UK Regulatory Initiatives Grid – May 2026

The banking and consumer credit agenda is among the most intensive in the Grid, with hard legislative deadlines, structural capital reform and a root-and-branch review of consumer credit rules all converging in the next eighteen months.

• Buy Now Pay Later – Regulation Day: 15 July 2026. Interest-free BNPL products provided by third-party lenders will become a regulated activity on 15 July 2026  (the 'Regulation Day') Firms offering or distributing BNPL products must hold or rely on FCA authorisation from that date and meet conduct standards accordingly.
• Basel 3.1 – 1 January 2027. The UK implementation of the final Basel III standards reaches its implementation deadline on 1 January 2027 for the majority of the Basel 3.1 package, following the final Policy Statement and rules published on 20 January 2026.  Alongside Basel 3.1, the Strong and Simple Prudential Framework for Non-Systemic Banks and Building Societies, a simplified capital regime for Small Domestic Deposit Takers (SDDTs), also reaches its implementation deadline on 1 January 2027.
• Mortgage rule review. The FCA is conducting a review of the future of the mortgage market and changes needed to rebalance risk, support sustainable home ownership and economic growth, with a Responsible Lending Consultation Paper expected in Q2 2026.
• CONC 3 review. The FCA is reviewing CONC 3.5 financial promotions rules for consumer credit advertising to reduce prescription and align with the Consumer Duty's Consumer Understanding Outcome, with a Consultation Paper and Discussion Paper published in April 2026.
• HCSTC price cap review. The FCA is reviewing whether the High Cost Short Term Credit price cap market remains viable, accessible and appropriate for its target customer base, with industry and consumer stakeholder engagement ongoing in Q2 2026 and final findings expected in Q1 2027.
• Consumer Credit Act reform. The FCA and HMT are modernising the regulation governing the UK's £200bn non-mortgage consumer lending market by moving it to the FCA's regulatory framework through reform of the Consumer Credit Act 1974, subject to Parliamentary time.
• Liquidity and capital – further changes. The PRA will publish a Policy Statement in Q4 2026 on targeted, proportionate changes to modernise Pillar 2 rules and supervisory expectations on liquidity.  The PRA is also consulting on changes to confirm firms' role in assessing non-UK covered bonds' equivalence as high-quality liquid assets, expected H2 2026.  In H2 2026, the PRA will finalise policy on the remainder of large exposures changes proposed in CP14/24, including the mandatory substitution approach and intragroup permissions.
• Resolution and reporting. The PRA's final policy on disclosures relating to resolvability resources, capital distribution constraints and Pillar 3 (PS11/26 of 26 March 2026) takes effect from 1 January 2027, being the first reference date for the period ending 31 December 2026.  Revised MREL reporting templates (PS9/26) are also effective from 1 January 2027, with firms submitting Q4-2026 data in February 2027.
• Automated decision-making. The ICO will publish final guidance in Spring 2026 on how UK data protection law applies when organisations use automated decision-making and profiling, including for approving or denying financial products.

The Payments Vision Delivery Committee published the Payments Forward Plan setting out upcoming initiatives across the payments ecosystem including retail and wholesale payments and certain aspects of digital assets.  Activity this year is intense, with new safeguarding rules, the first stablecoin framework, APP fraud evaluation and foundational steps toward a comprehensive cryptoassets regime all arriving in quick succession.

• Safeguarding rules – Q2 2026. The FCA published new rules in August 2025 to strengthen requirements for safeguarding of customer funds by payment and e-money firms, with those new rules coming into effect in Q2 2026.  Payment and e-money institutions should audit their current safeguarding arrangements immediately.
• Stablecoin final rules – Q2 2026. The FCA will publish final stablecoin rules in Q2 2026, alongside the Bank of England's Statement of Policy and consultation on a draft Code of Practice for sterling-denominated systemic stablecoins, as the Bank and FCA are required to consult on and publish final rules under FSMA 2023 and forthcoming secondary legislation.
• Modernising payments assimilated law. The Government and FCA are modernising payments services regulation to deliver a more agile regulatory environment and transfer firm-facing requirements to the FCA, with a Treasury consultation paper on the review of assimilated payment services law due in Q2 2026.  A Treasury consultation response on assimilated payment services law is then expected in Q4 2026.
• Streamlined approach to Payment Systems Regulation. Government plans to consolidate the PSR primarily within the FCA, having consulted in October 2025 and published its final policy approach, with the Government consultation response confirming the final policy approach due in Q2 2026.
• Card scheme and processing fees market review. The PSR's market review into card scheme and processing fees is reaching its final stages, with a final decision on ITC and pricing governance remedies expected in June 2026 and a final decision on the Regulatory Financial Reporting remedy expected in October 2026.
• APP fraud – independent evaluation: Q3 2026. The PSR has implemented measures to help prevent APP scams and commissioned an independent evaluation of its APP fraud policies, with the findings of that independent 12-month evaluation to be published in Q3 2026.  Depending on outcomes, further or amended requirements may follow quickly.
• Cross-border interchange fees. The PSR's market review into the five-fold increase in cross-border interchange fees since the UK left the EU is expected to reach a final decision on next steps in Q4 2026.
• RTGS and CHAPS settlement hours. The Bank of England is consulting on extending RTGS and CHAPS settlement to near 24x7, including an early morning extension targeted for September 2027, with the consultation closing on 10 August 2026.
• National Payments Vision. The BoE, FCA, PSR and PRA are implementing key deliverables of the National Payments Vision announced in November 2024, with a consultation on Retail Payments Infrastructure Board next steps and the Delivery Company to be set up in Spring/H1 2026.
• Cryptoasset resolution regime – H2 2026. The FCA is developing a resolution regime for cryptoasset custodians and stablecoin issuers, including how backing assets should be returned if a firm fails, with a consultation paper expected in H2 2026.
• Comprehensive cryptoassets regime – October 2027. The Government laid final legislation in December 2025 for a comprehensive financial services regulatory regime for cryptoassets including stablecoins in the UK, with the regulatory regime commencing in October 2027.  Following Treasury legislation, new RAO activities will come into the FCA's remit including Admissions and Disclosure and Market Abuse regimes, with planned FCA policy publications per the FCA Crypto Roadmap.
• Digital pound. Government confirmed continuation of the design phase and Treasury and the Bank will publish a blueprint and a decision on the future of the digital pound in 2026.
• Overnight safeguarding facilities for NBPSPs. The Bank of England is considering offering overnight safeguarding facilities in RTGS for FCA-authorised non-bank payment service providers, with a policy decision and next steps to be communicated in due course.

Insurers face a cluster of significant Solvency II-related outputs, a market study final report with remedial implications, and new obligations around solvent exit and captives.

• Solvent exit planning – 30 June 2026. The PRA and Bank of England's preparations for the Solvent Exit Instrument come into force on 30 June 2026, requiring greater preparedness by insurers for solvent exit to support orderly cessation of PRA-regulated activities and reduce market disruption, with firms expected to meet expectations set out in SS11/24.
• Simplifying the insurance rules – Consultation Q2 2026, Policy Statement Q4 2026. The FCA is consulting in Q2 2026 on further amendments to rules to deliver a more appropriate balance between consumer protection and competitiveness, including the application to non-UK business, with a Policy Statement to follow in Q4 2026.
• Insurance third-country branches. The PRA will publish a Policy Statement in Q2 2026 addressing inconsistencies across reforms, streamlining the policy framework, clarifying expectations, and increasing the indicative subsidiarisation threshold.
• Pure protection market study – final report Q3 2026. The FCA's market study into the distribution of pure protection products — examining commission arrangements, fair value for consumers, and the strength of competition following the recent exit of several providers — will publish its final report in Q3 2026.  Distributors active in life, critical illness and income protection should proactively review their remuneration arrangements before the report lands.
• General Insurance value measures review – Q3 2026. The FCA will publish in Q3 2026 a post-implementation review of General Insurance value measures reporting and publication rules introduced in July 2021.
• UK Solvency II Own Funds – phased Policy Statements. The PRA will publish a Policy Statement on Proposal 1 of its targeted updates to the Own Funds framework in Q3 2026, following CP4/26,  with Policy Statements on Proposals 2–4 due in Q4 2026 along with implementation.
• Solvency II reporting and disclosure – early Q3 2026. The PRA will publish a Policy Statement in early Q3 2026 on limited changes to Solvency II reporting reforms following implementation at the end of 2024.
• Solvency II liquidity reporting – 30 September 2026. New PRA reporting requirements to close key reporting gaps for insurance firms with material liquidity exposures to derivatives or securities will be implemented on 30 September 2026.
• UK captives insurance regime – Summer 2026. The FCA and PRA are developing a proportionate authorisation and regulatory regime for captives to support Treasury's plans to grow this market, with a consultation on rules and policies due in Summer 2026.
• Insurance Special Purpose Vehicles (ISPVs). The PRA is working with Treasury on further reforms to ensure the regulatory and legislative frameworks are aligned for an internationally competitive sector, with industry engagement expected in Q3 2026.
• Funeral plans post-implementation review – Q4 2026. The FCA will publish its post-implementation review of the funeral plans regime in Q4 2026, examining firms' adaptation to the new regime and whether it is delivering good outcomes for consumers.

The FCA is consulting by end Q2 2026 on changing rules related to authorised fund depositaries' duty to safekeep a fund's assets, introducing new flexibility for registering private markets assets.

• AIFMD repeal and replacement – Mid-2026. The FCA and HMT are considering how to simplify and streamline the regulatory framework for alternative investment fund managers for UK markets, including prudential requirements, with a Treasury draft Statutory Instrument and FCA Consultation Paper (including draft rules) expected mid-2026.
• Solo remuneration rules review – Q3 2026. The FCA will publish a Consultation Paper in Q3 2026 reviewing the operation and effectiveness of solo remuneration rules for alternative fund managers, UCITS management companies and investment firms.
• Data collection review for asset managers – Q3 2026. The FCA is transforming the regulatory data model for asset managers and funds, designing new proportionate and streamlined regulatory returns, with a consultation on a new reporting regime including draft rules expected in Q3 2026.
• Money Market Fund resilience – Summer 2026. The FCA will implement FSB guidance on MMF resilience and transfer MMF Regulation requirements from retained EU law into the FCA Handbook, publishing non-Handbook guidance on liquidity levels and final draft rules in Summer 2026.
• Liquidity risk management in funds – H2 2026. The FCA will publish a further consultation in H2 2026 on implementing IOSCO and FSB guidance on liquidity risk management for funds, including retail funds invested in illiquid assets.
• Investment Firm Prudential Regime (IFPR) review – H2 2026. The FCA will publish a call for input in H2 2026 as part of a targeted review to ensure the IFPR remains fit for purpose and considers alignment with COREPRU.
• Market risk capital requirements for specialised trading firms – H2 2026. The FCA will consult in H2 2026 on market risk capital requirements for MIFIDPRU investment firms that deal on own account.
• Streamlining TCFD reporting – Q2 2026. The FCA will publish in Q2 2026 a consultation paper on streamlining product-level TCFD reporting requirements for asset managers, life insurers and pension providers aligned with TCFD recommendations.

The pensions agenda is exceptionally broad, spanning trustee oversight, DB surplus flexibility, CDC expansion, scale consolidation, Value for Money reform, Guided Retirement, and a new pensions charge cap consultation – all within the next twelve months.

• Professional trustee firm oversight – May 2026. TPR is engaging with the top 11 professional trustee firms to build two-way dialogue, assess risks, share best practice, and gather evidence for a DWP consultation on future legislative frameworks, with guidance on appointing a professional corporate sole trustee published in May 2026.  A Market Oversight report from this engagement will be published in September 2026.
• DB surplus – TPR guidance statement: late May 2026. The DWP and TPR are progressing legislation on flexibilities to defined benefit surplus release, with TPR publishing in late May 2026 a statement setting out early views on the factors for trustees to consider.  Regulations on the DB surplus will be consulted on in Summer 2026, with TPR guidance expected by April 2027.
• CDC extension to multi-employer schemes – 31 July 2026. CDC legislation is being expanded to multi-employer schemes, with regulations coming into force and a revised Code commencing on 31 July 2026.
• TPR enforcement strategy – July 2026. TPR will publish a new enforcement strategy in July 2026 reflecting a more focused, agile and outcomes-driven regulatory model aligned with its statutory objectives, alongside a new corporate strategy.
• Interactive digital pension planning tools – Q3 2026. The FCA will publish in Q3 2026 a Policy Statement on proposals for a new regime for interactive digital pension planning tools for in-force pensions.
• Pensions charge cap – Q3 2026. The DWP and FCA will publish in Q3 2026 a consultation paper on changes to the pension charge cap to ensure it does not disincentivise investments with higher performance fees, while protecting consumers.
• SIPPs due diligence and PSM&A – H1 2026 Consultation, H1 2027 Policy Statement. The FCA will consult in H1 2026 on proposals for clearer Handbook rules on SIPP due diligence obligations and a new regime for handling pension scheme money and assets, with a Policy Statement to follow in H1 2027.
• Non-advised DC to DC transfers – end 2026. The FCA will publish by end 2026 a policy document setting out feedback and next steps on proposals for a new information-gathering step in the non-advised DC to DC transfer process to ensure consumers can make informed decisions.
• Value for money framework. The DWP, FCA and TPR are developing a VfM framework and regulatory regime for all FCA and TPR-regulated DC workplace pension schemes to improve outcomes through greater comparability and competition, with DWP secondary regulations under consultation in 2026 and the first data disclosures expected in 2028.
• Scale and consolidation in pensions. Government policy is to drive scale via consolidation across the pension landscape, with the Pension Schemes Act including minimum scale requirements for multi-employer DC workplace schemes, with a consultation on secondary legislation to be confirmed.
• Contractual override – 2028. The Pension Schemes Act 2026 introduces a contractual override allowing providers to override member contracts without consent where in members' best interests, with Treasury regulations and FCA rules expected in force in 2028.
• DB superfunds – April 2028. A formal legislative and regulatory framework for DB superfunds under the Pension Schemes Act 2026 will be supported by a new TPR Code of Practice coming into force in April 2028, once Royal Assent is granted.
• Guided retirement. Government policy introduced in the Pension Schemes Act requires trustees to develop default pension benefit plans for members of trust-based schemes, with further detail on timelines to be confirmed subject to wider government timings.
• Pensions dashboards. The final rules for the regulatory framework for pensions dashboards operators were made in November 2024 (PS24/15), with implementation subject to external dependencies.
• Value for money – compliance monitoring. TPR is monitoring compliance by smaller DC schemes with the obligation to assess value for members, with potential rectification measures forming part of ongoing activity in 2026.
• Administrator relationships. TPR is continuing engagement with pension administrators following a 12-month engagement with 15 administrators, and will publish an administration strategy in 2026.

• Advice guidance boundary review. The FCA consulted on proposals for simplified forms of advice and ongoing advice services as part of its Advice Guidance Boundary Review, with the consultation closing on 22 May 2026 and a Policy Statement due in Q4 2026.  This represents a significant restructuring of the regulated advice landscape and a commercial opportunity for firms prepared to invest in capability changes now.
• Expanding consumer access to investments – Q3 2026. The FCA will publish a Feedback Statement in Q3 2026 as part of its review of the regulatory framework to help consumers have the understanding and confidence to take on the right level of investment risk.
• Simplifying consumer investment disclosures – Q3 2026. The FCA will consult in Q3 2026 on simplifying costs and charges disclosures under MiFID to align with the new Consumer Composite Investments regime, reducing prescription.
• Financial promotion rules for mainstream investments – September 2026. The FCA will publish in September 2026 a Consultation Paper reviewing COBS 4 requirements to facilitate better consumer understanding of mainstream retail investments and consolidate historic guidance.
• UKLR: investment entities review – Q4 2026. The FCA will publish in Q4 2026 a Consultation Paper reviewing UK Listing Rules as they apply to investment entities, including eligibility criteria and rules on shareholder rights and conflicts of interest.

• Short selling regulation – Phase 1: 13 July 2026. Phase 1 implementation of the new, more proportionate UK short selling regime – a repeal and replacement of assimilated law – takes effect on 13 July 2026.
• FMI fundamental rules – 18 July 2026. The Bank of England's final rules setting high-level requirements on Financial Market Infrastructures covering the full range of the regulatory framework take effect on 18 July 2026.
• Wholesale markets review – July 2026. The FCA will publish in July 2026 the Policy Statement on the equity consolidated tape and the consultation on equity market structure and transparency as part of the broader Wholesale Markets Review.
• Dematerialisation (DEMAT) – Summer 2026. The DEMAT Taskforce Chair will report back in Summer 2026 with a recommended go-live date for Step 1 of the transition to a fully digitised shareholding system and an implementation plan to improve market efficiency, transparency and settlement times.
• New CCPs – mobilisation consultation. The Bank of England's consultation on its approach to facilitating mobilisation of new CCPs closes on 4 June 2026.
• Disclosure and Transparency Rules review – Q3 2026. The FCA will publish in Q3 2026 a public document as part of its review of the Disclosure and Transparency Rules to consider the value of current rules for issuers and investors and explore changes to make UK public markets more attractive.
• Transaction and post-trade reporting harmonisation – Q3 2026. The BoE and FCA joint review to establish a new long-term approach across UK MIFIR, UK EMIR and UK SFTR reporting regimes will hold its initial cross-authority and industry taskforce meeting in Q3 2026.
• CCP requirements: repeal and replace (EMIR Titles III–V) – Q4 2026. The Bank of England and HMT will publish in Q4 2026 a Policy Statement, final rules and policy materials on transferring detailed CCP requirements from EMIR to the Bank's new CCP rulebook.
• Securitisation rules review – Q4 2026. The FCA and PRA will publish Policy Statements in Q4 2026 on further changes to the securitisation framework to make it more proportionate, following transfer of Securitisation Regulation firm-facing rules into their respective rulebooks.
• Client categorisation and conflicts of interest – H2 2026. The FCA will publish final rules in H2 2026 on the reform of existing client categorisation rules and the rationalisation of SYSC 10 conflict of interest rules.
• MiFIR transaction reporting transfer – H2 2026. The FCA and HMT will publish in H2 2026 a Policy Statement on transferring firm-facing transaction reporting requirements into the FCA Handbook to create a more proportionate framework.
• UK EMIR Intragroup Regime – H2 2026. A permanent solution to the temporary exemption from clearing and margin requirements for intragroup transactions will be finalised in H2 2026 via a Treasury SI and FCA rules.
• Position on payment for order flow – end Q4 2026. The FCA will review its current position on payment for order flow to see whether a change is warranted, with a position or decision expected by end Q4 2026.
• Tokenised assets as collateral – H2 2026. The Bank of England will publish a discussion paper in H2 2026 exploring the risks and benefits of tokenised assets as eligible collateral at CCPs.
• Gilt repo market resilience – early 2027. The Bank of England will publish a comprehensive update in early 2027 including potential policy proposals on enhancing the resilience of the gilt repo market, following the April 2026 feedback statement.
• T+1 settlement – 11 October 2027. The Government will legislate for T+1 to be mandatory, following the recommendations of the Accelerated Settlement Taskforce, with 11 October 2027 being the first day of trading under the T+1 standard.
• OTC derivatives: repeal and replace (UK EMIR Title II). Treasury is working with regulators to repeal and replace OTC derivatives requirements, transferring firm-facing requirements to regulators' rulebooks, with a market consultation or call for views to follow in due course.
• Private Markets System-Wide Exploratory Scenario – June 2026. The Bank of England will publish its stress scenario and templates in June 2026 for a Private Markets System-Wide Exploratory Scenario exercise aimed at improving understanding of how banks and non-bank financial institutions behave in a private markets downturn.

• SM&CR reforms – Phase 1 Implementation Q3 2026, Phase 2 Consultation Q3/Q4 2026. The FCA, HMT and PRA are streamlining the SM&CR's legislative framework, removing the Certification Regime from statute and giving regulators greater flexibility, with the first phase of rule changes completed by Q3 2026.  A Consultation Paper on the second phase of SM&CR reforms will be published in Q3/Q4 2026, taking advantage of new legislative flexibilities.
• ICT and cyber risk management – H2 2026. The Bank of England and PRA intend to publish a Consultation Paper in H2 2026 on policy relating to the management of ICT and cyber risks to further enhance the sector's operational resilience capabilities.
• CASS short-term improvements – Q2 2026. The FCA will publish in Q2 2026 a Handbook Notice with updates to outdated CASS rules including record-keeping requirements, reconciliation rules, and flexibility on interest owed to firms.
• Review of FCA requirements following Consumer Duty – Q2 2026. The FCA will publish in Q2 2026 a formal consultation on Consumer Duty updates, as part of its review of FCA requirements following Consumer Duty implementation, including targeted clarifications of rules and guidance and work to future-proof disclosures.
• Open Banking and Open Finance – Q2 and Q4 2026. Following the Data (Use and Access) Act, Treasury and the FCA are building the long-term regulatory framework for Open Banking and Open Finance, with a Treasury consultation paper on the review of assimilated payment services law (including Open Banking and stablecoin payments) due in Q2 2026.  A consultation paper on Open Banking Long-Term Regulatory Framework interface rules is expected in Q3 2026 (subject to legislation), followed by a Data (Use and Access) Act Statutory Instrument to be laid in Parliament in Q4 2026.  A Policy Statement on the LTRF interface rules is then expected in Q1 2027.
• Right to rectification updates – Spring 2026. The ICO will publish final guidance in Spring 2026 amending existing provisions on individuals' rights to have inaccurate personal data rectified, incorporating changes introduced by the Data (Use and Access) Act.
• ICO fraud guidance – Summer 2026. The ICO will publish updated final guidance in Summer 2026 on sharing personal data for fraud prevention, incorporating amendments from the Data (Use and Access) Act.
• DLT guidance – Autumn 2026. The ICO will publish final guidance in Autumn 2026 on how UK data protection law applies to distributed ledger technology, a foundational technology for decentralised finance including cryptocurrencies and cryptoassets.
• UK Sustainability Reporting Standards – Autumn 2026. The Government published final UK-endorsed ISSB Standards in February 2026, and the FCA will publish a Policy Statement on CP26/5 in Autumn 2026, introducing requirements for listed companies.
• ESG ratings regulation – Q4 2026. Treasury finalised legislation to bring ESG rating providers into FCA regulation in October 2025, and the FCA will publish a Policy Statement in Q4 2026 following its December 2025 consultation on transparency, governance, conflicts of interest, and systems and controls.
• Financial Crime Guide updates – Q3/Q4 2026. The FCA will publish in Q3/Q4 2026 a Consultation Paper on updates to the FCA's Financial Crime Guide, including new guidance and refreshed content.
• DEPP consultation – June 2026. The FCA will publish in June 2026 a Consultation Paper proposing small changes to DEPP clarifying penalty policy impacts on individuals, including raising the serious financial hardship threshold and minimum initial fines for market abuse.
• Appointed Representatives regime. Treasury published a consultation on AR regime reforms including introducing a permission for firms to act as principal and applying SM&CR to ARs, with the consultation closing on 9 April 2026; primary legislation and FCA rule changes will follow subject to Parliamentary time.
• Modernising the redress framework. The FCA and FOS published a Policy Statement and further consultation in March 2026 on modernising the redress system, with primary legislation to follow subject to Parliamentary time, and consequential FCA rule changes thereafter.
• Transforming data collections. The BoE, FCA and PRA are running an ongoing programme to reduce the cost of data collection for industry, improve regulatory interactions and standardise data, with Handbook notice rule amendments expected in H1 2026 across various strands.
• IFPR – Overseas Prudential Requirements Regime: Q3 2026. The PRA will publish a Policy Statement with final rules in Q3 2026 on the Overseas Prudential Requirements Regime, which creates a new overseas regime framework for banks to replace existing CRR equivalence regimes.
• Gibraltar Authorisation Regime. Following the UK and Gibraltar leaving the EU, a new market access framework for Gibraltarian firms is being developed through secondary legislation, with timing to be confirmed.
• Complaints reporting review – January 2027. The FCA's improved complaints reporting regime (Policy Statement published 3 December 2025 and Handbook Notice published March 2026) will be in force from January 2027.
• Pillar 2A methodologies review – May 2026. The PRA has proposed updates to credit, operational, pension obligation, market and counterparty credit risk methodologies under Pillar 2A, with a Policy Statement expected in May 2026.