Text of Emily Shepperd’s speech of 26 November 2025 follows, in which she outlines FCA’s new five-year strategy which will focus on the key themes of: economic growth and innovation; financial crime; consumer resilience, and how FCA becomes a more efficient and effective regulator.

This consultation seeks feedback on a set of proposed ancillary indicators concerning credit risk, derivatives, reinsurance, mark-to-model assets, and revisions to the liquidity metrics.  Responses are required by 3 February 2025.

EBA has published its quarterly Dashboard on MREL, which discloses aggregated statistical information for 339 banks earmarked for resolution across the EU.  EBA notes that all banks meet their MREL requirements in line with the BRRD deadline of 1 January 2024, with the exception of 21 banks, still in their transition period that report a shortfall.

FOS has published complaints data for Q2 2024.  It highlights that complaints about fraud and scams, current accounts and credit cards are at record highs.  FOS received 73,692 overall complaints between July and September 2024. In the same period in 2023/24 it received 46,716 cases.

FCA has published its third annual report for UK registered credit rating agencies which includes the list of registered agencies, their total market share and sector coverage.

PRA has published a statement alongside FCA’s consultation, which notes that PRA intends to publish its equivalent consultation paper in Q1 2025

The SI amends the Temporary Marketing Permissions Regime (contained in the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019/325), to extend it for a further year in order to allow sufficient time for funds in scope of the Government’s equivalence decision to transition to the more permanent marketing arrangements provided by the Overseas Funds Regime and avoid any cliff-edge risks.  (Date in force: 26 November 2024)

The following has been published in the Official Journal: Commission Implementing Regulation (EU) 2024/2545 of 24 September 2024 laying down implementing technical standards for the application of MiCAR with regard to standard forms, templates and procedures for the cooperation and exchange of information between competent authorities.

Elizabeth McCaul’s speech of 26 November 2024 on future challenges facing the SSM follows.

BIS has published further information related to its 2024 assessment of G-SIBs, along with an updated list of G-SIBs from FSB.