Policy

Policy

PS26/15: FCA finalises transaction reporting overhaul, 13 fewer fields, FX derivatives out, new rules live April 2028

The FCA has finalised a new UK transaction reporting regime, cutting fields from 65 to 52 and removing FX derivatives from scope. If you submit transaction reports, you need to start planning now.

Policy

FCA consults on equity market transparency and SI regime changes (CP26/30). Responses close 16 October 2026.

CP26/30 proposes targeted changes to trade reporting, the SI regime, and market operation during outages. Trading venues, investment firms, and SIs should assess scope and respond by 16 October 2026.

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.