The UK Financial Ombudsman Service (FOS) has published a consultation on further changes to its case fee structure. In April, the FOS implemented changes to its charging structure, which included charges for professional...more
HM Treasury (HMT) published a policy statement on the appointed representatives regime, setting out how it proposes to adjust the appointed representative (AR) legislative framework to provide further needed protection for...more
The UK Financial Ombudsman Service (FOS) published its Q1 2025/26 complaints data alongside a press release, revealing a notable decline in case volumes to 68,000, down from 74,600 in the same period last year. Complaints...more
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
Since its inception in 2016, the Senior Managers and Certification Regime (SMCR) has served as a cornerstone of the UK’s financial services regulatory landscape, designed to enhance individual accountability and raise...more
Reform of the appointed representatives (ARs) regime has been on the cards for some time, with an HM Treasury (HMT) call for evidence having been published as far back as December 2021. HMT has now published a policy...more
The Cost Benefit Analysis (CBA) Panel has issued a statement in response to the UK Financial Conduct Authority's (FCA) consultation paper on proposed rules to regulate Deferred Payment Credit (DPC) products, commonly known as...more
The Financial Conduct Authority (“FCA”) published a consultation paper (“CP 25/19”) on the ancillary activities exemption (the “AAE”) on 3 July 2025. The AAE enables commercial users and producers of commodities to undertake...more
HM Treasury (HMT) has published its consultation paper on cross-cutting reforms in the UK regulatory environment in relation to key performance indicators, principles and strategies to be applied by the UK Financial Conduct...more
HM Treasury (HMT) has published a consultation paper setting out proposed reforms to the UK Financial Ombudsman Service (FOS), in tandem with the joint UK Financial Conduct Authority and FOS consultation paper (CP25/22) on...more
The Senior Managers & Certification Regime ("SM&CR") has been a cornerstone of the UK’s individual accountability regulatory framework for banks, insurers and other regulated firms since its introduction in the wake of the...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
On 15 July 2025, HM Treasury, the Financial Conduct Authority (FCA), and the Prudential Regulation Authority (PRA) published consultation papers proposing possibly significant reforms to the Senior Managers and Certification...more
HM Treasury (HMT) has published a policy note and draft statutory instrument on the ancillary activities exemption, which is an exemption (originally introduced in the revised EU Markets in Financial Services Directive) from...more
The UK Financial Conduct Authority (FCA) has launched a consultation on its proposed revised approach to the ancillary activities test (AAT). The AAT is the test that firms must conduct to determine whether they can use an...more
HM Treasury has published a policy paper setting out an update to its final position to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products which led to the laying of the draft secondary legislation, The...more
A number of responses to the Consultation and Call for Input: Future regulation of alternative fund managers published by HM Treasury and the FCA on 7 April have been recently published. These reveal a diversity of views...more
Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q1 2025, we look at consultations relating to the UK AIFMD framework, reporting and notification...more
In this horizon scan for private investment funds, which is aimed at managers based in Europe, we have set out the some of the principal legal and regulatory-focused developments to look out for in the coming months....more
HM Treasury (HMT) has published Phase 1 of its two-part consultation on reforming the Consumer Credit Act 1974 (CCA), accompanied by an updated webpage. The proposals aim to modernise the CCA to better align with new...more
HM Treasury (HMT) has published a response to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products and laid the draft secondary legislation (Financial Services and Markets Act 2000 (Regulated Activities etc)...more
In October 2024, HM Treasury (HMT) published a consultation paper amid perceived concerns related to the “buy now, pay later” (BNPL) sector, including uninformed consumer decisions, affordability checks and levels of...more
The Treasury (HMT) launched a consultation and the Financial Conduct Authority (FCA) published a call for input in April 2025 kick-starting a review of the UK’s regulatory regime for Alternative Investment Fund Managers...more
HM Treasury has confirmed its approach to the regulation of Buy-Now Pay-Later (BNPL) lending in its response to the October 2024 consultation. On 19 May 2025, Government also laid draft legislation before Parliament. Given...more