HM Treasury has opened a call for evidence on the UK’s financial services growth and competitiveness strategy, which is due to be published in spring 2025. Responses are sought by 12 December 2024.

HM Treasury (HMT) has published a paper outlining its approach to designating critical third parties (CTPs) to the UK financial services sector. It covers the end-to-end process from receipt of a recommendation from the financial regulators; through engagement with the third-party supplier, the financial regulators, and other relevant organisations; to the consideration of evidence before a designation decision. It also sets out how HMT will communicate a decision to third-party suppliers and outlines the Designation Regulations process and the process of de-designating a CTP.

HM Treasury (HMT) has issued recommendations (a) to the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) on payments regulation; (b) to the Bank of England for the Financial Policy Committee (FPC); (c) to the FCA and (d) to the Prudential Regulation Committee (PRC), a committee of the Prudential Regulation Authority (PRA).

HM Treasury (HMT) has published the Central Counterparties (CCPs) Special Resolution Regime Code of Practice, which sets out the tools and powers available for resolving a CCP, as set out under the Financial Services and Markets Act 2023 (FSMA 2023). The code supports the legal framework of the resolution regime for CCPs and provides guidance as to how and in which circumstances the authorities will use the tools under the regime when conducting the resolution of a CCP.

HM Treasury (HMT) has published a G7 Cyber Expert Group (CEG) statement on artificial intelligence (AI) and cybersecurity, focusing on the risks and opportunities for the financial sector. The statement calls on jurisdictions to monitor developments in generative AI, agentic AI, and other advanced systems; promote collaboration among the public, private, and academic sectors; and proactively address emerging cybersecurity risks. The CEG highlights that AI can enhance cyber resilience by improving anomaly detection and fraud prevention, while also acknowledging that AI can amplify existing threats—for example, through AI-powered phishing and automated exploit development.

HM Treasury (HMT) has published a letter from the Chancellor of the Exchequer to the Governor of the Bank of England setting out the 2025 remit and recommendations for the Financial Policy Committee (FPC). The remit outlines the FPC’s responsibilities under the Bank of England Act 1998, including contributing to the financial stability objective and, subject to that, supporting the government’s economic policy for growth and employment. The letter highlights the government’s focus on regulating ‘for risk and for growth’ and notes the financial services sector’s role in the UK’s growth mission.

HM Treasury (HMT) has published the Financial Services Regulators Complaints Commissioner’s (FRCC) Annual Report and Accounts for 2024/25, along with responses from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The report, presented to Parliament under section 87 of the Financial Services Act 2012 (as amended), outlines how complaints against the FCA, PRA, Bank of England (BoE) and Payment Systems Regulator (PSR) were handled during the reporting year. It highlights themes such as regulatory oversight, complaint handling and areas where improvements were recommended. The FRCC reviewed 954 complaints and enquiries, issued 103 recommendations, and disagreed with 11% of the FCA’s decisions.

The HM Treasury (HMT) has published a Consultation on additional tax relief for visual effects costs after the Spring Budget 2024 announcement that UK visual effects costs in film and high-end programmes will receive a 5% increase in Audio-Visual Expenditure Credit (total rate 39%) which will take effect from 1 April 2025. UK visual effects costs will be exempt from the Audio-Visual Expenditure Credit’s 80% cap on qualifying expenditure. The Consultation document details methods in which the additional tax relief will work and seeks comments on the government’s proposed policy design, including what types of costs will qualify. The document also provides the government’s response to submissions to the call for evidence on the UK visual effects sector, which ran from 22 November 2023 to 10 January 2024.

HM Treasury (HMT) has published the independent report of the Covid Counter Fraud Commissioner, which found that the previous government’s pandemic support schemes exposed the public purse to £10.9bn in fraud and error. Commissioner, Tom Hayhoe, concluded that programmes such as Bounce Back Loans, Eat Out to Help Out and large-scale PPE procurement were launched at speed with inadequate safeguards, weak data, limited oversight and inconsistent controls, enabling extensive abuse. The report highlights that over-ordering of PPE, reliance on self-certification in business support schemes and uneven capability across departments and delivery partners contributed significantly to losses.

HM Treasury (HMT) has published the Financial Inclusion Strategy setting out the UK government’s plan to improve access to financial products and services for all, particularly underserved groups. The strategy focuses on six areas—digital inclusion and access to banking, savings, insurance, affordable credit, problem debt, and financial education—underpinned by the cross-cutting themes of mental health, accessibility, and economic abuse. The strategy’s implementation, including by industry and regulators, will be reviewed in November 2027 to provide an update on progress.

HM Treasury (HMT) has confirmed which firms have been designated under Part 8B of the Financial Services and Markets Act 2000 (FSMA) for the provision of cash access services, with 12 banks and building societies named. Link Scheme Limited and Link Scheme Holdings (UK wide) are designated as operators of cash access co-ordination arrangements.

HM Treasury (HMT) has published its annual report for the financial year 2024 to 2025 on anti-money laundering and counter-terrorist financing (AML/CFT) supervision. The report provides information on the activities of AML/CTF supervisors in the 2024–25 financial year, detailing the Financial Conduct Authority (FCA)'s risk-based approach to monitoring compliance with the Money Laundering Regulations (MLRs) and its use of enforcement action to promote compliance.