The UK Financial Conduct Authority’s (FCA’s) recent consultation papers represent a significant step in the UK’s development of a licensing and supervision regime for cryptoasset services, which is intended to come into force...more
3/6/2026
/ Capital Requirements ,
Corporate Governance ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Illiquid Assets ,
Investment Firms ,
Liquidity ,
MiFID ,
New Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
UK
On 12 February 2026, HM Treasury (HMT) published a consultation paper proposing targeted legislative reforms to the UK’s Appointed Representatives (AR) regime....more
2/25/2026
/ Consultation Papers ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Governance Standards ,
HM Treasury ,
New Legislation ,
Proposed Legislation ,
Public Consultations ,
Regulatory Oversight ,
Regulatory Reform ,
Risk Management ,
UK
In December 2025, the FCA published its final Policy Statement and guidance (Final Guidance) on the treatment of non-financial misconduct (NFM) under the Code of Conduct (COCON) and the Fit and Proper (FIT) regime, with...more
2/9/2026
/ Code of Conduct ,
Compliance Monitoring ,
Corporate Governance ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Harassment ,
Human Resources Professionals ,
New Guidance ,
New Regulations ,
Nonbank Firms ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
UK
On 8 December 2025, the UK Financial Conduct Authority (FCA) published Consultation Paper (CP26/36) (the CP), proposing reforms to the professional client categorisation regime and targeted simplifications to the conflicts of...more
1/13/2026
/ Conflicts of Interest ,
Consultation Papers ,
Consumer Protection Laws ,
EU ,
Financial Conduct Authority (FCA) ,
High Net-Worth ,
Investment Management ,
Investor Protection ,
MiFID II ,
Private Equity ,
Professional Investors ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Reform ,
UK ,
Wealth Management
Following our previous review of the evolving UK and EU approaches to the regulation of third-country bank branches and subsidiarization, the European Banking Authority (EBA) has now published a significant Consultation Paper...more
12/19/2025
/ AML/CFT ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Capital Requirements Directive IV (CRDIV) ,
Cross-Border Transactions ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Foreign Banks ,
International Banks ,
New Regulations ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Third Country Entities (TCEs) ,
UK
The UK’s cryptoasset regulatory framework continues to take shape following a series of coordinated legislative and regulatory developments across HM Treasury and the Financial Conduct Authority (FCA)....more
12/18/2025
/ Anti-Money Laundering ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
New Legislation ,
Proposed Legislation ,
Proposed Rules ,
Prudential Regulation Authority (PRA) ,
Public Consultations ,
Regulatory Reform ,
Regulatory Requirements ,
UK
On 31 October 2025, the FCA published its findings from a multi-firm review of consolidation in the financial advice and wealth management sector....more
12/1/2025
/ Acquisition Agreements ,
Best Practices ,
Corporate Governance ,
Debt ,
Due Diligence ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Merger Agreements ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
UK ,
Wealth Management
The Consumer Duty (the Duty) remains one of the key priorities for the Financial Conduct Authority (FCA) under its 2025-2030 Strategy. It was introduced to strengthen protection for retail consumers who may lack expertise and...more
10/28/2025
/ Advertising ,
Consumer Protection Laws ,
Cryptoassets ,
Data Protection ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
Mortgages ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
UK
On 17 September 2025, the Financial Conduct Authority (FCA) published a Consultation Paper on the Application of FCA Handbook for Regulated Cryptoasset Activities (CP25/25). CP25/25 sets out how the existing rules in the FCA...more
9/30/2025
/ Anti-Money Laundering ,
Blockchain ,
Consultation Papers ,
Consumer Protection Laws ,
Cryptoassets ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
FinTech ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
Stablecoins ,
UK
- What is new: The FCA has published Consultation Paper 25/23 proposing new regulations for Buy Now, Pay Later (BNPL) services, now termed deferred-payment credit (DPC), with rules coming into force on 15 July 2026. - Why it...more
7/30/2025
/ Buy Now Pay Later (BNPL) ,
Compliance ,
Consumer Lenders ,
Consumer Protection Laws ,
Financial Conduct Authority (FCA) ,
Lenders ,
New Regulations ,
Proposed Rules ,
Regulatory Requirements ,
The Pensions Regulator (TPR) ,
Third Party Funding ,
UK
The first half of 2025 brought significant developments in the regulation of digital and cryptoassets in the UK and EU. In this half-year update, we review these and look ahead to likely developments in the UK and EU in the...more
7/9/2025
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
HM Treasury ,
Technology ,
UK
Published concurrently with Consultation Paper 25/14 (CP 25/14) on the proposals for stablecoin issuance and cryptoasset custody in the UK, Consultation Paper 25/15 (CP 25/15) sets out the UK Financial Conduct Authority’s...more
Following the publication by HM Treasury of the draft legislation establishing a financial services regulatory regime for cryptoassets in the UK, on 28 May 2025 the UK Financial Conduct Authority (FCA) published Consultation...more
6/6/2025
/ Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
HM Treasury ,
New Legislation ,
New Regulations ,
Proposed Rules ,
Regulatory Requirements ,
Stablecoins ,
UK
On 20 May 2025, the UK Prudential Regulation Authority (PRA) published a policy statement (PS6/25) on business conducted within branches of international banks operating in the UK, as well as its booking model expectations...more
5/28/2025
/ Banking Sector ,
Banks ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Regulations ,
Policy Updates ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
UK
In October 2024, HM Treasury (HMT) published a consultation paper amid perceived concerns related to the “buy now, pay later” (BNPL) sector, including uninformed consumer decisions, affordability checks and levels of...more
As part of the UK government’s aim to create legislation establishing a regulatory framework for cryptoassets, on 2 May 2025 the UK Financial Conduct Authority (FCA) published Discussion Paper DP25/1....more
The first four months of 2025 proved busy for the UK’s financial regulators, with both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) publishing their strategy and business plan documents. As...more
5/5/2025
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Cryptoassets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insurance Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Reform ,
Risk Management ,
UK ,
White Collar Crimes
On 29 April 2025, HM Treasury published near-final draft legislation establishing a financial services regulatory regime for cryptoassets in the UK, along with a policy note explaining the intended policy outcomes of the...more
We are pleased to present “The Capital Ratio,” a new podcast that explores key regulatory topics impacting the banking and financial sector. In our debut episode, we dive into the key regulatory considerations for U.K. and...more
As the market for stablecoins continues to evolve in sophistication and scale, financial institutions in the UK and EU are increasingly exploring whether and how to engage with them, whether for treasury, payments, settlement...more
3/20/2025
/ Anti-Money Laundering ,
Banking Sector ,
Digital Assets ,
E-Money ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Investment Management ,
Popular ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
Stablecoins ,
Technology Sector ,
UK
On 11 March 2025, the UK government announced its decision to abolish the Payment Systems Regulator (PSR) as part of a broader initiative to reduce regulatory burdens and stimulate economic growth.
This action is intended to...more
3/14/2025
/ Bank of England ,
Banking Sector ,
Competition ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Popular ,
Regulatory Authority ,
Small Business ,
UK ,
UK Payment Systems Regulator
On 25 February 2025, Sarah Pritchard, executive director of consumers, competition, and international at the UK Financial Conduct Authority (FCA), delivered a speech at the Investment Association Roundtable where she outlined...more
3/3/2025
/ Banking Sector ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Hedge Funds ,
Investment ,
Investment Management ,
Market Participants ,
Non-Bank Lenders ,
Private Equity ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
UK
On 12 February 2025, the UK Prudential Regulation Authority (PRA) issued a policy statement on streamlining firm-specific capital communications (the Policy Statement). The statement finalises policy that was the subject of a...more
On 21 January 2025, the UK’s Prudential Regulation Authority (PRA) published two supervisory letters outlining 2025 priorities for international banks and UK deposit takers, respectively. In this note, we look at some of the...more
2/3/2025
/ Artificial Intelligence ,
Basel III ,
Financial Institutions ,
Financial Regulatory Reform ,
International Banks ,
Lenders ,
Liquidity ,
Non-Bank Lenders ,
Private Equity ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Risk Management ,
UK
In the aftermath of the 2007-09 global financial crisis, the G20 nations committed to reforming bank remuneration frameworks in response to criticism that excessive risk-taking at banks incentivised by poorly structured pay...more
1/23/2025
/ Banking Sector ,
Banks ,
Compensation & Benefits ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
Prudential Regulation Authority (PRA) ,
Remuneration ,
Risk Management ,
UK