The Bank of England (the “Bank”) published a consultation paper (“CP”) on 29 July 2025 on proposals to extend Real-Time Gross Settlement (“RTGS”) and CHAPS operating hours. The CP follows the Bank’s 2024 discussion paper on...more
HM Treasury has published an update on the National Payments Vision (NPV), announcing plans to implement a new collaborative model for delivering the UK's next-generation retail payments infrastructure. The Payments Vision...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
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
The Bank of England has outlined its priorities for 2025 in the regulation of Financial Market Infrastructure. In a speech given on 10 February 2024, the Bank of England (the “Bank”) outlined its priorities for 2025 in the...more
After a flurry of AI-related papers from the previous UK Conservative government and regulators in 2023 and the first half of 2024 (and the establishment of the UK’s AI Safety Institute and the AI Policy Directorate),...more
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
On January 13, the NYDFS launched the Transatlantic Regulatory Exchange (TRE), an international secondment program with the Bank of England, which would allow collaboration between regulators by exchanging staff. 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
In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and...more
On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...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
On April 3, 2024, the Bank of England and U.K. Financial Conduct Authority published a joint consultation paper on proposed rules for the incoming digital securities sandbox. The Financial Services and Markets Act 2023...more
Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more
Following feedback to their July discussion paper, the U.K. regulators—the Bank of England, Prudential Regulation Authority and Financial Conduct Authority—have launched a joint consultation proposing rules and regulatory...more
The Bank of England has published a joint consultation paper with HM Treasury on the possibility of a digital pound in the U.K. It is envisaged that the digital pound would be a retail central bank digital currency, to be...more
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority (together, the supervisory authorities) have published a discussion paper proposing measures to supervise and enhance the resilience of...more
report on the Future of Post-Trade. The Taskforce is made up of financial market industry individuals involved in post-trade processing activities and was set up as part of the Bank of England's response to the "Future of...more
The Bank of England (Bank) and the UK Financial Conduct Authority (FCA) published their final report of discussions from the UK Artificial Intelligence Public-Private Forum on February 17. Over quarterly meetings and several...more
The Bank of England and HM Treasury have announced the next steps in the development of a U.K. Central Bank Digital Currency. These include the following...more
Key developments of interest over the last month include: El Salvador: Bitcoin becomes legal tender European Union: European Commission proposes Path to the Digital Decade to deliver EU's digital transformation by 2030...more
UK FinTech: Kalifa Review final report - HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more
Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement...more
SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more
The Bank of England and the U.K. Financial Conduct Authority are establishing the Financial Services AI Public Private Forum that Governor Mark Carney announced in June 2019. The regulators are calling for expressions of...more