Technology & Cyber regulatory updates from United Kingdom.
We track 175 Technology & Cyber updates from United Kingdom regulators, published by BoE, FCA and PRA. The archive covers 92 news items, 69 speeches and 5 guidance notes. Most recent update: September 2026. Coverage runs from 2025 to 2026.
Speech by Nikhil Rathi, FCA chief executive at TheCityUK dinner, sponsored by Nasdaq. Thank you to TheCityUK and Nasdaq for bringing us together this evening.It’s a fitting venue for us to discuss market transitions: the former HQ of Midland Bank, which of course became part of HSBC.And now HSBC Orion has become the…
Why this matters
This is a substantive policy speech from FCA leadership outlining strategic regulatory approach to emerging technologies (tokenisation, AI, stablecoins, digital assets) in wholesale markets.
Speech by Lucy Castledine, director of consumer investments, at the 2026 Investor Summit. Speaker: Lucy Castledine, director, consumer investmentsEvent: Investor Summit 2026, LondonDelivered: 18 September 2026Note: This is the speech as drafted and may differ from the delivered versionReading time: 7 minutesKey…
Why this matters
This is an FCA director's speech outlining the regulator's strategic direction on retail investments. It references several live or imminent regulatory changes: the Targeted Support regime (already live in April 2026 with 9 authorised firms), simplified advice framework (consultation completed, policy statement...
The Securities Lending Committee is a forum for market participants and authorities to discuss the UK securities lending market.
Why this matters
This is an informational document recording a Securities Lending Committee meeting. It discusses ongoing initiatives (T+1 settlement transition, digital asset infrastructure, tax harmonisation) and market conditions, but contains no new rules, final guidance, or enforcement precedent.
On 2026-08-27, the Bank of England deferred the entire November 2026 RTGS standards release, including CHAPS messaging standards, following Swift’s decision to delay its corresponding Standards Release 2026. The immediate reason is industry concern about global readiness for removing fully unstructured postal addresses; the revised timetable has not been announced, so firms must replan while preserving interoperability and avoiding parallel implementation risks.
Key dates
2026-08-27
The Bank of England announced deferral of the entire November 2026 RTGS standards release, including CHAPS messaging standards; Swift announced the corresponding Standards Release delay on the same date.
2026-12-31
Swift has indicated that it will provide an update on the optimal timing and approach for the structured-address change by December 2026 at the latest; this is an expected communications milestone, not a confirmed implementation deadline.
Suggested considerations
Firms should update regulatory-change inventories and project plans to record that the November 2026 RTGS and CHAPS standards release has been deferred, without assuming that the change has been cancelled.
CHAPS and RTGS participants should obtain the BoE’s revised implementation timetable and monitor the BoE ISO 20022 implementation page, participant communications and Swift governance updates, including the expected update by December 2026 at the latest.
Compliance and payments teams may wish to preserve completed analysis and technical preparations for structured or hybrid postal addresses, while reassessing sequencing, testing windows, release dependencies and vendor delivery dates against the revised timetable.
Firms should distinguish the deferred BoE/CHAPS release from any other payment-system or bilateral requirements that may continue on their original schedules, and should confirm the treatment of address validation, message rejection, exception handling and operational support with relevant counterparties and vendors.
Technology and operations teams should maintain regression-test environments and data-quality remediation plans so that implementation can resume without restarting discovery or delaying future mandatory testing.
Firms using both CHAPS/RTGS and Swift CBPR+ should assess whether the coordinated deferral changes their customer communications, correspondent-bank testing, operational-resilience scenarios, payment-routing controls and incident-management assumptions.
Governance committees may wish to record the deferral as a schedule and dependency change rather than as a reduction in scope, because the BoE states that the November release is deferred in its entirety and provides no indication that the underlying standards work is withdrawn.
What changed
The November 2026 RTGS standards release will not proceed as originally planned and has been deferred in its entirety rather than being split into separate changes. This includes the RTGS messaging standards applicable to CHAPS payments. The decision maintains alignment with Swift’s deferred CBPR+ release and means that the previously expected 2026-11-14 removal of fully unstructured postal addresses should not be treated as the operative BoE/Swift implementation date; Swift has indicated that it will consult market participants and provide an update by December 2026 at the latest.
Compliance impact
The publication does not create a new binding obligation or enforcement deadline; it changes the implementation timetable for a major payment-message standard and reduces the immediate risk of incompatible or prematurely separated BoE and Swift changes. The practical impact remains material for CHAPS and cross-border payment operations because industry commentary indicates that fully unstructured CBPR+ addresses were previously expected to be rejected or negatively acknowledged after 2026-11-14, but that date is now superseded for the deferred Swift release pending a revised timetable.
Four in 5 less experienced investors have used AI for help with investing – and around two-thirds report doing so occasionally or regularly. New research focused on 18- to 40-year-olds who own or are considering investments showed that 56% trust AI tools, more than TV and radio (47%), press (46%) or social media…
AI Analysis
The FCA published research on 2026-08-27 showing that 56% of surveyed UK investors aged 18 to 40 trust AI tools for investment-related information, while 44% incorrectly believe AI-generated financial information is regulated. The publication does not introduce new rules or deadlines, but it signals heightened FCA concern about consumer misunderstanding, the boundary between general-purpose chatbots and regulated financial advice, and the absence of FSCS or Financial Ombudsman Service protection for unregulated AI outputs.
Key dates
2026-07-24
The FCA conducted the Attest quantitative survey of 666 UK adults aged 18 to 40 who owned investments or were considering buying investments within 12 months.
2026-08-27
The FCA published the press release and research findings on young investors' trust in AI.
Suggested considerations
Compliance teams may wish to map all AI use cases across investment research, recommendations, suitability, appropriateness assessments, client communications, and financial promotions, distinguishing general-purpose tools from systems specifically configured to provide financial advice.
Firms should consider assessing whether any AI-generated output amounts to a personal recommendation, regulated advice, or a financial promotion under the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, rather than relying on the technology's general-purpose label.
Firms using AI in regulated activities should consider applying the same suitability, appropriateness, customer understanding, disclosure, record-keeping, oversight, and accountability standards that apply to equivalent human-led processes.
Customer-facing communications may warrant clear explanation that general-purpose chatbot outputs are not FCA-regulated advice and do not themselves create entitlement to FSCS compensation or access to the Financial Ombudsman Service.
Compliance teams may wish to test AI outputs for hallucinations, stale or unsupported sources, misleading performance claims, inappropriate personalisation, bias, and inadequate risk warnings, with escalation and human-review controls for higher-risk outputs.
Firms should consider reviewing whether AI-generated content used in promotions complies with the FCA financial promotion restriction in section 21 of the Financial Services and Markets Act 2000 and applicable FCA financial-promotion rules.
Governance reviews may include vendor due diligence, approved-use restrictions, audit trails, model-change monitoring, incident reporting, staff training, and controls preventing customers or staff from treating AI output as a substitute for regulated advice.
Firms may wish to monitor the FCA's expected late-2026 publication on good and poor AI practice and any subsequent FCA, HM Treasury, or industry measures addressing advice-like outputs from general-purpose AI.
What changed
No binding regulatory requirement, rule, prohibition, or implementation deadline was introduced. The FCA clarified its current supervisory position that general-purpose AI chatbots are not regulated by the FCA where they respond to varied prompts and are not specifically established to provide financial advice, research, or decision-making support. By contrast, an AI tool specifically deployed to provide financial advice would be likely to fall within the FCA's remit and could engage the existing UK regulatory framework for regulated advice and financial promotions.
Compliance impact
The immediate impact is supervisory and conduct-related rather than a new legal obligation: firms should expect greater scrutiny of AI-enabled advice, investment communications, consumer understanding, and the distinction between regulated and unregulated services. Poor controls could contribute to unsuitable recommendations, misleading financial promotions, consumer harm, complaints, enforcement under existing FCA rules, and disputes in circumstances where FSCS or Financial Ombudsman Service protection does not apply.
Five fast-growing firms have joined the FCA’s Scale-up Unit, receiving tailored support to help them innovate, navigate regulation and grow sustainably. ClearScore, Modulr, Teya, Urban Jungle and Zilch, spanning payments, consumer finance, credit information and insurtech, are the first firms regulated solely by the…
Why this matters
Informational announcement about FCA's Scale-up Unit program supporting high-growth firms across multiple sectors. Covers regulatory support, governance frameworks, and risk management for scaling businesses. No immediate compliance deadline or critical requirement indicated.
Firms tell us that complying with our requirements can be a burden. They have to keep up with changes, understand what we expect and embed new practices across multiple systems and teams. All of this takes time and resources.Of course, firms must meet their regulatory responsibilities – but we want to make it as…
AI Analysis
The FCA is making Handbook data accessible through an API so firms can more easily access current rules, guidance, and updates in a machine-readable format. This matters because compliance teams can now automate rule mapping, change tracking, and regulatory-content ingestion into existing systems, which may reduce manual effort and improve timeliness of regulatory change management.
Key dates
TBD
- The Handbook API is launched and made available for use by registered Handbook website users
TBD
- Firms may choose to adopt the API directly, through third-party providers, or continue using the Handbook website and its refreshed search and tracking features
Suggested considerations
Review whether current regulatory-change monitoring processes would benefit from ingesting FCA Handbook data through the new API.
Confirm that your firm has a free Handbook website account and that internal users or vendors accessing the API are covered by the FCA’s terms and conditions.
Assess whether the firm should connect the API directly to internal compliance systems or route access through a RegTech provider.
Update internal governance for change management so that teams can use the API’s current-version content as the authoritative source for Handbook analysis.
Rework rule-mapping, obligations registers, and control libraries to take advantage of structured Handbook content where this improves efficiency and accuracy.
What changed
- The FCA has introduced the Handbook API to provide Handbook content in a structured, machine-readable format that systems can consume directly.
The API is free to use for registered users with a free account on the FCA Handbook website, but use is subject to the FCA’s terms and conditions.
The API is designed to support compliance monitoring, regulatory and policy change management, and other RegTech use cases.
The API returns the latest version of Handbook content and does not provide historic Handbook versions.
The API can be accessed only through compatible external applications such as Postman or RapidAPI, rather than directly through the website interface.
Compliance impact
The direct compliance risk is low to medium, because the publication does not impose new substantive regulatory obligations, but it can materially improve firms’ ability to identify and implement existing obligations faster. Firms that fail to adapt may face higher operational risk in regulatory-change management, including delayed implementation of Handbook updates and weaker evidence of effective oversight.
The Artificial Intelligence Consortium (AIC) aims to provide a platform for public-private engagement to further dialogue on the capabilities, development, deployment, use, and potential risks of artificial intelligence (AI) in UK financial services.
Why this matters
This is an informational meeting summary from the Bank of England's AI Consortium documenting regulatory guidance on AI risk management. It covers multiple sectors through consortium membership and addresses cross-cutting themes of AI governance, model risk, contagion risks, concentration risks, and edge cases.
Think of the last time you made a payment, transferred money, used a banking app or logged on to online financial services. Did you give much thought to the infrastructure that makes those essential everyday transactions possible?Let’s be honest, you probably didn’t. Most people don’t – until something goes…
Why this matters
FCA speech announcing the live Critical Third Parties (CTP) oversight regime. Addresses system-wide operational resilience risks from common third-party service providers (cloud, technology, data providers). Informational content explaining new regulatory framework and expectations for firms and CTPs.
Letter from Governor Andrew Bailey to the Daily Mail on the subject of AI and cyber-attacks
Why this matters
Governor's letter addressing frontier AI risks to financial sector cybersecurity. Discusses regulatory expectations for cyber defences, stress testing, and international coordination on AI model testing. Informational/transparency-focused communication rather than new regulatory requirement, hence null urgency.
Anthropic will support the second group of firms in the FCA's Supercharged Sandbox. The Sandbox is a controlled environment where firms can safely experiment with advanced AI.Anthropic will provide access to Claude for participants – including Claude Code and Claude Cowork – to help speed up their development work.The…
Why this matters
Informational announcement about FCA's Supercharged Sandbox program supporting AI experimentation across multiple financial services use cases including payments, fraud detection, and compliance automation.
Speech by PRA official on role of research in prudential regulation. Discusses capital requirements framework, remuneration rules, funded reinsurance, AI regulation, and innovation. Informational content setting out PRA's research-driven policy approach rather than announcing new regulatory requirements.
Given at The Financial and Professional Services Dinner, Mansion House
Why this matters
Speech by BoE Governor Andrew Bailey addressing economic growth and regulation. Key focus on bank capital requirements, payments modernization (including tokenized money and stablecoins), and AI/frontier AI risks to financial stability. Informational/policy guidance content rather than urgent regulatory action.
The Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the FCA will start overseeing the first critical third parties (CTPs) on Monday 13 July 2026, following designation by the Treasury. CTPs are technology and other service providers whose services underpin the UK financial system. Today, the…
AI Analysis
The Bank of England, PRA and FCA will begin **direct, joint oversight of the first designated Critical Third Parties (CTPs) from 13 July 2026**, covering four major cloud and technology providers whose services underpin UK financial markets. This materially changes the operational resilience landscape: while regulated firms remain fully responsible for their own outsourcing and third‑party risk management, critical dependencies on AWS, Google Cloud, Microsoft and Oracle will now sit within a separate supervisory regime focused on system‑level resilience and incident management.
Key dates
12 November 2024
- UK regulators publish final policy and supervisory materials setting out the CTP oversight regime, including Fundamental Rules and operational risk and resilience requirements
01 January 2025
- CTP rules and oversight regime take legal effect, but only apply once a provider is designated as a CTP
13 July 2026
- Regulations for CTP oversight come into effect for the first designated CTPs; Bank of England, PRA and FCA formally start supervising AWS EMEA, Google Cloud EMEA, Microsoft Ireland Operations and Oracle UK as CTPs
Suggested considerations
Review and update the firm’s operational resilience framework, including impact tolerances and scenario testing, to explicitly incorporate systemic risk arising from reliance on the designated CTPs and potential correlated failures affecting multiple services or regions.
Re‑assess outsourcing and third‑party risk management policies to ensure they clearly distinguish between obligations placed on regulated firms and those placed directly on CTPs, while maintaining robust due diligence, ongoing monitoring and exit strategies for all CTP‑hosted services.
Engage with designated CTPs (through account management, risk and security channels) to understand their approach to compliance with the CTP regime, including incident reporting arrangements, resilience testing, communication protocols and any new assurance artifacts they plan to provide.
Update board and senior management reporting so that reliance on designated CTPs, associated systemic risk and regulatory developments under the CTP regime are regularly monitored and discussed at appropriate governance forums (e.g. risk committee, operational resilience committee).
Review major incident management and crisis communication playbooks to ensure they include specific escalation paths, contact points and joint incident handling procedures with designated CTPs and relevant regulators.
What changed
- A new CTP oversight regime becomes operational on 13 July 2026, under which the Bank of England, PRA and FCA will jointly supervise certain technology and service providers whose failure could...
HM Treasury has made the first formal CTP designations: Amazon Web Services EMEA SARL, Google Cloud EMEA Limited, Microsoft Ireland Operations Ltd and Oracle Corporation UK Limited.
Designated CTPs must identify and manage risks to their critical services effectively, including governance, risk management and operational resilience arrangements specifically focused on services...
CTPs are required to maintain open, timely communication with regulators and with firms that rely on them, particularly during major incidents, implying strengthened incident reporting,...
The three regulators will jointly oversee CTPs under a proportionate regime focused on resilience of “critical services”, including assessing and mitigating system‑level risks and reducing the risk...
Compliance impact
Non‑compliance primarily affects regulated firms through weaknesses in operational resilience and third‑party risk management, rather than direct CTP rule breaches, but could result in supervisory findings, remediation programmes, restrictions on business growth and, in serious cases, enforcement action. For designated CTPs, failure to meet the regime’s requirements may trigger direct regulatory intervention, including directions on how services are provided, which can materially impact firms that rely on those services.
The Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority will start overseeing the first Critical Third Parties on Monday 13 July 2026, following designation by HM Treasury.
Why this matters
Informational announcement of new CTP oversight regime effective July 13, 2026. Affects all UK financial firms relying on designated cloud/technology providers (AWS, Google Cloud, Microsoft, Oracle). Establishes joint BoE/PRA/FCA supervisory framework for critical third-party resilience under FSMA 2023 amendments.
Speech by Sarah Pritchard, deputy chief executive, at a Breakfast Briefing at The Whitehall Industry Group. As everyone who has wrestled with a problem knows, getting to the right answer is about more than just understanding the question.It’s about having a firm grasp on your constants.We’re working with 2. And they…
Why this matters
This is an informational speech by FCA deputy chief executive outlining regulatory strategy and operational achievements. It covers broad regulatory priorities including growth, consumer protection, and innovation across multiple sectors.
Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
Why this matters
FPC policy record documenting financial stability assessment and regulatory actions. Key focus: AI-related financial stability risks (cyber/operational resilience), capital framework modernization, leverage in equity markets, private credit vulnerabilities, and frontier AI threats.
The review sets out how AI could reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond. Led by FCA executive director Sheldon Mills and commissioned by the Board, The Mills Review is the first work of its kind initiated by a regulator globally.Drawing on views from across…
Why this matters
FCA's landmark Mills Review on AI impact in retail financial services is informational/strategic guidance. Addresses AI-driven operational transformation, consumer protection concerns, fraud/cyber risks, and regulatory framework adaptation across the financial services sector. Applies broadly to all regulated firms.
The Retail Payments Infrastructure Board (RPIB), led by the Bank of England, recently published a consultation on the future retail payments infrastructure.To support the consultation, the Payment Vision Delivery Committee (PVDC) which comprises representatives of HM Treasury, the FCA, Bank of England and the PSR, has…
AI Analysis
The FCA statement confirms that the Retail Payments Infrastructure Board (RPIB), led by the Bank of England, has launched a major consultation on the **design of the future UK retail payments infrastructure**, supported by contextual material from the Payments Vision Delivery Committee (PVDC). This marks a key implementation step in the UK National Payments Vision, with significant implications for commercial models, access, consumer protection and financial crime controls across all retail payment schemes and providers.
Key dates
Autumn 2026
(TBD) - PVDC expected to publish its detailed **strategy for retail payments infrastructure**, setting key priorities for next‑generation infrastructure and aligning with the National Payments Vision
Q2 2026
(already in train) - HM Treasury consultation on retained EU payments law and FCA engagement paper (Payments Forward Plan context; relevant for alignment with infrastructure changes)
25 June 2026
- Retail Payments Infrastructure Board consultation on the design of the Future Retail Payments Infrastructure is launched
11 September 2026 Deadline
- Deadline for submission of responses to the RPIB consultation on the future retail payments infrastructure
Suggested considerations
Assess and document your firm’s current and projected use of UK retail interbank payments (including Faster Payments, account‑to‑account, and cross‑border flows) to inform your response to the RPIB consultation.
Prepare and submit a coordinated consultation response to the RPIB by 11 September 2026, covering your views on payment journeys, design choices, consumer protection needs and financial crime controls.
Review your firm’s commercial and pricing models for interbank payments to understand how potential changes to the future infrastructure’s commercial model could affect revenue, costs and access.
Map dependencies between your operational resilience framework and the existing UK retail payments infrastructure, and identify key risks and mitigants under a transition to the next‑generation infrastructure.
Engage with industry bodies, Pay.UK and relevant trade associations to align positions on access, interoperability, fraud management, and technical standards for next‑generation retail payments.
What changed
- A new governance and delivery model for UK retail payments infrastructure is being operationalised, with strategy set by the PVDC, design work led by the RPIB, and implementation by a new...
The RPIB has launched a formal consultation on the design of the future retail payments infrastructure, seeking views on payment journeys, key design choices and priorities.
The PVDC has published additional context to support stakeholders’ reading of the consultation, including expectations for the commercial model, consumer protection outcomes and financial crime...
Responsibilities across the ecosystem are being reset, with clearer roles for public authorities (HM Treasury, Bank of England, FCA, PSR), Pay.UK, and industry participants in designing and...
Next‑generation infrastructure is expected to support account‑to‑account payments at point of sale, enhanced cross‑border payments, and interoperability with new forms of digital money (including...
Compliance impact
Non‑engagement with this consultation and subsequent strategy may leave firms exposed to future infrastructure, access and fraud‑control requirements that they have not planned or invested for, with potential operational disruption, competitive disadvantage and heightened regulatory scrutiny. In the medium term, failure to adapt to the new infrastructure model could impair compliance with payment systems regulation, operational resilience expectations and Consumer Duty outcomes.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Why this matters
This is meeting minutes from the London FXJSC covering FX market developments, operational resilience workflows, digital asset adoption in FX, and benchmark regulation updates. Content is informational/governance-focused rather than requiring urgent action.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Why this matters
Meeting minutes documenting regulatory framework updates on FX benchmarks (BMR), stablecoins/cryptoassets, and AI deployment. Covers EU and UK regulatory approaches with forward-looking agenda items on cryptoasset regulation and benchmarks.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Why this matters
This is an informational meeting minutes document from the London FXJSC Operations Sub-Committee covering FX market infrastructure, clearing developments, and operational resilience frameworks.
Speech by Bank of England Deputy Governor on AI's financial stability implications. Addresses cyber resilience risks from agentic AI, autonomous trading systems, and AI-enabled payments. Discusses operational resilience frameworks, stress testing, and regulatory adaptations needed across financial sector.
Speech by Alison Walters, director of consumer finance at the Credit Week: Powering the Future of Finance event. We all recognise that consumer credit plays a vital role in the real economy and in people’s everyday lives, supporting households, enabling opportunity, and helping people manage financial pressures. But…
Why this matters
FCA speech outlining regulatory vision for consumer credit market evolution. Covers Consumer Duty implementation, Buy Now Pay Later regulation, AI/technology adoption, open finance, and data-driven supervision. Informational/strategic guidance rather than urgent enforcement action.
Today marks a major milestone in the modernisation of the UK's payments landscape, with the Retail Payments Infrastructure Board (RPIB) launching a consultation on the future design of the UK's next-generation retail payments infrastructure.
AI Analysis
The Bank of England‑chaired Retail Payments Infrastructure Board (RPIB) has launched a formal consultation on the **design of the next‑generation UK retail payments infrastructure**, with responses due by 11 September 2026. This is a strategic, upstream change that will reshape core retail interbank rails (Faster Payments, Bacs, cheques) to support account‑to‑account point‑of‑sale payments, enhanced cross‑border functionality and a multi‑money ecosystem, creating significant medium‑term impacts for payment firms’ technology, access models, fraud controls and operational resilience.
Key dates
15 July 2025
– Payments Vision Delivery Committee agrees the new public‑private model to deliver the next‑generation UK retail payments infrastructure under the National Payments Vision
Late 2026
– HM Treasury and the Bank of England are expected to publish conclusions on whether, and in what form, to proceed with a digital pound, which will influence infrastructure design and multi‑money functionality (date inferred as “later this year”)
25 June 2026
– Retail Payments Infrastructure Board consultation on the design of the future UK retail payments infrastructure is launched
11 September 2026 Deadline
– Deadline for stakeholders to submit responses to the RPIB consultation on the next‑generation retail payments infrastructure
Suggested considerations
Identify internal stakeholders (payments product, technology, operations, legal, compliance, risk) and establish a formal project to coordinate your firm’s response to the RPIB consultation.
Perform a gap analysis of your firm’s current use of Faster Payments, Bacs and cheque imaging, focusing on account‑to‑account capabilities, cross‑border flows, fraud and financial crime controls, customer authentication and operational resilience.
Map and document key payment journeys relevant to your firm (e.g. point‑of‑sale account‑to‑account payments, bill payments, peer‑to‑peer transfers, ecommerce, cross‑border transactions) to enable substantive feedback on user needs and design priorities.
Assess your firm’s strategic interest in account‑to‑account payments at the point of sale and enhanced cross‑border services, and identify functional requirements (APIs, messaging, reconciliation, chargeback‑like protections) that should be reflected in the consultation response.
Review emerging regulatory publications under the National Payments Vision and Payments Forward Plan to ensure your consultation input aligns with expected regulatory outcomes on access, competition, resilience and innovation.
What changed
- The RPIB has opened a consultation to develop a high‑level “blueprint” for the future UK retail payments infrastructure, which will underpin the National Payments Vision and inform the design to be...
The consultation scope explicitly covers payment journeys, key design choices and priorities for the next‑generation infrastructure, rather than setting immediate prescriptive rules for firms.
The next‑generation infrastructure is intended to support new payment methods, including account‑to‑account payments at the point of sale (in‑store and online) as a complement to card payments, and...
Existing retail interbank payment systems (Faster Payments, Bacs, Image Clearing System) operated by Pay.UK will continue to run safely and resiliently during the transition, implying a multi‑year...
The new infrastructure is being designed to support a multi‑money ecosystem, including existing commercial bank money and emerging forms of digital money (e‑money, tokenised deposits, systemic...
Compliance impact
Non‑participation or limited engagement in this consultation increases the risk that future mandatory infrastructure changes will be misaligned with your business model, creating costly remediation, migration risks and potential non‑compliance with future access, resilience and fraud‑control obligations. In the medium term, failure to adapt systems, controls and governance to align with the redesigned infrastructure and National Payments Vision outcomes could threaten your ability to access core payment systems and maintain regulatory permissions.
Speech by Nikhil Rathi, FCA chief executive at techUK's Agents of Change: Generative and Agentic AI in Financial Services 2026. On joining the FCA over five years ago, I said we would become as much a data and tech regulator as financial services regulator.Being invited to speak here today reflects that.We’re building…
Why this matters
This is a regulatory speech outlining FCA's strategic approach to AI regulation rather than a binding directive. It addresses cross-sector implications of AI adoption (agentic systems, tokenisation), emphasizes operational resilience risks from third-party dependencies and frontier AI, and discusses market...
This is a cookie policy notice and website navigation content, not regulatory intelligence. The referenced document (Megan Greene's CV and questionnaire for Treasury Select Committee) is not included in the provided text.
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
Why this matters
Bank of England Court meeting minutes documenting governance decisions, cyber security updates, operational initiatives (SharePoint migration, Leeds expansion), and risk management oversight.
The first meeting of the RTGS CHAPS Industry Forum
Why this matters
This is an informational summary of the inaugural RTGS CHAPS Industry Forum meeting. It covers strategic planning for real-time gross settlement and CHAPS payment systems, including roadmap updates, near 24/7 settlement hours strategy, and operational resilience considerations.
Firms are using AI to drive efficiency, support decision-making and deliver better outcomes for consumers and markets. We want to support that innovation. But it must be safe, responsible and well governed.We have been clear that we are not going to introduce new regulations for AI. Instead, we’ll rely on existing…
Why this matters
FCA speech outlining regulatory approach to AI in financial services. Announces no new AI-specific regulations, reliance on existing frameworks (Consumer Duty, SM&CR), and industry engagement initiatives (AI Input Zone, AI Lab). Informational content setting expectations and inviting stakeholder participation.
The latest meeting of the Synchronisation thematic engagement working group
Why this matters
Minutes from BoE's synchronisation thematic engagement working group documenting co-creation discussions on live synchronisation service design. Covers operational framework, regulatory status of synchronisation operators, settlement design, and governance arrangements.
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
AI Analysis
The Bank of England (BoE) is implementing **Bank of England Statistics Taxonomy v1.3.1** for all LIVE statistical submissions relating to end‑May 2026 data, due from mid‑June 2026, replacing v1.3.0. Although reporting requirements and definitions do not change, the move to v1.3.1 is **mandatory for affected returns**, is **not backwards compatible**, and coincides with the **withdrawal of the BoE Statistical Utility tool**, making this a technology and operational‑resilience change for reporting teams.
Key dates
Mid‑June 2026 Deadline
– First LIVE submissions using Statistics Taxonomy v1.3.1 become due, covering **end‑May 2026** data; firms must use v1.3.1 for these returns and v1.3.0 instance documents will no longer be valid for submission
02 June 2026 – 12 June 2026
– BEEDS User Acceptance Testing (UAT) window for firms and software houses to test submissions using Statistics Taxonomy v1.3.1 in a non‑production environment, running in parallel with live reporting for some firms and returns
Suggested considerations
Update internal reporting systems, data integration layers and XBRL engines so that all relevant BoE statistical returns are generated using Statistics Taxonomy v1.3.1 for end‑May 2026 reporting onwards.
Review and update all XBRL instance document templates and configuration to ensure they reference the correct v1.3.1 entry points and filing indicators (XX.XX.XX format, e.g. FI.01.01).
Decommission or phase out any dependency on the BoE Statistical Utility tool, and implement an alternative XBRL generation solution (recognised software provider or internal tooling) capable of producing valid v1.3.1 files.
Conduct a detailed review of the BoE‑published change log, taxonomy package, sample files and XBRL filing manual to understand validation changes, DPM updates and implementation nuances that could cause submission failures.
Schedule and complete end‑to‑end testing in the BEEDS UAT environment (where available) and in internal test environments to validate that v1.3.1 submissions pass all technical and business validations.
What changed
- Bank of England Statistics Taxonomy v1.3.1 replaces v1.3.0 for statistical reporting under the BoE Statistics Taxonomy framework.
The new taxonomy applies to LIVE submissions of end‑May data due from mid‑June 2026, meaning firms must generate those returns using v1.3.1.
Reporting requirements and published definition documents remain unchanged, with the update limited to technical implementation changes (validation fixes, data point model changes and related...
Taxonomy v1.3.1 is not backwards compatible with v1.3.0, so XBRL instance documents created under v1.3.0 will not be valid for submission once v1.3.1 is in force.
Filing indicators are standardised across statistics reporting and now follow the format XX.XX.XX (for example, FI.01.01), requiring alignment of internal mapping and validation rules.
Compliance impact
The change primarily affects technical implementation and operational processes but has high compliance significance, as submissions built on v1.3.0 or using unsupported tooling will be rejected. Persistent failures or delays in BoE statistical reporting can expose firms to supervisory scrutiny, remediation demands and potential enforcement where reporting obligations are not met.
The public are being asked to give their views on a selection of wildlife, native to the UK, that will appear on the next series of banknotes in a consultation launched today.
AI Analysis
The Bank of England is consulting the public from **3 June 2026 to 3 July 2026** on which native UK animals should appear as the central image on the next series of banknotes, with one animal selected for each of the £5, £10, £20 and £50 notes. The consultation is operationally important because it confirms the design theme, constrains the universe of eligible imagery to the published shortlist, and signals that the final decision will be made by the Governor after considering public feedback rather than by simple popularity alone.
Key dates
Summer 2026
- The Bank plans to run a second consultation on the specific wildlife options to feature on the new series
End of 2026
- The Bank intends to announce the outcome of the consultation and final design direction
03 June 2026
- The Bank of England launches the public consultation on wildlife imagery for the next series of banknotes
03 July 2026
- The consultation closes
TBD (multi
year process; after 2026); - The Bank will complete detailed design, testing, printing, and rollout of the new series, which it says will take several years
Suggested considerations
Review internal cash and branch readiness plans to account for a future change to the visual appearance of UK banknotes.
Monitor the Bank of England’s consultation outcomes so denomination-specific handling, ATM, sorting, and authentication procedures can be updated in time.
Update customer communications and frontline scripts to reflect that the next series will feature wildlife imagery, while retaining the monarch’s portrait.
Validate that note-recognition, counterfeit-detection, and cash-acceptance systems can accommodate new denomination designs once specifications are released.
Track the Bank’s second consultation in summer 2026 if your organisation relies on cash logistics, cash processing, or public education materials.
What changed
- The Bank has opened a consultation on selecting four distinct native wildlife images for the central design of the next series of banknotes, one for each denomination from £5 to £50.
The eligible imagery is limited to a published shortlist; the Bank is not seeking alternative nominations and will only consider animals on that list.
The shortlist spans mammals, birds, and amphibians/insects/fish, reflecting the Bank’s intent to represent different UK environments across the banknote set.
The Bank will select up to two examples from each category in the consultation, but the final selection may not match the highest-voted options.
The Bank will retain a portrait of the monarch on the next series, alongside additional wildlife and nature elements.
Compliance impact
Non-compliance risk is currently low to medium because this is a design consultation rather than a binding rule change, but the eventual issuance of a new banknote series will affect cash acceptance, operational controls, and counterfeit-prevention procedures. Institutions that fail to prepare for the transition could face operational disruption, customer confusion, and avoidable cash-handling errors when the new notes enter circulation.
The UK Payments Initiative (UKPI) announcement signals a major step forward for open banking and commercial variable recurring payments (cVRP). The launch of UKPI paves the way for greater payments competition, innovation and economic growth.Read the announcement.The industry-led scheme will give people more choice…
AI Analysis
The FCA has published a short policy statement signalling regulatory support for the industry‑led **UK Payments Initiative (UKPI)**, an open banking scheme to deliver commercial variable recurring payments (cVRP) and broader payments innovation. For compliance teams, this marks an early but clear indication that the FCA expects firms to prepare for a future **formal regulatory framework for open banking/open finance and commercial schemes**, with consultation to follow once enabling legislation grants the FCA expanded powers by the end of 2026.
Key dates
End of 2026
– FCA intends to consult on a **long‑term regulatory framework for open banking** (and related commercial schemes such as UKPI), subject to the granting of new powers in legislation
TBD (dependent on primary legislation)
– UK legislation is expected to give the FCA new powers over open banking/open finance, which is a precondition for FCA consultation on a long‑term framework
Suggested considerations
Conduct an internal assessment of how your firm currently uses or plans to use open banking and cVRP (e.g., recurring payments, subscription billing, merchant acquiring) and document potential exposure to UKPI or similar schemes.
Establish or update a regulatory horizon‑scanning process to track: (i) UKPI scheme documentation and rulebooks, (ii) FCA’s forthcoming open finance regulatory roadmap outputs, and (iii) the enabling legislation that will grant the FCA new powers.
Engage product, legal and compliance teams to map existing recurring payment processes and consumer consent flows against anticipated expectations for open banking cVRP, including clarity of consent, cancellation rights, transparency of variable amounts, and dispute handling.
Review and, where necessary, update data protection, API security, and customer authentication controls to ensure they can support commercial open banking schemes and more granular data‑sharing under an open finance regime.
For firms intending to participate in UKPI, proactively review and align internal policies with emerging industry standards and scheme rules, including technical standards, liability allocation, service‑level requirements, and complaints/chargeback processes.
What changed
- The FCA publicly endorses the launch of the UK Payments Initiative (UKPI) as an industry‑led open banking payments scheme focused on commercial variable recurring payments (cVRP), signalling...
The statement confirms the FCA wants competition between commercial open banking schemes, indicating a shift from a single mandated model (under PSD2/open banking implementation) towards multiple...
The FCA signals support for the creation of an independent standards‑setting body for open banking payments, moving standard‑setting away from transitional arrangements towards a more permanent,...
The FCA announces its intention, subject to future legislation granting new powers, to consult on a long‑term regulatory framework for open banking (and, by extension, commercial open banking schemes...
The FCA links this announcement to its regulatory roadmap for open finance, confirming that open banking data‑sharing will be extended to broader financial data, providing a strategic direction of...
Compliance impact
In the immediate term, compliance impact is medium: no new binding rules are introduced, but the FCA’s direction of travel is clear and requires strategic planning. Over the medium term (to and beyond 2026), failure to anticipate the formal open banking/open finance framework, or to adapt recurring payment practices and controls to emerging standards, is likely to create material conduct, operational and supervisory risk.
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
Why this matters
PRA regulatory digest containing multiple policy statements and consultations on capital requirements (Pillar 2A, CRR definitions), cryptoasset/tokenisation prudential treatment, insurance third-country branches, and AI/cyber resilience. Mix of final policy statements and consultative feedback.
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
AI Analysis
The Bank of England has opened a new BEEDS User Acceptance Testing (UAT) window (02–12 June 2026) to allow statistical reporting firms and software houses to test submissions under the Bank of England Statistics Taxonomy v1.3.1 ahead of go‑live for end‑May 2026 data due from mid‑June 2026. This matters for compliance teams because firms must ensure their reporting systems can generate valid XBRL submissions without the Bank’s Statistical Utility Tool, segregate test and live data correctly, and meet reporting deadlines using the updated taxonomy and BEEDS processes.
Key dates
End May 2026
– Reference date of the first LIVE reporting period to which Bank of England Statistics Taxonomy v1.3.1 applies (end‑May 2026 data)
25 May 2026
– Last date for software houses to email the BEEDS queries mailbox to request access to the BEEDS UAT environment for this specific UAT window
Mid June 2026 Deadline
– Due date window for LIVE submissions of end‑May 2026 statistical data under Taxonomy v1.3.1 via BEEDS LIVE
02 June 2026
– Opening of BEEDS UAT environment for the June testing window under Taxonomy v1.3.1 FINAL
12 June 2026
– Closing of BEEDS UAT environment for the June testing window
Suggested considerations
Identify all Bank of England statistical returns in scope of Taxonomy v1.3.1 and confirm that internal reporting calendars and responsibilities reflect the end‑May 2026 effective period and mid‑June 2026 submission deadlines.
Ensure that all in‑scope statistical reporting firms’ BEEDS LIVE user and firm information are accurate and up to date, so that automatic mirroring into the BEEDS UAT environment creates correct and controlled user profiles.
Instruct software houses and third‑party vendors supporting Bank of England statistical reporting to request BEEDS UAT access by emailing the BEEDS queries mailbox no later than 25 May 2026 if they intend to participate in this UAT window.
Coordinate with internal IT and vendors to schedule, prepare, and execute test submissions in BEEDS UAT between 02 June and 12 June 2026, covering all relevant entry points and reporting scenarios under Taxonomy v1.3.1.
Implement or validate an alternative XBRL generation solution to replace the withdrawn Bank of England Statistical Utility Tool, and complete end‑to‑end testing (source data to BEEDS receipt) ahead of the mid‑June 2026 live submission deadline.
What changed
- The Bank of England has opened a BEEDS UAT environment specifically for testing statistical submissions under Statistical Taxonomy v1.3.1 FINAL, distinct from the BEEDS LIVE production environment.
A dedicated UAT window is set from 02 June to 12 June 2026, during which the UAT environment will run in parallel with live reporting for some firms and returns.
Statistical reporting firms are automatically enabled for BEEDS UAT using their existing BEEDS LIVE firm and user information and do not need to request UAT access.
Software houses that wish to use this UAT window must request access by emailing the BEEDS queries mailbox by a stated cut‑off date (25 May 2026).
All principal and additional user details for firms will be mirrored from the BEEDS LIVE environment into BEEDS UAT, with UAT‑specific temporary passwords issued from the designated BEEDS UAT email...
Compliance impact
The immediate compliance risk is operational and reporting‑accuracy related: failure to implement and test Taxonomy v1.3.1 and alternative XBRL tooling increases the likelihood of rejected filings, late submissions, or mis‑reported statistical data. Persistent defects or missed deadlines may trigger supervisory attention, remediation expectations, and potential prudential concerns about data quality and governance over regulatory reporting.
Given at the 389th Cutlers’ Feast, Cutlers’ Hall, Sheffield
Why this matters
Speech by Bank of England Governor Andrew Bailey on artificial intelligence as a general-purpose technology and its economic implications. Discusses AI's potential impact on productivity, employment, and economic growth across sectors.
Fast‑growing and innovative financial services businesses can now apply for more support to help them grow. The FCA’s Scale-up Unit provides tailored support to firms, helping them navigate regulation so they can scale sustainably. The unit is now open to solo-regulated firms to apply.The unit offers a dedicated point…
Why this matters
FCA announcement of expanded Scale-up Unit support for solo-regulated firms. Informational content about regulatory support programs and application process (May-June 2026). Relevant to multiple financial services sectors seeking growth support and regulatory navigation assistance.
Speech outlining BoE's vision and regulatory framework for tokenisation in UK financial markets and retail payments. Covers Digital Securities Sandbox, stablecoin regulation, CBDC development, and settlement infrastructure modernisation. Informational/strategic guidance rather than urgent enforcement action.
The Financial Conduct Authority and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets
Why this matters
FCA and BoE joint guidance on tokenisation and DLT in UK wholesale markets. Informational call for input on regulatory framework and infrastructure for digital assets. Affects multiple firm types across wholesale markets. No immediate compliance deadline, feedback closes July 2026.
UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital…
Why this matters
FCA and Bank of England announcement on tokenisation framework for UK wholesale markets. Informational guidance setting out shared vision, principles, and consultation on regulatory approach to DLT and tokenised assets. Affects multiple market participants across capital markets, payments, and digital assets sectors.
Letter to Chief Executive Officers of all banks and designated investment firms.
Why this matters
PRA letter addressing prudential treatment and regulatory framework for cryptoasset exposures, tokenised assets, and stablecoins. Informational/guidance content from regulators (Bailey, Gerken, Jackson) on capital and prudential requirements for firms with crypto exposure.
Why frontier AI matters for firmsArtificial intelligence (AI) continues to evolve rapidly. Frontier AI models represent a step-change in capability, with significant implications for cyber security and operational resilience.The cyber capabilities of current frontier AI models are already exceeding what a skilled…
The conflict in the Middle East means cost of living pressures remain top of mind – with people facing increased costs for utility bills, food and fuel. We want to remind you about our clear expectations on the support you should offer consumers in challenging times, through the Consumer Duty and our rules on…
Speech by Nikhil Rathi, FCA chief executive at the FCA's financial crime conference. A new threat landscapeFinancial crime is changing – fast.It’s more technologically enabled. More organised than ever before. And moving at speed.Which is why the fight against financial crime sits at the heart of our 5-year…
The FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets. Simon Walls appointed executive director, marketsSimon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis…
The FCA is reviewing how consumer investment firms support bereaved customers and whether they're getting it right. Fewer than half of bereaved customers (47%) felt they received the support they needed from financial firms, according to research (PDF).What the FCA is looking atThe review will focus on firms that…
Speech by Sarah Pritchard, deputy chief executive, at the Investment Association's Private Markets Summit 2026. Headlines are always a tough read when funds run into difficulty.And lately, the language has been stark.Some have even asked if private credit has a canary in the coal mine.That’ll make you sit up a bit…
Kingscrown Finance Limited (Kingscrown) has stopped onboarding new customers or undertaking new business with existing customers – including extending existing credit. Kingscrown, which was incorporated in 2014, provides lending for business and investment purposes, including property investment, buy-to-let and house…
Following the legal challenges to our motor finance compensation scheme, we are setting out further advice for firms and consumers. Our priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance market.Our industry-wide scheme is the quickest, fairest and most…
The Market Participants Group (MPG) is a senior-level forum for financial market participants to share their views on relevant themes and narratives in financial markets with members of the Bank of England’s Monetary Policy Committee.
On 6 May 2026, Kanda Products and Services Ltd (Kanda) entered liquidation. Philip Harris and Neville Side of FRP Advisory Trading Limited have been appointed as Joint Liquidators. Kanda is authorised by the FCA as a credit broker. It operated a network of around 700 introducer appointed representatives, mainly…
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
Following the publication of financial reporting by PayPal Holdings Inc, we can confirm we are investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anti-competitive conduct linked to thefunding and…
We are launching a review of the claims management market, following concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and unfair exit fees…
Three people have been arrested as part of a crackdown on suspected illegal financial promotions. Two homes in the Chelmsford and Romford areas were searched, as part of an operation led by the FCA and the Eastern Regional Special Operations Unit (ERSOU), a specialist policing unit that tackles serious and organised…
Our objective has been, and remains, to ensure consumers receive fair compensation as quickly as possible and to maintain a healthy motor finance market. An industry-wide scheme is the fastest, simplest route for consumers and the most efficient way for firms to put things right and give certainty to their investors…
The FCA has charged Shaun Lawrence for operating as a mortgage broker without authorisation. Mr Lawrence, who also goes by the names Shaun Lawrence-Bright and Shaun Bright, was previously authorised to give mortgage advice.However, in 2008 he had his permissions revoked and was fined. He was also banned from working…
From 11 May 2026, cryptoasset firms preparing for the new FSMA regime will be able to request a pre-application meeting with us via our Pre-Application Support Service (PASS). Pre-application meetings are free of charge and give firms the opportunity to discuss their plans with us and ask questions before submitting…
Speech by Nikhil Rathi, FCA chief executive, at the Association of Foreign Banks (AFB) luncheon. When I saw that a boxing ring had been temporarily installed in this room last autumn, I wasn’t quite sure whether it was a warning to us regulators…Or some kind of art installation commenting on the past few years in…
Asset managers will find it easier to unlock the benefits of fund tokenisation, following the publication of new guidance by the FCA. The guidance sets out how firms can use distributed ledger technology (DLT) within the regulator’s existing rules.New rules will also make fund dealing more efficient, including an…
We have written to people who complained about how we handled Wellesley & Co Ltd (WCL). Complainants raised concerns about our actions in relation to the wider Wellesley Group. WCL was the only FCA-regulated company in the Group and was responsible for approving financial promotions marketed to investors.We carefully…
The FCA is reviewing whether Annual Percentage Rates (APRs) help consumers understand borrowing costs andis seeking views on whetherit should changehow these are communicated in credit advertising. APRsindicatethe yearly cost of borrowing, including interest and fees. A representative APR means at least half of…
On 28 April 2026, LCM Family Limited (LCM) went into administration. Louise Longley and Gary Shankland of BTG Begbies Traynor (Central) LLP were appointed as joint administrators of the firm. The joint administrators are responsible for managing the affairs of the firm during the administration process.LCM (previously…
Speech by Sarah Pritchard, FCA deputy chief executive, at the BSA Annual Conference, Edinburgh. As a history lover, it’s thrilling to be in a city like Edinburgh – called a ‘hot-bed of genius’ during the Scottish Enlightenment.What defined the Enlightenment spirit was the refusal to settle, and a determination to make…
Help us develop a proportionate reporting regime for ESG ratings. Register your interest by 13 May 2026. We're inviting ESG rating providers to join a pilot to inform future regulatory reporting once the regime is live.Our aim is to avoid unnecessary reporting burden for firms over time.The pilot aims to help us…
Open finance has vast potential. It promises to transform financial services for millions of people through firms using customers’ data in bigger and better ways. But to make that promise a reality, we need to look at how it works in practice. How does sharing data solve real problems for people and businesses?That’s…
Our scheme is the quickest, fairest and most efficient way to compensate consumers. It is disappointing that some have decided to challenge it and delay consumers getting their money back, when for many the payouts would be very welcome this year as they face rising household bills. This also prolongs the uncertainty…
The FCA is seeking views on proposals to change rules that govern the publication of research during the initial public offering (IPO) process. The FCA is consulting on removing the requirement for a 7-day delay before connected research on an IPO can be published. It also consults on removing rules that require firms…
The FCA Board appoints new members to decision-making committee. The Board of the FCA has appointed Jonathan Peddie and Raymond Cox KC as new members of the FCA’s Regulatory Decisions Committee (RDC).The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement…
The FCA has led international action to stop illegal finfluencers putting consumers' money at risk. Seventeen regulators worldwide took part in the 'week of action' which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly. Activity…
Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from…
We’ve no vested interest in setting up a motor finance redress scheme. What matters to us is getting fair compensation for consumers as quickly as possible and supporting a healthy motor finance market for the future.That's what our scheme will do, and it's free for consumers to use.Learn more about our motor finance…
We have published findings from our Financial Adviser Survey. The findings provide an updated picture of how the UK financial advice market is evolving and what this means for firms, consumers and future growth. The survey brings together responses from more than 4,100 financial advice firms; alongside analysis of…
The FCA is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022, and we are renewing the membership in line with our terms of reference.The purpose of the committee is to support our work in wholesale secondary markets for equities…
Speech by Sheree Howard at the APCC Spring Conference 2026. This weekend, tens of thousands of runners will line up in Greenwich Park for the start of the London Marathon.Well done to them – a Netflix marathon is much more my speed.Unlike what’s needed to prepare for a Netflix marathon – opening a bag of sweet and…
Firms willbenefitfromreduced costs andgreater flexibility, andfind it easier tocomply with the Senior Managers and Certification Regime (SM&CR),following reformsset outon 22 April by theFCA and Prudential Regulation Authority (PRA). The changes, which come as the first phase of a multi-stage package of reform from the…
The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations. Working with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted 8 premises suspected of illegal peer-to-peer crypto trading…
Speaking at UK FinTech Week, Jessica Rusu, chief data, information and intelligence officer at the FCA, has confirmed the second group of firms selected to join AI Live Testing. Eight new firms, including Barclays, Experian, Lloyds Banking Group (Scottish Widows), and UBS, have been chosen by the FCA to live test AI…
Speech by Jessica Rusu, FCA chief data, information and intelligence officer at IFGS. Key pointsAgentic commerce will change how financial decisions and transactions are made, demanding a fundamentally new approach.We are expanding practical support for firms through the next phase of our AI Lab.Open Finance will…
The SONIA Stakeholder Advisory Group supports the Bank’s administration of SONIA by providing advice and technical input to the Bank and the SONIA Oversight Committee
Why this matters
This regulatory update covers discussions around SONIA, the UK's risk-free rate, including the impact of potential changes to the UK Treasury bill market and the rise of stablecoins.
The Artificial Intelligence Consortium (AIC) aims to provide a platform for public-private engagement to further dialogue on the capabilities, development, deployment, use, and potential risks of artificial intelligence (AI) in UK financial services.
Why this matters
This regulatory update from the Bank of England covers key topics related to the adoption and governance of artificial intelligence in the financial services sector, including concentration risk, AI edge cases, explainability and transparency, and AI-driven contagion.
Consumers and businesses could be given greater control over their financial data to help secure better deals, under a vision for open finance published by the FCA. Open finance will unlock the potential for people and businesses to share their financial data securely with a range of financial services providers…
Why this matters
This regulatory update from the FCA outlines a vision for open finance, which has the potential to transform how consumers and businesses interact with financial services. It covers key areas such as data sharing, personalized services, and innovation - impacting a range of financial firms.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Why this matters
This regulatory update covers topics related to FX market operations, legal definitions, and technology changes that are relevant for banks, broker-dealers, fintechs, and payment providers.
How we're investing in data and analytics in consumer financeOur goal is regulation that is evidence-based, targeted, and achieves good outcomes for consumers. That’s why we’ve been using richer datasets and sharper data science to drive better outcomes in the consumer finance market, widen financial inclusion, and…
Why this matters
This regulatory update from the FCA focuses on using data and analytics to better identify and address consumer credit risks, particularly for vulnerable consumers. It discusses the FCA's use of credit file data and novel statistical methods to track consumer credit journeys and spot emerging distress.
The FCA and Bank of England (Bank) invite expressions of interest from market participants to join a new taskforce. The purpose of this taskforce is to inform the design of our long-term approach to harmonising transaction and post-trade reporting requirements.The taskforce will be comprised of three separate working…
Why this matters
This regulatory update from the FCA and Bank of England establishes a new taskforce to harmonize transaction and post-trade reporting requirements across different regulatory regimes. This is relevant for firms involved in wholesale market activities, including banks, broker-dealers, fintechs, and payment providers.
This regulatory update discusses the design and development of a central bank digital currency (CBDC) in the UK, covering key considerations around security, innovation, financial/monetary stability, money uniformity, and financial viability for the public and private sectors.
The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets.
Why this matters
This regulatory update covers changes to the Bank of England's Sterling Monetary Framework, including updates to the Discount Window Facility and alignment with the PRA's liquidity framework.
Letter from Sarah Breeden and Sam Woods to the Chancellor and Secretaries of State
Why this matters
This regulatory update from the Bank of England and PRA addresses the use of AI in financial services, which is a key technology topic impacting multiple sectors including banking, investment management, and wealth management.
The FCA has fined Dinosaur Merchant Bank Limited (DMBL) £338,000 for failing to put in place effective systems and controls to detect and report suspicious trading in its contracts for difference (CFD) business. CFDs are sophisticated financial products that are used to speculate on various assets going up or down in…
Given at the Exante Data 10 Year Anniversary Conference, New York
Why this matters
This speech by the Bank of England discusses the use of cookies on the BoE website, which is informational content relevant to firms across the banking, investment management, and wealth management sectors. The key topics covered include consumer protection, operational resilience, and technology/cyber risks.
We have set out plans for using AI to speed up authorisations, testing new tools to identify key risks earlier, with our people remaining at the heart of decision-making. The new authorisation tool is being developed internally and will be integrated into existing FCA systems.It forms part of our annual work programme…
Why this matters
This regulatory update from the FCA outlines plans to leverage AI and digital tools to streamline authorization processes, enhance supervision, and improve firms' experience with regulation.
Speech at the National Bank of the Republic of North Macedonia and SUERF conference – Central Banking Amid Persistent Global Shifts: Fostering Stability, Innovation, and Resilience, Skopje
Why this matters
This speech from the Bank of England discusses the use of cookies on their website, which is relevant to the operational resilience and technology/cyber topics for banks, wealth managers, and fintechs. It provides information to consumers on the bank's cookie policy, which falls under consumer protection.
Speech by Nikhil Rathi, FCA chief executive, at the JP Morgan Pensions and Savings Symposium 2026. Last year, I spoke about the importance of getting on the right track.That if we want better consumer outcomes – as well as stronger capital markets to support growth – we need to think beyond individual products and…
Why this matters
This speech covers how technology is impacting the pensions industry, including the implications of pension dashboards, consumer engagement and behavior, risk management, and the need for a more holistic approach to retirement planning.
We’ve confirmed new rules to make existing incident and third party reporting clearer, more consistent, and easier for firms to follow. These new rules will help us respond quickly to disruption such as a cyber attack or power outage, give firms greater certainty on what to report and when and strengthen firm…
Why this matters
This regulatory update from the FCA introduces new incident and third-party reporting requirements to bolster operational resilience in the financial sector, particularly in response to growing cyber threats and reliance on third-party providers.
PS7/26 finalizes PRA rules for standardized reporting of operational incidents and material third-party (MTP) arrangements, responding to CP17/24 consultation feedback by reducing firm burden through simplified templates and exclusions. This matters for compliance professionals as it enhances PRA oversight of operational resilience risks amid rising threats and third-party reliance, aligning with international standards like DORA and FSB FIRE while supporting identification of critical third parties (CTPs).
Key dates
December 2024
- CP17/24 consultation published
H1 2026
- Final PRA/FCA rules on operational incident and third-party reporting effective (per industry analysis)
30 working days post
incident resolution; - Submit final incident report update (extendable to 60 working days in complex cases)
Annual
- MTP register reporting (exact date not specified; aligns with notifications)
Suggested considerations
Identify and notify MTP arrangements via FCA Connect (excluding exemptions); maintain annual register with reduced fields.
Monitor/assess operational incidents against clarified thresholds (e.g., contagion, reputation); submit single report if met, within specified timelines.
Update policies per SS1/26 (thresholds) and SS2/21 (MTP identification).
Align reporting with PRA/FCA/Bank templates; use data for resilience prioritization.
For insurers: Integrate with ongoing operational resilience post-SS1/21 milestone (31 March 2025).
What changed
- MTP Reporting: Amended notification rule for clarity; scope excludes credit unions with <£50m assets and all third-country branches; separated register and notification templates with reduced data...
Operational Incident Reporting: Merged three-phased reports (initial, interim, final) into one simplified, aligned template across PRA/FCA/Bank; removed fields, made more optional; clarified...
Guidance Enhancements: Updated SS2/21 with MTP identification examples; SS1/26 clarifies threshold interpretation, early-stage assessments, and systemic impact expectations.
Alignment: Full harmonization with FCA/Bank and international standards (DORA, FSB FIRE).
| Aspect | CP17/24 Proposal | PS7/26 Final Policy |
|--------|------------------|---------------------|
|...
Compliance impact
Urgency: High - Mandates new reporting infrastructure and processes amid rising operational threats; non-compliance risks supervisory action on resilience vulnerabilities. Reduced burden from CP mitigates costs, but timely implementation critical for PRA oversight and CTP identification; benefits (e.g., thematic analysis) outweigh costs per PRA.
Given at University of Leeds, Cloth Hall Court, Leeds
Why this matters
This speech discusses updates to the Bank of England's liquidity framework for banks and building societies, which is relevant for prudential regulation, operational resilience, and technology/cyber risks across the banking and wealth management sectors.
Given at Connect Global Group 4th Annual Treasury and Capital Markets Forum
Why this matters
This speech by the Bank of England discusses the PRA's approach to data collection and reporting, which is relevant for banking, investment management, and wealth management firms. Key topics covered include prudential requirements, regulatory reporting, and the use of technology.
This speech by the Bank of England Governor discusses the importance of reforming cross-border payments to make them faster, cheaper, more transparent and inclusive.
Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we…
Why this matters
This speech covers regulatory updates and changes across the payments and digital finance ecosystem, including the consolidation of the PSR into the FCA, simplification of rules, and new approaches to regulating emerging areas like cryptocurrencies and stablecoins.
Speech by Lucy Castledine, director of consumer investments, at the TISA Inclusive Investing Conference 2026. Speaker: Lucy Castledine, director, consumer investmentsEvent: TISA Inclusive Investing Conference 2026Delivered: 4 March 2026Note: this is the speech as drafted and may differ from the delivered…
Why this matters
This speech covers the FCA's priorities for the consumer investments sector, including building a stronger investment culture, strengthening trust, securing good customer outcomes, and strengthening financial crime controls.
Speech by Nikhil Rathi, FCA chief executive, at the Goldman Sachs EMEA Head of Trading conference 2026. And as we roll with the punches, we also shouldn’t sell ourselves short.We gained ground last year - London just one point behind New York in the latest Global Financial Centres Index.There is understandable focus…
Why this matters
This speech covers key regulatory updates and priorities for the UK wholesale finance sector, including actions on market integrity, operational resilience, and embracing technological innovation like AI and crypto.
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
Why this matters
This regulatory update covers a range of topics relevant to banking, investment management, and payments firms, including prudential requirements, operational resilience, and technology/cyber issues. The update has medium urgency as it provides information on the Bank of England's activities and decisions.
The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKThe Committee comprises:HM TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems RegulatorThe Plan sets out upcoming initiatives across retail and wholesale payments, including…
AI Analysis
The Payments Vision Delivery Committee—comprising HM Treasury, Bank of England, FCA, and Payment Systems Regulator—has published the **Payments Forward Plan**, a three-year regulatory roadmap for retail, wholesale payments, and digital assets, aligning with the UK's National Payments Vision for a trusted, innovative ecosystem. This matters for compliance teams as it provides sequencing and milestones for multiple initiatives, enabling proactive planning amid high regulatory activity, including PSR consolidation into FCA and infrastructure upgrades. It signals coordinated efforts to boost competition, resilience, and innovation while minimizing sector capacity strain.[FCA publication]
Key dates
Q1 2026
HMT consultation response on PSR consolidation into FCA
Spring 2026
HMT update on Consumer Credit Act reform
18 January 2026 Deadline
Deadline for stablecoin issuers to apply to FCA regulatory sandbox; (related push for innovation)
May 2026
FCA Supplementary Regime for safeguarding comes into force
H1 2026
Bank/FCA exploration of regulated stablecoins for on-chain settlement
Suggested considerations
Review the full Plan on GOV.UK (https://assets.publishing.service.gov.uk/media/699f2bc6c497bac082bc76bc/Payments_Forward_Plan_.pdf) and map initiatives to your firm's operations, prioritizing safeguarding, infrastructure, and stablecoins.
Engage proactively: Provide FCA views on standards body (by Feb 2026); participate in Jan-Apr 2026 safeguarding engagement; prepare for VRP rollout (live payments expected Q1 2026).
Stablecoin firms: Submit sandbox applications by 18 Jan 2026.
Monitor and plan: Track Regulatory Initiatives Grid for 2027; assess capacity for sequenced initiatives; ensure compliance readiness for May 2026 safeguarding rules and end-2026 infrastructure changes.
Internal audit: Evaluate current adherence to PSRs/EMRs, especially safeguarding, ahead of consolidation.
What changed
No immediate binding regulatory changes are imposed by the Plan itself; it is a forward-looking roadmap outlining planned initiatives rather than new rules. Key elements include:
Modernisation of payments framework: Consolidation of PSR into FCA, with HMT consultation response in Q1 2026; data/operational enhancements to Faster Payments and Bacs by end-2026.
Infrastructure upgrades: Short-term resilience improvements to Faster Payments and Bacs (end-2026); exploration of regulated stablecoins for on-chain settlement (H1 2026).
Safeguarding enhancements: FCA Supplementary Regime effective May 2026, with engagement Jan-Apr 2026.
Standards and open banking: Industry input on standards body (Feb-Mar 2026 assessment); HMT Data (Use and Access) Act SI in Q4 2026.
Compliance impact
Urgency: Medium. This is a planning document, not enforceable rules, but its milestones trigger near-term actions (e.g., Q1 2026 engagements, May 2026 safeguarding). It matters because it coordinates high-activity areas like PSR-FCA merger and stablecoins, reducing surprises but demanding resource allocation for innovation/resilience amid sector capacity constraints. Firms delaying review risk missing input opportunities or readiness gaps, especially with VRP/stablecoin momentum.
The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:Monee…
Why this matters
This regulatory update from the FCA focuses on the testing of stablecoin services in the UK Regulatory Sandbox, which involves firms operating in the crypto and digital assets, as well as payments sectors.
The Bank of England held roundtable meetings with representatives from regulated firms on the responsible adoption of artificial intelligence and machine learning (AI and ML), to better understand the constraints that firms may be facing.
Why this matters
This regulatory update covers key issues around the adoption of AI technology in the financial sector, including model risk management, third-party AI providers, and data protection challenges.
This regulatory update from the Bank of England discusses the use of cookies on their website, which is informational in nature and not an urgent regulatory change. It is relevant to banking, investment management, and wealth management firms in terms of operational resilience, technology, and cyber security.
Given at the AlUla Conference for Emerging Market Economies 2026
Why this matters
This speech covers a broad overview of the current state of the global economy, including discussions on productivity, AI, trade imbalances, and the financial system.
We have published a letter to trade associations to provide an update in the development of a Future Entity (FE) for open banking. The letter confirms the appointment of KPMG to provide an independent assessment of proposals to establish a standards-setting body for UK open banking APIs that is capable of becoming the…
AI Analysis
The FCA has appointed KPMG to conduct an independent assessment of proposals for establishing a **Future Entity** – a standards-setting body for UK open banking APIs that will replace Open Banking Limited. This initiative is critical because it establishes the governance framework for open banking ahead of new legislative powers the FCA will receive under the Data (Use and Access) Act 2025, with a statutory instrument expected by end-2026.
Key dates
Q1 2026
– Final design of Future Entity expected; live transactions expected through VRP scheme
End of 2026
– FCA expected to consult on Long-Term Regulatory Framework; statutory instrument for Open Banking expected to be laid by HM Treasury
February 2026
– Independent assessment process begins; KPMG commences evaluation of proposals
Before March 2026 Deadline
– FCA's Open Finance roadmap due for publication
Early April 2026
– KPMG delivers final assessment report; FCA publishes on its website
Suggested considerations
*For industry participants and trade associations:
*Engage with the assessment process: Participate in the independent assessment by submitting proposals or supporting existing proposals for Future Entity leadership
*Arrange FCA Q&A sessions: Organizations interested in leading Future Entity establishment should contact the FCA directly to schedule one-hour Q&A sessions ahead of the independent consultancy process launch
*Coalesce behind proposals: Industry should decide which proposal option should lead the next phase of work, with the FCA commissioning assessment of either multiple proposals or a single industry-supported proposal
*Prepare for VRP implementation: Ensure systems and processes are ready for live Variable Recurring Payments transactions expected in Q1 2026
What changed
The regulatory landscape for UK open banking is undergoing fundamental restructuring:
Transition of regulatory authority: The FCA is becoming the primary regulator for open banking, replacing the Joint Regulatory Oversight Committee (JROC).
Future Entity establishment: A new standards-setting body will become the primary UK standard-setting organization for open banking APIs, responsible for setting and maintaining common standards for...
Independent assessment process: KPMG will evaluate competing proposals from industry participants to determine which organization should lead the Future Entity establishment.
Legislative framework: HM Treasury will introduce legislation granting the FCA new rulemaking powers for open banking under the Data (Use and Access) Act 2025.
Speech by Sarah Pritchard, FCA deputy chief executive, at the ABI Annual Conference. IntroductionIt’s hard to think of a more symbolic venue to discuss driving change in the insurance sector than the QEII Centre.Step outside, and you’re in the shadow of both the Houses of Parliament, and Westminster Abbey. Scrutiny…
Why this matters
This speech by the FCA deputy chief executive covers key regulatory priorities for the insurance sector, including supporting innovation, improving consumer trust and outcomes, and balancing oversight between retail and wholesale markets.
Given at an event hosted by the Association of Foreign Banks
Why this matters
This speech discusses the risks posed by the growth of principal trading firms and their relationships with banks. It highlights the operational and counterparty risks banks face due to the high-speed, high-volume trading activities of these firms, and the need for robust risk management frameworks and client due...
Given at City & Financial Payments Regulation and Innovation Summit 2026
Why this matters
This speech covers the Bank of England's plans to renew the UK's retail payments infrastructure, including enabling new payment options, supporting a multi-money ecosystem, and improving cross-border payments. It is an informational update on the Bank's work in this area.
Speech by David Geale, executive director, payments and digital finance and Payment Systems Regulator (PSR) managing director, at the Payments Regulation and Innovation Summit 2026. A payments system that works for everyoneJust before Christmas I was in Billericay for the opening of the 200th banking hub.I got to chat…
Why this matters
This speech covers the role of the FCA and PSR in delivering the National Payments Vision, which aims to ensure the UK payments system is safe, accessible, delivers good value, and meets user needs.
Speech by Sheldon Mills, at the FCA's Supercharged Sandbox Showcase event. Before we begin, take a look around this room. This is the Supercharged Sandbox. 23 firms at the frontier of retail financial services, chosen from 132 applications. If anyone still doubts the pace of AI change in our sector, this room is the…
Why this matters
This speech by the FCA discusses a long-term review into the impact of AI on retail financial services, covering opportunities, risks, and implications for regulation.
AI Live Testing now open for applicationsAt the FCA, we’re providing a structured but flexible space where firms can test AI-driven services in real-world conditions, all with our regulatory support and oversight and help from our technical partner, Advai. Collaboration and communication is at the heart of what we are…
AI Analysis
The FCA's AI Live Testing initiative provides a voluntary, structured program for firms with mature AI proofs-of-concept (POCs) to test AI-driven services in controlled real-world environments under regulatory oversight and support from technical partner Advai. This matters because it enables safe progression from 'POC paralysis' to deployment, while helping the FCA gather insights on translating AI principles into consumer and market protections, informing future regulation. Participation enhances firms' governance, risk management, and evaluation frameworks for responsible AI use in financial services.
Key dates
October 2025
- First cohort began testing (historical reference)
19 January 2026
- Second application window opens
2 March 2026 Deadline
- Application deadline for second cohort
April 2026
- Testing starts for second cohort
Mid
March 2026; - Notification of successful applicants
Suggested considerations
Review FCA's Terms of Reference (PDF) for eligibility, focusing on mature POCs and enterprise-level AI systems.
Submit application form via FCA portal by 2 March 2026 if ready for live testing; contact suptech@ fca.org.uk for queries.
Prepare documentation on AI system components (model, context/risks, governance, human oversight, evaluation, controls) for three-phase process.
Assess internal governance, data, risk frameworks, and monitoring for AI readiness; consider non-participation but monitor for future FCA expectations.
Firms not selected should use insights from first cohort (e.g., evaluation frameworks) to strengthen internal AI practices.
What changed
This is not a mandatory regulatory change but a voluntary testing service launched by the FCA; no new enforceable requirements are imposed. Key elements include a holistic focus on the AI system (model + deployment context, risks, governance, human-in-the-loop, evaluation, input/output controls) rather than isolated foundation models. The program features three phases: Discovery, Framework validation, and AI system testing (quantitative/qualitative), emphasizing live monitoring, governance, and risk management. It complements the FCA's Supercharged Sandbox for earlier-stage AI exploration.
Compliance impact
Urgency: Medium - Voluntary program, but signals FCA's proactive stance on AI oversight; non-participation risks lagging in best practices for Consumer Protection / Conduct and Operational Resilience / Outsourcing as regulator builds evidence for potential rules. Matters for competitive edge in AI deployment and demonstrating alignment with principles-based regulation amid 'POC paralysis'. Early movers gain tailored support, intelligence-sharing on risks, and influence on FCA's evolving AI approach.
Given at the Audit and Risk Committee Dinner, Undercroft Gallery, Roman Amphitheatre, Guildhall
Why this matters
This speech covers the Bank of England's efforts to modernize its financial framework, including balance sheet strategy, investment and funding strategy, innovation and digitization, and people strategy. It is an informational update on the Bank's transformation and does not require immediate action.
FCA stunt launches new Firm Checker tool as around 700,000 people lose money to investment scams. Morning commuters at London Waterloo got more than their usual caffeine hit today when a mysterious 'ATM' promising to 'give away a fortune' stopped them in their tracks – and revealed an unexpected surprise.As curious…
We’re working closely with the Office of Financial Sanctions Implementation (OFSI), UK law enforcement, and our regulatory partners to tackle the abuse of cryptoassets and associated money‑laundering activities. Read the full blog on the OFSI’s website.
The FCA has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators. The Review will be led by Sheldon Mills and builds on the FCA’s existing work on AI. This includes its AI Discussion Paper, AI Sprint, and AI Lab including AI Live Testing and its groundbreaking…
The speech discusses monetary policy divergence between major central banks and its potential impact on the UK economy and financial markets. This is relevant for banks, asset managers, and broker dealers in terms of prudential requirements, operational resilience, and technology/cyber risks.
Speech by Sheree Howard at the FCA's Gateway to growth, Chicago Booth London Conference Centre. The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.Today, most, if not all…
Why this matters
This speech from the FCA discusses updates to the authorization process, including efforts to streamline and digitize the application review, as well as new initiatives to support firms through the authorization journey.
We have issued a joint statement with the Payment Systems Regulator (PSR) giving clarity on open banking pricing models. We and the PSR have issued the following statement (PDF).This confirms we will not, at this stage, prioritise a Competition Act 1998 (CA98) investigation into the centralised ‘access fee’ pricing…
AI Analysis
The FCA and PSR have jointly confirmed they will not prioritize a Competition Act 1998 investigation into the UK Payments Initiative's (UKPI) centralized access fee pricing model for commercial Variable Recurring Payments (cVRPs), with the CMA's concurrent agreement. This regulatory clarity provides temporary certainty for cVRP development ahead of anticipated legislation by end-2026, creating a critical window for firms to develop compliant commercial models in this emerging open banking technology.
Key dates
Q1 2026
- Expected first live UKPI cVRP payments
End of 2026
- Government anticipated to introduce legislative framework granting FCA new open banking powers
15 January 2026
- FCA and PSR wrote to CMA setting out their non-prioritization position
16 January 2026
- CMA confirmed alignment with FCA/PSR position on CA98 prioritization
20 January 2026
- Joint FCA/PSR statement issued on open banking pricing models
Suggested considerations
*For UKPI and participating firms:
*Governance documentation: Submit finalized governance documents to FCA/PSR as required during the interim period
*Pricing methodology transparency: Maintain detailed records of access fee pricing methodology and be prepared to demonstrate compliance with the agreed model; notify regulators of any material changes
*Phase 1/Wave 1 compliance: Ensure all cVRP offerings remain within the defined scope of lower-risk use cases during Phase 1/Wave 1
*Market engagement: Participate in FCA industry consultations throughout 2026 regarding progress, service delivery, and identified blockers
What changed
The regulatory statement establishes the following key positions:
Non-prioritization of CA98 investigation: The FCA, PSR, and CMA have jointly confirmed they will not prioritize competition law enforcement against UKPI's centralized access fee model for Phase...
Scope limitation: The regulatory clarity applies only to Phase 1/Wave 1 of UKPI's cVRP scheme, specifically addressing lower-risk payment use cases including regulated financial services, utilities,...
Temporary framework: This is explicitly a temporary measure pending legislative implementation under the Data (Use and Access) Act 2025 or other relevant legislation.
Regulatory monitoring obligations: During the interim period, the FCA and PSR will monitor market developments, review pricing methodology changes, and require UKPI to submit finalized governance...
The FCA and PSR have issued a joint statement providing clarity on open banking pricing models, specifically regarding the centralised 'access fee' pricing model for commercial Variable Recurring Payments (cVRPs). This statement confirms that they will not prioritize a Competition Act 1998 investigation into this model at this stage. The goal is to support the development of cVRPs, giving consumers more control over their payments and lowering processing fees for businesses.
What Changed
The FCA and PSR have clarified their enforcement position on the UKPI's proposal for a commercial model for cVRPs, indicating they will not prioritize a Competition Act 1998 investigation at this stage.
Suggested Considerations
Monitor market developments and updates on the legislative framework for open banking
Review and understand the implications of the centralised 'access fee' pricing model for cVRPs on your business operations
Ensure compliance with existing competition laws and regulations
Key Dates
31 Dec 2026DEADLINE
Expected implementation of the government's legislative framework for open banking
1 Jul 2027DEADLINE
End of the temporary measure if the legislative framework is not implemented
Potential Consequences
Enforcement action, fines, or other regulatory penalties for non-compliance with competition laws and regulations
We have opened applications for the second cohort of our AI Live Testing service. AI Live Testing is the first of its kind in the financial sector to help firms who are ready to use AI in UK financial markets. Participating firms receive tailored support from our regulatory team and our technical partner Advai to…
Why this matters
This regulatory update from the FCA announces the opening of applications for the second cohort of the AI Live Testing service, which is designed to help financial firms develop and deploy AI responsibly.
The FCA, Bank of England and Prudential Regulation Authority have together signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to enhance cooperation and oversight of critical third parties (CTPs) that fall under the UK’s CTP regime.The MoU establishes a framework for coordinating and…
AI Analysis
The FCA, Bank of England (BoE), and Prudential Regulation Authority (PRA) have signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities (ESAs) to coordinate oversight of critical third parties (CTPs) under the UK's CTP regime and critical third party providers (CTPPs) under the EU's Digital Operational Resilience Act (DORA). This matters because it enhances cross-border information sharing and cooperation during incidents like cyber-attacks, reducing regulatory duplication while bolstering financial stability and operational resilience for firms reliant on these providers.
Key dates
1 January 2025
UK CTP rules came into effect, applying to CTPs designated by HMT
Ongoing (process begun pre
2025); HMT designation process for CTPs, with regulators recommending based on concentration and materiality criteria; no fixed end date specified
DORA effective date (prior context)
EU CTPPs oversight under DORA aligns with UK regime; MoU signed to ensure compatibility (exact DORA timeline not in publication but supports post-2024 implementation)
Suggested considerations
For CTPs/CTPPs: Once designated, implement regular assurance reporting to regulators, conduct resilience testing (e.g., scenario testing), and report major incidents promptly; prepare for cross-border information requests under the MoU.
For financial firms/FMIs: Continue managing operational resilience and third-party risks per existing outsourcing rules (e.g., identify dependencies on potential CTPs); monitor HMT designations and enhance incident response coordination with regulators.
Regulators' internal actions: Use CCF for coordination; notify counterparts of investigations or material developments per MoU Article 3 and 12.
Firms should review contracts with third parties for compliance alignment and conduct gap analyses against CTP requirements.
What changed
- Establishes a framework for timely information sharing, coordination of oversight activities, and joint responses to incidents affecting CTPs/CTPPs, including power outages or cyber-attacks.
Defines principles for cooperation on mutually designated CTPs/CTPPs, including notifications of investigations and best endeavors to share material information where legally and operationally...
Complements the UK's CTP regime (effective 1 January 2025), which requires designated CTPs to provide regular assurance, conduct resilience testing, and report major incidents, without altering...
Supported by a tripartite MoU among UK regulators for coordinated oversight via a joint CTP Consultation and Coordination Forum (CCF).
Compliance impact
Urgency: High – The MoU operationalizes the live UK CTP regime (effective January 2025), with designations underway, amplifying risks of non-compliance for firms using critical ICT providers amid rising cyber and resilience threats. It matters for cross-border firms as it enables regulator-to-regulator data sharing, potentially exposing gaps in outsourcing arrangements and increasing enforcement scrutiny without fines on CTPs yet possible future powers.
People could find it easier to pay using contactless, thanks to greater flexibility and the removal of red tape by the FCA. Banks and payment providers with strong fraud controls will be able to set their own limit for contactless payments, allowing them to better respond to changing consumer demands, inflation and…
Why this matters
This regulatory update from the FCA provides greater flexibility for banks and payment providers to set their own contactless payment limits, allowing them to better respond to changing consumer demands and new technology.
The Artificial Intelligence Consortium (AIC) aims to provide a platform for public-private engagement to further dialogue on the capabilities, development, deployment, use, and potential risks of artificial intelligence (AI) in UK financial services.
Why this matters
This regulatory update discusses the Artificial Intelligence Consortium, which aims to facilitate dialogue on the development and use of AI in UK financial services.
Open banking in the UK is growing rapidly. Latest industry figures show there are more than 16 million users now benefiting from the service. The number of open banking payments has soared by 53% year on year, reflecting a significant shift in how consumers and businesses manage their finances.See the API performance…
Why this matters
This regulatory update from the FCA discusses the growth of open banking in the UK, including the rise of variable recurring payments. This is relevant for banking, payments, and fintech firms that are involved in or impacted by open banking initiatives.
Given at the 20th High-level meeting on financial stability and regulatory and supervisory priorities (jointly organised by the Arab Monetary Fund, the Basel Committee on Banking Supervision and the Financial Stability Institute of the Bank of International Settlements).
Why this matters
This speech discusses the need to promote innovation in the financial sector while also guarding against financial stability risks. It covers topics related to prudential requirements, technology and cyber risks, as well as authorization and licensing for financial firms.
Given at Womble Bond Dickinson, Newcastle, hosted by the North East Chamber of Commerce
Why this matters
This speech by the Bank of England covers topics relevant to banking, investment management, and wealth management firms, focusing on consumer protection, operational resilience, and technology/cyber issues. The content is informational rather than an urgent regulatory update.
The PRA held roundtable meetings on artificial intelligence and machine learning (AI and ML) in the context of Supervisory Statement (SS)1/23 ‘Model risk management principles for banks’
AI Analysis
The Prudential Regulation Authority (PRA) held roundtable sessions on 20 and 22 October 2025 with 21 regulated firms to discuss AI and machine learning (AI/ML) adoption under Supervisory Statement SS1/23 on model risk management (MRM) principles for banks. This matters because it highlights PRA's strategic supervisory focus on AI/ML model risks, urging firms to enhance governance, risk appetite, monitoring, and validation to mitigate opacity, overfitting, and rapid performance degradation in these models. https://www.bankofengland.co.uk/prudential-regulation/publication/2025/november/pra-holds-model-risk-management-roundtable-on-ai | https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/publication/2025/november/ai-roundtable-oct-2025.pdf
Key dates
24 November 2025
- PRA published roundtable summary and slides. https://www.bankofengland.co.uk/prudential-regulation/publication/2025/november/pra-holds-model-risk-management-roundtable-on-ai
20
22 October 2025; - PRA held CRO roundtable sessions with 21 firms on AI/ML MRM
Suggested considerations
Review and strengthen board-level model risk appetite statements to explicitly cover AI/ML opacity and uncertainty; integrate into governance triggers like re-validation.
Enhance model inventories for completeness, aggregate risk assessment, and cross-jurisdictional tiering challenges.
Update model development policies to evaluate AI/ML trade-offs (e.g., explainability vs. performance) and ensure datasets prevent overfitting.
Revise ongoing monitoring policies for more frequent, quantitative checks on AI/ML (e.g., beyond six months); define degradation triggers, fallback models, and kill switches.
Participate in PRA initiatives like MRM roundtables or AI Consortium for dialogue; align first/second-line defenses per SS1/23.
What changed
This is not a formal rule change but supervisory guidance via roundtable insights reinforcing SS1/23 principles (effective since 2023). Key emphases include:
Risk appetite: Boards must articulate AI/ML-specific model risk appetite pre-deployment to avoid exceeding tolerances, given higher uncertainty from opacity.
Model inventories and tiering: Address inaccurate/incomplete inventories and aggregate risks from deploying similar AI/ML across portfolios/jurisdictions; challenge tiering for complexity.
Model development: Assess trade-offs in performance vs. explainability/reliability; prefer simpler models where AI/ML gains are marginal; mitigate overfitting via representative datasets.
Ongoing monitoring: Increase frequency beyond tier-dependent intervals (e.g., six months may suffice for traditional models but not dynamic AI/ML); define quantitative triggers for re-validation.
Compliance impact
Urgency: Medium - Not critical as no new rules or deadlines, but high relevance for AI/ML users amid PRA's strategic MRM focus; non-compliance risks supervisory actions, given observations of gaps in monitoring and governance. Matters for banks scaling AI (rising adoption per industry views), as unaddressed risks like rapid degradation could amplify losses (e.g., historical model failures cost billions). https://www.articsledge.com/post/model-risk-management | https://www.finextra.com/blogposting/30372/the-pras-latest-view-on-ai-governance-implications-for-uk-banks
This regulatory update from the Bank of England discusses trends in income growth and consumption in the UK, which is relevant for banking, investment management, and wealth management firms.
The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand announced a collaboration to explore the technical and policy implications of settling foreign exchange (FX) transactions using synchronised settlement mechanisms.
Why this matters
This regulatory update is relevant for banks, broker-dealers, fintechs, and payment providers as it explores the technical and policy implications of synchronised FX settlement across borders, which could impact prudential requirements, technology infrastructure, and reporting obligations.
This regulatory update discusses the CBDC Engagement Forum, which is relevant for banking, payments, and crypto firms. Key topics include prudential requirements, technology, and licensing for CBDC-related activities. The high urgency reflects the importance of this central bank digital currency initiative.
The SONIA Stakeholder Advisory Group supports the Bank’s administration of SONIA by providing advice and technical input to the Bank and the SONIA Oversight Committee
Why this matters
This regulatory update provides information about the SONIA Stakeholder Advisory Group, which supports the Bank of England's administration of the SONIA benchmark. This is likely of interest to firms in the banking, investment management, and capital markets sectors, particularly those that use or reference SONIA.
Elaborates on points made at the market panel of the ECB Conference on Money Markets 2025
Why this matters
This speech by the Bank of England's Victoria Saporta discusses the evolving liquidity landscape, which is relevant for banking, investment management, and capital markets firms. Key topics covered include prudential/capital requirements, operational resilience, and technology/cyber risks.
This speech by the Bank of England is focused on innovation in the insurance sector, particularly around the use of technology. It is an informational update rather than a regulatory announcement.
This regulatory update discusses the CBDC Engagement Forum, which is relevant for banking, payments, and crypto/digital asset firms. Key topics include prudential requirements, technology, and licensing for firms involved in CBDC development and implementation.
This speech by the BoE's Sam Woods covers topics relevant to banking, investment management, and wealth management firms, including prudential requirements, operational resilience, and technology/cyber risks. The content appears to be informational rather than an urgent regulatory update.
Given at the Bank of England and Bank for International Settlements Innovation Hub’s DLT Innovation Challenge Showcase
Why this matters
This speech from the Bank of England discusses the use of central bank digital money for the future of payments, which is relevant for banks, fintechs, crypto firms, and payment providers. It touches on technology, operational resilience, and regulatory authorization issues.
Publication from the Bank, PRA and FCA to firms and financial market infrastructures highlighting observed effective practices of cyber response and recovery capabilities.
Why this matters
This regulatory update from the PRA, Bank of England, and FCA focuses on effective practices for cyber response and recovery capabilities, which is highly relevant for firms across the banking, payments, and technology sectors.
Based on remarks given on the ‘Real World Assets Tokenisation: What Asset Classes Will Work – and Which Won’t’ panel at DC Fintech Week 2025
Why this matters
This speech discusses the tokenization of real-world assets, which impacts banking, capital markets, and crypto/digital asset firms. Key topics include prudential requirements, technology, and licensing for firms engaging in this activity.
The Maxwell Fry Lecture of the Money, Macro and Finance Society given at the University of Birmingham
Why this matters
This speech from the Bank of England discusses uncertainty, structural change, and monetary policy strategy, which are relevant to banking, investment management, and wealth management firms.
This speech discusses how innovation is reshaping the financial system, covering topics related to new technologies, prudential requirements, and consumer protection - which are relevant for banks, fintechs, and crypto exchanges.
Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
Why this matters
This regulatory update from the Bank of England's Financial Policy Committee covers key areas of focus for financial stability, including prudential requirements, operational resilience, and technology/cyber risks.
This regulatory update discusses the CBDC Academic Advisory Group, which is relevant to banking, payments, and digital assets sectors. The topics covered include prudential requirements, technology, and licensing, which are important for firms in these sectors.
Given at the Inaugural Pictet Research Institute Symposium 2025
Why this matters
This speech from the Bank of England covers topics related to prudential requirements, operational resilience, and technology/cyber risks, which are relevant for banks, asset managers, and wealth managers.
Given at the Cross Market Operational Resilience Group (CMORG) conference
Why this matters
This speech from the Bank of England discusses operational resilience from a systemic risk perspective, covering topics relevant to banks, asset managers, and wealth managers such as prudential requirements, technology and cyber risks, and outsourcing.
Given at the 30th Annual Bank of America Financials CEO Conference
Why this matters
This speech by a Bank of England official discusses the need to balance innovation and risk in the financial sector, covering topics such as prudential requirements, operational resilience, and technology/cyber risks. It is relevant for a range of financial firms including banks, asset managers, and broker-dealers.
Given at the Bank of England and Warwick Business School Innovation in Money and Payments Conference
Why this matters
This speech by the Bank of England covers topics related to building trust and supporting innovation in the multi-moneyverse, which spans banking, payments, and crypto/digital assets.
Given at The Future of Central Banking conference on the occasion of the 100th Anniversary, Banco de México
Why this matters
This speech by a central bank official discusses research and the future of central banking, which is relevant for banking, investment management, and wealth management firms in terms of prudential requirements, operational resilience, and technology/cyber risks.
Given at OMFIF Economic and Monetary Policy Institute
Why this matters
This speech by a Bank of England official discusses liquidity and resilience in the financial system, which is relevant for banks, asset managers, and wealth managers.
This speech from the Bank of England Governor discusses the role and meaning of reserve currencies, which is relevant for banking, investment management, and wealth management firms. It touches on prudential requirements, consumer protection, and technological considerations around reserve currencies.
Given at the ECB Forum on Central Banking in Sintra, Portugal
Why this matters
This speech by a Bank of England official at the ECB Forum covers topics related to banking, investment management, and wealth management, including prudential requirements, operational resilience, and technology/cyber risks. The content is informational in nature.
This speech discusses the digitalization of finance, covering topics such as technology, operational resilience, and consumer protection. It is relevant for a range of financial firms including banks, fintechs, asset managers, and wealth managers.
This speech by the Bank of England covers topics related to financial innovation, synchronization, and enabling the next wave of developments in the banking, capital markets, and payments sectors.
Given at the Centre for Central Banking Studies 'Transforming monetary policy’ conference
Why this matters
This speech from the Bank of England covers the evolution of interactions between financial markets and policymakers, touching on topics like prudential requirements, technology, and reporting - relevant for banks, broker-dealers, and crypto exchanges.
Given at UK Finance Digital Innovation Summit 2025
Why this matters
This speech by the Bank of England discusses the RTGS 2 initiative, which is a platform for innovation in banking, payments, and digital assets. It is an informational update rather than a regulatory announcement.
Given at the Barclays-CEPR Monetary Policy Forum 2025
Why this matters
This speech from the Bank of England Deputy Governor covers the outlook for the UK labour market, which is relevant for banks, asset managers, and wealth managers in terms of prudential requirements, operational resilience, and technology/cyber risks.
Speech given at the National Institute of Economic and Social Research
Why this matters
This speech from the Bank of England discusses the role of technology and innovation in the financial sector, with a focus on consumer protection and prudential requirements. It is relevant for banks, wealth managers, and fintechs.
Given at the 9th NBU-NBP Annual Research Conference, Kyiv
Why this matters
This speech by the Governor of the Bank of England discusses central banking in times of extreme adversity, which is relevant for banking, investment management, and wealth management firms in terms of prudential requirements, operational resilience, and technology/cyber risks.
This speech by the Bank of England discusses the balance between innovation and regulation, which is relevant for banking, investment management, and wealth management firms.
This speech by Randy Kroszner of the Bank of England discusses financial stability in light of new global challenges, including global shocks, interconnections, and the role of central counterparties.
Given at Bank of Finland & SUERF Conference, Helsinki
Why this matters
This speech by Victoria Saporta of the Bank of England covers topics relevant to banking, investment management, and wealth management firms, including prudential requirements, operational resilience, and technology/cyber risks. The content appears to be informational rather than an urgent regulatory update.