FCA has published key findings from its review of payment services and account providers’ use of the NFD and a money mule account detection tool to tackle risks associated with money muling activities.  The regulator expects all other payment services and account providers to consider their own systems and controls against its find­ings.

FCA and PSR have published a short press release on the next steps for open banking, highlighting variable recurring payments, as indicated in Nikhil Rathi’s recent letter to Keir Starm­er.

Text of Carolyn Wilkins’ speech of 23 January 2025 follows in which she discusses geopolitical risks to financial stability and highlights the importance of financial and operational resilience; focusing on the scenarios that expose the most important vul­ner­ab­il­it­ies in the financial system, and pre­pared­ness.

Pri­or­ity areas of work for 2025 include: di­git­al­isa­tion; climate change; .non-bank financial in­ter­me­di­ation; cross-border payments, and work to complete and implement agreed re­forms.