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Consumer Duty: UK FCA publishes findings from review of digital design in customers’ online journeys

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

UK Mortgage Rule Review: FCA takes first step in introducing targeted flexibilities into the regulatory framework

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 Payments Newsletter including Digital Assets & Blockchain, July 2025

Key developments of interest over the last month include: the UK government's communications in connection with the Chancellor's annual Mansion House speech, and the launch of its Financial Services Growth and Competitiveness...more

UK Mansion House 2025 and Financial Services Growth and Competitiveness Strategy: summary of key initiatives

The Chancellor of the Exchequer has delivered her second Mansion House speech and announced the “Leeds Reforms” in conjunction with publication of the awaited Financial Services Growth and Competitiveness Strategy and related...more

UK Mortgage Rule Review: FCA discussion paper on future of market seeks views on ‘trade-offs and risks’ that changing its rules...

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

The Payments Newsletter including Digital Assets & Blockchain, May 2025

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

UK Mortgage Rule Review: FCA consults on 'first steps' aimed at simplifying rules and increasing flexibility

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

UK payment services: final rules limiting rights for PSPs to exit customer relationships laid before Parliament

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

Consumer Duty: UK FCA raises the bar for international payment pricing transparency

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

The Payments Newsletter including Digital Assets & Blockchain, April 2025

Key developments of interest over the last month include: the Central Bank of Somalia announcing the launch of the Somalia Instant Payment System (SIPS), the country’s first nationwide instant payments infrastructure; the...more

Consumer Duty: UK FCA finds no room for complacency in firms’ treatment of customers in vulnerable circumstances involving...

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

UK PRA Business Plan 2025/26: Priorities evolving towards increasing emphasis on competitiveness and growth

The PRA has published its Business Plan for 2025/26, setting out the workplan for each of its strategic priorities and strategy to advance its primary and secondary objectives. The PRA comments that, alongside its continual...more

FCA Annual Work Programme 2025/26: A work plan reflecting the UK government’s pro-growth mission

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

UK PRA consults on changes to FSCS protection limits and amendments required for Bank Resolution (Recapitalisation) Bill

Proposed increases in the deposit protection limit from £85,000 to £110,000 and in the temporary high balance limit from £1 million to £1.4 million would take effect from 1 December 2025. There would be a transitional period...more

UK Consumer Duty rule review: FCA sets out ‘targeted steps’ to simplify requirements for firms

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 UK government’s Action Plan for regulators – a new approach?

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’s five year strategy (2025-2030)

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

The Payments Newsletter including Digital Assets & Blockchain, March 2025

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

The government’s Action Plan for regulators – a new approach?

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

Mortgages and the UK government’s pro-growth agenda: FCA outlines plans to refine and simplify regulatory regime

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

Payments and the UK government’s pro-growth agenda: FCA seeks feedback on potential changes to contactless limits

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

The Payments Newsletter including Digital Assets and Blockchain, February 2025

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

Big Tech and digital wallets: Regulatory perimeter under review following feedback to UK FCA and PSR call for information

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

UK Public Authorities (Fraud, Error and Recovery) Bill: Banks and EMIs face detailed new information and account direct deduction...

Banks and EMIs will need to consider the impacts of proposed new requirements to comply with information notices and account direct deduction orders on their policies, procedures and controls. For information notices, this...more

Bank of England outlines path to digital pound

On 14 January 2025, the Bank of England ("BoE") published a design note outlining its current thinking relating to the design of a digital pound (the "Design Note") and a progress update summarising the BoE’s work on...more

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