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Key UK Financial Services Regulatory Changes to Watch

The UK financial services sector is undergoing a period of significant regulatory change. This blog post highlights some of the key developments you should be aware of in 2024. Understanding these changes can help your firm stay compliant and navigate the evolving regulatory landscape.

Operational resilience and compliance

The deadline for firms to comply with the Financial Conduct Authority’s (FCA) operational resilience rules is fast approaching. By March 31, 2025, firms must demonstrate their ability to withstand disruption and continue delivering critical services to customers. This includes identifying important business services, setting impact tolerances, and developing testing and response plans.

Artificial intelligence and the EU

The use of artificial intelligence (AI) in financial services is growing rapidly. While the UK government is exploring ways to regulate AI effectively, the EU is also taking steps forward. Firms operating in both jurisdictions will need to stay informed about the evolving regulatory landscape for AI.

Policy statement on review of Solvency II

The Prudential Regulation Authority (PRA) is conducting a review of Solvency II, the risk-based capital framework for insurance companies. A policy statement outlining the proposed changes is expected in the near future. These changes could have a significant impact on how insurance companies manage their capital requirements.

PRA waivers and modifications

The PRA has made changes to its procedures for granting waivers and modifications to its rules. These changes aim to improve transparency and efficiency in the process. Firms seeking waivers or modifications from the PRA should familiarise themselves with the new procedures.

Change at the top of the PSR

The Payment Systems Regulator (PSR) has appointed a new chair. This change in leadership could potentially lead to a shift in the PSR’s regulatory focus. Firms involved in payment systems should monitor developments at the PSR closely.

Staying informed about these key regulatory changes is crucial for any firm operating in the UK financial services sector. By keeping up with the latest developments, firms can ensure they are compliant and well-positioned for the future.

For further information,

It’s recommended to consult the websites of the relevant regulatory bodies:

Contact Star Sterling Outsource Today for a free consultation and discover how our UK financial outsourcing services can ensure smooth compliance and peace of mind..


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