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The regulator’s finding that only limited friction exists between new artificial intelligence (AI) obligations and established banking and payments rules paves the way for coordinated oversight as implementation begins.

EU accession pressure is one of the key drivers of the initiative, as the country seeks to position itself as a credible, well-regulated market, although some commentators have expressed concerns about the adequacy of privacy protections.

The Financial Conduct Authority expects firms operating in the UK to give customers a clear understanding of the total cost of sending money overseas, including FX mark ups, fixed and variable fees and any deductions that may occur along the transfer chain. This playbook gives organisations a structured way to review, strengthen and evidence their approach to international payment pricing transparency.

On September 17, 2025, the Financial Conduct Authority (FCA) published Consultation Paper CP25/25: Application of the FCA Handbook to Regulated Cryptoasset Activities. The paper sets out the FCA’s proposed framework for extending key provisions of the FCA Handbook that are applicable to existing firms regulated under the Financial Services and Markets Act 2000 (FSMA) to firms undertaking regulated crypto-asset activities. CP25/25 represents a significant shift into full-scope crypto UK supervision to date, moving the sector from a registration-only model towards a comprehensive authorisation and oversight regime. This positions crypto-asset service providers (CASPs) on a regulatory footing far closer to that of traditional financial institutions.

The details of the updated EU payments regime are becoming clearer, with negotiators aiming to deliver a more open and competitive payments sector that places strong emphasis on consumer protection.

On October 6, 2025, the European Commission published a letter addressed to the European Supervisory Authorities (ESAs), detailing its intention to deprioritise Level 2 acts in financial services legislation. During the period from 2019 to 2024, the Level 1 legislation adopted by the co-legislators has empowered the commission to adopt 430 Level 2 acts, with such a large number being a concern to stakeholders. In its aim to deliver more effective and efficient implementation of EU policies, the commission has elected to deprioritise 115 of the 430 Level 2 acts it has been empowered to adopt, deeming them “non-essential” for the effective functioning of Level 1 acts and for the achievement of EU policy objectives.

The designation of systemic providers marks the beginning of a significant operational shift for financial institutions, which will need to strengthen their understanding of third-party dependencies and the risks that accompany them.

The proposed resolution to decades-old swipe-fee litigation is under fire from merchant groups, intensifying pressure on lawmakers and regulators to intervene in the card-payments market.

The global transition to ISO 20022, the new international standard for electronic data interchange between financial institutions, has entered its home stretch, following confirmation from the Society for Worldwide Interbank Financial Telecommunication (Swift), the European Central Bank (ECB) and the US Federal Reserve regarding full migration timelines for all high-value payment systems. The move establishes ISO 20022 as the single, data-rich format for global payments and securities messages, replacing decades-old MT formats. Swift’s co-existence period between the MT (message type) and ISO 20022 messages will end in November 2025, after which non-compliant institutions will no longer be able to send or receive certain categories of message types. According to Swift, it connects 11,500 institutions across more than 200 countries with 53m+ FIN messages sent every day on average, so for firms engaging in cross-border payments, a risk of non-compliance with ISO 20022 will result in significant operational deficiencies.

The Model Money Transmission Modernization Act (MTMA) is a set of nationwide standards and requirements that were approved by the Conference of State Bank Supervisors (CSBS) in August 2021. This map outlines state-level adoption of the MTMA.