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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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In a continuation of its regulatory simplification agenda, this week we highlight the Financial Conduct Authority’s (FCA) latest proposals to streamline and strengthen the complaints reporting process for firms. With broad implications to all FCA-authorised firms, subject to the Dispute Resolution (DISP) rules, these changes will bring greater emphasis around vulnerable customers and clearer alignment to firms’ permitted regulated activities.
Elsewhere, in an update on motor finance, the FCA is lifting the pause on the handling of complaints on 31 May 2026 which sets the path for the compensation scheme for affected customers.
Innovation features in both our third and fourth items which cover the FCA’s AI testing initiative and, in a recent speech, its working approach to regulating cryptoassets; hot off the heels of the announcement of a sandbox for stablecoins, which we understand to be a world first across national regulators.
Finally this week, the pursuit for improved transparency in ESG ratings continues with a substantial set of proposals.
FCA simplifies complaints reporting
The FCA has confirmed significant changes to its complaints reporting process to improve data quality and strengthen consumer protection. From 1 January 2027, firms will submit a single consolidated return, replacing five separate returns. This streamlined approach reduces duplication and simplifies reporting.
Key elements include:
Focus on vulnerability: firms must report complaints involving customers in vulnerable circumstances, including those arising from failure to address vulnerability
Fixed reporting cycles: all firms will adopt six-month reporting periods (1 January–30 June and 1 July–31 December) for timely insights and better benchmarking
Enhanced guidance: clearer instructions aim to support consistent, high-quality submissions
New taxonomy: improved categorisation reduces reliance on 'other'
Publication threshold: data for firms with 500+ complaints will be published
Group reporting ends: firm-level submissions will increase transparency.
Firm’s wishing to review the FCA’s policy statement and respond to the consultation on extending vulnerability data collection by payment services, claims management companies and funeral plans should do so by 2 February 2026.
The FCA will lift the pause on handling motor finance complaints on 31 May 2026, two months earlier than initially proposed. This decision follows legal clarity from the Supreme Court and High Court, enabling the regulator to finalise and implement a compensation scheme for customers treated unfairly.
Key points:
Complaints paused since January 2024 will resume, ensuring consumers receive timely outcomes after nearly two years of waiting
Firms must prepare to respond promptly, with up to eight weeks after 31 May 2026 for non-scheme complaints
Leasing complaints remain outside the scheme; firms must start issuing final responses from 5 December 2025
Record retention requirements extend to 11 April 2031 to support transparency
Firms should continue to prepare to receive complaints from consumers who suspect undisclosed commission and overpayment.
The FCA has introduced AI live testing, which it says is a first-of-its-kind initiative to help firms deploy artificial intelligence safely in UK financial markets. Working with a technical partner, the FCA provides tailored regulatory support to the participating firms.
The programme focuses on retail financial services use-cases such as debt resolution, financial advice, complaints handling, and improving customer engagement. It aims to address critical issues around evaluation frameworks, live monitoring, governance, and risk management to ensure responsible AI deployment.
This initiative complements the FCA’s Supercharged Sandbox and will inform its future approach to AI regulation. Applications for the second cohort open in January 2026, with testing starting in April.
The FCA has outlined its approach to regulating cryptoassets and stablecoins, aiming to create a trusted, competitive and innovative UK market.
Key priorities include:
Balanced regulation: a proportionate regime enabling innovation while safeguarding consumers
Consultations underway: current focus on stablecoin issuance, custody, prudential requirements and cross-cutting rules, with further consultations on Consumer Duty and reporting early next year
Industry engagement: firms are urged to provide feedback and prepare for authorisation as the regulatory gateway opens
Innovation support: launch of a stablecoin-specific cohort in the FCA’s Regulatory Sandbox – applications open until 18 January
Policy sprints: in-person sessions on retail and wholesale stablecoin use cases scheduled for March; expressions of interest open in January.
The FCA has unveiled proposals to make ESG ratings more transparent, reliable and comparable, aiming to deliver £500 million in net benefits over the next decade. ESG ratings influence investment decisions, risk management and regulatory reporting, with global ESG data spending projected to hit USD 2.2 billion in 2025.
Key proposals include:
Greater transparency for easier comparisons
Enhanced governance and controls to ensure robust oversight
Conflict of interest management
Clear stakeholder engagement and complaints handling.
These measures follow the Government’s decision to bring ESG ratings under FCA oversight, supported by 95% of consultation respondents. The regime aligns with International Organisation of Securities Commissions (IOSCO) recommendations and the International Capital Market Association (ICMA) Code of Conduct, reinforcing the UK’s position as a sustainable finance hub.
Consultation closes 31 March 2026, with final rules expected in Q4 2026 and implementation from June 2028.
The new UK regulations that bring CRS 2.0 and CARF into force are live and most of the new obligations commence on 1 January 2026. Under the new UK regulations we now have an enhanced penalty regime and mandatory registration for UK financial institutions, combined with increasing interactions with HMRC around data quality and compliance frameworks.
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.
