The Government has been looking at cutting red tape and burdensome regulations to kick start economic growth. The financial services sector plays a key role in advancing the Government's growth agenda. The Government has already taken steps by updating the remit of financial service regulators and there have been numerous correspondence from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in recent times setting out their proposed action plans for regulatory reform to support economic growth. In this edition we share our insights on several initiatives that are developing in the coming months for regulatory reform which will impact firms' businesses and their regulatory compliance. We also discuss in this issue the FCA's recent findings on how financial services firms are supporting customers in vulnerable circumstances and set out our thoughts on some key considerations for firms going forward.
The Government's growth agenda and upcoming regulatory reform
The Government has been looking at cutting red tape and burdensome regulations to kick start economic growth. The financial services sector plays a key role in advancing the Government's growth agenda. The Government has already taken steps by updating the remit of financial service regulators and there have been numerous correspondence from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in recent times setting out their proposed action plans for regulatory reform to support economic growth. Therefore, there are several in-flight plans and initiatives that are developing in the coming months for regulatory reform which will impact firms' businesses and their regulatory compliance.
Read our insights on some of these key reforms and milestones
Delivering Good Outcomes for Vulnerable Customers: A Comprehensive Review by the FCA
On 7 March 2025, the Financial Conduct Authority (FCA) published its findings following a review into how firms are supporting customers in vulnerable circumstances and whether existing vulnerability guidance remains appropriate considering the Consumer Duty. It found that while many firms have taken positive steps towards supporting vulnerable customers, leading to good practices across various sectors, there remain areas for improvement.
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