The EC is consulting on a draft Delegated Regulation with regard to changes to the technical rules governing the valuation of insurers’ liabilities, the calculation of solvency requirements, reporting and disclosure obligations, group supervision, and other related areas.  Responses are required by 5 September 2025.

Further to CP8/24 and parts of Chapter 3 and 7 of CP13/24, PRA has published feedback and final policy.  This includes a new SoP on PRA’s approach to waivers and permissions under Own Funds (CRR) Part and amendments to a number of supervisory statements.  The implementation date for final rules and policy material reflecting the policy changes set out in this PS is 1 January 2026.

Further to its March 2024 consultation, HMT has now published its response, which provides details on changes that will be made to the MLRs, including with regard to the registration and change in control for cryptoasset service providers and due diligence on pooled client accounts.  HMT intends to publish the draft SI in the coming months for technical feedback, before laying in Parliament later this year if parliamentary time allows.

BoE is consulting on proposals to restate certain requirements for CCPs in UK EMIR in BoE rules, alongside targeted policy changes. It includes draft statements of policy, including BoE’s approaches to permissions in relation to CCP rules; supervisory processes and margin permissions, and tiering non-UK central counterparties.  Responses are required by 18 November 2025.

FCA is consulting on rules and guidance for the DPC sector. This includes proposals for firms to give information to consumers and undertake creditworthiness assessments, and whether the regulator should apply existing rules for regulated credit activity to this sector.  Responses are required by 26 September 2025.  Alongside the consultation, FCA has published an Occasional Paper on the impact of BNPL credit on consumer indebtedness and arrears.

Further to BoE’s November 2024 consultation, BoE has published feedback and final policy, which comprises (i) the Fundamental Rules Part of the BoE FMI Rulebook for CCPs and CSDs; (ii) the Code of Practice on Fundamental Rules for RPSOs and SSPs, and (iii) a supervisory statement on fundamental rules for FMIs.  The policy takes effect on 18 July 2026.   

BoE has published a consultation paper and draft statement of policy on its approach to using the permissions power.  The consultation should be considered alongside the draft statements of policy for subject-specific permissions published as part of the “Ensuring the resilience of CCPs” consultation.  Responses are required by 18 November 2025. 

HMT has published the text of Andrew Bailey’s response to Rachel Reeves’ letter.

PRA has confirmed that the 2026 stress test will commence in May 2026.  Participating firms will be invited to attend a workshop in September 2025.

PSR has published its 2025-26 fees figures.