- What is new: HM Treasury and the UK regulators announced a package of financial services reforms on 15 July 2025, including cross-cutting reforms in the regulatory environment, significant changes to the SMCR regime, a...more
The Bank of England (BoE) has published a speech by Sarah Breeden, Deputy Governor for Financial Stability, at the Point Zero Forum. The subject of the speech was the digitalisation of money and assets, and in particular the...more
The Bank of England (BoE) has announced the launch of the AI Consortium. The consortium will provide a space for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use...more
The UK Payment Systems Regulator (PSR) has published its annual plan and budget for 2025/26. The foreword by Aidene Walsh, Chair of the PSR, references the government's announcement to incorporate the PSR into the FCA and...more
On 8 April, the Bank of England (BoE) has published its response to the discussion paper on reviewing access to Real-Time Gross Settlement (RTGS) accounts for settlement. In the discussion paper, initially published on 8...more
We love a “to do” list! So, following a flurry of announcements from the FCA and publication of the Treasury’s Action Plan aimed at overhauling the current regulatory landscape, what is on the financial regulators’ “to do”...more
On 11 March 2025, the UK government announced its decision to abolish the Payment Systems Regulator (PSR) as part of a broader initiative to reduce regulatory burdens and stimulate economic growth. This action is intended to...more
Representatives of the UK government and regulators spoke at the UK T+1 Accelerated Settlement Market industry event to confirm their support of the UK's move to a T+1 settlement cycle. The Economic Secretary to the Treasury...more
The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England are consulting on proposals to require firms to report operational incidents and material third party arrangements. In the face...more
The Bank of England has updated its approach to stress testing the U.K. banking system. From 2025 onwards, the BoE will move from an annual to a biennial frequency for its main bank capital stress test...more
The Bank of England has published the final report on its system-wide exploratory scenario. The SWES was a 'system-wide' exercise, incorporating a wide range of financial firms and business models, focusing not on the...more
The Bank of England has published a consultation on fundamental rules for financial market infrastructure firms. The BoE proposes to introduce a set of fundamental rules for FMIs incorporated in the U.K. The aim of the...more
The Bank of England published the findings of its third joint survey with the U.K. Financial Conduct Authority on the use of Artificial Intelligence and machine learning in financial services. The survey aims to build on...more
On November 14, 2024, the UK government unveiled its National Payments Vision (the Vision), a strategy designed to reshape the UK’s payments ecosystem. This Vision responds to the findings of the 2023 Future of Payments...more
The Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement on operational resilience for critical third parties (CTPs) in the U.K. financial sector, which includes their final...more
The NPV aims to promote growth and international competitiveness by advancing open banking, re-evaluating the approach to regulating the sector, and continuing the fight against fraud....more
Background On 14 November 2024, the United Kingdom’s Chancellor of the Exchequer delivered a speech setting out the UK Government’s vision to grow and enhance the competitiveness of the financial services sector (the...more
On September 30, 2024, the UK Digital Securities Sandbox was officially declared open. The announcement was made by the Bank of England (BoE) and the UK Financial Conduct Authority (FCA), following the consultation earlier...more
The Bank of England and Financial Conduct Authority have published a joint policy statement providing feedback to responses received to the Digital Securities Sandbox joint consultation (CP24/5). We discussed the proposals in...more
Firms have just over six months until the transition period for implementing the UK Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Bank of England rules and guidance on operational resilience...more
Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...more
In the discussion paper, the UK financial supervisory authorities have not provided a new legal framework or their intended future approaches for regulating the use of AI and machine learning in financial services. However,...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
HM Treasury has published its long awaited Future Regulatory Framework (FRF) Review consultation with proposals for reforms to the UK’s financial services regulatory framework to keep it fit for the future and to reflect the...more
The fourth edition of the Financial Services Regulatory Initiatives Grid has been published today by the Financial Services Regulatory Initiatives Forum. Amongst the initiatives included in the Grid are new climate related...more