Publication of the eighth edition of the Grid was postponed due to the general election. Due to the replanning required because of the change of government, the Financial Services Regulatory Initiatives Forum (the Forum) will not be able to provide a complete grid this year.
However, the Forum recognises that the Grid is a valuable tool for industry and stakeholders and is therefore providing an interim update.
This update covers known regulatory initiatives impacting firms from October 2024 to March 2025. It is intended to support impacted firms and stakeholders in their planning.
Please note that not all items from the previous Grid are included in this interim update. This is either due to uncertainty about timing or because they fall outside the covered period. Although we have included the most accurate information available, timings are subject to change.
The Forum is made up of representatives of: Bank of England (BoE), Competition and Markets Authority (CMA), Financial Conduct Authority (FCA), Financial Reporting Council (FRC), HM Treasury (HMT) (Observer member), Information Commissioner’s Office (ICO), Payment Systems Regulator (PSR), Prudential Regulation Authority (PRA), and The Pensions Regulator (TPR).
Download Regulatory Initiatives Grid - Interim update (XLSX)[1]
Please note:
This view allows users to see known regulatory initiatives impacting firms for the whole period between October 2024 and March 2025. To focus on a specific period, choose these from the selection above.
To search key words (by sector, authority or quarter) use the search bar above the table.
Expand the number of individual entries visible by using the available drop-down options next to ‘Show’.
Initiatives that impact on a number of sectors within financial services have been captured under ‘Multi-sector’.
Initiatives that have more than one publication planned within a given period will be identified by an asterisk (*). For example, ‘Q4 2024*’ indicates there will be separate publications in multiple months of the fourth quarter of 2024.
There are instances where more than one publication is planned for a single initiative across the two quarters covered in this update. Where this applies, affected initiatives will be labelled as ‘Q4 2024 and Q1 2025’ under the relevant publication quarter.
Sector |
Sub-category |
Lead Authority |
Initiative or Publication name |
Description of initiative |
Publication Quarter |
Was this initiative included in the previous Grid published in November 2023? |
Has the timing of this initiative changed since the previous Grid published in November 2023? |
|---|---|---|---|---|---|---|---|
Multi-sector |
Cross-cutting / Omnibus |
BoE/FCA/PRA |
Transforming data collection (TDC) |
Building on the learning from the joint transformation programme, the Bank and FCA are now planning several projects over the next 18 months to improve data collections. They contribute to five outcomes: (1) data collections meet and are proportionate to regulators’ needs; (2) effective and efficient internal processes for creating data collections; (3) efficient processes and support for meeting regulatory obligations; (4) clear and consistent data definitions; and (5) modern systems to underpin data collections.The Bank and FCA are undertaking a range of specific workstreams to achieve these outcomes. The workstreams have been motivated by the recommendations from industry on how to improve data reporting.The new capabilities and insights will, in general, be applied to new data collections and during the introduction of new collection processes, or future reviews of existing collections. This will allow us to deploy the new capabilities built through TDC iteratively.The Bank will be publishing an Incident, Outsourcing and Third-Party Reporting (IOREP) consultation in Q4 2024. |
Q4 2024 |
Yes |
No |
Multi-sector |
Environmental Social and Governance (ESG) |
PRA/FCA |
Diversity & Inclusion in Financial Services |
Following the joint Discussion Paper (DP21/1) published in July 2021, the regulators (PRA, FCA) published their separate Consultation Papers on 25 September 2023, with policy proposals that aim to support progress on improving diversity and inclusion across the financial sector and, through the FCA’s consultation, tackle non-financial misconduct (NFM). The FCA intends to publish a Policy Statement on 'Tackling Non-Financial Misconduct in the Financial Sector' around year-end 2024, to be followed by FCA and PRA Policy Statements on the remaining D&I proposals in 2025. |
Q4 2024 |
Yes |
Yes |
Multi-sector |
Environmental Social and Governance (ESG) |
HMT/FCA |
ESG ratings regulation |
Industry participants are increasingly reliant on third-party ESG ratings, as they integrate ESG considerations into their activities. With an aim of ensuring these products are delivered in a fair, effective, and transparent way. Treasury consulted in 2023 on bringing ESG ratings providers into the FCA’s regulatory perimeter, and confirmed this year they would be looking to introduce legislation to that effect in 2025. Treasury will publish their consultation response by the end of 2024. As set out in our Feedback Statement (FS22/4), the FCA supports regulatory oversight of these providers and an approach informed by IOSCO's recommendations on ESG data and ratings. The FCA has also initiated an industry-led voluntary Code of Conduct to support good outcomes for both ESG ratings and data products. |
Q4 2024 |
Yes |
Yes |
Multi-sector |
Operational Resilience |
PRA/BoE/FCA |
Oversight of Critical Third Parties (CTPs).Final Rules for CTPs, Two Supervisory Statements, Policy Statement and the approach to oversight of CTP publication. |
The Bank, PRA and FCA published a joint Consultation Paper (CP) in December 2023. The CP set out the regulatory proposals relating to Critical Third Parties using the powers granted to the supervisory authorities' in FSMA 2023. The CP set out proposals of how regulators could assess and strengthen the resilience of services provided by CTPs to firms and FMIs (Financial Markets infrastructure), thereby reducing the risk of systemic disruption. Following responses to the CP, the regulators will publish:
|
Q4 2024* |
Yes |
No |
Multi-sector |
Conduct |
ICO |
Employment guidance |
New guidance about how to comply with data protection law when keeping records about your workers and to promote good practice. |
Q4 2024 |
Yes |
No |
Multi-sector |
Cross-cutting/omnibus |
FCA |
Review of firms' treatment of customers in vulnerable circumstances |
We are assessing firms’ approaches to the treatment of customers in vulnerable circumstances. We want to explore how firms are meeting expectations of our 2021 Guidance for firms on the fair treatment of vulnerable customers and understand how this maps to the Consumer Duty outcomes and requirements. |
Q1 2025 |
Yes |
Yes |
Multi-sector |
Environmental Social and Governance (ESG) |
FRC |
Stewardship review and Code consultation:Consultation: UK Stewardship CodeRevised UK Stewardship Code |
FRC will review the UK Stewardship Code and engage with other relevant regulators with responsibility for the regulatory framework for stewardship. |
Q4 2024 & Q1 2025 |
Yes |
No |
Multi-sector |
Financial Resilience |
BoE |
System-Wide Exploratory Scenario Exercise (SWES): Final report |
The System-Wide Exploratory Scenario exercise will investigate the behaviours of banks and non-bank financial institutions in stress, and how these can amplify shocks in markets and potentially bring about risks to UK financial stability. The Bank is working closely with the FCA and TPR on this. |
Q4 2024 |
Yes |
Yes |
Multi-sector |
Conduct |
FCA |
External Redress Guidance |
Review of rules and guidance to firms when identifying harm and conducting firm led redress exercises. We are planning to publish a CP on proposed rules and guidance relating to expectations of firms identifying and conducting firm led redress exercises. This will cover the idenitfication and reporting of harm, guidance on rectifying harm and proactive redress exercises. |
Q1 2025 |
No |
No |
Multi-sector |
Conduct |
ICO |
Guidance on Cloud Computing |
This guidance will provide an update to our 2012 guidance on cloud computing. We expect this guidance update to also influence privacy best practice in light of other domestic and international regulatory activity on the cloud domain and to be of interest to financial services firms. |
Q1 2025 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
BoE/PRA |
(1) The Bank of England’s approach to enforcement – Policy Statement(2) The Bank of England’s approach to enforcement: statements of policy and procedure November 2024 |
The Bank and the PRA consulted earlier in 2024 (28 March to 28 June 2024) on the approaches to using its enforcement powers in relation to critical third parties, securitisation, wholesale cash distribution and digital settlement assets. Each proposes using its existing approach to enforcement, insofar as possible, in relation to relevant areas. The Bank will publish a Policy Statement, setting out its feedback on the responses to the consultation, and an updated version of its approach to enforcement policy and procedure. |
Q4 2024* |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Technical Actuarial StandardsConsultation: Revision of TAS 300 (funding code) |
The FRC regularly review the Technical Actuarial Standards (TAS) and other actuarial standards to ensure they continue to support the delivery of high-quality technical actuarial work and satisfy the Reliability Objective.Revised TAS 100 and TAS 400 have now been published and are effective from July 2023. Revised TAS 300 and TAS 310 (Pensions) have now been published and are effective from April 2024 and Sept 2024 respectively. The consultation on TAS 200 closed in May 2024. |
Q1 2025 |
Yes |
No |
Multi-sector |
Operational resilience |
PRA/BoE/FCA |
Incident and Outsourcing and Third Party Reporting: Consultation Paper |
The purpose of this policy would be to introduce clarity regarding the information firms should submit when operational incidents occur. It will also collect certain information on firms’ outsourcing and third party arrangements in order to manage the risks they may present to the PRA/FCA’s objectives, including resilience, concentration and competition risks. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Periodic Review of Financial Reporting Standards 102 |
UK and Ireland accounting standards are subject to periodic reviews, at least every five years, to ensure they remain up-to-date and continue to require high-quality and cost effective financial reporting from entities within their scope. The second periodic review commenced in March 2021. A Financial Reporting Exposure Draft (FRED) was published in Dec 2022 and the final amendments to the Standard was published in March 2024 with an effective date of 1 January 2026 for most provisions. Staff Factsheets (additional guidance to help understanding around the changes to FRS 102). |
Q4 2024 |
Yes |
No |
Multi-sector |
Conduct |
ICO |
Data Protection Assurance Toolkit |
This toolkit will help financial services firms to assess their own compliance with some of the key requirements under data protection law. It covers a range of areas that we look at when we assess an organisation’s data protection compliance using our audit toolkits to conduct both consensual and compulsory audits. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Annual Review of Financial Reporting Standards 101 |
Financial Reporting Standards (FRS) 101, the reduced disclosure framework, is reviewed annually to ensure it remains up-to-date and appropriately considers updates to IFRS accounting standards. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Guidance on the Going Concern Basis of Accounting and Related Reporting |
The FRC will review the existing Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risk (2016). The consultation on the exposure draft ("Guidance on the Going Concern Basis of Accounting and Related Reporting") was published in August and will close in October 2024. |
Q1 2025 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Revision of ISA (UK) 250 |
ISA (UK) 250 deals with the auditor’s responsibilities in respect of law and regulation. The proposals consulted on will help to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations, and to clarify instances where auditors should report such breaches, and other significant matters, to the relevant regulators.This will enhance the useability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Revision of ISA (UK) 700 series: Consultation |
The ISA (UK) 700 series relate to the auditor reporting standards. Further stakeholder outreach is being carried out on proposed changes to the standards, which are designed to better meet investor and other stakeholder information needs, as well as de-cluttering and simplifying requirements. |
Q1 2025 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
FRC XBRL Taxonomy Suite |
The XBRL Taxonomy Suite is reviewed annually to ensure it remains up-to-date with reporting standards and fit for purpose for preparers and developers.2025 XBRL Taxonomy Suite and feedback statement. |
Q4 2024 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
PRA |
Updating Supervisory Statement 3/19 on the management of climate-related risks - Consultation Paper |
Updating 3/19 to consolidate public feedback since 2019 on the management of climate related risks and to bring the expectations into closer alignment with international standards. |
Q1 2025 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
FCA |
Review of FCA requirements following the introduction of the Consumer DutyFeedback Statement |
We have published a Call for Input seeking views on whether, where, and how, under the Consumer Duty, we can simplify our requirements on firms while ensuring we continue to support and protect consumers. We want to facilitate innovation and flexibility, reducing costs for firms, driving effective competition and supporting our Secondary International Competitiveness and Growth Objective. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Conduct |
FCA |
Review of Debt Advice Rules (CONC 8) Consultation Paper |
Review our debt advice rules to ensure they set the right framework for good quality debt advice. |
Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Banking, credit and lending |
PRA |
Leverage Ratio: Review of thethresholds for application of the requirement - Consultation Paper |
The Leverage Ratio – Capital Requirements and Buffers Part requires firms with more than £50bn retail deposits or £10bn non-UK assets to meet a minimum leverage ratio of 3.25% plus buffers at all times. As announced on 10 September, the PRA is reviewing these thresholds. If this review identifies a need for changes, the PRA expects to publish a consultation paper in Q1 2025. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Conduct |
FCA |
Evaluation of the persistent debt intervention |
An impact evaluation of the effect of the persistent debt intervention that followed the Credit Card Market Study. This came into effect in September 2018. |
Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Financial Resilience |
PRA/HMT |
Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards) |
Final version of the reporting taxonomy for the technical implementation of Basel 3.1. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Banking, credit and lending |
PRA |
A strong and simple prudential framework for non-systemic banks and building societies - Capital requirements for Small Domestic Deposit Takers (previously 'Simpler-regime Firms')Policy Statement |
Developing policy to simplify prudential regulation for non-systemic and domestic banks and building societies in the UK, while maintaining resilience. Includes working with the FCA on corresponding changes to their Handbook where needed. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. Final policy on arrangements for the Interim Capital Regime will be published in Q4 2024 and along with the Basel 3.1 Final Policy Statement in Q1 2025. |
Q4 2024 & Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Competition, innovation and other |
PRA |
Review of the FSCS deposit protection limit |
The PRA is required to complete a review of the Financial Services Compensation Scheme deposit protection limit by December 2025. The PRA expects to publish a consultation paper in connection with this review in Q1 2025. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Financial Resilience |
BoE |
2024 desk-based stress testFinancial Stability Report |
To support the FPC’s and PRA's monitoring and assessment of the resilience of the UK banking system to potential downside risks, the Bank will run a desk-based stress test exercise in 2024. The outcome of the desk-based test will be used to inform the FPC’s judgements about the ability of the banking system to support the economy through stress and support the PRA’s ongoing supervisory work. The aggregate results will be communicated publicly. The Bank will not publish results at the level of individual banks. |
Q4 2024 |
No |
No |
Banking, credit and lending |
Cross-cutting/omnibus |
BoE |
Remuneration Review CP |
Following the removal of the bonus cap (October 2023), and amendments that enhance proportionality for small firms (December 2023), the PRA (jointly with the FCA) is continuing to review the remuneration regime which is a combination of EU and domestic policies. In line with their primary and secondary objectives, the PRA and FCA will look to amend elements of the regime to make them more effective and proportionate. The potential adjustments will maintain the regime’s overall structure and objectives which is based on the internationally-agreed Financial Stability Board Principles. As part of this work, the PRA and FCA will review these rules to assess if they are operating effectively and delivering their intended impact. |
Q4 2024 |
No |
No |
Banking, credit and lending |
Financial Resilience |
PRA |
Streamlining the Pillar 2A capital framework and the capital communications process - Policy Statement |
Further to the Consultation Paper (CP9/24) published in Sep 2024, the PRA will issue a policy statement on streamlining firm-specific capital communications in Q1 2025, followed by a policy statement on retiring the refined methodology to Pillar 2A and a policy statement on retiring the refined methodology to Pillar 2A in Q2 2025. |
Q1 2025 |
No |
N/A |
Banking, credit and lending |
Financial Resilience |
PRA |
Bank Resolution (Recapitalisation) Bill ImplementationConsultation Paper |
PRA depositor protection rule changes to implement legislative changes made under the Bank Resolution (Recapitalisation) Bill. We expect the Bill to introduce a new resolution tool utilising FSCS funding which will require consequential changes to the depositor protection rulebook to facilitate this. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Banking, credit and lending |
PRA |
Banking Disclosure / Implementation of disclosure templates |
PRA Implementation of Basel disclosure templates. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Financial Resilience |
BoE/HMT/PRA |
Basel 3.1 final policy statement (implementation of the remaining Basel 3 banking standards) |
Final rules for UK implementation of the final Basel III banking standards (also known as Basel 3.1). This initiative follows the publication of two near-final policy statements in December 2023 and September 2024 as part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023. |
Q1 2025 |
Yes |
No |
Banking, credit and lending |
Financial Resilience |
BoE/HMT/PRA |
Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards) |
Final version of the reporting taxonomy for the technical implementation of Basel 3.1. |
Q1 2025 |
No |
No |
Pensions and Retirement Income |
N/A |
FCA |
Regulatory framework for pensions dashboards operators - tied to the introduction of a new regulated activity by TreasuryPolicy Statement |
In March 2024, Treasury introduced a new regulated activity to bring Pensions Dashboard Service operators within the FCA perimeter, and subject to FCA rules. |
Q4 2024 |
Yes |
Yes |
Pensions and Retirement Income |
N/A |
TPR |
DB scheme funding |
TPR consultation on regulatory framework for DB scheme funding and associated approach. Regulations have been laid, so that schemes with effective dates from September will need to submit a statement of strategy to TPR. TPR laid Code in Parliament on 29 July 2024 and is expected to come into force in November 2024. Q4 2024 Covenant guidance published and full response to statement of strategy consultation (interim response and templates published in September 2024). |
Q4 2024 |
Yes |
Yes |
Pensions and Retirement Income |
N/A |
FCA/HMT |
Advice Guidance Boundary Review |
The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to consumers in relation to their pension.We are aiming for an FCA consultation paper (without rules) on targeted support in pensions in Winter 2024. We will also be exploring wider changes to the existing pensions regime. |
Q4 2024 |
Yes |
Yes |
Pensions and Retirement Income |
N/A |
FRC |
Actuarial Standard Technical Memorandum 1Consultation: Revision of AS TM1Feedback statement: Revision of AS TM1 |
Actuarial Standard Technical Memorandum 1 (AS TM1) specifies the assumptions and methods to be used in illustrations of money purchase/defined contribution pensions. AS TM1 and the appropriateness of the assumptions set out within are reviewed annually to ensure they remain fit for purpose. |
Q4 2024 & Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
FCA |
Regulation of the commercial insurance marketConsultation Paper |
Consulting on rules and guidance focused on ensuring an appropriate balance between consumer protection and competitiveness in light of certain characteristics of the commercial insurance market, including the London market. |
Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Life Insurance StressTest 2025: Scenario Calibrations, finalised instructions, guidelines and templates for firms. This publication will launch the exercise. |
Major life insurers participate in regular stress testing prescribed by the PRA and the next test will be in 2025. The objectives of the life insurance stress test are to: (1) assess sector and individual firm resilience to severe but plausible events; (2) strengthen market understanding and discipline through individual firm publication; and, (3) improve insight into risk management vulnerabilities.In 2025, the PRA will publish individual firm results. This will help inform the PRA, as well as other stakeholders, about sector and individual firm resilience, and the vulnerabilities to which firms are exposed in the scenarios we set out.The PRA has been engaging with the industry and disclosure users over the past 18 months on both scenario design and disclosure for the 2025 exercise. The PRA published an “Approach to LIST 2025” alongside methodological guidance for the firms on 10 July 2024. |
Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Dynamic General Insurance Stress Test 2025 – Industry Workshop |
The PRA intends to run a dynamic general insurance stress test (DyGIST) in 2025. The objectives of the exercise will be to: (1) assess the industry’s solvency and liquidity resilience to a specific adverse scenario; (2) assess the effectiveness of insurers’ risk management and management actions following an adverse scenario; and (3) inform the Prudential Regulation Authority's (PRA) supervisory response following a market-wide adverse scenario.The dynamic nature of the 2025 exercise represents a significant change from previous exercises and will involve simulating a sequential set of adverse events over a short period of time. Consequently, the PRA has engaged with the industry including trade bodies. We provided more details of this exercise (including participation, design, and timelines) in a statement published on 15 July 2024.Results of this exercise will be disclosed at an aggregate industry level. |
Q4 2024 |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Review of Solvency II: Reporting and disclosure Phase 3 - Liquidity reporting requirementsConsultation Paper |
The PRA is improving its regulation and supervision of insurers’ liquidity risks. Its current initiative is developing proposals to introduce new reporting requirements for insurance firms with the most material exposures to liquidity risk. This will enable us to more effectively supervise insurers’ liquidity risk by providing timely, consistent and accurate information. |
Q4 2024 |
No |
No |
Insurance and reinsurance |
N/A |
FCA |
Pure Protection Market Study |
The FCA intends to launch a market study into how pure protection insurance products are distributed following concerns that competition is not working well in the market. The study will be launched later in 2024/25. |
Q1 2025 |
No |
NA |
Insurance and reinsurance |
N/A |
BoE/PRA |
Increasing ease of exit: Solvent exit planning for insurers - Policy Statement |
Greater preparedness by insurers for solvent exit supports an orderly cessation of PRA-regulated activities and reduces the risk of market disruption from disorderly or protracted exits. A solvent exit results in improved outcomes for policyholders and supports effective competition by allowing new entrants in and non-viable firms out. |
Q4 2024 |
Yes |
Yes |
Insurance and reinsurance |
PRA |
FSCS General Insurance Limit Review - Discussion Paper |
Discussion Paper on changing the level of FSCS protection for general insurance products and amending the definition of small business. The PRA is considering the responses and its next steps. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. |
Q1 2025 |
No |
No |
|
Wholesale Financial Markets |
N/A |
PRA/FCA |
PRA/FCA consultation on margin requirements for non-centrally cleared OTC derivatives (equity options) |
In Policy Statements PS18/23 and PS23/19, the PRA and FCA extended the temporary exemption for single-stock equity options and index options from the UK bilateral margin requirements until 4 January 2026. The PRA and FCA also set out their intention to assess the best permanent framework for the UK. The PRA and FCA intend to consult and provide the final framework before the current temporary exemption ends. |
Q1 2025 |
No |
No |
Wholesale Financial Markets |
Cross-cutting/omnibus |
BoE |
Consultation on Fundamental rules for FMIs |
Consultation on rules and a supervisory statement, establishing Fundamental Rules for FMIs (CCPs, CSDs, recognised payments systems operators and specified service providers). These are a set of high level requirements on FMIs covering the full range of the regulatory framework, comparable to those already in place for PRA firms. They are designed to help make our regulatory approach as transparent as possible and to set out to the industry the fundamental principles that underpin the rulebook and what we require of firms. They will underpin the existing regulatory framework for FMIs and so help firms anticipate how we will assess their compliance with more specific rules. |
Q4 2024 |
No |
No |
Investment Management |
N/A |
FCA |
Payment optionality for investment research for pooled vehiclesConsultation Paper |
Allowing funds to take advantage of the new payment option for investment research that applies to MiFID managers for segregated accounts. |
Q4 2024 |
No |
No |
Retail Investments |
N/A |
FCA |
Capital deduction for redress: personal investment firmsPolicy Statement |
The FCA has consulted on policy proposals to require personal investment firms to set aside capital for potential redress liabilities at an early stage. |
Q4 2024 |
No |
No |
Retail Investments |
N/A |
FCA |
Review of the prudential regime for Personal Investment FirmsConsultation Paper |
Reviewing the appropriateness of the prudential requirements for personal investment firms - potentially leading to including capital and liquidity thresholds and risk management requirements. |
Q1 2025 |
No |
No |
Retail Investments |
N/A |
FCA |
Review of the definition of regulatory capital used in MIFIDPRUConsultation Paper |
MIFIDPRU, the prudential sourcebook for solo-regulated investment firms, defines regulatory capital through a number of cross-references to a 'frozen in time' version of the UK Capital Requirements Regulation. We intend to remove these references, bringing the definition into MIFIDPRU while amending it where necessary to be more applicable to investment firms. |
Q1 2025 |
Yes |
Yes |
Retail Investments |
N/A |
FCA |
Investment Advice Assessment Tool |
External publication of a tool currently used internally to assess investment advice, other than defined benefit or Retirement Income. |
Q4 2024 |
No |
No |
Payments and cryptoassets |
BoE |
Supervisory approach to wholesale cash (published)Enforcement Policy Statement |
The Bank outlines how it will use new powers to ensure wholesale cash distribution remains effective, resilient and sustainable into the future. |
Q4 2024 |
Yes |
No |
|
Payments and cryptoassets |
N/A |
FCA |
Consultation on FCA guidance changes reflecting Treasury's legislation on risk based approach to paymentsConsultation and Finalised Guidance |
The FCA will revise the guidance and consult on proposed changes further to Treasury's amendment of the PSRs 2017 allowing firms to delay payments if suspicion of fraud or dishonesty. |
Q4 2024* |
No |
No |
Payments and cryptoassets |
N/A |
BoE |
CCP Resolution - The Bank of England’s approach to determining what commercially reasonable payments would be made in the event of the Bank exercising tear-up powers in the resolution of a central counterparty (CCP)Summary of consultation responses and final Statement of Policy |
Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank the power to make tear-up instruments in the resolution of a CCP. Schedule 11 requires the Bank to publish by end 2024 a statement of policy as to how it would determine what commercially reasonable payments would be made should the Bank use its tear up power in the resolution of a CCP. The Bank has published a consultation on how it would determine a commercially reasonable payment for a torn-up contract.The Bank may also consult on further proposed CCP resolution policy in due course. |
Q4 2024* |
No |
No |
Payments and cryptoassets |
N/A |
BoE |
CCP Resolution – The Bank of England’s power to direct a CCP to address impediments to resolvabilitySummary of consultation responses and final Statement of Policy |
Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank power to direct a CCP to take measures to address impediments to the effective exercise of the stabilisation powers.The Bank has published a consultation on the process it would follow to direct a CCP to address impediments to resolvability and intends to publish a final Statement of Policy in December 2024. |
Q4 2024* |
No |
No |
Payments and cryptoassets |
N/A |
PSR |
Market review of card scheme and processing fees |
The aim of the market review is to understand if the supply of scheme and processing services are working well, having regard to our competition, innovation and protection of service-users objectives. |
Q1 2025 |
Yes |
Yes |
Payments and cryptoassets |
N/A |
PSR |
Market review of cross-border interchange fees |
A market review to understand the rationale for the five-fold increase in cross-border interchange fees (that affects certain card transactions between the UK and the EEA, where the cardholder is not present) since the UK left the EU and whether they are an indication that the market is not working well. |
Q4 2024 |
Yes |
Yes |
Wholesale Financial Markets |
N/A |
HMT/FCA/PRA |
Wholesale Markets ReviewPublication of the Policy Statement and final rules on the consultation CP23/32 on "Improving transparency for bond and derivatives markets" |
The Financial Services and Markets Act 2023 (FSMA 2023) received Royal Assent on 29 June 2023. FSMA 2023 is a key milestone in delivering the commitments set out in March 2022 in the consultation response to the Wholesale Markets Review (WMR), the review of wholesale markets Treasury and the FCA conducted in 2021.The FCA published the policy statement on improving equity markets (PS 23/4) in May 2023, and the guidance on the trading venue perimeter (PS23/11) in July 2023. The FCA published the framework for a UK consolidated tape, including on payment to data providers, in December 2023 and April 2024 (CP 23/33 and Handbook Notice 117). The FCA published consultations on changes to the commodity derivatives regime (CP23/27) and the transparency regime for bonds and derivatives (CP23/32) in December 2023. |
Q4 2024* |
No |
No |
Wholesale Financial Markets |
N/A |
HMT/FCA |
Prospectus Regime ReformTwo CPs on further Public Offers and Admissions to Trading Regulation (POATR) rules including consequential changes relating to public offer platforms and additional proposals for admissions to regulated markets, including for non-equity securities, following CP24/12 and CP24/13 published on 26 July 2024. |
The Government consulted in 2021 and laid a SI in Q1 2024 on reforms to make the UK’s prospectus regime simpler, more agile, and more effective; this was a recommendation of the Lord Hill's UK Listings Review. These reforms will be delivered through a statutory instrument (SI) which sets the framework for a new Prospectus Regime, replacing the Prospectus Regulation inherited from the EU. The FCA will write detailed rules to accompany the framework set out by this SI, which will also address certain recommendations from the Secondary Capital Raising Review. |
Q1 2025* |
Yes |
Yes |
Insurance and reinsurance |
N/A |
PRA |
Solvency II remainderPolicy Statement |
This is the final PRA publication needed to implement the conclusions of the Solvency II Review, as set out in CP5/24 (and originally in CP12/23), and to finalise PRA rules and other policy materials that will replace Solvency II assimilated law which forms part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023.This Policy Statement proposes the restatement into PRA policy material of those parts of the Solvency II regime which have not already been subject to consultation as part of the Solvency II Review. It sets out how the PRA proposes to restate these Solvency II requirements from assimilated law into the PRA Rulebook and other policy material such as Supervisory Statements (SSs) or Statements of Policy (SoPs) ('PRA policy material'). |
Q4 2024 |
Yes |
Yes |
Retail Investments |
N/A |
HMT/FCA |
The Packaged Retail and Insurance-Based Investment Products (PRIIPs) Regulation / Consumer Composite Investments (CCIs)Consultation Paper |
Repeal and replace assimilated law, The Packaged Retail and Insurance-Based Investment Products (PRIIPS) Regulation, with a new UK retail disclosure regime, the Consumer Composite Investments (CCIs) regime, that works effectively with the UK’s dynamic capital markets and fosters informed retail investor participation in those markets. |
Q4 2024 |
Yes |
No |
Banking, credit and lending |
Financial Resilience |
HMT/PRA |
Repeal and replace in the PRA Rulebook the remainder of the Capital Requirements Regulation (CRR) - Remainder |
Transferring the remaining firm-facing Capital Requirements Regulation (CRR) requirements into the PRA Rulebook and other policy materials, as part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023. |
Q4 2024 |
Yes |
No |
Banking, credit and lending |
Financial Resilience |
HMT/BoE/PRA |
UK Capital Requirements Regulation (CRR) Total loss-absorbing capacity (TLAC) transfer |
Transfer of TLAC provisions from UK CRR under FSMA 2023 and revision of BoE’s MREL Statement of Policy (SoP). This initiative forms part of the programme to replace assimilated law under the Smarter Regulatory Framework (SRF). Revocation of TLAC provisions in UK CRR using FSMA 2023 powers and restatement (with modifications) and other changes in a revised and expanded version of BoE’s MREL Statement of Policy (SoP), as part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023. |
Q4 2024 |
Yes |
No |
Wholesale Financial Markets |
N/A |
HMT/FCA |
MiFIR related to Transaction Reporting - Discussion Paper |
The repeal and replacement, where appropriate, of assimilated law related to transaction reporting to the FCA. The FCA intends to publish a Discussion Paper on the UK's transaction reporting regime in Q4 2024. |
Q4 2024 |
No |
No |
Wholesale Financial Markets |
Cross-cutting/omnibus |
BoE |
Publication of the Bank's approach to financial market infrastructure supervision |
Publication of supervisory approach document that sets out how the Bank carries out its role in respect of supervision of Financial Market Infrastructure. This document will aid accountability by describing what we seek to achieve and how we intend to achieve it. It will also communicate to regulated FMIs what we expect of them, and what they can expect from us in the course of supervision. It sits alongside our requirements and expectations as published in our policy publications as well as the rules, standards and codes of practice that FMIs are subject to. |
Q4 2024 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
FCA |
Proposed Revised Enforcement Guide |
The FCA has consulted on a revised Enforcement Guide. As we set out in September 2024, we will publish further information in Q4 2024, including case studies, as we continue to engage stakeholders on these proposals. We aim to reach a decision, in light of that further engagement, on these proposals in Q1 2025. |
Q4 2024 |
No |
No |
Wholesale Financial Markets |
N/A |
FCA |
A revision of our market cleanliness statistic methodology |
Since 2008, the FCA (then FSA) includes the Market Cleanliness Statistic (MCS) in its annual report as an indicator of the level of information leakages and potential insider trading in UK equity markets. Our review proposes a new Market Comparison test and introduces intraday data to the calculation of the statistic. |
Q4 2024 |
No |
No |
Retail Investments |
N/A |
FCA/HMT |
Advice Guidance Boundary Review |
The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to retail consumers in relation to their savings and investments.We will publish an Update with a timeline this Quarter. |
Q4 2024 |
Yes |
Yes |
Please note:
This view allows users to see known regulatory initiatives impacting firms between October 2024 and December 2024 only. To focus on any other period, choose these from the selection above.
To search key words (by sector, authority or quarter) use the search bar above the table.
Expand the number of individual entries visible by using the available drop-down options next to ‘Show’.
Initiatives that impact on a number of sectors within financial services have been captured under ‘Multi-sector’.
Initiatives that have more than one publication planned within a given period will be identified by an asterisk (*). For example, ‘Q4 2024*’ indicates there will be separate publications in multiple months of the fourth quarter of 2024.
There are instances where more than one publication is planned for a single initiative across the two quarters covered in this update. Where this applies, affected initiatives will be labelled as ‘Q4 2024 and Q1 2025’ under the relevant publication quarter.
Sector |
Sub-category |
Lead Authority |
Initiative or Publication name |
Description of initiative |
Publication Quarter |
Was this initiative included in the previous Grid published in November 2023? |
Has the timing of this initiative changed since the previous Grid published in November 2023? |
|---|---|---|---|---|---|---|---|
Multi-sector |
Cross-cutting / Omnibus |
BoE/FCA/PRA |
Transforming data collection (TDC) |
Building on the learning from the joint transformation programme, the Bank and FCA are now planning several projects over the next 18 months to improve data collections. They contribute to five outcomes: (1) data collections meet and are proportionate to regulators’ needs; (2) effective and efficient internal processes for creating data collections; (3) efficient processes and support for meeting regulatory obligations; (4) clear and consistent data definitions; and (5) modern systems to underpin data collections.The Bank and FCA are undertaking a range of specific workstreams to achieve these outcomes. The workstreams have been motivated by the recommendations from industry on how to improve data reporting.The new capabilities and insights will, in general, be applied to new data collections and during the introduction of new collection processes, or future reviews of existing collections. This will allow us to deploy the new capabilities built through TDC iteratively.The Bank will be publishing an Incident, Outsourcing and Third-Party Reporting (IOREP) consultation in Q4 2024. |
Q4 2024 |
Yes |
No |
Multi-sector |
Environmental Social and Governance (ESG) |
PRA/FCA |
Diversity & Inclusion in Financial Services |
Following the joint Discussion Paper (DP21/1) published in July 2021, the regulators (PRA, FCA) published their separate Consultation Papers on 25 September 2023, with policy proposals that aim to support progress on improving diversity and inclusion across the financial sector and, through the FCA’s consultation, tackle non-financial misconduct (NFM). The FCA intends to publish a Policy Statement on 'Tackling Non-Financial Misconduct in the Financial Sector' around year-end 2024, to be followed by FCA and PRA Policy Statements on the remaining D&I proposals in 2025. |
Q4 2024 |
Yes |
Yes |
Multi-sector |
Environmental Social and Governance (ESG) |
HMT/FCA |
ESG ratings regulation |
Industry participants are increasingly reliant on third-party ESG ratings, as they integrate ESG considerations into their activities. With an aim of ensuring these products are delivered in a fair, effective, and transparent way. Treasury consulted in 2023 on bringing ESG ratings providers into the FCA’s regulatory perimeter, and confirmed this year they would be looking to introduce legislation to that effect in 2025. Treasury will publish their consultation response by the end of 2024. As set out in our Feedback Statement (FS22/4), the FCA supports regulatory oversight of these providers and an approach informed by IOSCO's recommendations on ESG data and ratings. The FCA has also initiated an industry-led voluntary Code of Conduct to support good outcomes for both ESG ratings and data products. |
Q4 2024 |
Yes |
Yes |
Multi-sector |
Operational Resilience |
PRA/BoE/FCA |
Oversight of Critical Third Parties (CTPs).Final Rules for CTPs, Two Supervisory Statements, Policy Statement and the approach to oversight of CTP publication. |
The Bank, PRA and FCA published a joint Consultation Paper (CP) in December 2023. The CP set out the regulatory proposals relating to Critical Third Parties using the powers granted to the supervisory authorities' in FSMA 2023. The CP set out proposals of how regulators could assess and strengthen the resilience of services provided by CTPs to firms and FMIs (Financial Markets infrastructure), thereby reducing the risk of systemic disruption. Following responses to the CP, the regulators will publish:
|
Q4 2024* |
Yes |
No |
Multi-sector |
Conduct |
ICO |
Employment guidance |
New guidance about how to comply with data protection law when keeping records about your workers and to promote good practice. |
Q4 2024 |
Yes |
No |
Multi-sector |
Environmental Social and Governance (ESG) |
FRC |
Stewardship review and Code consultation:Consultation: UK Stewardship CodeRevised UK Stewardship Code |
FRC will review the UK Stewardship Code and engage with other relevant regulators with responsibility for the regulatory framework for stewardship. |
Q4 2024 & Q1 2025 |
Yes |
No |
Multi-sector |
Financial Resilience |
BoE |
System-Wide Exploratory Scenario Exercise (SWES): Final report |
The System-Wide Exploratory Scenario exercise will investigate the behaviours of banks and non-bank financial institutions in stress, and how these can amplify shocks in markets and potentially bring about risks to UK financial stability. The Bank is working closely with the FCA and TPR on this. |
Q4 2024 |
Yes |
Yes |
Multi-sector |
Cross-cutting/omnibus |
BoE/PRA |
(1) The Bank of England’s approach to enforcement – Policy Statement(2) The Bank of England’s approach to enforcement: statements of policy and procedure November 2024 |
The Bank and the PRA consulted earlier in 2024 (28 March to 28 June 2024) on the approaches to using its enforcement powers in relation to critical third parties, securitisation, wholesale cash distribution and digital settlement assets. Each proposes using its existing approach to enforcement, insofar as possible, in relation to relevant areas. The Bank will publish a Policy Statement, setting out its feedback on the responses to the consultation, and an updated version of its approach to enforcement policy and procedure. |
Q4 2024* |
No |
No |
Multi-sector |
Operational resilience |
PRA/BoE/FCA |
Incident and Outsourcing and Third Party Reporting: Consultation Paper |
The purpose of this policy would be to introduce clarity regarding the information firms should submit when operational incidents occur. It will also collect certain information on firms’ outsourcing and third party arrangements in order to manage the risks they may present to the PRA/FCA’s objectives, including resilience, concentration and competition risks. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Periodic Review of Financial Reporting Standards 102 |
UK and Ireland accounting standards are subject to periodic reviews, at least every five years, to ensure they remain up-to-date and continue to require high-quality and cost effective financial reporting from entities within their scope. The second periodic review commenced in March 2021. A Financial Reporting Exposure Draft (FRED) was published in Dec 2022 and the final amendments to the Standard was published in March 2024 with an effective date of 1 January 2026 for most provisions. Staff Factsheets (additional guidance to help understanding around the changes to FRS 102). |
Q4 2024 |
Yes |
No |
Multi-sector |
Conduct |
ICO |
Data Protection Assurance Toolkit |
This toolkit will help financial services firms to assess their own compliance with some of the key requirements under data protection law. It covers a range of areas that we look at when we assess an organisation’s data protection compliance using our audit toolkits to conduct both consensual and compulsory audits. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Annual Review of Financial Reporting Standards 101 |
Financial Reporting Standards (FRS) 101, the reduced disclosure framework, is reviewed annually to ensure it remains up-to-date and appropriately considers updates to IFRS accounting standards. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Revision of ISA (UK) 250 |
ISA (UK) 250 deals with the auditor’s responsibilities in respect of law and regulation. The proposals consulted on will help to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations, and to clarify instances where auditors should report such breaches, and other significant matters, to the relevant regulators.This will enhance the useability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor. |
Q4 2024 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
FRC XBRL Taxonomy Suite |
The XBRL Taxonomy Suite is reviewed annually to ensure it remains up-to-date with reporting standards and fit for purpose for preparers and developers.2025 XBRL Taxonomy Suite and feedback statement. |
Q4 2024 |
No |
No |
Banking, credit and lending |
Banking, credit and lending |
PRA |
A strong and simple prudential framework for non-systemic banks and building societies - Capital requirements for Small Domestic Deposit Takers (previously 'Simpler-regime Firms')Policy Statement |
Developing policy to simplify prudential regulation for non-systemic and domestic banks and building societies in the UK, while maintaining resilience. Includes working with the FCA on corresponding changes to their Handbook where needed. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. Final policy on arrangements for the Interim Capital Regime will be published in Q4 2024 and along with the Basel 3.1 Final Policy Statement in Q1 2025. |
Q4 2024 & Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Financial Resilience |
BoE |
2024 desk-based stress testFinancial Stability Report |
To support the FPC’s and PRA's monitoring and assessment of the resilience of the UK banking system to potential downside risks, the Bank will run a desk-based stress test exercise in 2024. The outcome of the desk-based test will be used to inform the FPC’s judgements about the ability of the banking system to support the economy through stress and support the PRA’s ongoing supervisory work. The aggregate results will be communicated publicly. The Bank will not publish results at the level of individual banks. |
Q4 2024 |
No |
No |
Banking, credit and lending |
Cross-cutting/omnibus |
BoE |
Remuneration Review CP |
Following the removal of the bonus cap (October 2023), and amendments that enhance proportionality for small firms (December 2023), the PRA (jointly with the FCA) is continuing to review the remuneration regime which is a combination of EU and domestic policies. In line with their primary and secondary objectives, the PRA and FCA will look to amend elements of the regime to make them more effective and proportionate. The potential adjustments will maintain the regime’s overall structure and objectives which is based on the internationally-agreed Financial Stability Board Principles. As part of this work, the PRA and FCA will review these rules to assess if they are operating effectively and delivering their intended impact. |
Q4 2024 |
No |
No |
Pensions and Retirement Income |
N/A |
FCA |
Regulatory framework for pensions dashboards operators - tied to the introduction of a new regulated activity by TreasuryPolicy Statement |
In March 2024, Treasury introduced a new regulated activity to bring Pensions Dashboard Service operators within the FCA perimeter, and subject to FCA rules. |
Q4 2024 |
Yes |
Yes |
Pensions and Retirement Income |
N/A |
TPR |
DB scheme funding |
TPR consultation on regulatory framework for DB scheme funding and associated approach. Regulations have been laid, so that schemes with effective dates from September will need to submit a statement of strategy to TPR. TPR laid Code in Parliament on 29 July 2024 and is expected to come into force in November 2024. Q4 2024 Covenant guidance published and full response to statement of strategy consultation (interim response and templates published in September 2024). |
Q4 2024 |
Yes |
Yes |
Pensions and Retirement Income |
N/A |
FCA/HMT |
Advice Guidance Boundary Review |
The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to consumers in relation to their pension.We are aiming for an FCA consultation paper (without rules) on targeted support in pensions in Winter 2024. We will also be exploring wider changes to the existing pensions regime. |
Q4 2024 |
Yes |
Yes |
Pensions and Retirement Income |
N/A |
FRC |
Actuarial Standard Technical Memorandum 1Consultation: Revision of AS TM1Feedback statement: Revision of AS TM1 |
Actuarial Standard Technical Memorandum 1 (AS TM1) specifies the assumptions and methods to be used in illustrations of money purchase/defined contribution pensions. AS TM1 and the appropriateness of the assumptions set out within are reviewed annually to ensure they remain fit for purpose. |
Q4 2024 & Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Dynamic General Insurance Stress Test 2025 – Industry Workshop |
The PRA intends to run a dynamic general insurance stress test (DyGIST) in 2025. The objectives of the exercise will be to: (1) assess the industry’s solvency and liquidity resilience to a specific adverse scenario; (2) assess the effectiveness of insurers’ risk management and management actions following an adverse scenario; and (3) inform the Prudential Regulation Authority's (PRA) supervisory response following a market-wide adverse scenario.The dynamic nature of the 2025 exercise represents a significant change from previous exercises and will involve simulating a sequential set of adverse events over a short period of time. Consequently, the PRA has engaged with the industry including trade bodies. We provided more details of this exercise (including participation, design, and timelines) in a statement published on 15 July 2024.Results of this exercise will be disclosed at an aggregate industry level. |
Q4 2024 |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Review of Solvency II: Reporting and disclosure Phase 3 - Liquidity reporting requirementsConsultation Paper |
The PRA is improving its regulation and supervision of insurers’ liquidity risks. Its current initiative is developing proposals to introduce new reporting requirements for insurance firms with the most material exposures to liquidity risk. This will enable us to more effectively supervise insurers’ liquidity risk by providing timely, consistent and accurate information. |
Q4 2024 |
No |
No |
Insurance and reinsurance |
N/A |
BoE/PRA |
Increasing ease of exit: Solvent exit planning for insurers - Policy Statement |
Greater preparedness by insurers for solvent exit supports an orderly cessation of PRA-regulated activities and reduces the risk of market disruption from disorderly or protracted exits. A solvent exit results in improved outcomes for policyholders and supports effective competition by allowing new entrants in and non-viable firms out. |
Q4 2024 |
Yes |
Yes |
Wholesale Financial Markets |
Cross-cutting/omnibus |
BoE |
Consultation on Fundamental rules for FMIs |
Consultation on rules and a supervisory statement, establishing Fundamental Rules for FMIs (CCPs, CSDs, recognised payments systems operators and specified service providers). These are a set of high level requirements on FMIs covering the full range of the regulatory framework, comparable to those already in place for PRA firms. They are designed to help make our regulatory approach as transparent as possible and to set out to the industry the fundamental principles that underpin the rulebook and what we require of firms. They will underpin the existing regulatory framework for FMIs and so help firms anticipate how we will assess their compliance with more specific rules. |
Q4 2024 |
No |
No |
Investment Management |
N/A |
FCA |
Payment optionality for investment research for pooled vehiclesConsultation Paper |
Allowing funds to take advantage of the new payment option for investment research that applies to MiFID managers for segregated accounts. |
Q4 2024 |
No |
No |
Retail Investments |
N/A |
FCA |
Capital deduction for redress: personal investment firmsPolicy Statement |
The FCA has consulted on policy proposals to require personal investment firms to set aside capital for potential redress liabilities at an early stage. |
Q4 2024 |
No |
No |
Retail Investments |
N/A |
FCA |
Investment Advice Assessment Tool |
External publication of a tool currently used internally to assess investment advice, other than defined benefit or Retirement Income. |
Q4 2024 |
No |
No |
Payments and cryptoassets |
BoE |
Supervisory approach to wholesale cash (published)Enforcement Policy Statement |
The Bank outlines how it will use new powers to ensure wholesale cash distribution remains effective, resilient and sustainable into the future. |
Q4 2024 |
Yes |
No |
|
Payments and cryptoassets |
N/A |
FCA |
Consultation on FCA guidance changes reflecting Treasury's legislation on risk based approach to paymentsConsultation and Finalised Guidance |
The FCA will revise the guidance and consult on proposed changes further to Treasury's amendment of the PSRs 2017 allowing firms to delay payments if suspicion of fraud or dishonesty. |
Q4 2024* |
No |
No |
Payments and cryptoassets |
N/A |
BoE |
CCP Resolution - The Bank of England’s approach to determining what commercially reasonable payments would be made in the event of the Bank exercising tear-up powers in the resolution of a central counterparty (CCP)Summary of consultation responses and final Statement of Policy |
Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank the power to make tear-up instruments in the resolution of a CCP. Schedule 11 requires the Bank to publish by end 2024 a statement of policy as to how it would determine what commercially reasonable payments would be made should the Bank use its tear up power in the resolution of a CCP. The Bank has published a consultation on how it would determine a commercially reasonable payment for a torn-up contract.The Bank may also consult on further proposed CCP resolution policy in due course. |
Q4 2024* |
No |
No |
Payments and cryptoassets |
N/A |
BoE |
CCP Resolution – The Bank of England’s power to direct a CCP to address impediments to resolvabilitySummary of consultation responses and final Statement of Policy |
Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank power to direct a CCP to take measures to address impediments to the effective exercise of the stabilisation powers.The Bank has published a consultation on the process it would follow to direct a CCP to address impediments to resolvability and intends to publish a final Statement of Policy in December 2024. |
Q4 2024* |
No |
No |
Payments and cryptoassets |
N/A |
PSR |
Market review of cross-border interchange fees |
A market review to understand the rationale for the five-fold increase in cross-border interchange fees (that affects certain card transactions between the UK and the EEA, where the cardholder is not present) since the UK left the EU and whether they are an indication that the market is not working well. |
Q4 2024 |
Yes |
Yes |
Wholesale Financial Markets |
N/A |
HMT/FCA/PRA |
Wholesale Markets ReviewPublication of the Policy Statement and final rules on the consultation CP23/32 on "Improving transparency for bond and derivatives markets" |
The Financial Services and Markets Act 2023 (FSMA 2023) received Royal Assent on 29 June 2023. FSMA 2023 is a key milestone in delivering the commitments set out in March 2022 in the consultation response to the Wholesale Markets Review (WMR), the review of wholesale markets Treasury and the FCA conducted in 2021.The FCA published the policy statement on improving equity markets (PS 23/4) in May 2023, and the guidance on the trading venue perimeter (PS23/11) in July 2023. The FCA published the framework for a UK consolidated tape, including on payment to data providers, in December 2023 and April 2024 (CP 23/33 and Handbook Notice 117). The FCA published consultations on changes to the commodity derivatives regime (CP23/27) and the transparency regime for bonds and derivatives (CP23/32) in December 2023. |
Q4 2024* |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Solvency II remainderPolicy Statement |
This is the final PRA publication needed to implement the conclusions of the Solvency II Review, as set out in CP5/24 (and originally in CP12/23), and to finalise PRA rules and other policy materials that will replace Solvency II assimilated law which forms part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023.This Policy Statement proposes the restatement into PRA policy material of those parts of the Solvency II regime which have not already been subject to consultation as part of the Solvency II Review. It sets out how the PRA proposes to restate these Solvency II requirements from assimilated law into the PRA Rulebook and other policy material such as Supervisory Statements (SSs) or Statements of Policy (SoPs) ('PRA policy material'). |
Q4 2024 |
Yes |
Yes |
Retail Investments |
N/A |
HMT/FCA |
The Packaged Retail and Insurance-Based Investment Products (PRIIPs) Regulation / Consumer Composite Investments (CCIs)Consultation Paper |
Repeal and replace assimilated law, The Packaged Retail and Insurance-Based Investment Products (PRIIPS) Regulation, with a new UK retail disclosure regime, the Consumer Composite Investments (CCIs) regime, that works effectively with the UK’s dynamic capital markets and fosters informed retail investor participation in those markets. |
Q4 2024 |
Yes |
No |
Banking, credit and lending |
Financial Resilience |
HMT/PRA |
Repeal and replace in the PRA Rulebook the remainder of the Capital Requirements Regulation (CRR) - Remainder |
Transferring the remaining firm-facing Capital Requirements Regulation (CRR) requirements into the PRA Rulebook and other policy materials, as part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023. |
Q4 2024 |
Yes |
No |
Banking, credit and lending |
Financial Resilience |
HMT/BoE/PRA |
UK Capital Requirements Regulation (CRR) Total loss-absorbing capacity (TLAC) transfer |
Transfer of TLAC provisions from UK CRR under FSMA 2023 and revision of BoE’s MREL Statement of Policy (SoP). This initiative forms part of the programme to replace assimilated law under the Smarter Regulatory Framework (SRF). Revocation of TLAC provisions in UK CRR using FSMA 2023 powers and restatement (with modifications) and other changes in a revised and expanded version of BoE’s MREL Statement of Policy (SoP), as part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023. |
Q4 2024 |
Yes |
No |
Wholesale Financial Markets |
N/A |
HMT/FCA |
MiFIR related to Transaction Reporting - Discussion Paper |
The repeal and replacement, where appropriate, of assimilated law related to transaction reporting to the FCA. The FCA intends to publish a Discussion Paper on the UK's transaction reporting regime in Q4 2024. |
Q4 2024 |
No |
No |
Wholesale Financial Markets |
Cross-cutting/omnibus |
BoE |
Publication of the Bank's approach to financial market infrastructure supervision |
Publication of supervisory approach document that sets out how the Bank carries out its role in respect of supervision of Financial Market Infrastructure. This document will aid accountability by describing what we seek to achieve and how we intend to achieve it. It will also communicate to regulated FMIs what we expect of them, and what they can expect from us in the course of supervision. It sits alongside our requirements and expectations as published in our policy publications as well as the rules, standards and codes of practice that FMIs are subject to. |
Q4 2024 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
FCA |
Proposed Revised Enforcement Guide |
The FCA has consulted on a revised Enforcement Guide. As we set out in September 2024, we will publish further information in Q4 2024, including case studies, as we continue to engage stakeholders on these proposals. We aim to reach a decision, in light of that further engagement, on these proposals in Q1 2025. |
Q4 2024 |
No |
No |
Wholesale Financial Markets |
N/A |
FCA |
A revision of our market cleanliness statistic methodology |
Since 2008, the FCA (then FSA) includes the Market Cleanliness Statistic (MCS) in its annual report as an indicator of the level of information leakages and potential insider trading in UK equity markets. Our review proposes a new Market Comparison test and introduces intraday data to the calculation of the statistic. |
Q4 2024 |
No |
No |
Retail Investments |
N/A |
FCA/HMT |
Advice Guidance Boundary Review |
The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to retail consumers in relation to their savings and investments.We will publish an Update with a timeline this Quarter. |
Q4 2024 |
Yes |
Yes |
Please note:
This view allows users to see known regulatory initiatives impacting firms between January 2025 and March 2025 only. To focus on any other period, choose these from the selection above.
To search key words (by sector, authority or quarter) use the search bar above the table.
Expand the number of individual entries visible by using the available drop-down options next to ‘Show’.
Initiatives that impact on a number of sectors within financial services have been captured under ‘Multi-sector’.
Initiatives that have more than one publication planned within a given period will be identified by an asterisk (*). For example, ‘Q1 2025*’ indicates there will be separate publications in multiple months of the fourth quarter of 2024.
There are instances where more than one publication is planned for a single initiative across the two quarters covered in this update. Where this applies, affected initiatives will be labelled as ‘Q4 2024 and Q1 2025’ under the relevant publication quarter.
Sector |
Sub-category |
Lead Authority |
Initiative or Publication name |
Description of initiative |
Publication Quarter |
Was this initiative included in the previous Grid published in November 2023? |
Has the timing of this initiative changed since the previous Grid published in November 2023? |
|---|---|---|---|---|---|---|---|
Multi-sector |
Cross-cutting/omnibus |
FCA |
Review of firms' treatment of customers in vulnerable circumstances |
We are assessing firms’ approaches to the treatment of customers in vulnerable circumstances. We want to explore how firms are meeting expectations of our 2021 Guidance for firms on the fair treatment of vulnerable customers and understand how this maps to the Consumer Duty outcomes and requirements. |
Q1 2025 |
Yes |
Yes |
Multi-sector |
Environmental Social and Governance (ESG) |
FRC |
Stewardship review and Code consultation:Consultation: UK Stewardship CodeRevised UK Stewardship Code |
FRC will review the UK Stewardship Code and engage with other relevant regulators with responsibility for the regulatory framework for stewardship. |
Q4 2024 & Q1 2025 |
Yes |
No |
Multi-sector |
Conduct |
FCA |
External Redress Guidance |
Review of rules and guidance to firms when identifying harm and conducting firm led redress exercises. We are planning to publish a CP on proposed rules and guidance relating to expectations of firms identifying and conducting firm led redress exercises. This will cover the idenitfication and reporting of harm, guidance on rectifying harm and proactive redress exercises. |
Q1 2025 |
No |
No |
Multi-sector |
Conduct |
ICO |
Guidance on Cloud Computing |
This guidance will provide an update to our 2012 guidance on cloud computing. We expect this guidance update to also influence privacy best practice in light of other domestic and international regulatory activity on the cloud domain and to be of interest to financial services firms. |
Q1 2025 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Technical Actuarial StandardsConsultation: Revision of TAS 300 (funding code) |
The FRC regularly review the Technical Actuarial Standards (TAS) and other actuarial standards to ensure they continue to support the delivery of high-quality technical actuarial work and satisfy the Reliability Objective.Revised TAS 100 and TAS 400 have now been published and are effective from July 2023. Revised TAS 300 and TAS 310 (Pensions) have now been published and are effective from April 2024 and Sept 2024 respectively. The consultation on TAS 200 closed in May 2024. |
Q1 2025 |
Yes |
No |
Multi-sector |
Financial Resilience |
FRC |
Guidance on the Going Concern Basis of Accounting and Related Reporting |
The FRC will review the existing Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risk (2016). The consultation on the exposure draft ("Guidance on the Going Concern Basis of Accounting and Related Reporting") was published in August and will close in October 2024. |
Q1 2025 |
No |
No |
Multi-sector |
Financial Resilience |
FRC |
Revision of ISA (UK) 700 series: Consultation |
The ISA (UK) 700 series relate to the auditor reporting standards. Further stakeholder outreach is being carried out on proposed changes to the standards, which are designed to better meet investor and other stakeholder information needs, as well as de-cluttering and simplifying requirements. |
Q1 2025 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
PRA |
Updating Supervisory Statement 3/19 on the management of climate-related risks - Consultation Paper |
Updating 3/19 to consolidate public feedback since 2019 on the management of climate related risks and to bring the expectations into closer alignment with international standards. |
Q1 2025 |
No |
No |
Multi-sector |
Cross-cutting/omnibus |
FCA |
Review of FCA requirements following the introduction of the Consumer DutyFeedback Statement |
We have published a Call for Input seeking views on whether, where, and how, under the Consumer Duty, we can simplify our requirements on firms while ensuring we continue to support and protect consumers. We want to facilitate innovation and flexibility, reducing costs for firms, driving effective competition and supporting our Secondary International Competitiveness and Growth Objective. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Conduct |
FCA |
Review of Debt Advice Rules (CONC 8) Consultation Paper |
Review our debt advice rules to ensure they set the right framework for good quality debt advice. |
Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Banking, credit and lending |
PRA |
Leverage Ratio: Review of thethresholds for application of the requirement - Consultation Paper |
The Leverage Ratio – Capital Requirements and Buffers Part requires firms with more than £50bn retail deposits or £10bn non-UK assets to meet a minimum leverage ratio of 3.25% plus buffers at all times. As announced on 10 September, the PRA is reviewing these thresholds. If this review identifies a need for changes, the PRA expects to publish a consultation paper in Q1 2025. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Conduct |
FCA |
Evaluation of the persistent debt intervention |
An impact evaluation of the effect of the persistent debt intervention that followed the Credit Card Market Study. This came into effect in September 2018. |
Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Financial Resilience |
PRA/HMT |
Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards) |
Final version of the reporting taxonomy for the technical implementation of Basel 3.1. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Banking, credit and lending |
PRA |
A strong and simple prudential framework for non-systemic banks and building societies - Capital requirements for Small Domestic Deposit Takers (previously 'Simpler-regime Firms')Policy Statement |
Developing policy to simplify prudential regulation for non-systemic and domestic banks and building societies in the UK, while maintaining resilience. Includes working with the FCA on corresponding changes to their Handbook where needed. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. Final policy on arrangements for the Interim Capital Regime will be published in Q4 2024 and along with the Basel 3.1 Final Policy Statement in Q1 2025. |
Q4 2024 & Q1 2025 |
Yes |
Yes |
Banking, credit and lending |
Competition, innovation and other |
PRA |
Review of the FSCS deposit protection limit |
The PRA is required to complete a review of the Financial Services Compensation Scheme deposit protection limit by December 2025. The PRA expects to publish a consultation paper in connection with this review in Q1 2025. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Financial Resilience |
PRA |
Streamlining the Pillar 2A capital framework and the capital communications process - Policy Statement |
Further to the Consultation Paper (CP9/24) published in Sep 2024, the PRA will issue a policy statement on streamlining firm-specific capital communications in Q1 2025, followed by a policy statement on retiring the refined methodology to Pillar 2A and a policy statement on retiring the refined methodology to Pillar 2A in Q2 2025. |
Q1 2025 |
No |
N/A |
Banking, credit and lending |
Financial Resilience |
PRA |
Bank Resolution (Recapitalisation) Bill ImplementationConsultation Paper |
PRA depositor protection rule changes to implement legislative changes made under the Bank Resolution (Recapitalisation) Bill. We expect the Bill to introduce a new resolution tool utilising FSCS funding which will require consequential changes to the depositor protection rulebook to facilitate this. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Banking, credit and lending |
PRA |
Banking Disclosure / Implementation of disclosure templates |
PRA Implementation of Basel disclosure templates. |
Q1 2025 |
No |
No |
Banking, credit and lending |
Financial Resilience |
BoE/HMT/PRA |
Basel 3.1 final policy statement (implementation of the remaining Basel 3 banking standards) |
Final rules for UK implementation of the final Basel III banking standards (also known as Basel 3.1). This initiative follows the publication of two near-final policy statements in December 2023 and September 2024 as part of the Treasury’s repeal and replacement of assimilated law under FSMA 2023. |
Q1 2025 |
Yes |
No |
Banking, credit and lending |
Financial Resilience |
BoE/HMT/PRA |
Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards) |
Final version of the reporting taxonomy for the technical implementation of Basel 3.1. |
Q1 2025 |
No |
No |
Pensions and Retirement Income |
N/A |
FRC |
Actuarial Standard Technical Memorandum 1Consultation: Revision of AS TM1Feedback statement: Revision of AS TM1 |
Actuarial Standard Technical Memorandum 1 (AS TM1) specifies the assumptions and methods to be used in illustrations of money purchase/defined contribution pensions. AS TM1 and the appropriateness of the assumptions set out within are reviewed annually to ensure they remain fit for purpose. |
Q4 2024 & Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
FCA |
Regulation of the commercial insurance marketConsultation Paper |
Consulting on rules and guidance focused on ensuring an appropriate balance between consumer protection and competitiveness in light of certain characteristics of the commercial insurance market, including the London market. |
Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
PRA |
Life Insurance StressTest 2025: Scenario Calibrations, finalised instructions, guidelines and templates for firms. This publication will launch the exercise. |
Major life insurers participate in regular stress testing prescribed by the PRA and the next test will be in 2025. The objectives of the life insurance stress test are to: (1) assess sector and individual firm resilience to severe but plausible events; (2) strengthen market understanding and discipline through individual firm publication; and, (3) improve insight into risk management vulnerabilities.In 2025, the PRA will publish individual firm results. This will help inform the PRA, as well as other stakeholders, about sector and individual firm resilience, and the vulnerabilities to which firms are exposed in the scenarios we set out.The PRA has been engaging with the industry and disclosure users over the past 18 months on both scenario design and disclosure for the 2025 exercise. The PRA published an “Approach to LIST 2025” alongside methodological guidance for the firms on 10 July 2024. |
Q1 2025 |
No |
No |
Insurance and reinsurance |
N/A |
FCA |
Pure Protection Market Study |
The FCA intends to launch a market study into how pure protection insurance products are distributed following concerns that competition is not working well in the market. The study will be launched later in 2024/25. |
Q1 2025 |
No |
NA |
Insurance and reinsurance |
PRA |
FSCS General Insurance Limit Review - Discussion Paper |
Discussion Paper on changing the level of FSCS protection for general insurance products and amending the definition of small business. The PRA is considering the responses and its next steps. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. |
Q1 2025 |
No |
No |
|
Wholesale Financial Markets |
N/A |
PRA/FCA |
PRA/FCA consultation on margin requirements for non-centrally cleared OTC derivatives (equity options) |
In Policy Statements PS18/23 and PS23/19, the PRA and FCA extended the temporary exemption for single-stock equity options and index options from the UK bilateral margin requirements until 4 January 2026. The PRA and FCA also set out their intention to assess the best permanent framework for the UK. The PRA and FCA intend to consult and provide the final framework before the current temporary exemption ends. |
Q1 2025 |
No |
No |
Retail Investments |
N/A |
FCA |
Review of the prudential regime for Personal Investment FirmsConsultation Paper |
Reviewing the appropriateness of the prudential requirements for personal investment firms - potentially leading to including capital and liquidity thresholds and risk management requirements. |
Q1 2025 |
No |
No |
Retail Investments |
N/A |
FCA |
Review of the definition of regulatory capital used in MIFIDPRUConsultation Paper |
MIFIDPRU, the prudential sourcebook for solo-regulated investment firms, defines regulatory capital through a number of cross-references to a 'frozen in time' version of the UK Capital Requirements Regulation. We intend to remove these references, bringing the definition into MIFIDPRU while amending it where necessary to be more applicable to investment firms. |
Q1 2025 |
Yes |
Yes |
Payments and cryptoassets |
N/A |
PSR |
Market review of card scheme and processing fees |
The aim of the market review is to understand if the supply of scheme and processing services are working well, having regard to our competition, innovation and protection of service-users objectives. |
Q1 2025 |
Yes |
Yes |
Wholesale Financial Markets |
N/A |
HMT/FCA |
Prospectus Regime ReformTwo CPs on further Public Offers and Admissions to Trading Regulation (POATR) rules including consequential changes relating to public offer platforms and additional proposals for admissions to regulated markets, including for non-equity securities, following CP24/12 and CP24/13 published on 26 July 2024. |
The Government consulted in 2021 and laid a SI in Q1 2024 on reforms to make the UK’s prospectus regime simpler, more agile, and more effective; this was a recommendation of the Lord Hill's UK Listings Review. These reforms will be delivered through a statutory instrument (SI) which sets the framework for a new Prospectus Regime, replacing the Prospectus Regulation inherited from the EU. The FCA will write detailed rules to accompany the framework set out by this SI, which will also address certain recommendations from the Secondary Capital Raising Review. |
Q1 2025* |
Yes |
Yes |