FCA

21/07/2025

Regulatory Updates

Annual Customer Duty Report - We are pleased to inform you that we have replaced the previous Consumer Duty Report guidance. The updated template is designed to provide you with clearer insights and more valuable information to better serve your needs. If you do need support in completing your Annual Report you can contact Stephen Atkins at stephena@sacm.co.uk. The report can be located in the NPA website members area, we have also attached a copy for your reference.
The FCA will be contacting firms and asking you to check and update the information they hold about your firm. This includes what is published on the Financial Services Register and the new FCA Firm Checker. It is a regulatory requirement for firms to check and update their data under SUP 16.10 and Principle 11 in the Handbook. Failure to do so will result in a £250 administrative fee and potential enforcement action. A non-compliant banner will also be displayed alongside the firm’s contact details on the Financial Services Register and FCA Firm Checker.

Reforms of the consumer credit regime including HMT’s Phase 1 consultation on the reform of the Consumer Credit Act and its next steps for the regulation of Buy Now Pay Later.
- HMT published its Phase 1 consultation confirming its vision for a reformed Consumer Credit Act 1974 (CCA) regime and proposals to repeal many of the remaining CCA provisions and much of the associated secondary legislation. Consultation on Consumer Credit Act 1974 (CCA) Reform - GOV.UK
- Secondly, HMT entered the next phase of the regulation of Buy Now Pay Later (BNPL) by publishing a response to its consultation in October 2024. The government intends to bring into regulation BNPL agreements offered by a third-party lender. This will require firms to be authorised by the Financial Conduct Authority (FCA) to offer BNPL products and comply with relevant regulatory standards from next year. Update: domestic premises suppliers and Buy-Now, Pay-Later (BNPL) - GOV.UK
The FCA is consulting until 24 July 2025 on its proposal to simplify the submission of data on the complaints firms receive. CP25/13: Improving the complaints reporting process | FCA
The FCA published the final version of its streamlined and updated Enforcement Guide. Updated version of our Enforcement Guide published | FCA
Once-in-a-generation advice changes to help millions navigate their financial lives | FCA
FCA fines Monzo £21m over poor financial crime controls FCA fines Monzo £21m for failings in financial crime controls | FCA