On 25 March 2026, the Financial Conduct Authority (FCA) issued its Regulatory Priorities report for the payments sector.

The FCA’s payments priorities for this year include:

  • Preparing for the future to support effective competition, innovation and growth.The FCA will continue its policy work in areas such as open banking, stablecoins, and modernising payments regulation to support positive innovation and competition. As for open banking the FCA will support industry in establishing a Future Entity for open banking and it will also support the Treasury in introducing legislation to grant it powers to set new rules for the long-term regulatory framework.
  • Ensuring firms implement the Consumer Duty effectively. The FCA will engage with firms to make sure they implement the Duty. Firms should assess their products, services and processes against all the relevant rules and guidance, including the Duty, on an ongoing basis. Areas of focus will include international payment pricing transparency and how firms treat consumers in vulnerable circumstances.
  • Protecting financial system integrity. The FCA will continue its work to fight financial crime, including fraud and money laundering. Firms should have effective governance arrangements and systems and controls, and the right skills to identify, assess and mitigate risk. The FCA has been encouraged by some firms significantly enhancing their governance, oversight, and systems and controls but it still feels that weaknesses in this area still pose risks to market integrity.
  • Keeping customers’ money safe. The FCA is concerned that customers’ money may not always be safe if payments firms fail. Firms should have effective governance arrangements and systems and controls, and the right skills to identify, assess and mitigate risk. The FCA’s Safeguarding Supplementary Regime will come into force in May; firms should be ready to comply with the rules. The FCA will consider the outcomes of safeguarding audits and address issues with firms. As it has strengthened standards in this area, it may see an increase in ‘adverse’ audit opinions in the short term.