HM Treasury has published a policy paper and two related statutory instruments (SI) on its approach to updating the UK's regulatory framework for central counterparties (CCPs). The Financial Services and Markets Act 2023 gave...more
On 15 July 2025, Chancellor of the Exchequer Rachel Reeves delivered her Mansion House 2025 speech unveiling the Leeds Reforms, a programme for financial services reforms to drive investment and growth in the sector....more
The new regime will take effect on 1 January 2025, but will not diminish the responsibilities of financial services firms relying on the services of critical third parties....more
Following its consultation, HM Treasury has published its response to the consultation on the future regulatory regime for ESG ratings providers, along with the draft Financial Services and Markets Act 2000 (Regulated...more
Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more
On 21 March 2024, HM Treasury (HMT) published a policy paper (Policy Paper) setting out its approach to designating critical third parties (CTPs). This follows the Bank of England, Prudential Regulation Authority and...more
As part of measures introduced under the Financial Services and Markets Act (FSMA) 2023, the Financial Conduct Authority (FCA) and the Bank of England (BoE) have published consultations relating, respectively, to maintaining...more
On 4 December 2023, the Financial Conduct Authority (FCA) published a consultation (CP23/26) on the implementation of the UK’s overseas funds regime (OFR). The OFR is a new statutory framework that is intended to provide...more
The Financial Services and Markets Act 2023 which received Royal Assent on 29 June 2023 contains new provisions to establish a regulatory gateway for the approval of unauthorised persons’ financial promotions. This presents...more
Hailed as a landmark piece of legislation and a once in a generation reform to the UK financial services sector, the new Financial Services and Markets Act 2022-2023 which received Royal Assent on 29 June 2023 aims to bolster...more
On 1 February 2023, HM Treasury published a long-awaited consultation paper and call for evidence setting out proposals for the UK’s financial services regulatory regime for cryptoassets. The proposals mark the next stage of...more
In a departure from recent proposals to bring certain cryptoassets into the scope of the Financial Promotion Order, the government intends to introduce a bespoke temporary exemption for financial promotions relating to...more
The UK government signals a diversion from the onshored regime towards a more flexible financial services regulatory framework. HM Treasury has published a consultation paper marking the start of Phase II of its financial...more
This update takes a look at the FCA’s Interim Report and its initial views relating to the review of the provisions of the Consumer Credit Act 1974 (CCA), which show early signs of a more pragmatic approach to regulation than...more