Capital markets investor protection

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This Overview provides a guide to the Financial Services content within the Capital markets investor protection subtopic, with links to the appropriate materials.

MiFID II conduct of business and investor protection requirements

The recast Markets in Financial Instruments Directive 2014/65/EU (OJ L 173/349) (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (OJ L 173/84) (EU MiFIR) entered into force on 2 July 2014. The majority of the requirements of EU MiFID II and EU MiFIR had effect from 3 January 2018.

EU MiFID II contains requirements which are relevant to many aspects of capital markets conduct of business and investor protection, including:

  1. •

    client categorisation

  2. •

    client agreements

  3. •

    information provided to clients

  4. •

    independent advice

  5. •

    inducements

  6. •

    research

  7. •

    investment advice

  8. •

    suitability and suitability reports

  9. •

    appropriateness assessments

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Latest Financial Services News

HM Treasury publishes 2025 Mortgage Guarantee Scheme rules

HM Treasury has published rules for the 2025 Mortgage Guarantee Scheme. The scheme is designed to support the continued availability of 91–95% loan-to-value mortgages. Under the scheme, participating lenders receive a government-backed guarantee that insures them against a portion of potential losses on these high loan-to-value mortgages. It also includes provisions for claims, recoveries, and dispute resolution, with the Treasury retaining the authority to amend rules or terminate participation. This initiative enables eligible first-time buyers and home movers across the UK to purchase homes with deposits as low as 5%. The rules also include specific provisions for Scotland and Northern Ireland, along with data protection and confidentiality obligations.

Chancellor sets out recommendations for the Financial Market Infrastructure Committee

HM Treasury (HMT) has published a letter from the Chancellor of the Exchequer, Rachel Reeves, providing recommendations for the Financial Market Infrastructure Committee within the Bank of England. Key recommendations relate to the encouragement of innovation and new ideas at FMIs, streamlining of administrative burdens and international leadership on key regulatory issues.

FCA and PRA outline new authorisation targets in letters to Chancellor

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have written to the Chancellor of the Exchequer, Rachel Reeves, setting out how they intend to improve the speed, predictability and proportionality of their authorisations processes. The letters outline new statutory and voluntary targets intended to enhance the efficiency of the UK’s regulatory gateway while maintaining high standards. Both regulators highlighted the importance of retaining flexibility to avoid unintended consequences, such as an increase in refusals and committed to greater transparency through enhanced quarterly reporting from early 2026.

BoE and PRA publish package of prudential reforms

The Bank of England (BoE) and the Prudential Regulation Authority (PRA) have published a package of documents aimed at strengthening the UK’s prudential framework and supporting growth and competition, particularly for smaller and mid-sized firms. Under the proposals, the vast majority of Basel 3.1 (covering approximately 90% of risk-weighted assets in the UK) and the Strong and Simple capital regime will be implemented on 1 January 2027, and  the internal model approach for market risk under the Fundamental Review of the Trading Book (FRTB) will follow on 1 January 2028. The BoE also announced changes to the UK’s resolution framework, including raising the indicative thresholds for the minimum requirement for own funds and eligible liabilities (MREL) from £15–25bn to £25–40bn in total assets, with reviews every three years from 2028. The PRA has proposed increasing the Resolution Assessment Threshold from £50bn to £100bn in retail deposits.

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