Law360: The Bank of England (BoE) has said it will consider the risks posed by offshore reinsurance contracts when it carries out a stress test on life insurers in 2025.

The Bank of England (BoE) has published an update on its efforts to enhance depositor outcomes in the event of bank or building society insolvency. The BoE states that the Financial Services Compensation Scheme (FSCS) has launched a digital payment portal,  concluding a major deliverable of the project on improving depositor outcomes in bank insolvency (IDOBI).

The Bank of England (BoE) has issued a policy statement (PS) updating its approach to enforcement in response to the Financial Services and Markets Act 2023 (FSMA 2023). The PS updates the BoE’s enforcement policies and procedures for financial market infrastructures (FMIs), critical third parties (CTPs), and the wholesale cash distribution (WCD) market, and includes feedback to responses to the BoE’s March 2024 consultation paper (CP) on the topic. The BoE and Prudential Regulation Authority (PRA) have revised their enforcement policies and procedures (Enforcement SoPP) accordingly. The updated Enforcement SoPP is effective from 12 November 2024.

Law360, London: The Bank of England (BoE) said on 5 November 2025 it would ensure that its new regime to allow corporations to set up captive insurance companies would be internationally competitive.

The Bank of England (BoE) has welcomed recommendations by the API Panel of Experts (APEX) for the development of payment APIs. The recommendations were published in the October 2024 report to the G20 by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI): ‘Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit’. The BoE views the recommendations and their associated action items as a timely and practical push for increased harmonisation of APIs in cross-border payments which is in line with the objectives of the G20’s cross-border payments programme.

The Bank of England (BoE) has published the responses it received to its February 2024 discussion paper on exploring longer operating hours for Real-Time Gross Settlement (RTGS). The discussion paper was part of the BoE’s Future Roadmap for the RTGS service. The response paper updates on the BoE’s current analysis and vision for the path ahead. Taking into account industry feedback and public policy considerations, the BOE has decided that there are clear public policy benefits from extending RTGS and CHAPS settlement hours, including to enhance cross-border payments, reduce settlement risk and liquidity costs, and to facilitate innovation and provide a better experience for customers in the evolving payments landscape. The BoE is therefore minded to extend hours.

The Bank of England (BoE) has issued a joint press release with the Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFR Working Group) to note that LIBOR came to an end on 30 September 2024; all 35 LIBOR settings have permanently ceased and the RFR Working Group will be wound down. The statement includes factors for firms to consider going forward.

The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have reviewed their MoU setting out the high-level framework they use to co-operate in relation to payment systems in the UK, concluding that the MoU is working well. The Financial Services (Banking Reform) Act 2013 requires them to review the MoU annually. During 2023, the authorities carried out their eighth such review.

The Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have jointly published guidance highlighting effective cyber response and recovery practices identified across systemic firms and financial market infrastructures. The regulators encourage all firms and financial market infrastructures to review these practices and consider how they can strengthen their own operational resilience to support the stability of the wider financial system.

The Bank of England (BoE) has published a speech delivered by its governor, Andrew Bailey, reflecting on the financial system reforms implemented since the 2008 financial crisis and addressing current challenges to the regulatory framework. Bailey outlined three major changes in financial intermediation: rebalancing non-bank finance, increased interconnection between banks and non-banks through activities such as prime brokerage, and growth of crypto assets.

The Bank of England (BoE) has issued a speech by its governor, Andrew Bailey, on the future of money and payments, emphasising the need for modernisation and harnessing digital technology, and addressing the role of central bank and commercial bank money, the significance of innovation, and the potential for a retail Central Bank Digital Currency (CBDC).

The Bank of England's (BoE) Financial Policy Committee (FPC) has published its financial stability report, setting out the FPC’s view on the stability of the UK financial system and the actions it is taking to remove or reduce any risks to it.