On 17 January 2025, the Prudential Regulation Authority (PRA) announced that, following consultation with HM Treasury, it was delaying the implementation of Basel 3.1 in the UK by one year until 1 January 2027.
The PRA states that the delay is to allow more time for greater clarity to emerge about the United
On 16 January 2025, the Payment Systems Regulator (PSR) published an updated strategy setting out its commitments for the next two years.
The updated strategy sets out the following 3 core commitments that the PSR will focus on for the remainder of the strategy term:
On 16 January 2025, the Bank of England (BoE) published a speech on ‘Joining the dots’ between stress tests, delivered by its executive director for financial stability strategy and risk, Nathanael Benjamin, at The City UK.
The speech outlines the BoE’s new approach to stress testing banks and developments in stress tests in
On 15 January 2025, the Bank of England (BoE) published a statement on its input, together with the Commodity Futures Trading Commission (CFTC), into a report on initial margin transparency and responsiveness in centrally cleared markets.
The BoE explains that it and the CFTC have co-chaired international work on centrally cleared
On 14 January 2025, the Bank of England (BoE) published a progress update and a design note on the blueprint framework for a digital pound.
Background
The BoE and HM Treasury are exploring the possibility of introducing a digital pound, as a digital complement to banknotes. If introduced, the digital pound would be
On 13 January 2025, the Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2025 (the Order) was made and published on legislation.gov.uk, along with an explanatory memorandum.
The Order implements reforms to the bank ring-fencing regime which are intended to improve its functionality. As set
On 13 January 2025, the Short Selling Regulations 2025 (the Regulations) were made and published on legislation.gov.uk, along with an explanatory memorandum. The Regulations will replace assimilated law concerning short selling, including the Short Selling Regulation.
The Regulations establish a new legislative framework for the regulation of short selling, which creates designated activities
On 14 January 2025, the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (the Regulations) came into force and were published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations enable the Financial Conduct Authority (FCA) to supervise and enforce rules that it makes under the
On 14 January 2025, the Financial Conduct Authority (FCA) published two new webpages, providing an update for firms on redress liabilities and information on how to identify and report ‘polluting behaviour’ (where firms try to avoid potential or actual liabilities generated in the course of their regulated activities).
Update for firms
The ‘update
On 11 January 2025, HM Treasury (HMT) and the Chancellor of the Exchequer, Rachel Reeves, published the policy outcomes from the 2025 UK-China Economic and Financial Dialogue.
In a related press release, HMT explains that the aim of the dialogue was to support a stable and balanced UK-China relationship. During the discussion