On 14 April 2025, the Financial Conduct Authority (FCA) published the latest edition of the Regulatory Initiatives Grid from the Financial Services Regulatory Initiatives Forum. The Forum is made up of representatives of the Bank of England, the Competition and Markets Authority, the FCA, the Financial Reporting Council, HM Treasury, the Information Commissioner’s Office, the Payment Systems Regulator, the Prudential Regulation Authority (PRA) and the Pensions Regulator.

The Regulatory Initiatives Grid

The Grid sets out the planned regulatory initiatives for the next 24 months, to help the financial services industry and other stakeholders to understand and plan for the timing of the initiatives that may have a significant operational impact on them. It is available in three different formats (an interactive dashboard, as well as PDF and Excel) to help users interact with the underlying data.

The Grid includes a ‘multi-sector’ section covering initiatives that span more than one sector, as well as sector-specific sections covering Banking, credit and lending; Payments and cryptoassets; Insurance and reinsurance; Investment management; Pensions and retirement income; Retail investments; and Wholesale financial markets.

New multi-sector initiatives

In addition to new sector-specific initiatives, the Grid sets out 18 new multi-sector initiatives across-a broad range of sub-categories including ESG, conduct, cross-cutting measures and competition and innovation. They include:

  • An FCA consultation paper (CP) on updating outdated rules and guidance, planned for Q2 2025, with a further feedback statement (FS) and action plan expected in September 2025.
  • The creation of a long-term regulatory framework for Open Banking, with a CP expected from HM Treasury (HMT) in 2025 and a statutory instrument due in Q4 2025.
  • Reviewing the FCA’s non-Handbook communications, including retiring (almost) all Dear CEO letters and portfolio letters issued before April 2022. The first changes are expected by the end of Q2 2025, with a further FS and action plan expected in Q3 2025 and a CP on retiring specific pieces of outdated guidance planned for Q4 2025.
  • A review of Politically Exposed Persons (PEPs) by the FCA, with an industry report and potential CP on the PEP Guidance during Q2 2025.
  • Modernising the redress framework and external redress guidance – the FCA is reviewing its rules and guidance for firms when identifying harm and conducting firm-led redress exercises, and intends to issue a CP on any proposed changes in H2 2025.
  • Updated FCA guidance on cloud computing to be consulted on during H2 2025, with guidance set to be finalised in 2026, and updated encryption guidance to be consulted on in Spring 2025.
  • Changes to the PRA’s framework for the prudential treatment of firms’ exposures to cryptoassets, with a CP planned for Q4 2025 and a policy statement (PS) expected in H2 2026.
  • An FCA discussion or engagement paper on market risk capital requirements for specialised trading firms, due in Q1 2026, to be followed by a CP and PS.
  • The repeal and replacement of the Markets in Financial Instruments Directive Organisational Regulation, with a PRA CP on transferring systems/controls and organisational requirements for CRR firms due in H1 2025, followed by a draft SI from HMT later in H1 2025. HMT plans to revoke the firm-facing requirements from the Regulation in H2 2025, to coincide with the FCA and PRA publishing a PS with replacement rules on the same date.

The sector-specific initiatives, which also include a number of new developments, are set out in their respective sections within the Grid.