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Competition United Kingdom Financial Services Industry

A&O Shearman

HMT policy statement on the Appointed Representatives Regime: addressing key gaps and proposals for

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The appointed representatives regime has been around longer than many of us might realise, having been introduced in 1986, and so predating our beloved Financial Services and Markets Act 2000 (FSMA) by some years. No doubt,...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Premium Finance Study: Concerns Raised but No Regulatory Changes Proposed

- What is new: Preliminary findings from the Financial Conduct Authority’s (FCA’s) market study of premium finance, which focuses on motor and home insurance, highlight concerns about affordability, value and transparency,...more

A&O Shearman

Mansion House: Financial Services Growth and Competitiveness Strategy

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The UK government has published its Financial Services Growth and Competitiveness Strategy, a ten-year plan to drive growth and competitiveness in the UK financial services sector. The strategy follows a call for evidence...more

A&O Shearman

PRA publishes 2024/2025 secondary competitiveness and growth report

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The UK Prudential Regulation Authority (PRA) has published its 2024/25 competitiveness and growth report, setting out how it has advanced its secondary competitiveness and growth objective (SCGO). The SCGO was introduced...more

A&O Shearman

PSR consults on the revocation of SD4

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The UK Payment Systems Regulator (PSR) has published consultation paper CP25/2 alongside a new webpage, proposing the revocation of Specific Direction 4 (SD4) and its amendment, SD4a. SD4, introduced following the PSR's 2016...more

A&O Shearman

UK CMA review of the SME Banking Undertakings 2002

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The UK's Competition and Markets Authority (CMA) has confirmed its decision to review the remaining SME Banking Undertakings 2002 and has launched its consultation seeking views on whether the undertakings need to be updated....more

A&O Shearman

UK PSR consults on remedies following market review of card scheme and processing fees

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The UK Payment Systems Regulator (PSR) has published its consultation CP25/1 on potential remedies to address findings following the PSR's final report (published on 6 March) on its review of card schemes and processing fees....more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Abolishes Payment Systems Regulator

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

A&O Shearman

UK Payment Systems Regulator to be abolished - what's next?

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The UK Government has announced the abolition of the Payment Systems Regulator (PSR), with a view to driving economic growth and reducing the burdens on business. The practical impact on firms is yet to be seen, and the...more

Hogan Lovells

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

Hogan Lovells on

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

A&O Shearman

UK payments regulators discuss next steps for open banking

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The Financial Conduct Authority and Payment Systems Regulator have set out the next steps for open banking, focusing on variable recurring payments. In the statement the regulators explain the benefits of variable recurring...more

K&L Gates LLP

Brussels Regulatory Brief: November 2024

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On 29 October 2024, the European Union and the UK government finalized the technical discussions on a competition cooperation agreement. This agreement will enable closer cooperation between the UK Competition and Markets...more

A&O Shearman

Mansion House: Financial Services Growth and Competitiveness Strategy

A&O Shearman on

HM Treasury has launched a call for evidence on a proposed Financial Services Growth & Competitiveness Strategy, a key part of the latest Mansion House reforms. Once developed, the Strategy will serve as the central guiding...more

Proskauer - Regulatory & Compliance

Mansion House Speech 2024 – Growth and Competitiveness

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

Latham & Watkins LLP

UK Regulators Set Out Plans on Growth and International Competitiveness

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PRA and FCA speeches recap the regulators’ work to deliver growth and enhance competitiveness, and outline some key upcoming policy work. On 17 October 2024, the PRA and the FCA both published speeches given by their...more

White & Case LLP

High-profile deals in European regulators’ firing lines

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Dealmakers are learning to navigate a stricter regulatory environment as UK and EU authorities take an increasingly interventionist stance Global dealmaking experienced a slowdown in 2023 as the market battled headwinds on...more

Mayer Brown

UK Election Bulletin: What would a Labour government mean for businesses?

Mayer Brown on

Overview - On 22 May 2024, UK Prime Minister Rishi Sunak announced that he had requested permission from King Charles III to dissolve parliament and call a general election. The election will take place on 4 July 2024....more

Skadden, Arps, Slate, Meagher & Flom LLP

Insights Special Edition: Women’s History Month

Celebrating Women’s History Month, we present a special edition of our quarterly Insights publication, highlighting the talent and insights of women at Skadden. The issue spotlights their authorship on such topics as the...more

Jones Day

UK CMA Continues Focus on Groceries with Market Study into Baby Formula

Jones Day on

The UK Competition and Markets Authority ("CMA") launched a market study on 20 February 2024 into baby formula, the latest development in a broader focus on the food and grocery sector....more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Winter 2024

The oversight obligations of boards continue to expand. Recent enforcement actions and new laws in areas such as cybersecurity, artificial intelligence and supply chains create new challenges for boards, as we explain in this...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Insights: Corporate Trends

Global M&A Activity Endures Headwinds in 2023 and Displays Resilience Going Into 2024 - Despite market headwinds, dealmakers have looked to carveouts, spin-offs, joint ventures and other creative deal structures to engage...more

Skadden, Arps, Slate, Meagher & Flom LLP

AI in Europe: Road Map for Navigating the IP, Data Protection and Regulatory Considerations

Organizations developing or using generative AI tools should implement cross-functional governance frameworks to develop and continuously monitor their use of such tools. From the earliest stages of generative AI use,...more

K&L Gates LLP

Brussels Regulatory Brief: June-July 2023

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ANTITRUST AND COMPETITION - The Court of Justice Overturns the General Court’s Judgment Annulling the European Commission’s Prohibition Decision in the Telecom Sector - On 13 July 2023, the European Court of Justice (ECJ) set...more

A&O Shearman

A Boost for U.K. Financial Services - The U.K. Financial Services and Markets Act 2023

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The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more

Goodwin

Generative AI and Financial Services: A Recent View From the UK Regulator

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In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more

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