UK Regulatory Brief
13 regulatory updates covered · Generated by Regulatte AI
Executive Summary
This week saw significant activity across financial services regulation, with the FCA confirming live competition investigations into Mastercard, PayPal and Visa, and announcing a review of claims management company practices. Legal challenges to the motor finance compensation scheme continue to create uncertainty for affected firms, while the newly enacted Pension Schemes Act 2026 introduces fresh obligations across the pensions landscape. Boards should assess exposure across all three areas promptly.
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FCA Competition Investigations into Major Payment Networks
Formal Competition Act investigations into Mastercard, PayPal and Visa create potential ripple effects for firms that depend on these networks or operate in related markets. If the firm has commercial agreements with any of these parties, the board should satisfy itself that those arrangements are not inadvertently caught by the scope of the investigation.
SourceMotor Finance Redress Scheme Uncertainty Requires Active Monitoring
The FCA has acknowledged ongoing legal challenges to its motor finance compensation scheme and updated its guidance, but the situation remains fluid. For firms with motor finance exposure, the financial provisioning and operational readiness needed to handle redress may need revisiting as the legal position evolves.
SourcePension Schemes Act 2026 Now Enacted
The Pension Schemes Act 2026 is now law and may impose new duties on the firm as a pension scheme sponsor, on any NEDs serving as trustees, and on the firm's pension governance arrangements more broadly. Early identification of obligations is important to avoid inadvertent non-compliance.
SourceKey Developments
FCA Opens Competition Investigations into Mastercard, PayPal and Visa
The FCA has confirmed it is investigating these major payment networks under the Competition Act 1998, covering both anti-competitive agreements and potential abuse of dominance. Firms relying on these networks for payment processing, or operating in adjacent markets, should assess whether their own commercial arrangements could draw scrutiny.
Read moreMotor Finance Compensation Scheme Faces Ongoing Legal Challenges
The FCA has issued updated guidance following legal challenges to its motor finance redress scheme, signalling that the timeline and mechanics of compensation remain uncertain. Firms with motor finance books, or exposure to commission arrangements, face continued operational and financial uncertainty and must stay alert to revised FCA directions.
Read morePension Schemes Act 2026 Now in Force
This new primary legislation introduces substantive changes to how pension schemes are governed, funded and administered in the UK. Firms that operate, sponsor or advise on pension schemes will need to assess compliance obligations, and trustees or NEDs sitting on pension committees should seek an early briefing on what changes apply.
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