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Welcome to our weekly round-up for UK financial services regulation. Paul Staples summarises the key announcements and developments. Be sure to subscribe to receive our updates in your inbox every week.
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This week continued to see ongoing shifts in the regulatory environment.
In retail insurance, the Financial Conduct Authority’s (FCA) recent reports highlight persistent challenges with rising premiums and claims handling, particularly in the motor, home, and travel segments. The regulator’s scrutiny of premium finance models and ongoing evaluation of price walking underscore the sector’s drive for greater fairness and transparency.
Meanwhile, updates to mortgage rules reflect a broader effort to simplify borrowing and improve access to affordable financial products.
We also examine the prospect of a speedier authorisation process, the changes in regulation for buy-now-pay-later arrangements, and the Prudential Regulation Authority’s (PRA) call for feedback on large exposures frameworks.
FCA targets retail insurance gaps
The FCA recently published several reports examining developments in the retail insurance sector, with attention to premium increases and claims handling. In the motor insurance market, premium rises have largely been attributed to factors outside insurers’ control, such as higher car values, increased repair labor costs, and more frequent vehicle thefts.
On the topic of claims handling, the FCA found that some home and travel insurers lack adequate oversight of outsourced claims operations and often fail to clearly define key coverage terms like “wear-and-tear” and “storm-related” events. This has tangible impacts for customers; for instance, only 32% of storm damage claims in 2024 resulted in payments by the FCA’s sampled firms.
The regulator also provided an update on its ongoing study of premium finance, where customers pay insurance premiums in installments. Findings indicate some firms generate significantly higher profits from premium finance than the actual costs to provide the service. The final report on this topic is expected by the end of 2025.
Additionally, an evaluation of measures against price walking, where existing customers pay more than new ones, shows substantial reductions in price discrepancies, with pricing now better aligned to individual risk profiles.
The FCA has published a Policy Statement (PS25/11) aimed at simplifying mortgage rules. The overarching purpose of these changes is to support customers in navigating their financial lives, reducing the total cost of borrowing, and helping them access cheaper products.
The changes to the FCA’s guidance, which came into effect on 22 July 2025, will simplify the process for borrowers to reduce their mortgage term, remortgage with a new lender, and discuss options with their mortgage provider and access advice when needed.
The FCA has also proposed retiring two pieces of non-Handbook Guidance to reduce the burden on firms: FG13/7 and FG24/2. FG13/7 related to dealing fairly with interest-only customers who risk being unable to repay their loan, and FG24/2 provided guidance for firms supporting their existing mortgage borrowers impacted by the rising cost of living.
The FCA’s Discussion Paper on the wider mortgage marker and conduct regime, published in June 2025, remains open to responses until 19 September 2025.
The Financial Conduct Authority (FCA) has recently introduced updated timelines for the review of authorisation applications, with the objective of streamlining processes and supporting economic growth in the UK. The revised timelines are as follows:
Statutory targets:
Firm authorisations and variation of permission applications:
Complete applications: 4 months
Incomplete applications: 10 months
Voluntary targets:
Payments and e-money firms:
Complete applications: 3 months
Incomplete applications: 10 months
Senior Managers Regime (SMR):
At least 50% of applications processed within 35 days
Proposed statutory deadline: 2 months
The FCA has reported that 99% of applications currently meet statutory deadlines, with performance against these updated timelines set to be assessed in January 2026. Additional improvements include digitising application forms to simplify the submission process and enhancing communication with firms.
The FCA has launched a consultation on regulating Deferred Payment Credit (DPC), which is interest-free credit repayable in 12 or fewer instalments within 12 months. Currently exempt and commonly referred to as unregulated buy-now-pay-later, DPC will fall under FCA regulation from 15 July 2026.
The move follows government legislation on 14 July 2025, prompted by concerns over unaffordable lending and lack of consumer transparency. DPC lending has surged from £60m in 2017 to over £13bn in 2024.
Under the proposals, third-party lenders offering DPC via merchants will be regulated. However, merchants offering their own DPC or brokering agreements will remain exempt. Key proposals include:
Firms must provide clear, timely, and understandable information to consumers
Lenders must assess a consumer’s ability to repay before offering credit
The FCA proposes applying many existing consumer credit rules to DPC agreements
The FCA is seeking responses from DPC lenders, consumer groups, merchants, and industry bodies. The consultation closes on 26 September 2025, with final rules expected in early 2026.
The PRA has released its policy statement for July 2025 (PS14/25) regarding amendments to the Large Exposures Framework. This development follows consultations CP14/24 and CP23/23, which examined Basel standards, step-in risk, shadow banking entities (SBEs), and groups of connected clients (GCCs). The updated policy introduces modifications to the PRA Rulebook, revised reporting instructions, and a new supervisory statement (SS3/25).
Notable changes include the removal of certain exemptions, the introduction of new definitions for “control” and “group of connected clients,” and the integration of EBA guidelines into PRA regulations. The revised framework will come into effect on 1 January 2026, with further proposals expected to be finalised later that year. In the interim, firms are expected to comply with existing EBA guidance.
Explore key insights from the latest Financial Ombudsman Service complaints data and how they can guide better practices and outcomes in financial services.
In a recent review of risk management in payments firms, the FCA identified continuing shortcomings in wind-down plans. We look at the FCA’s findings and how firms can enhance their approach.
