By: Kai Zhang and Andrew Massey
Following a multi-firm review of sustainability reporting, the FCA has announced that it is considering how to streamline and enhance the UK’s sustainability reporting framework by simplifying disclosures, easing unnecessary compliance burdens, improving the decision-usefulness of reporting and promoting international alignment.
Read MoreBy: Zainab Kuku, Philip Morgan, and Andrew Massey
As part of the UK government’s strategy to boost the competitiveness of the UK financial services sector and support growth, the overall burdens of the Senior Managers & Certification Regime (SMCR) are to be reduced “by 50%”.
Read MoreBy: Michael E. Ruck, Rosie Naylor, Jordan Hawthorne, and Laura Scott
We discussed in an earlier blog that the United Kingdom’s Financial Conduct Authority has axed proposed “name and shame” rules, retaining only an ability to make a public announcement about an investigation in “exceptional circumstances”. It has now published a revised Enforcement Guide which also details three specific circumstances in which it may make an announcement:
Read MoreBy: Giles Bavister, Ayesha Gill, and Neil Woodgate
From 6 April 2026, carry will be redefined and taxed in the United Kingdom as deemed UK trade or business income where investment management services (as redefined) are performed in the UK. The relevant draft legislation was published by HMRC in July 2025.
By: Michael E. Ruck, and Laura Scott
The UK’s Financial Conduct Authority had proposed a so-called “name and shame” approach that would have allowed it, subject to certain safeguards, to disclose its investigations into firms publicly at an early stage (see our earlier blog); however, following significant criticism from the financial industry and Parliament—largely highlighting risks that early disclosure could potentially cause irreversible damage to firms, including those later cleared of any wrongdoing—the FCA has abandoned the proposal.
Read MoreBy: Daniel Greenaway and Flavio Picaro
The UK’s Financial Conduct Authority has published the findings of its multi-firm review of valuation processes for private market assets. This review follows the highlighting of vulnerabilities in private markets stemming, in part, from opaque valuations, in both the Bank of England’s June 2024 Financial Stability Report and IOSCO’s September 2023 report on emerging risks in private finance markets.
Read MoreBy: Laura Price and Kai Zhang
Acknowledging “longstanding concerns from firms about the length and complexity of [its] rules and guidance”, the UK’s FCA published a call for input in July 2024. It invited firms to comment on whether some FCA rules may be unnecessary following introduction of the outcomes-based Consumer Duty. It has now outlined its proposed approach in a Feedback Statement, explaining that its aims are to achieve more flexibility, more predictability, and improved efficiency. The approach includes:
Read MoreBy: Michael E. Ruck, Rosie L. Naylor, Petr Bartos, Helen J. Phizackerley, and Laura Scott
On 13 February 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published an assessment of suspected sanctions breaches involving UK financial services firms since February 2022. It highlights three areas of concern:
Read MoreBy: Philip Morgan, Andrew Massey, and Harriet Sherwin
Following an HM Treasury policy statement, the FCA has published a consultation paper proposing amendments to some of the Markets in Financial Instruments Directive (MIFID) conduct of business and systems and controls rules inherited from the EU that continue to exist in the UK statute book in close to their original form.
Read MoreBy: Michael Ruck, Rosie Naylor, and Helen Phizackerley
In November 2024, the UK FCA released a Consultation which seeks to clarify its proposed approach to publicising ongoing enforcement action—dubbed the “name and shame” plan—and to assure the wider market of the plan’s benefits. Responses are due by 17 February 2025.
Read MoreCopyright © 2025, K&L Gates LLP. All Rights Reserved.