BoE/FCA/HMT: Joint statement on Frontier AI models and cyber resilience
The Government and UK financial authorities have announced that firms should be taking active steps with regard to: governance and strategy; identification and risk management of vulnerabilities; managing risks from third parties; protection, and response and recovery.
Last updated · 15 May 2026
Regulatory News - Financial Services & Regulation
See allFCA: Credit rating agencies multi-firm review
This multi-firm review looks at the surveillance processes, credit rating methodologies and internal controls for UK-registered credit rating agencies, including examples of good practice and areas for improvement. FCA states that UK-registered credit rating agencies should review these findings, evaluate their processes and controls under Board oversight, and consider if gap analysis and remediation are necessary.
PRA: 2025 Firm Feedback Exercise
PRA has published the results of its 2025 survey. It notes that firms provided the most positive scores for the regulator’s articulation of regulatory objectives and expectations and for the effectiveness of their relationship with it. PRA identified some themes from the survey and at follow-up meetings in which participants highlighted areas of interest. These relate to transparency, improved co-ordination, proportionality and timelines.
FCA: AI Input Zone
FCA is reopening the AI Input Zone to seek views and examples from stakeholders to inform a good and poor practice publication on AI later in 2026. Responses are required by 19 June 2026.
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HMT: Reforming the UK Money Market Fund Regulations
Further to a 2023 joint HMT/FCA consultation on replacing the MMFRs, it has been announced that the Government will now lay legislation as soon as parliamentary time allows to establish the new regulatory framework, under which most requirements for UK MMFs will be set out in FCA rules and guidance. This will include guidance setting out expectations that UK MMFs hold higher levels of liquidity. The new regime is expected to be in place by Q4 2026, subject to Parliamentary approval, and FCA will issue a statement shortly with further details on its plans. The Government has confirmed its intention to extend the Temporary Marketing Permissions Regime, with a view to establishing a longer-term solution on market access.
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HMT: Access to Banking Services Review
HMT has announced an independent review, chaired by Richard Lloyd (former interim chair and NED of FCA), which will gather evidence on the real‑world impact of branch closures, identify who is most affected, and assess where further action may be needed to protect access to banking services. The Review follows the announcement of the Bill in the King’s Speech, where HMT intends to include a power to be able to act swiftly if the evidence supports intervention on access to banking services. ToR have been published alongside the announcement.