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UK financial services (FS) leaders enter the second half of 2026 with a striking duality: broad optimism about growth, tempered by a clear-eyed recognition that uncertainty is no longer a passing phase but the new operating environment.
In June, the UK and international authorities continued to strengthen the financial crime framework through reform, supervision and stronger cooperation, focusing on effective controls, risk-based compliance, cross-border collaboration and emerging risks.
Models sit at the heart of decision making across banking and insurance. As reliance grows, model risk has become a strategic issue, not just a technical one.
New rules for operational incident and third-party reporting, are financial services firms ready?
For banks and insurers, the nature of stress has changed. Risks now emerge faster, interact more closely, and escalate across financial, operational and strategic dimensions at speed. Episodes that once unfolded over months can crystallise in days.
The UK is strengthening its sanctions enforcement, highlighting control weaknesses and ownership risks, whilst partnering with banks to tackle illicit payments. Firms must enhance due diligence, monitoring and governance to address evolving threats, including crypto-enabled evasion and serious criminal activity.
Liquidity risk has become a fast moving, highly visible threat across financial services. Digital models, social media and intraday pressures demand board level ownership and robust execution, offering critical lessons that extend well beyond banking.
The article explores climate scenario science, highlighting CMIP7’s changes and their relevance to financial risk management.
What are the common suitability gaps and how can firms strengthen advice in line with the FCA’s expectations.
On 3 December 2025, the Prudential Regulation Authority (PRA) published its Policy Statement (PS) 25/25[1] alongside Supervisory Statement (SS) 5/25[2].
April marked the latest step in the reform of the Senior Managers & Certification Regime (SM&CR), as regulators move to streamline the regime while preserving senior management accountability.
In June 2025, the Financial Conduct Authority (FCA) published a multi-firm review on ‘Risk management and wind-down planning at e-money and payments firms’[1].
In April, the FCA identified weaknesses in CDD frameworks, progressed SM&CR reforms, and consulted on cryptoasset regulation whilst promoting AML innovation through synthetic data. OFSI also signalled a more proactive sanctions approach, and the Crime and Policing Act 2026 increased corporate liability and senior management accountability.
Almost a year on from the operational resilience implementation deadline, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) continue to add to the framework with more structured oversight.
Despite continued economic uncertainty, Europe’s banking sector has demonstrated a notable degree of resilience.
Global banking regulation is entering a new phase. The proposed US regulatory capital reforms represent one of the most consequential changes to the prudential framework in recent years, with significant implications for internationally active banks operating across multiple jurisdictions.
Financial and actuarial modelling has always evolved in response to increases in scale, regulatory scrutiny and business expectation as well as advances in technology.
Pressures around cyber resilience are not new for insurers. This is because firms’ vulnerability to cyber-attacks comes not only from the sensitive data that they hold, but also from the growing cyber insurance business line.
As Artificial Intelligence (AI) adoption continues to grow in the Insurance sector, firms need to be prepared for possible changes in the corporate reporting environment.
With the release of CP 8/26, the PRA proposes to bring the regulatory capital treatment of funded reinsurance in line with economically similar assets.
IFPR is now well into its fourth year since the regime’s introduction. Most firms have completed multiple ICARA cycles, templates are embedded, and firms have significant experience populating the MIF007 returns.
The latest news and analysis on the changing markets and economic environment.
In the second quarter of 2026, our experts commented on a number of announced regulatory developments. Our quarterly financial services regulatory newsletter is a comprehensive overview of topics relevant to firms that operate in the UK across all financial services sectors.
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