HM Treasury (HMT) has published a policy note on the targeted support regime being taken forward by the UK government and the Financial Conduct Authority (FCA), together with a draft statutory instrument (SI). Any comments on the draft SI should be provided by 29 August 2025 (which is also the closing date for responses to FCA CP25/17 Supporting consumers’ pensions and investment decisions: proposals for targeted support, published on 30 June 2025).

HM Treasury (HMT) has published a policy paper following the 2025 UK-China Economic and Financial Dialogue (EFD) in Beijing. This includes a commitment by the UK and China to further their financial services relationship, particularly in relation to financial regulatory cooperation, capital markets, asset management, insurance and pensions, and green finance. HMT has set out key outcomes for the sector in a fact sheet accompanying the policy paper.

HM Treasury (HMT) has published a policy paper on the UK government’s Wholesale Financial Markets Digital Strategy, together with the final report of the Digitisation Taskforce and the UK government’s response, and an update on the Digital Gilt Instrument (DIGIT) Pilot.

HM Treasury (HMT) has published a joint policy paper setting out a Memorandum of Understanding (MoU) with the Bank of England (BoE) and the Prudential Regulation Authority (PRA) on financial crisis management, signed on 1 September 2025. The MoU outlines how the three bodies will coordinate during financial crises, including resolution planning, stabilisation powers and decisions involving public funds, and replaces the previous MoU adopted in October 2017. It sets out high-level principles for cooperation under the Banking Act 2009, the Financial Services Act 2012 (FS Act 2012) and the Financial Services and Markets Act 2023 (FSMA 2023), aiming to ensure effective coordination and timely decision-making while safeguarding public funds and maintaining financial stability. The MoU also clarifies the roles of each authority.

The Treasury has published the Independent Reviewer’s final report, updating its webpage on the Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021 following the conclusion of Adam Plainer’s review. The report assesses the effectiveness of the Payment and Electronic Money Special Administration Regime (PESAR) in meeting its statutory objectives, including the prompt return of customer funds. It finds, amongst other things that, while the Payment and Electronic Money Special Administration Regime (PESAR) represent a significant step forward, it is not yet delivering effectively on its core objective—Objective 3 relating to business rescue and customer transfers—due to procedural complexity, high costs and reliance on court processes. The report also identifies five priority areas for reform. Treasury will consider the findings and respond in due course.

HM Treasury (HMT) has published its consultation response on the Reform of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Supervision Regime, confirming that the Financial Conduct Authority (FCA) will now act as the new Single Professional Services Supervisor (SPSS). The decision follows a 2023 consultation assessing four reform models and aims to simplify the UK’s supervisory landscape. The FCA will assume supervisory responsibility for legal, accountancy, and trust and company service providers, subject to enabling legislation, confirmation of funding arrangements and development of a detailed transition and delivery plan, with a further consultation on its powers to be published in November 2025.

HM Treasury has published its response to the Covid Counter Fraud Commissioner’s final report, outlining measures to recover an estimated £10.9 billion lost to fraud and error from £380 billion in pandemic spending. HMT notes that, to date, £1.8 billion has been recovered. It accepted or partially accepted all 13 recommendations aimed at recovering pandemic-related losses and strengthening fraud prevention. The response sets out measures to reduce the risk of future fraud through stronger enforcement, new powers under the Public Authorities (Fraud, Error and Recovery) Act 2025 and improved preparedness for future crises. It also confirms the establishment of the Public Authorities Fraud Investigation and Enforcement Service, expanded recovery and enforcement activity, including action on Bounce Back Loan Scheme fraud, and reforms to emergency planning, data sharing and counter-fraud capabilities to strengthen the protection of public funds during future national emergencies.

HM Treasury (HMT) has published its response to  International Agreements Committee on the Berne Financial Services Agreement. The response highlights the progress made in the treaty in establishing regulatory cooperation and call upon the Government to subject any MoU to appropriate parliamentary oversight (Paragraph 33); the Committee’s support for exploring sectoral expansion of the Agreement at the appropriate time; the Committee’s endorsement of the Agreement; Government’s  engagement to make the fullest possible use of the recently established MoU with the EU on financial services; and the ongoing engagement and consultation with industry, and call on the Government to do all it can to support uptake and utilisation of the Agreement.

HM Treasury (HMT) has published a note which summarises the Resolution Liaison Panel’s comments and HMT’s response on the content of the Central Counterparty Resolution Regime Code of Practice.

HM Treasury (HMT) has published the joint consultation response by the UK and Scottish Governments to the consultation on devolving powers for a Scottish Building Safety Levy. The consultation ran from 8 January 2024 to 19 February 2024, and sought views on the proposal to devolve powers to the Scottish Government to introduce a new tax in Scotland, equivalent to the UK government’s Building Safety Levy for England. Following the joint consultation, the UK government will propose legislation to allow for the Scottish Parliament to legislate for the levy.

HM Treasury has published the response to its March 2024 consultation on the introduction of a UK carbon border adjustment mechanism (UK CBAM). The response confirms the implementation of a UK CBAM on 1 January 2027, imposing a carbon price on certain emissions intensive industrial goods imported to the UK from the aluminium, cement, fertiliser, hydrogen, and iron and steel sectors that are at risk of carbon leakage. For now, products from the glass and ceramics sectors are excluded from the scope of the UK CBAM, although the sectoral scope may be reviewed after 2027.

HM Treasury (HMT) has published the government’s response to its consultation on enhancing the special resolution regime. The consultation proposed a new mechanism to facilitate the use of certain existing stabilisation powers to manage the failure of small banks and limit risks to public funds. The government has laid before Parliament the Bank Resolution (Recapitalisation) Bill alongside publication of this response.