025
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Hedge Funds ,
HM Treasury ,
Investment Funds ,
Private Equity ,
Proposed Rules ,
Regulatory Reform ,
UK ,
UK Brexit ,
Venture Capital
FCA outlines its priorities and areas in which it plans to reduce the regulatory burden for firms. On 25 March 2025, the FCA published its five-year strategy (Strategy), alongside the outcome of its review of retail conduct...more
3/26/2025
/ Consumer Financial Contracts ,
Consumer Financial Products ,
Disclosure Requirements ,
Enforcement Priorities ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FinTech ,
Information Reports ,
Mortgages ,
Regulatory Agenda ,
Regulatory Burden ,
Risk Management ,
UK
The regulator found many examples of good practice, but also published further guidance and case studies to help firms address areas for improvement....more
The regulators have said they will not pursue their proposals on announcing enforcement investigations and on D&I. On 12 March 2025, the FCA and PRA made important announcements regarding the long-awaited outcomes on certain...more
A review of fund and portfolio managers found a number of good practices, but also revealed the need for improvement in areas such as conflict management.
On 5 March 2025, the FCA published the findings from its review...more
3/7/2025
/ Conflicts of Interest ,
Corporate Governance ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Fund Managers ,
Investment Management ,
Portfolio Managers ,
Private Equity ,
Private Funds ,
Risk Management ,
Valuation
Speech focuses on the regulatory change agenda, and confirms that firms are no longer expected to have a Consumer Duty board champion.
On 27 February 2025, the FCA published a speech given by Nikhil Rathi, in which he...more
In this episode of our Connected With Latham podcast series, the final of three episodes complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025” report, London partners Rob Moulton and...more
In this episode of our Connected With Latham podcast series, the second of three episodes complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025” report, London partners Rob Moulton and...more
In this episode of our Connected With Latham podcast series, the first of three episodes complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025” report, London partners Rob Moulton and...more
The FCA proposes moving away from the PRIIPs KIDs to a more flexible, technologically neutral regime, which allows firms to innovate and prioritise good customer outcomes....more
In this publication, we explore some of the core focus areas for UK-regulated financial service firms in the year ahead. In 2024, we saw disruption to the regulatory reform agenda as the unexpected timing of the general...more
On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework for...more
12/20/2024
/ Business Interruption ,
Business Operations ,
Consultation ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Material Disclosures ,
Prudential Regulation Authority (PRA) ,
Reporting Requirements ,
SMCR ,
Solvency II ,
Third-Party ,
Third-Party Service Provider ,
UK
The FCA is approaching its design of the world’s first regulated private/public crossover market with a “private plus” rather than a “public minus” mindset.
On 17 December 2024, the FCA launched a consultation on its...more
12/18/2024
/ Capital Markets ,
Consultation ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investors ,
Private Investment Funds ,
Proposed Rules ,
Retail Investors ,
Sandbox ,
UK
When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...more
12/10/2024
/ Banking Sector ,
Capital Markets ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Finance ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prospectus ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
Scotland ,
Securitization ,
SMCR ,
UK
On 26 November 2024, the PRA and the FCA published a joint Consultation Paper on changes to the remuneration rules (PRA CP16/24, FCA CP24/24). The changes are relevant to banks, building societies, and PRA-designated...more
The regulator has significantly rowed back on aspects of the proposals following industry and government feedback.
On 28 November 2024, the FCA published revised proposals for announcing enforcement investigations....more
IT teams will want to contribute to the debate over the FCA’s proposed changes, which could introduce additional complexities and lead to major IT costs for firms....more
11/25/2024
/ AIFM ,
Compliance ,
Data Collection ,
Derivatives ,
Financial Conduct Authority (FCA) ,
Information Reports ,
Information Technology ,
MiFID II ,
Reporting Requirements ,
Trading Policies ,
UCITS ,
UK
The new regime will take effect on 1 January 2025, but will not diminish the responsibilities of financial services firms relying on the services of critical third parties....more
11/20/2024
/ Bank of England ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Third-Party ,
Third-Party Risk ,
Third-Party Service Provider ,
UK
The regime will have broad reach, although its implementation will likely take several years.
On 14 November 2024, HM Treasury laid out the future UK regulatory regime for environmental, social, and governance (ESG)...more
The UK Chancellor announces a growth-focused agenda for financial services.
On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more
11/15/2024
/ Capital Markets ,
Consultation ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Initiatives ,
HM Treasury ,
MiFID II ,
Proposed Legislation ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Sustainable Finance ,
UK