HM Treasury (HMT) has published a letter from Rachel Reeves, Chancellor of the Exchequer, to Andrew Bailey, Bank of England Governor, setting out the remit and recommendations for the Financial Policy Committee (FPC) for...more
On 13 November, the UK Financial Reporting Council (FRC) published its Annual Review of Corporate Governance Reporting (the Review), setting out key findings from an analysis of a sample of 100 randomly selected companies...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/32 setting out proposals to improve the UK transaction reporting regime under the Markets in Financial Instruments Regulation (MiFIR). HM Treasury...more
This update explains the Bank of England’s (the "BoE") proposed regime for regulating sterling‑denominated systemic stablecoin issuers and payment system operators (and other service providers recognised as systemic in the...more
On November 10, 2025, the BOE released the Proposal, setting out proposed rules for sterling-denominated systemic stablecoins issued by non-banks for use in UK payments. The BOE is seeking public feedback, and comments are...more
Ratings providers will be subject to a number of existing FCA rules, as well as bespoke regulatory requirements, which will require a significant uplift to systems and processes....more
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025 has been laid before the UK Parliament, accompanied by an explanatory memorandum. This follows the draft version laid in July. The...more
On November 26, 2025, the Chancellor of the Exchequer, Rachel Reeves MP, delivered the UK’s Budget (Budget), setting out support for entrepreneurs in the UK and explicitly stating that “our start-up founders drive growth,...more
One expected measure, announced on 25th November, is the so-called 'milkshake tax' which will extend the Soft Drinks Industry Levy (“SDIL”), the UK's tax on high sugar pre-packaged drinks, to sugary milk and milk-substitute...more
Key developments of interest over the last month include: publication of the Payments Vision Delivery Committee’s strategy for the future UK retail payments infrastructure; the Bank of England consulting on a proposed...more
A good news story in today’s Budget (albeit one that was widely expected, and consequently wasn’t wholly surprising). A new SDRT relief is to be introduced from 27 November 2025....more
Following months of speculation, the Chancellor of the Exchequer Rachel Reeves has delivered her second Autumn Budget. Read a breakdown from our tax experts below. Against a backdrop of elusive economic growth, increasing...more
On 21 November 2025, the Financial Conduct Authority (FCA) published a consultation paper (CP25/32) setting out proposed reforms to the UK transaction reporting regime (the Regime). The consultation aims to reduce regulatory...more
UK Chancellor of the Exchequer, Rachel Reeves, announced her second Budget on November 26, 2025. We set out below a summary of the main tax measures announced. Key takeaways include increases in income tax rates for...more
The regulator aims to significantly reduce the administrative burden of the regime. On 21 November 2025, the FCA published a Consultation Paper (CP25/32) on changes to the transaction reporting regime under UK MiFID,...more
The UK Financial Conduct Authority (FCA) has published an updated statement of policy regarding statutory investigations into regulatory failure under the Financial Services Act 2012. The statement of policy sets out the...more
The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2025 have been laid before UK Parliament, accompanied by an explanatory memorandum. The Regulations extend, by a further 12 months, the transitional...more
UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more
On 5 November 2025, HM Treasury (HMT) published a draft statutory instrument, the Over-the Counter-Derivatives (Intragroup Transactions) Regulations 2026 (draft SI), together with a policy note, and the UK Financial Conduct...more
The Bank of England (BoE) has published a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins. Under the framework, HM Treasury (HMT) will determine which payment...more
The Payments Vision Delivery Committee (PVDC) has published its long-term strategy for the future UK retail payments infrastructure, building on the government's National Payments Vision. The PVDC, comprising HM Treasury, the...more
HM Treasury (HMT) has published a consultation on proposals to reform the UK's anti-money laundering and counter-terrorist financing (AML/CTF) supervisory regime for professional services firms. This follows the October...more
HM Treasury (HMT) has published a draft statutory instrument (SI), the Over the Counter Derivatives (Intragroup Transactions) Regulations 2026, for technical comment, alongside a policy paper. The proposed Regulations aim to...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/30 on changes to its binding technical standards (BTS) on the intragroup exemption regime under the UK European Market Infrastructure Regulation...more
The Economic Secretary to HM Treasury (HMT) has published a letter confirming it has commissioned the Financial Services Skills Commission to produce a comprehensive report on the impact of AI and other disruptive...more