FCA: The Mills Review
FCA has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators which will be led by Sheldon Mills and which builds on FCA’s existing work on AI. FCA is seeking views on four interrelated themes: how AI could evolve in the future; how these developments could affect markets and firms; how these will impact on consumers, and how financial regulators may need to evolve to continue ensuring that retail financial markets work well. Responses are required by 24 February 2026. FCA notes that the feedback will shape a series of recommendations to be reported to the FCA Board in the summer and will culminate in an external publication.
Regulatory News - Banking & Finance
See all Regulatory News - Banking & FinanceFCA: GC26/7: Decentralised Finance
FCA has published a guidance consultation paper on decentralised finance (DeFi) to help firms understand how existing operational resilience and financial crime requirements may apply when they provide financial services using DeFi. The draft non-Handbook guidance is set out in Annex 1. Responses are required by 18 November 2026. FCA intends to publish final guidance in January 2027.
FCA: CP26/36: Cryptoasset perimeter guidance
FCA has published a consultation paper CP26/36 on changes to its Perimeter Guidance manual (PERG) to reflect the amendments to the cryptoasset regime introduced by the Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026. The changes explain FCA’s view of how the amendments in the legislation apply, and how the new exclusions interact with the regulated cryptoasset activities. The amended draft Handbook text is set out in Appendix 1. Responses are required by 18 November 2026. FCA intends to publish final guidance in spring 2027.
The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2026/1010
The SI extends by a further 12 months the transitional regime for overseas qualifying CCPs contained within Article 497 of the UK CRR.
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