The FCA has published a multi-firm review identifying significant shortcomings in how principal trading firms manage their algorithmic trading controls. Issues span governance, testing, deployment, and market abuse surveillance. Kantilal Pithia, Rebecca Deane and Paul Young explore the findings, what firms should do next, and how they can strengthen their frameworks to meet regulatory expectations.
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Regulatory change, pressure on cost management and growth, and increased investment in technology and data are dominating the financial services industry.
The FCA has published a multi-firm review identifying significant shortcomings in how principal trading firms manage their algorithmic trading controls. Issues span governance, testing, deployment, and market abuse surveillance. Kantilal Pithia, Rebecca Deane and Paul Young explore the findings, what firms should do next, and how they can strengthen their frameworks to meet regulatory expectations.
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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, the regulator reaches out to address the major modern day challenges facing consumers – from home ownership, to pensions, to the UK’s investment culture. Meanwhile, the importance of human expertise in technological advancements is emphasised in our second item.
In other news, the Bank of England has raised the UK’s deposit guarantee scheme to £120,000, at a higher level than initially planned to bolster consumer confidence and take account of inflation. Yet, questions linger over how the increase will ultimately be funded.
Finally, this week, derivative providers are in the spotlight around fair value, and the Prudential Regulation Authority (PRA) sets out its latest thinking on supporting innovation in life insurers.
FCA on financial wellbeing beyond uniformity
Sarah Pritchard, FCA Deputy Chief Executive, recently gave a speech at The Investing and Saving Alliance’s annual conference, during which she discussed how the FCA’s five-year strategy aims to support financial wellbeing.
The speech focused on two major challenges: pensions and homeownership. She outlined how many people under-save for retirement or lack clarity on how to access their pension, prompting initiatives like targeted support and pensions dashboards to make it easier for consumers to understand their savings. Simultaneously, rising numbers are renting through retirement and struggling to save for deposits. Regulatory reforms are underway to expand access to mortgages, including products targeted at older borrowers, but the speech recognised that further support is needed for consumers to fully understand their options.
Pritchard concluded by stressing the need to rebalance risk through smarter regulation and removing unnecessary burdens. With too few people investing (61% of those with £10,000+ in assets keep most in cash), the goal is to help consumers understand risk and make more confident decisions, a shift which, though regulation can guide, requires broader changes in the UK’s investment culture to help consumers navigate their financial lives.
Dominic Holland, Director of Market Oversight at the FCA, gave a speech on balancing innovation and human expertise in financial markets earlier this week. During the speech, he emphasised the importance of striking a balance between dramatic advancements in technology, including artificial intelligence (AI), and the judgement and skill of well-trained individuals, thereby enhancing rather than replacing human expertise. The speech also discussed the opportunities AI and advanced analytics presents for innovation, highlighting the FCA’s Regulatory Sandbox for testing new products live in the market.
From 1 December 2025, the Financial Services Compensation Scheme (FSCS) will raise its deposit protection limit from £85,000 to £120,000. The PRA confirmed the change following Treasury approval, citing inflation and the need to maintain public confidence in the banking system.
The FSCS protects deposits held in banks, building societies, and credit unions should an institution fail. In addition, temporary high balance cover for major life events, such as property sales or insurance payouts, will also rise from £1 million to £1.4 million.
Financial institutions must update customer disclosure materials by May 2026. Industry bodies have welcomed the move as a boost to consumer trust and financial stability. Consumers are advised to spread funds across authorised firms to ensure full protection.
The FCA has published its latest findings on Contracts for Difference (CFD) providers, reinforcing the importance of delivering fair value and good customer outcomes under the Consumer Duty framework. Key observations include some progress. For instance, some firms have improved transparency and strengthened controls to prevent unsuitable investors from accessing these high-risk products. However, the FCA also identified areas of concern:
complex and opaque overnight fees remain prevalent
limited evidence of meaningful changes since the introduction of Consumer Duty
insufficient engagement with customer feedback.
Mark Francis of the FCA emphasised: “CFDs are complex, risky products and it is vital that providers act to deliver good outcomes for customers, communicate clearly and provide fair value. It is also important that consumers shop around and ensure they fully understand the investment and its costs.”
The FCA’s message is clear: fair value isn't optional: it's the new benchmark. Providers must prioritise transparency, suitability, and customer-centric practices to meet regulatory expectations.
The PRA is committed to supporting sustainable economic growth by ensuring a strong and innovative life insurance sector. Although the sector remains resilient, traditional sources of capital, such as listed equity, and debt are becoming increasingly difficult to access.
To address this challenge, the PRA has published a discussion paper examining potential policy changes that could allow life insurers to transfer defined risk tranches to the capital markets. This paper draws on examples from general insurance and banking, where similar processes are already in place. For instance, the PRA highlights that risk transformation vehicles are widely utilised by UK insurers and other financial institutionsInsurance Special Purpose Vehicles (ISPVs) are the most familiar and extensively used in general insurance. The paper also references Significant Risk Transfers used in banking institutions as another potential model.
At this stage, the PRA is not proposing any specific policy changes. Instead, it seeks to collaborate with the industry to adapt the regulatory framework in a way that attracts new sources of capital, supports economic growth, and ensures robust protection for policyholders.
The FCA has published a multi-firm review identifying significant shortcomings in how principal trading firms manage their algorithmic trading controls. Issues span governance, testing, deployment, and market abuse surveillance. Kantilal Pithia, Rebecca Deane and Paul Young explore the findings, what firms should do next, and how they can strengthen their frameworks to meet regulatory expectations.
The size and shape of the subprime credit sector has changed considerably over the past decade, driven by a combination of regulatory reforms, shifting consumer behaviours, and economic pressure. But these lenders are essential to providing access to credit among underserved groups and ensuring financial inclusion. Jarred Erceg looks the challenges currently faced by firms.
