The Financial Conduct Authority (FCA) has published a consultation paper CP25/10: Definition of Capital for FCA Investment Firms, proposing to simplify and consolidate the rules on what qualifies as regulatory capital (own funds) for investment firms regulated under MIFIDPRU 3 by removing all references to the UK Capital Requirements Regulation (Assimilated Regulation (EU) 575/2013) (UK CRR). The FCA considers many of the current provisions to be complex, as they were originally designed for banks and are not fully aligned with the business models of investment firms. Its proposals aim to reduce irrelevant legal text by approximately 70%, thereby enabling firms to better understand and apply the requirements without altering the overall level of capital they must hold. Responses are sought by 12 June 2025. Following the review of responses, the final policy statement is expected in H2 2025, with the new framework scheduled to come into force on 1 January 2026.

The Financial Conduct Authority (FCA) has published a consultation paper (CP25/11) designed to simplify mortgage rules and, according to the FCA, make it  ‘easier, faster and cheaper’ for borrowers to modify their mortgages. The consultation proposes measures to simplify remortgaging with a new lender, reduce the overall cost of borrowing through term reductions, and facilitate discussions with a firm— whilst still having the option to seek advice if needed. Additionally, the FCA proposes retiring two pieces of outdated non-Handbook guidance to better align with current market needs and promote sustainable home ownership. Responses are sought by 4 June 2025, with the FCA aiming to publish a policy statement with final rules in Q3 2025.

The Financial Conduct Authority (FCA) has published consultation paper CP25/12, seeking feedback on proposals to simplify the rules for insurance and funeral plan firms. The consultation applies to insurers, Lloyd’s managing agents, insurance intermediaries, and funeral plan providers, aiming to ensure effective regulations that foster innovation, growth, and consumer protection. Responses are sought by 2 July 2025, with changes set to be implemented following the policy statement in Q3 2025. The proposals focus on reducing regulatory burdens, enhancing competitiveness, and safeguarding consumer interests in the UK insurance sector.

The Financial Conduct Authority (FCA) has updated its timeline for consultation paper CP25/12 on simplifying insurance rules, announcing it aims to publish its policy statement in Q4 2025. The consultation, which proposes changes to rules for insurance and funeral plan firms, remains open for responses until 2 July 2025.

The Financial Conduct Authority (FCA) has published consultation paper CP25/13, detailing proposals to streamline the complaints data reporting process for regulated firms. In particular, the FCA plans to replace five separate returns with a single submission to simplify the process and improve data quality. It will also standardise submission deadlines, to help firms plan more effectively and enable it to process the data more efficiently. Responses are sought by 24 July 2025. A policy statement is expected later in 2025.

The Financial Conduct Authority (FCA) has published proposals to establish a regulatory framework for the UK cryptoasset sector. These proposals are set out in two consultation papers, CP25/14 and CP25/15, which address the regulation of stablecoin issuance and cryptoasset custody. Under the proposed framework, qualifying stablecoins must maintain their value by referencing one or more fiat currencies, and consumers must be provided with clear information regarding the management of the backing assets. The proposals follow HM Treasury’s draft legislation published in April 2025. Responses to both consultations are sought by 31 July 2025, with final rules expected to be issued in 2026.

The Financial Conduct Authority (FCA) has published quarterly consultation paper No. 48 (CP25/16) to propose a series of amendments to its Handbook and associated reporting requirements. The FCA invites stakeholder feedback on these proposals, which are outlined in distinct chapters. Responses to the consultation are sought by 30 June 2025 for Chapters 3 and 5, by 7 July 2025 for Chapter 4, and by 14 July 2025 for Chapters 2, 6, and 7.

The Financial Conduct Authority (FCA) has published consultation paper CP25/17, setting out proposals to introduce a new form of regulated support known as ‘targeted support’ for consumers making decisions about pensions and retail investments. The proposals would permit firms to offer suggestions to groups of consumers with similar characteristics, such as those under-saving for retirement or holding significant cash balances, without providing personalised financial advice. The FCA stated that targeted support would be subject to a separate regulatory framework and require a dedicated authorisation gateway. Several supporting research notes were published alongside the consultation. Responses are sought by 29 August 2025, and the FCA intends to publish final rules by the end of 2025. The government is expected to consult on legislative amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, to establish a new specified activity for targeted support. A policy note and draft statutory instrument are due to be published alongside the Chancellor’s Mansion House speech on 15 July 2025.

The Financial Conduct Authority (FCA) has published consultation paper and policy statement CP25/18 setting out the final rules on certain non-financial misconduct (NFM) elements of its earlier consultation CP23/20 on diversity and inclusion (D&I). The FCA has clarified that NFM involving serious bullying, harassment and violence is a matter of regulatory concern and will be treated as misconduct under the FCA’s Conduct Rules (COCON). From 1 September 2026, the scope of COCON will be extended. A new rule, COCON 1.1.7FR will bring around 37,000 non-bank regulated firms into its scope, aligning the rules across all firms subject to the Senior Manager & Certification Regime (SM&CR firms). The FCA is also consulting on whether further guidance through proposed amendments to FIT and COCON (updating proposed guidance in CP23/20) would be helpful and proportionate for firms as they implement the rule change. The consultation is open until 10 September 2025.

The Financial Conduct Authority (FCA) has published consultation paper CP25/19 proposing changes to the ancillary activities test (AAT), which determines whether non-financial firms trading in commodity derivatives, emission allowances or their derivatives can rely on the ancillary activities exemption (AAE) from investment firm authorisation. The consultation is in parallel with HM Treasury’s 3 July 2025 publication of a near-final draft statutory instrument (SI) that would enable the FCA to define the conditions under which firms may rely on the AAE. The proposals are intended to simplify the AAT and provide legal clarity, in line with the Wholesale Markets Review and the FCA’s secondary international competitiveness and growth objective. Responses are sought by 28 August 2025, with a final policy statement expected in Q4 2025 or Q1 2026.

The Financial Conduct Authority (FCA) has published quarterly consultation paper No. 49 (CP25/24), proposing Handbook changes across nine areas. These include extending its penalties policy to the Private Intermittent Securities and Capital Exchange System (PISCES), aligning UK Listing Rules (UKLR) share buy-back notification deadlines with Market Abuse Regulation (MAR) requirements and removing the £100 contactless payment limit. Responses are sought by 15 October 2025.

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published joint consultation paper CP25/6, proposing amendments to the Housing Part of the PRA Rulebook and to FCA general guidance in order to give effect to the  Financial Policy Committee's (FPC) November 2024 recommendation on loan to income (LTI) ratios in mortgage lending. The proposed amendments concern increasing the de minimis threshold for the Loan to Income (LTI) flow limit in mortgage lending from £100m to £150m per four rolling quarters. This aims to address inadvertent regulatory tightening by increasing the value of residential mortgage lending that small lenders can extend before becoming subject to the LTI flow limit. Responses are sought by 8 May 2025, the limited consultation period reflects the narrow scope of the proposal and aims to ensure a swifter implementation.