On 11 December 2025, the Financial Conduct Authority (FCA) published the latest edition of the Regulatory Initiatives Grid from the Financial Services Regulatory Initiatives Forum (the Forum). The Forum is made up of representatives of the Bank of England (BoE), 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) 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.

Overview

This edition features 124 live initiatives, a reduction in the total number of live initiatives since the last edition of 13% and includes initiatives which the Forum considers are designed to ensure financial stability, which is a necessary foundation for growth, and initiatives designed to increase regulatory efficiency, facilitate innovation and increase consumer confidence and investment, including initiatives:

  • Supporting financial stability and regulatory efficiency such as the continued implementation of Basel 3.1 standards and the Strong and Simple framework, as well as Prospectus Regime Reform and Wholesale Markets Review.
     
  • Designed to support innovation, for example those relating to stablecoins. The Grid also includes significant reform to help the payments sector deliver better payment solutions and strengthen the UK’s position as a global leader through the National Payments Vision. The Grid also includes reforms to develop a UK captives insurance regime.
     
  • Aimed at supporting investment – such as the Advice Guidance Boundary Review which will help build consumers’ confidence to invest. There are also reforms designed to help consumers navigate their financial lives, such as the new regulation of Buy Now Pay Later. 

In addition, 45 joint initiatives are being taken forward, over a third of the total, lowering the total number of initiatives featured in this edition of the Grid. For example, the BoE, FCA and PRA are working closely on the ‘Incident, Outsourcing and Third-Party Reporting’ initiative and Transforming Data Collections.