Regulatory architecture

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This Overview is a guide to the Banking & Finance content within the Regulatory architecture subtopic, with links to the appropriate materials.

This Overview contains information on the UK and EU frameworks for bank regulation.

UK financial services regulatory framework

The Financial Services Act 2012 (FSA 2012) replaced the Financial Services Authority (FSA) with two new regulators—the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)—and created a new Financial Policy Committee (FPC) of the Bank of England (BoE).

Firms that are dual-regulated, such as banks, insurers and major investment firms, are supervised by the PRA for prudential areas and by the FCA for conduct areas. All other firms are supervised by the FCA for both conduct and prudential issues. FSA 2012 also gave the FCA new powers to regulate benchmarks and transferred responsibility for the regulation of consumer credit from the Office of Fair Trading to the FCA. The FCA also performs the functions previously carried out by the FSA as UK Listing Authority.

The FPC has responsibility for macroprudential regulation, while the BoE has direct supervisory powers in respect of financial market

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Latest Banking & Finance News

Service of a winding-up petition at a default address (DG Resources Ltd v Revenue and Customs)

Restructuring & Insolvency analysis: The Registrar of Companies is empowered to rectify the Register and to change a company’s registered office address where the address is not an ‘appropriate address’ as required by section 86 of the Companies Act 2006 (CA 2006). The address as changed is referred to as the default address. A winding-up petition was served on a company at the default address nominated by the Registrar. The company applied for an injunction restraining the petitioner from advertising the petition on the grounds, among other things, that the service of the petition at the default address was not proper service. The court held that the service was proper service: it was satisfied that the company’s registered office address had been changed to the default address and that the petition had been served on a person at that address who was authorised to accept service. Written by Mark Townsend, barrister at New Square Chambers.

ISDA and SIFMA urge CFTC to finalise reforms to swap conduct and documentation rules

The International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) have submitted a joint comment letter to the US Commodity Futures Trading Commission (CFTC) supporting its proposed revisions to business conduct and swap documentation requirements for swap dealers and major swap participants. Filed on 24 October 2025, the response welcomes the elimination of pre-trade mid-market mark and scenario analysis disclosures, which the associations say add little value and impose unnecessary burdens. It also backs permanent relief for intended-to-be-cleared and prime brokerage swaps, alignment with existing no-action relief, and greater flexibility in daily mark valuation. ISDA and SIFMA urge the CFTC to adopt the proposals swiftly to enhance regulatory certainty, market efficiency, and consistency with securities-based swap rules.

Companies House outlines enforcement for identity verification breaches

Companies House has published guidance setting out how it will enforce compliance with new mandatory identity verification requirements for company directors, people with significant control, and authorised agents under the Companies Act 2006. The body will use a graduated approach—informing, guiding, and then sanctioning non-compliant individuals or companies—through prosecution, referral to the Insolvency Service or financial penalties. Serious or repeated breaches may result in criminal conviction, disqualification or removal from the register. The approach will be reviewed and adjusted over time to ensure effectiveness and proportionality.

UNEP launches guidance to standardise GHG accounting for export credit agencies

The UN Environment Programme Finance Initiative (UNEP FI) has published the first technical note from its Net-Zero Export Credit Agencies Alliance (NZECA), offering guidance to export credit agencies (ECAs) and export-import banks on improving greenhouse gas (GHG) accounting. The paper, issued in November 2025, provides methodologies and case studies to address the challenges of applying existing GHG standards to ECA products such as guarantees and export credit insurance. By promoting more consistent, transparent and credible accounting, UNEP FI aims to help public finance institutions align their portfolios with global net-zero pathways and support the Paris Agreement goal of limiting temperature rise to 1.5°C.

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