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Welcome to our weekly round-up for UK financial services regulation. Paul Staples summarises the key announcements and developments. Be sure to subscribe to receive our updates in your inbox every week.
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The headlines this week are dominated by the UK Chancellor’s recent Mansion House speech, which set out a vision to regulate for growth, not just for risk. With economic pressures and regulatory guardrails intrinsically linked, the Government has unveiled the first-ever Financial Services Growth and Competitiveness sector plan, which forms a key pillar of its Industrial Strategy. The ambition of the so-called ‘Leeds Reforms’ is to rewire the financial system and provide a catalyst for growth. But with much of the detail yet to be developed, firms will recognise that all forms of regulatory change present their own challenges.
Meanwhile, in the second half of this week’s update, we highlight the Financial Conduct Authority’s (FCA’s) recently published Annual Report, which predictably reinforces many of the messages above.
Leeds Reforms: The call for a regulatory reset
The so-called ‘Leeds Reforms’ are being positioned as a pivotal shift in the UK’s regulatory landscape, aiming to reduce red tape and boost competitiveness. Rooted in the Financial Services and Markets Act 2023, these reforms empower regulators with greater autonomy to tailor rules to UK market conditions post-Brexit.
Below are some of the key elements of the Leeds Reforms.
SM&CR consultations
The FCA and PRA are jointly consulting on significant changes to the Senior Managers and Certification Regime (SM&CR), aiming to streamline processes and reduce regulatory burden. Proposals include extending the validity of criminal record checks, simplifying certification roles, and allowing firms more time to update the Directory and submit applications. These changes are designed to maintain accountability while improving operational flexibility and reducing duplicative checks. The consultation also explores the removal of the Certification Regime and the redefinition of Senior Management Functions. Responses are due by 7 October 2025, with potential legislative changes to follow.
The redress consultation focuses on modernising how consumer complaints are handled, particularly through the Financial Ombudsman Service (FOS). The aim is to improve transparency, reduce delays, and ensure fair outcomes. Proposed changes include clearer guidance on eligibility, faster resolution timelines, and enhanced communication between firms and complainants. These reforms are part of a broader effort to align redress mechanisms with the principles of outcomes-based regulation. Firms are encouraged to review the consultation documents and submit feedback by 8 October 2025. The changes are expected to strengthen consumer trust and regulatory clarity across financial services.
The capital markets reforms aim to simplify fundraising and improve access to public markets. Key changes include raising thresholds for prospectus exemptions and introducing new public offer platforms to streamline issuance. These reforms are expected to reduce costs and administrative barriers for firms seeking capital. Additionally, the review of ring-fencing rules could unlock banking capital and enhance operational flexibility, particularly for mid-sized banks. The final rules under PS25/9 and PS25/10 will come into effect in January 2026, and firms should begin preparing for implementation now to ensure compliance and strategic alignment.
As part of the reforms, HM Treasury has introduced measures to mobilise retail savings and encourage long-term investment. Banks will now be required to notify customers with low-interest savings accounts about alternative investment opportunities, such as stocks and shares ISAs. This initiative is supported by a national awareness campaign, backed by major financial institutions, to help savers make more informed decisions. Government modelling suggests that moving £2,000 from a low-interest account to a diversified investment could yield over £9,000 in returns over 20 years. These changes aim to empower consumers and channel capital into productive parts of the economy.
The FCA has recently published its Annual Report and Accounts for 2024-25, outlining its performance against strategic priorities and statutory objectives. The report provides a comprehensive overview of the FCA’s regulatory activities, operational developments, and financial position during a year shaped by geopolitical volatility and economic headwinds.
The FCA highlights progress in tackling financial crime, embedding the Consumer Duty, and enhancing the UK’s global competitiveness. Notable outcomes include a 121% increase in cancelled authorisations over three years, the removal or amendment of nearly 20,000 misleading promotions, and the launch of the Digital Securities Sandbox and AI Lab. The regulator also delivered a £48.5m surplus, reflecting lower-than-expected operating costs and reduced pension liabilities.
Looking ahead, the FCA signals a continued shift towards smarter and faster regulation, supported by investment in data, technology, and a new multi-year strategy focused on sustainable growth.
The FCA has issued its response to the Treasury’s 2025 remit letter, outlining how its strategies and reforms align with government priorities, especially its secondary objective to enhance the UK’s international competitiveness and support long-term growth. Key initiatives include simplifying disclosure rules, expanding AI and digital innovation sandboxes, updating pension frameworks, and revising the Consumer Credit Act.
The accompanying annual report on the secondary objective (July 2024–July 2025) highlights improved authorisation times, reduced outdated guidance, more firms accessing innovation support, and greater adoption of new sustainability labels by investment funds. These actions underscore the FCA’s commitment to a more agile, growth-oriented regulatory approach to strengthen the UK’s financial sector competitiveness.
The FCA has published its 2024/25 workforce diversity data, which includes statistics from the Payment Systems Regulator (PSR). This covers diversity across the nine protected characteristics in the Equality Act 2010 and other demographics like socio-economic background.
Declaration rates remain high—100% for age and legal sex, 95% for ethnicity, but lower for gender identity and trans status at 77% and 60%. The FCA and PSR also track parental and caring responsibilities, with a 71% response rate. By openly sharing this data, the FCA demonstrates its dedication to building a workforce that mirrors the communities it serves, supporting a more inclusive and equitable culture throughout the organisation.
The FCA has intensified its crackdown on online financial scams, taking down over 1,600 websites in the past year alone. This sweeping action is part of the regulator’s broader strategy to protect consumers from fraud and disrupt criminal networks exploiting digital platforms. From fake investment schemes to cloned firm websites, the FCA’s efforts underscore the growing scale and sophistication of online financial crime. Alongside its enforcement push, the FCA has also published new data on its operational performance and enforcement outcomes for 2024–25. The figures reveal a continued focus on tackling misconduct, with updates on case volumes, intervention timelines, and outcomes. This transparency aims to build public trust and demonstrate the regulator’s commitment to holding firms and individuals accountable.
Mid-market banks and building societies need to have their solvent exit planning in place by 1 October 2025. Follow our tips and advice to help you prepare.
