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HM Treasury Financial Regulatory Reform Financial Services Industry

A&O Shearman

UK 2025 Regulatory Initiatives Grid published

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The Financial Services Regulatory Initiatives Forum (the Forum) has published the Regulatory Initiatives Forum Grid (the Grid), with the UK Financial Conduct Authority (FCA) also updating its webpage. The previous Grid was...more

Hogan Lovells

UK PRA consults on changes to FSCS protection limits and amendments required for Bank Resolution (Recapitalisation) Bill

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Proposed increases in the deposit protection limit from £85,000 to £110,000 and in the temporary high balance limit from £1 million to £1.4 million would take effect from 1 December 2025. There would be a transitional period...more

A&O Shearman

UK Treasury policy paper on new approach to ensure regulators and regulation support growth

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HM Treasury has published a policy paper setting out the next steps to its approach on regulation and regulators. The three overarching actions are: (i) tackling complexity and the burden of regulation; (ii) reducing...more

A&O Shearman

UK Chancellor announces engagement with financial services leaders to bolster growth plans

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HM Treasury has announced that the Chancellor will increase engagement with financial services leaders to strengthen plans to grow the economy. Over the coming months, the Chancellor plans to host a series of Industry Forums...more

A&O Shearman

Government response to call for evidence on pension fund clearing exemption

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HM Treasury published the Government's response to its call for evidence on the pension fund clearing exemption, which exempts pension funds from the requirement to clear certain derivative contracts via a central...more

A&O Shearman

UK Financial Conduct Authority writes to Treasury Committee on the FCA's regulatory perimeter

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The House of Commons Treasury Committee has published a letter (dated December 6, 2024) from Nikhil Rathi, Chief Executive of the Financial Conduct Authority, regarding the FCA's perimeter report. In the letter, Mr. Rathi...more

A&O Shearman

UK authorities respond to Treasury Committee questions about Sexism in the City inquiry recommendations

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The House of Commons Treasury Committee has published letters from HM Treasury, the Prudential Regulation Authority and the Financial Conduct Authority setting out progress made to date in relation to the Committee's "Sexism...more

A&O Shearman

UK Government responds to Treasury Committee report on SME Finance

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The U.K. government has published its response to the Treasury Committee report on access to financing for small businesses. The report, by the Treasury Select Committee of the previous Parliament, made recommendations...more

Latham & Watkins LLP

The Edinburgh Reforms - Two Years On

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When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...more

A&O Shearman

UK Financial Conduct Authority Consults on the MiFID Organisational Regulation

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The consultation paper also includes a discussion chapter about further reform, either now or in the future, to make the rules better suited to the range of U.K. licensed firms and their clients. This includes in...more

A&O Shearman

HM Treasury Publishes Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment)...

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HM Treasury has published the Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024, together with an explanatory memorandum....more

A&O Shearman

UK Regulators Finalize Rules on Critical Third Parties to the UK Financial Sector

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The Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement on operational resilience for critical third parties (CTPs) in the U.K. financial sector, which includes their final...more

A&O Shearman

Mansion House: Report on Mutuals Sector Landscape Requested from FCA and PRA

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HM Treasury has published two letters from Tulip Siddiq, Economic Secretary to the Treasury sent to the CEOs of the Financial Conduct Authority and the Prudential Regulation Authority requesting a report on the current...more

A&O Shearman

Mansion House: Call for Evidence on Credit Union Common Bond Reform

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HM Treasury has published a call for evidence on credit union common bond reform, which is part of the latest Mansion House reforms. The government is seeking views on the merits of and considerations for changing parts of...more

A&O Shearman

Mansion House: UK Government Announces Further Reforms To The Wholesale Markets Framework

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HM Treasury has published a policy paper announcing further reforms to the U.K.'s wholesale markets framework, a key part of the latest Mansion House reforms HM Treasury has committed to legislate to amend the Markets in...more

A&O Shearman

Mansion House: Financial Services Growth and Competitiveness Strategy

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HM Treasury has launched a call for evidence on a proposed Financial Services Growth & Competitiveness Strategy, a key part of the latest Mansion House reforms. Once developed, the Strategy will serve as the central guiding...more

A&O Shearman

Mansion House: Response to Consultation on Future Regulatory Regime for ESG Ratings Providers

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Following its consultation, HM Treasury has published its response to the consultation on the future regulatory regime for ESG ratings providers, along with the draft Financial Services and Markets Act 2000 (Regulated...more

Latham & Watkins LLP

Key Takeaways From Rachel Reeves’ Mansion House Speech

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The UK Chancellor announces a growth-focused agenda for financial services. On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more

A&O Shearman

HM Treasury Post-Implementation Reviews on SME Credit Information and Finance Platforms Regulations

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Alongside the U.K government's Autumn Budget delivered on October 30, 2024, HM Treasury has published two post-implementation reviews relating to small- and medium-sized enterprise credit....more

A&O Shearman

HM Treasury Statement on Reforms to Bank Ring-Fencing

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The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a...more

A&O Shearman

UK Prudential Regulation Authority Publishes Second Near-Final Policy Statement on Implementation of the Basel 3.1 Standards

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The U.K. Prudential Regulation Authority has published its second near-final Policy Statement on the implementation of the Basel 3.1 standards. The PRA has decided to move the implementation date by a further six months to...more

A&O Shearman

UK Prudential Regulation Authority Publishes Review of Bank Ring-Fencing Rules

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The U.K. Prudential Regulation Authority has published a Review of the PRA ring-fencing rules for U.K. banks. The ring-fencing regime came into force in 2019 and the PRA is required to review the rules it has made under the...more

Skadden, Arps, Slate, Meagher & Flom LLP

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

A&O Shearman

Consultation on Near-Term UK Ring-Fencing Regime Reforms

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HM Treasury has launched a consultation on proposed near term reforms to the U.K. ring-fencing regime—"A Smarter Ring-Fencing Regime"—and published its response to its call for evidence on the practicalities of aligning the...more

A&O Shearman

UK Government Sets Out Plan for Revoking EU Financial Services Laws

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Following finalization of the Financial Services and Markets Act 2023, HM Treasury published a Delivery Plan for the Building a Smarter Financial Services Regulatory Framework for the UK. The Delivery Plan compliments the...more

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