PRA: Final Notice: UK Insurance Limited
PRA has fined the firm, a subsidiary and principal underwriter of Direct Line Group and now part of Aviva plc, £10,625,000 in connection with a miscalculation of their Solvency II balance sheet during 2023 and 2024. This resulted in the firm overstating its solvency to the PRA and to the market. The miscalculation arose due to ineffective preventative and detective controls and resourcing issues in the firm’s finance and actuarial functions and went undetected by Direct Line Group’s internal controls for a significant period of time. PRA notes that this is the first time the Early Account Scheme has been used – the firm made early admissions and agreed to resolve the matter, thereby qualifying for a 50% enhanced reduction of the fine.
Last updated · 13 Mar 2026
Regulatory News - Financial Services & Regulation
See allFCA: MS26/1: Later Life Mortgages Market Study – update
Following feedback from stakeholders, FCA has decided not to make any changes to its ToR, but has clarified the market study’s scope with regard to products and advice/consumer decision-making.
FCA: Board minutes
FCA has published the minutes of the meeting held on 23 April 2026, which included updates from the Chair and CEO.
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HoL Financial Services Regulation Committee: Stablecoins – waiting for regulation
The Committee has now published its report. Amongst other matters, it concludes that the UK is currently lagging behind in developing its regulatory regime compared to the USA and EU and that there are some elements of the UK’s proposed regime which would diverge from international equivalents, including in requirements for systemic issuers to hold unremunerated backing assets, the proposed stablecoin holding limits, and the restrictions on commercial banks issuing stablecoins; The report sets out a number of recommendations for the authorities, including consideration of whether the existing legal frameworks are sufficient to detect and deter illicit activity using private unhosted and unregulated wallets.
FCA: Sponsorship arrangements between football clubs and unauthorised firms
FCA has raised concerns that a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship and may be breaching UK financial services laws by providing financial services in the UK without authorisation. FCA has written directly to football clubs, mainly in the Premier League, to warn about their relationships with these firms and remind them of their responsibilities to fans.
The Financial Services and Markets Act 2023 (Commencement No. 14) Regulations 2026/587 (C47)
These Regulations bring into force on s1(1) FSMA so far as it relates to the revocation of certain instruments relating to short selling which are referred to in Schedule 1 to the Act. (Date in force: 13 July 2026)
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