News & Analysis as of

Regulatory Agenda United Kingdom Financial Institutions

A&O Shearman

Mansion House: UK government publishes draft Overseas Recognition Regimes Regulations and Guidance

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Alongside its Financial Services Growth and Competitiveness Strategy, the UK government has laid before Parliament, a draft of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (the ORR...more

A&O Shearman

Mansion House: Bank of England measures to maintain a fit for purpose resolution regime

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The Bank of England (BoE) has published a suite of publications in its capacity as the UK′s resolution authority, covering significant updates in relation to its approach to setting the minimum requirement for own funds and...more

A&O Shearman

FCA plans to modernise client categorisation rules

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The UK Financial Conduct Authority has announced plans to review its client categorisation rules to unlock more investment opportunities for wealthy investors and support capital markets...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

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 3: Prudential Insurance Regulation in Japan

This chapter discusses prudential insurance regulation in Japan. Japan is the fourth-largest insurance market in the world, with a broad customer base and a varied range of offerings. This profile, coupled with ongoing...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Financial Regulation Update

The first four months of 2025 proved busy for the UK’s financial regulators, with both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) publishing their strategy and business plan documents. As...more

A&O Shearman

UK PRA proposed fees for 2025/26

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The Prudential Regulation Authority (PRA) has published a consultation setting out proposals for its fees for 2025/26. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix) and include: (i) the...more

Hogan Lovells

Mortgages and the UK government’s pro-growth agenda: FCA outlines plans to refine and simplify regulatory regime

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Following the FCA’s January 2025 response to the government’s request for ideas to support its growth mission for the UK economy, the regulator has now written to the Economic Secretary to the Treasury, and released other...more

A&O Shearman

IOSCO publishes consultation report on neo-brokers

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The International Organization of Securities Commissions (IOSCO) has published a consultation report on neo-brokers, a subset of brokers which provide online-only investment services and do not operate physical branches....more

Skadden, Arps, Slate, Meagher & Flom LLP

Latest EU Sanctions Extend Asset Freezes, Restrict Oil Industry Dealings and Target ‘Shadow Fleet’

The European Union (EU) has reaffirmed its sanctions policy toward Russia by implementing two rounds of restrictive measures that are intended to further intensify pressure on Russia’s government and economy. Specifically,...more

A&O Shearman

UK FCA multi-firm review findings on suitability reviews

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The UK Financial Conduct Authority (FCA) has published a new webpage setting out their findings of whether financial advisers are delivering the ongoing advice services that consumers have paid for. The review focused on...more

A&O Shearman

HMT to legislate for the UK's move to T+1

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HM Treasury (HMT) has published a response to UK's Accelerated Settlement Taskforce (AST) report recommending a plan for the UK to move to a T+1 settlement cycle for securities trades. HMT accepts the recommendation of 12...more

Latham & Watkins LLP

FCA Updates on Growth and the Consumer Duty

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Speech focuses on the regulatory change agenda, and confirms that firms are no longer expected to have a Consumer Duty board champion. On 27 February 2025, the FCA published a speech given by Nikhil Rathi, in which he...more

Cadwalader, Wickersham & Taft LLP

The UK Moves Closer to T+1 Settlement

As previewed in our prior Cabinet News &Views issue here, the UK’s Accelerated Settlement Taskforce Technical Group has published its implementation plan for the first day of trading for T+1 settlement to be scheduled for 11...more

A&O Shearman

UK Treasury Committee publishes call for evidence on AI in financial services

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The UK Treasury Committee has published a call for evidence on AI in financial services, in light of growing use of the technology across the sector including in retail banking, investment banking, insurance and pensions...more

A&O Shearman

UK Financial Policy Committee response to HM Treasury November 2024 letter on remit and recommendations

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HM Treasury has published a letter (dated 18 December 2024) from Andrew Bailey, Bank of England Governor, in his role as Chair of the Financial Policy Committee. In the letter, Mr Bailey sets out the response of the FPC to...more

A&O Shearman

UK Prudential Regulation Authority response to HM Treasury November 2024 letter on remit and recommendations

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HM Treasury has published a letter (dated December 18, 2024) from Andrew Bailey, BoE Governor, in his role as Chair of the Prudential Regulation Committee. In the letter, Mr Bailey sets out the response of the PRC to HMT's...more

A&O Shearman

UK Prudential Regulation Authority responds to Government on enhancing sustainable economic growth

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The Prudential Regulation Authority has published a letter (dated January 15, 2025) from Sam Woods, PRA Deputy Governor and CEO, to the Government setting out the actions the PRA has taken, and will take, with a view to...more

A&O Shearman

UK Financial Conduct Authority responds on motor finance judgment

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The Financial Conduct Authority has published a letter addressed to the House of Lords Financial Services Regulation Committee on motor finance commission specifically addressing the court of appeal judgement in Johnson v...more

Skadden, Arps, Slate, Meagher & Flom LLP

Policy Updates From the UK Prudential Regulation Authority

The UK Prudential Regulation Authority (PRA) has issued significant policy updates to enhance the regulatory framework for insurers and financial institutions in the UK: - Key among these is the Policy Statement on...more

Cadwalader, Wickersham & Taft LLP

UK Banking and Insurance Regulation Update

The UK’s Prudential Regulation Authority ("PRA") has recently published various statements regarding its current approach to its regulation of banking in the UK, including delaying implementation of Basel 3.1 rules....more

A&O Shearman

New UK Financial Conduct Authority webpages on consumer redress liabilities

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The U.K. Financial Conduct Authority has published two new webpages relating to consumer redress liabilities. The first webpage provides an update for firms on what they should and should not do to tackle polluting behavior...more

Sullivan & Worcester

Prudential Regulatory Authority delays UK implementation of Basel 3.1 to 2027

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In response to global uncertainty the Bank of England’s Prudential Regulation Authority (PRA) has further delayed the implementation of the Basel 3.1 standards in the UK to 1 January 2027. This delay comes just four months...more

Orrick, Herrington & Sutcliffe LLP

NYDFS launches Transatlantic Regulatory Exchange with Bank of England

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

Proskauer Rose LLP

European Regulatory Timeline 2025

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Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2025 impacting a range of UK and European firms within the financial services sector. The key dates have been...more

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