Banking regulation essentials

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This Overview is a guide to the Financial Services content within the Banking Regulation Essentials subtopic, with links to the appropriate materials.

Regulated activities

Accepting deposits

Practice Note: Accepting deposits looks at the regulated activity of accepting deposits. Accepting deposits is a key hallmark of banks, credit unions or building societies. Firms should consider whether their proposed business models and plans require the firm to apply for authorisation

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Latest Financial Services News

APPG report sets out strategy to combat APP fraud

The All-Party Parliamentary Group (APPG) on Fair Banking has published a cross-party report titled ‘No Half Measures – a Blueprint to Beat APP Fraud’ outlining a nine-point strategy to address the growing threat of authorised push payment (APP) fraud in the UK. The APPG suggests how the government could adopt a ‘whole-of-ecosystem’ approach in the forthcoming update to the UK’s Fraud Strategy. It also reviews the early impact of the Payment Systems Regulator’s (PSR) mandatory reimbursement requirement (MRR), describing it as a positive step, but warns that relying solely on reimbursement risks placing excessive burdens on certain parts of the financial ecosystem while failing to tackle the root causes of fraud. The APPG calls for broader action, including considering extending reimbursement requirements to crypto firms and introducing a tech levy on social media platforms.

NCA, OFSI and FCDO publishes Red Alert on Russian oil sanctions evasion network

The National Crime Agency (NCA), Office of Financial Sanctions Implementation (OFSI) and Foreign Commonwealth & Development Office (FCDO) have jointly published a Red Alert warning financial institutions about a sophisticated Russian oil sanctions evasion network. The alert details how the network operates through 'blue' companies interfacing with Western institutions and 'red' companies trading directly with Russian oil firms. It follows UK sanctions imposed on key network entities 2RIVERS DMCC and 2RIVERS PTE in December 2024, and NORD AXIS in May 2025. The alert provides red flag indicators to help identify potential sanctions breaches.

Complaints Commissioner publishes updates on its investigations into Collateral and BSPS complaints

The Financial Regulators Complaints Commissioner (FRCC) has published updates on two group complaints concerning the Financial Conduct Authority (FCA): one relating to the British Steel Pension Scheme (BSPS) and the other to Collateral (UK) Ltd. Both cases involve complex regulatory issues and questions around the FCA’s handling of its responsibilities. The FRCC is reviewing confidential material and engaging with the FCA to determine the extent to which further information can be disclosed. Investigations are ongoing, and further updates are expected in due course.

EIOPA launches consultation on revised supervisory review guidelines under Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on draft revised Guidelines on the Supervisory Review Process. The primary objective of the revision is to clarify existing instructions in light of the Solvency II review and to bring emerging risks within scope. The proposed amendments aim to align the Guidelines with recent regulatory developments and supervisory best practices, while introducing new processes to address risks and trends that have emerged since the Guidelines were first adopted. The draft includes new sections on business model analysis, joint on-site inspections, early intervention measures, pre-emptive recovery planning, and supervision of conduct of business. EIOPA has also introduced guidance to ensure that supervisors incorporate sustainability risks, IT and cyber risks, and Supervisory Technology (SupTech) into their review processes. EIOPA says the amendments are targeted and limited, reflecting its commitment to regulatory simplification and burden reduction. Responses are sought by 24 September 2025.

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