FCA: Enforcement regulatory disclosure review – outcome
In Seiler and others v FCA [2023] UKUT 00133, the Upper Tribunal recommended that FCA should review certain elements of the disclosure process in regulatory enforcement cases. FCA has completed the review and have made a number of changes to processes and notes that it will disclose all material that is relevant to the facts of the matter, save where it is disproportionate, not in the public interest, or otherwise inappropriate to do so. This will include all material that is potentially undermining as well as supportive material. Disclosure reviews will be aimed at identifying all the relevant material and will not be focused on only looking for potentially undermining material, saying that this will reduce the risk of mistakenly failing to disclose a document. FCA intends to conduct a further review in approximately 12 months’ time to assess whether it should take further steps to improve the processes.
Last updated · 13 Mar 2026
Regulatory News - Financial Services & Regulation
See allFCA: Handbook Notice 141
This edition of the Handbook Notice details Instruments passed at FCA boards on 23 April and 28 May 2026. These are: Collective Investment Schemes (Use of Distributed Ledger Technology in Authorised Funds) Instrument 2026/24; Collective Investment Schemes (Direct Dealing) Instrument 2026/25; Consumer Credit (Regulatory Reporting) (Amendment) Instrument 2026/26; Supervision Manual (Amendment) Instrument 2026/27; Technical Standards (European Markets Infrastructure Regulation) (Clearing Thresholds) (Amendment) Instrument 2026/28 (see also second link below), and Short Selling Rules Sourcebook (Administration) Instrument 2026/29.
FCA: PS26/8: Retail Banking Business Models data
Further to CP26/3, FCA has now published feedback and final rules and guidance for the new annual return which is replacing R2B2 data collections. The new rules come into force on 1 June 2026.
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BIS: Enhancing cross-border payments step by step
This CPMI briefing paper presents the findings from the 2025 cross-border payments monitoring survey based on responses from 82 jurisdictions which included questions about the status of and plans for implementing international guidance.
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FCA: Sanctions
FCA has reviewed financial firms’ sanctions systems and controls, highlighting good and poor practices and areas for improvement to support better compliance with sanctions rules. FCA states that firms should consider the findings and examples in this report and continue to review their systems and controls to ensure they comply with both financial and trade sanctions. An accompanying press release notes that, although financial firms have made progress in preventing sanctions breaches, gaps remain. FCA has also announced that it has just signed an MoU with OTSI which sets out the arrangements for cooperation and the sharing of intelligence between the two organisations – text of the MoU appears in the third link below.
PRA: PS15/26: Pillar 2A review – Phase 1
Further to CP12/25, PRA has published feedback and final policy, including detailed information on the changes to draft policy. The policy comes into effect on 1 January 2027.