FCA/PRA: Senior Managers & Certification Regime – policy statements
The regulators have published policy statements, which set out the first phase of reforms to the SM&CR, including with regard to: criminal record checks and disclosure; the 12-week rule; statements of responsibilities and management responsibilities maps; regulatory references and prescribed responsibilities. Some changes take effect on 24 April 2026 and others take effect on 10 July 2026. The regulators intend to consult on a second phase of proposals later in 2026.
For more information
- https://www.fca.org.uk/publications/policy-statements/ps26-6-senior-managers-certification-regime-review
- https://www.bankofengland.co.uk/prudential-regulation/publication/2026/april/review-of-the-smcr-phase-1-policy-statement
- https://www.fca.org.uk/news/press-releases/fca-pra-changes-streamline-senior-manager-accountability-boost-growth
Last updated · 23 Apr 2026
Regulatory News - Financial Services & Regulation
See allFCA: MS26/2: Claims management services: market study terms of reference
FCA has launched this market study in order to gather evidence to understand the root causes of practices the regulator has observed by firms in the claims management market and how they impact competition and consumer outcomes. It has requested stakeholders to review the proposed ToR and Notice, with responses required by 19 June 2026. A blog by Alison Walters has also been published.
BoE: Central counterparty resolution execution and resolvability outcomes
This discussion paper sets out some of BoE’s thinking on how best to implement its resolution powers and seeks views from stakeholders on three specific resolution topics. It also seeks views on BoE’s preliminary thinking on what it means for a CCP to be “resolvable”. Responses are required by 4 September 2026.
UK Regulators: Regulatory Initiatives Grid
The UK regulators have published the latest edition of the Regulatory Initiatives Grid which sets out details of new, current and updated initiatives relating to individual financial sectors as well as cross-cutting ones. The Grid may be downloaded as a PDF or interactive dashboard.
For more information
BoE: Speech by Sarah Breeden: Modernising money and markets
Text of Sarah Breeden’s speech of 19 May 2026 follows in which she considers how the responsible adoption of tokenisation in the UK can enhance financial stability and support sustainable growth.
HMT/FCA: Policy statement on reform of the Consumer Credit Act 1974
HMT has published a policy statement setting out the final approach to CCA reform, alongside its response to the Phase 1 CCA reform consultation published in May 2025. Annex A of the document sets out a detailed provisions table, which indicates which sections of CCA will be retained, amended or repealed. It is also noted that the Government intends to review the regulatory regime for credit broking which sits within the RAO. FCA intends to consult on the key elements of the consumer credit framework previously set out in legislation and emphasises that its approach will be underpinned by the Consumer Duty.