FCA

21/11/2025

Regulatory Updates

  • FCAs’ High Cost Multi Firm Lending Project – “The FCA's multi-firm project for high-cost lending involves a comprehensive review and assessment of consumer credit firms and non-bank mortgage lenders. The project aims to enhance the financial resilience of these firms and reduce the potential consumer harm arising from weaknesses in their risk governance and management practices. Key findings include the need for firms to effectively identify and monitor risks, develop robust risk management frameworks, and ensure appropriate systems and controls to mitigate risks of financial crime. The FCA's supervisory strategy emphasizes compliance with the Consumer Duty and focuses on reducing harm to consumers by providing access to affordable credit and ensuring responsible and sustainable lending practices.”

 

  • The FCA issued their AML statement on the 21st October 2025 Government’s decision on reforming anti-money laundering and counter-terrorism financing supervision | FCA
    • The government is publishing its response to the 2023 consultation on reform of the anti-money laundering/counter-terrorist financing (AML/CTF) supervision regime, which received 95 responses from a range of stakeholders. The consultation response summarises these responses and sets out the government’s decision to consolidate responsibility for AML/CTF supervision of legal, accountancy and trust and company service providers. The Financial Conduct Authority (FCA) will assume responsibility for this, to strengthen defences against illicit finance and foster sustainable growth. Reforming anti-money laundering and counter-terrorism financing supervision - GOV.UK
    • There is a significant increase in requests for AML information from the FCA and they are asking to see a level of detail we only previously used for larger lenders. Three members have recently been asked for identical information whilst in contact with FCA on other compliance matters. 
    • The FCA focus for pawnbrokers is on an up-to-date policy and procedures plan, a current business wide risk assessment, proliferation and terrorist financing plans, transaction monitoring procedures, and staff training records and how they comply with SYSC.

 

  • FCA Embedding the Consumer Duty and sharing good practice – 4 cross cutting projects
    • Review of products and services outcome
    • Review of firms’ approaches to outcomes monitoring
    • Review of firms’ customer journey design.
    • Review of the consumer understanding
    • Our Consumer Duty focus areas | FCA

 

  • Financial Crime Oversight Gaps Financial crime controls in corporate finance firms: survey findings | FCA
    • Results from the survey indicated that approximately two-thirds of the responding firms may not be compliant with the Money Laundering Regulations in 1 or more elements of their anti-financial crime control frameworks. However, we also found evidence of some widespread good practice.

 

  • PSD 008/008a/009 – Ramsdens have shared their completed guides with the NPA, which can now be shared with the network, for those members who need to submit reports next year. You can request these by contacting the NPA directly.