On 15 May 2025, HM Treasury (HMT) announced that it has laid the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (SI 2025/583) (the Regulations). The Regulations have been published on legislation.gov.uk along with an explanatory memorandum.
Background
The Regulations, a draft which
On 8 May 2025, the Financial Conduct Authority (FCA) announced the appointment of David Geale as permanent executive director for payments and digital finance, and managing director of the Payment Systems Regulator (PSR).
In this role, Mr Geale will be responsible for helping to deliver the National Payments Vision and driving
On 6 May 2025, the Bank of England (BoE) published a speech by its deputy governor for financial stability, Sarah Breeden, entitled ‘International payment rails: the value of a harmonised gauge’. The speech explains why the digitalisation of money and assets is important to the BoE, why interoperability is important, and
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
On 29 April 2025, the Financial Conduct Authority (FCA) published an engagement paper setting outs its proposal to launch Artificial Intelligence (AI) Live Testing.
Background
The FCA explains that the adoption of AI by the UK financial services sector can help it to achieve its objectives of becoming a smarter regulator
On 22 April 2025, the House of Commons Treasury Committee confirmed that it would hold the first oral evidence session as part of its inquiry into finfluencers on 30 April 2025. The Financial Conduct Authority’s joint executive director for enforcement and market oversight, Steve Smart, and its director of consumer investments, Lucy Castledine, will give
On 23 April 2025, the Financial Conduct Authority (FCA) published a summary of its Artificial Intelligence (AI) Sprint, which was held over two days in January 2025. It also published an accompanying blog highlighting some key lessons from the Sprint.
AI Sprint summary
At the Sprint, 115 participants from across industry
On 15 April 2025, the Financial Stability Board (FSB) published its finalised Format for Incident Reporting Exchange (FIRE), a global standardised format aimed at streamlining cyber and operational incident reporting and enhancing cross-border cooperation.
FIRE is a common framework that financial firms can use to report operational incidents, including cyber
On 10 April 2025, the Financial Conduct Authority (FCA) published a statement providing an update on the Private Intermittent Securities and Capital Exchange System (PISCES) and pre-application support. The FCA is issuing this statement to provide an early update following the closure of its consultation (CP24/29) on the PISCES