Reform of the appointed representatives (ARs) regime has been on the cards for some time, with an HM Treasury (HMT) call for evidence having been published as far back as December 2021. HMT has now published a policy...more
As part of the FCA's ongoing commitment to share more information on how firms are embedding the Consumer Duty, it has recently published the results of its multi-firm review of digital design in customers' online journeys....more
The FCA has finalised the changes that were proposed in May this year to make it easier for customers to engage with mortgage providers and make reductions to mortgage terms and remortgaging easier. This includes removing the...more
The FCA has recently published the results of its multi-firm review of payments and e-money firms' risk management frameworks and wind-down plans. It once again highlights the need to develop frameworks and plans in-line with...more
Following the FCA’s May 2025 ‘first steps’ consultation on proposals to simplify its mortgage framework via a Mortgage Rule Review (MRR), it has now published a discussion paper on the future of the mortgage market. The...more
Key developments of interest over the last month include: draft legislation to regulate BNPL credit in the UK (in contrast to the de-prioritising of enforcement of BNPL regulatory breaches in the US); final confirmation of UK...more
5/22/2025
/ Buy Now Pay Later (BNPL) ,
CFTC ,
Cryptoassets ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
HM Treasury ,
Payment Systems ,
Regulatory Oversight ,
Stablecoins ,
UK
Following a March 2025 press release and letter to the Economic Secretary to the Treasury announcing plans to improve access to mortgages to support the government’s economic growth mission, the FCA has published a ‘first...more
While recent announcements have focussed on the government’s growth agenda, HM Treasury (HMT) has also now pressed ahead with publishing final draft regulations limiting the rights for banks and other payment service...more
The FCA has published the findings from its review of firms’ approach to pricing transparency when offering UK customers international money remittance and cross border payments. It highlights proactive and clear disclosure...more
Outcomes testing and monitoring under the Consumer Duty, and senior management engagement with these areas, remain key focus areas for the FCA. Whilst the review in question focuses specifically on the treatment of customers...more
Motor finance, mortgage rule review work and Consumer Duty feature prominently in the work plans for this strategic priority. Firms should note that the FCA includes a warning in relation to the Duty that, where necessary, it...more
4/14/2025
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Protection Laws ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FinTech ,
Mortgages ,
Open Banking ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
UK
Following feedback to its July 2024 Call for Input (CfI) on placing greater reliance on the Consumer Duty instead of specific rules and guidance, the FCA won’t be carrying out a wholesale Handbook review. It has instead...more
The government has published a policy paper containing an Action Plan for “A new approach to ensure regulators and regulation support growth”. The Action Plan shows a shift in approach towards regulation (including, but not...more
The FCA has published a Strategy Paper, outlining its strategy for the next five years. The FCA says it will focus on four priorities: (i) being a smarter regulator; (ii) supporting sustained economic growth; (iii) helping...more
Key developments of interest over the last month include: the UK government publishing a pro-growth Action Plan for regulators and regulation, including pledges from the FCA of relevance to payments and digital assets firms;...more
3/25/2025
/ BaFin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FinTech ,
HM Treasury ,
Popular ,
Regulatory Reform ,
UK
The government has published a policy paper containing an Action Plan for “A new approach to ensure regulators and regulation support growth”. The Action Plan shows a shift in approach towards regulation (including, but not...more
Following the FCA’s January 2025 response to the government’s request for ideas to support its growth mission for the UK economy, the regulator has now written to the Economic Secretary to the Treasury, and released other...more
Following the FCA’s January 2025 response to the government’s request for ideas to support its growth mission for the UK economy, the FCA has now published an engagement paper seeking feedback on the different ways that it...more
Key developments of interest over the last month include: a new Bill containing detailed new information and account direct deduction obligations for banks and EMIs being introduced to the UK Parliament; the issuing of a...more
Potential issues identified from stakeholder feedback to the FCA and PSR call for information include insufficient competition between digital wallets and between payment systems within digital wallets. The majority of...more
Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau looking at digital payment privacy and consumer protections; the UK FCA publishing a discussion paper on admissions and...more
1/23/2025
/ Banking Sector ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Cryptocurrency ,
Data Privacy ,
Digital Assets ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
Financial Institutions
Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau publishing a final rule on federal supervision of Big Tech and other widely used digital payment apps; the UK FCA...more
On 26 November 2024, the FCA published a number of communications relating to its approach to developing the future cryptoassets regime for the UK, including a roadmap for the development and introduction of the UK’s...more
Key developments of interest over the last month include: the UK Chancellor of the Exchequer makes her first Mansion House speech and HM Treasury publishes the National Payments Vision, indicating a focus on economic growth...more
At her inaugural Mansion House speech on 14 November 2024, the Chancellor of the Exchequer outlined a number of key policy initiatives for the UK financial services sector. This note sets out the main initiatives, which...more