Eleanor Vance - The Perimeter Report (Page 2)

Payments

HM Treasury consults on extending Bank of England fee regime to digital settlement asset providers

Responses close 31 August 2026. In scope: recognised payment systems, specified service providers, and digital settlement asset (DSA) service providers. Everyone else can move on.

Conduct

BNPL regulation is live: FCA authorisation, affordability checks, and Consumer Duty apply from 15 July 2026

Third-party BNPL lenders and their distributors now need FCA authorisation, affordability checks, and Consumer Duty compliance. Merchant credit arrangements may still sit outside the regime.

Policy

HMT and PRA launch parallel consultations on ring-fencing reform

Two consultations published on 14 July 2026 propose a growth allowance, shared back-office functions, and a wider product range for ring-fenced banks. Directly affects the five largest retail banks; for everyone else, this is low-priority background.

Policy

PRA and FCA consult on UK captive insurance regime: Solvency UK and Consumer Duty excluded, 4-6 week authorisation targeted

The PRA and FCA are consulting on a bespoke framework for captive insurers — a first for the UK market. Larger corporates and their advisers should read this one.

Policy

FCA consults on wholesale AIFM overhaul: three-tier structure and new sourcebook by 2028 (CP26/28)

The FCA is proposing to replace the inherited EU rulebook for alternative fund managers with a purpose-built UK regime. If you manage or market AIFs in the UK, this one is for you. The first response deadline falls on 18 September 2026.

Policy

FCA proposes single remuneration code to replace three (CP26/27): respond by 16 September 2026

Action required. Investment firms, AIFMs, UCITS (Undertakings for Collective Investment in Transferable Securities) managers and group firms face a redrawn remuneration framework if CP26/27 is finalised.

Policy

Growth is now an explicit political input into FCA supervision, and the regulator says harder calls are coming

Chancellor Reeves's November 2024 remit letter sets the FCA's direction for this Parliament. The FCA's July 2026 response maps it to strategy and flags that harm trade-offs will become more explicit.

Operational resilience

AWS, Google Cloud, Microsoft and Oracle come under UK regulatory oversight from 13 July as CTP regime goes live

The Bank of England, PRA and FCA began supervising the UK's first Critical Third Parties on 13 July 2026. If your firm runs on any of the four designated cloud providers, here is what the regime means for you.

Conduct

FCA sets out what good looks like on products and services — and where firms are still falling short

The FCA has published good and poor practice findings on products and services, drawn from 38 firms. If you are in Consumer Duty scope, this is where the regulator is looking, and enforcement is rising.

Conduct

FCA consults on overhauling investment cost disclosures: action required by 21 August

Action required for platforms, advisers and wealth managers. CP26/24 proposes a unified cost disclosure regime aligned to the new consumer investment disclosure framework coming into force June 2027. Responses close 21 August 2026.

Pensions

FCA tells non-workplace pension providers to act on legacy product value failings

The FCA has reviewed legacy non-workplace pension products and found customers in closed books are likely getting worse value. Providers holding closed books face an explicit expectation to act.

Conduct

Motor finance redress scheme partially suspended while Upper Tribunal sets hearing dates

The Upper Tribunal has suspended payment obligations under the FCA's motor finance redress scheme. Lenders still have live preparation duties, and the FCA expects firms to hold capital and liquidity now against the risk the scheme is quashed entirely.