Mortgage and home finance regulation

CP9/25—PRA consults on the restatement of MiFID Org Reg

The Prudential Regulation Authority (PRA) has published consultation paper CP9/25, which sets out proposals to amend the PRA Rulebook to reflect the planned revocation of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) under the Financial Services and Markets Act 2023 (FSMA 2023). The PRA proposes to restate the MiFID Org Reg within the PRA Rulebook without material changes. This approach is intended to ensure that the rules continue to have the same effect while allowing them to be updated in response to market trends and risks. CP9/25proposals to restate the MiFID Org Reg include general organisational requirements, responsibilities of senior management, outsourcing, record keeping, compliance, internal audit, and risk management. The PRA also proposes to update technical standards and make consequential amendments to the Notifications Part of the Rulebook. Responses are sought by 23 June 2025.Following the consultation, the new rules are expected to be implemented in the second half of 2025.

FCA publishes blog post on AI Sprint event results

The Financial Conduct Authority (FCA) has published a blog post written by head of innovation services, Colin Payne, outlining the results of its AI Sprint event. The FCA convened 115 industry experts to examine the impact and practical applications of artificial intelligence (AI) within the UK financial services sector. Payne describes how discussions at the event focused on several key themes. Firstly, a strong emphasis was placed on building trust in AI technologies, which is regarded as essential for ensuring both safe innovation and enhanced consumer confidence. Additionally, expert opinions highlighted that firms seek clarity and guidance on applying existing outcomes-based regulatory frameworks rather than the introduction of entirely new ones—a perspective also supported by FCA chief executive Nikhil Rathi in communications with the Prime Minister. Future challenges discussed included AI bias, sophisticated impersonation scams, and sustainable AI data centres.

Financial Services—other developments (23/4/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

FSB issues letter to G20 Finance Ministers and Central Bank Governors ahead of G20 meeting

The Financial Stability Board (FSB) has published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of the meeting on 23–24 April 2025. The letter emphasises the importance of robust surveillance, proactive policymaking, and international coordination in response to recent financial market turmoil. It highlights the vital role of non-bank financial entities and stresses the need for enhanced regulation, continued reform, and international cooperation amid heightened market volatility and geopolitical risks. The letter also outlines efforts to strengthen non-bank financial intermediation, and the finalisation of recommendations to address leverage-related risks due in July 2025, and addresses cyber risks alongside improvements in cross-border payments. Knot calls for continued commitment to implementing international reforms to preserve financial stability and avoid fragmentation in an evolving risk environment.