FCA, Bank of England, banking, payments and the UK capital markets.
The FCA has opened three linked consultations that would replace the full-scope AIFM split with three NAV-based size bands, retire the 2013 AIFMD reporting fields under FRAME for a claimed 128m-pound annual saving, and simplify pay rules for solo-regulated firms. The response windows are already open, the first closing 16 September.
A Treasury consultation would fold the Payment Systems Regulator into the Financial Conduct Authority, put Open Banking on a statutory footing, and set the ground rules for AI-enabled and tokenised payments. It closes on 6 October 2026.
On 14 July the Treasury and the Prudential Regulation Authority opened paired consultations to implement the ring-fencing review, lifting the deposit threshold from £25bn to £35bn and adding a growth allowance the government says could free up to £80bn, just as the high-street banks report their half-year results.
Miss the allocated window and Temporary Marketing Permissions fall away immediately. With the final umbrella slots now closing through the summer, the clock is real.
The third annual Consumer Duty board report is due by the end of the month. It has quietly become the document the FCA reads to sort firms that can evidence customer outcomes from those that only assert them.
The joint consultation that opened on 13 July turns the Pension Schemes Act's GBP 25bn scale bar and value-for-money test into the supervisory rules that will thin out Britain's defined-contribution market.
Two guidance consultations, GC26/4 and GC26/5, close on 30 July and move the FCA's incoming crypto regime from a question of who is in scope to how much capital firms hold and how well they assess their own risks, weeks before the September authorisation gateway.
The FCA's £7.5bn redress scheme is finalised and lenders are fully provisioned, but the Upper Tribunal has listed the challenge for 14 to 18 December 2026 or 16 to 26 February 2027, so no cheque lands before next year.
As the Payment Systems Regulator is wound into the FCA, the merged supervisor inherits an awkward first question: after an authorised push payment scam, who bears the loss, the bank that sent the money or the one that received it?
Regulation Day brings deferred payment credit inside the FCA perimeter: per-transaction affordability checks, Section 75 liability and a bespoke disclosure regime. Here are the mechanics that decide who is ready.
The Chancellor returns to Mansion House on Tuesday, a year after launching the Leeds Reforms — and the four workstreams that separate a delivered strategy from a launched one.
CP26/17 would strip out the TCFD product disclosures UK asset managers have filed since 2023, saving the industry an estimated £20m a year — but the on-request emissions obligation means the underlying data work survives the cull.
The FCA's scheme survived the Supreme Court and its own consultation. On 2 July the Upper Tribunal froze the calculate-and-pay machinery — challenged from both the lender side and the consumer side at once.
The PRA's CP8/26 would lift capital held against funded reinsurance from 2–4% to around 10% of the underlying annuity liabilities, recalibrating the counterparty default adjustment to financial corporate bond spreads — its clearest statement yet that UK pension de-risking has built a shadow-insurance channel into private credit.
The PSR's CP26/1 consultation on a regulatory financial reporting remedy for card scheme and processing fees closed on 3 July 2026. The two substantive remedies from the MR22/1 market review — information transparency and pricing governance — have not yet been finalised; the regulator now says it will publish those final directions later this year, not in June as its earlier timetable implied.
The Pension Schemes Bill sells consolidation as a returns story — but the reserve power to mandate UK allocation is the part that changes what a pension promise means.
Targeted Support went live on 6 April. CP26/10 closed on 22 May. Read together, the FCA is reorganising UK retail advice through Handbook rules and Consumer Duty rather than statute — and 23 million consumers sit in the gap the new tier is built for.
The UK's dual-regulator roadmap for tokenised wholesale markets isn't about crypto — it's about whether London's settlement infrastructure can compete with New York by 2028.
A single eight-week window in 2026 stacks the motor finance pause-lift, a structural FOS reform and a BNPL jurisdiction expansion onto the same redress plumbing.
Targeted Support went live on 6 April. CP26/10 closed on 22 May. Read together, the FCA is reorganising UK retail advice through Handbook rules and Consumer Duty rather than statute — and 23 million consumers sit in the gap the new tier is built for.
Removing the per-lender high-LTI limit turns a fixed 4% of headroom into a shared, first-come resource — and no one is rationing the queue.
The rules to oversee the cloud and AI providers that the UK financial system runs on have been in force since January 2025. They bite on nobody, because the one step that activates them — a Treasury designation — has not happened.
The FCA and PRA are halving the Senior Managers regime's burden by moving senior-banker vetting from upfront approval to after-the-fact enforcement — the first real test of the regulators' new competitiveness mandate.
The FCA's Consumer Composite Investments regime took over from PRIIPs on 6 April 2026, but firms can keep the old KID until June 2027. The comparability the reform promised is suspended while two disclosure standards run side by side.
