- Technical Standards
AI Consortium
On 2 May 2025, the Bank of England published a new webpage regarding an Artificial Intelligence Consortium.
The web page includes the terms of reference and the list of participants.
The purpose of the Consortium is to provide a platform for public private engagement to gather input from stakeholders on the capabilities, development, deployment and
FCA updates webpage on supervisory correspondence
On 30 April 2025, the Financial Conduct Authority updated its webpage on supervisory correspondence by adding a section on historical letters and market reports.
The section states that the FCA has marked most supervisory correspondence pre-dating April 2022 as ‘historical’ and no longer current.
DP25/1: Regulating cryptoasset activities
On 2 May 2025, the Financial Conduct Authority (FCA) published Discussion Paper 25/1: Regulating cryptoasset activities (DP25/1).
Background
DP25/1 is the latest policy publication in the FCA’s crypto roadmap on the future of cryptoasset regulation. So far, the FCA has published DP23/4 in November 2023 on developing a regime for fiat-backed
PSR publishes Annual Plan and Budget 2025-26
On 1 May 2025, the Payment Systems Regulator (PSR) published its Annual Plan and Budget for 2025-26, setting out an overview of its commitments and priorities over the next financial year as it moves towards consolidation with the Financial Conduct Authority.
The PSR flags that the Government has confirmed that the PSR
FCA publishes good and poor practice examples for international payment pricing under Consumer Duty
On 1 May 2025, the Financial Conduct Authority (FCA) published a new webpage, Consumer Duty: International payment pricing transparency – good and poor practice. The webpage sets out examples of good and poor practice in how firms communicate the cost of international payments.
Background
The FCA explains that it has seen differences
Chancellor announces date for publication of Financial Services Growth and Competitiveness Strategy
On 29 April 2025, the Chancellor of the Exchequer, Rachel Reeves, delivered a speech at the Innovate Finance Global Summit 2025.
In her speech, Ms Reeves flagged the importance of financial services as one of the key growth-driving sectors in the UK’s modern industrial strategy, and announced that the Financial Services Growth and Competitiveness Strategy
UK Finance publishes third version of financial abuse code
On 30 April 2025, UK Finance published the third version of its Financial Abuse Code (the Code).
The Code was first launched in 2018 with the aim of increasing awareness and understanding amongst firms and their staff of financial abuse and how to identify the signs. It was revised in 2021 and has now
PRA proposes updates to supervisory expectations on managing climate-related risks
On 30 April 2025, the Prudential Regulation Authority (PRA) published consultation paper CP10/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks – Update to SS3/19.
Background
The PRA explains that since it first set expectations for firms on climate change in 2019, firms have begun to build their climate-related risk
BoE confirms decision to revoke UK technical standard on simplified obligations
On 30 April 2025, the Bank of England (BoE) published the Technical Standards (Simplified Obligations) Instrument 2025, which revokes the retained EU law Technical Standard 2019/348 on Simplified Obligations (SO UKTS).
The BoE published a consultation paper in December 2024 setting out its proposal to revoke the SO UKTS –