International bodies—financial services regulation

This overview is a guide to the Lexis+® UK Financial Services content within the International bodies—financial services regulation subtopic, with links to the appropriate materials.

This overview presents a section that introduces international or supra-national bodies that are relevant to the financial services and markets sector. Much of the UK legislation and regulation of financial services and markets flows from activity at a supra-national level and the following bodies are particularly important:

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the Financial Stability Board (FSB), for more information, see Practice Note: Financial Stability Board
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the International Organization of Securities Commissions (IOSCO), for more information, see Practice Note: International Organization of Securities Commissions (IOSCO) [Archived]
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the Bank for International Settlements (BIS) (Basel), for more information, see Practice Note: Bank for International Settlements [Archived]

For practical guidance on the UK and EU regulators and supervisory authorities, see: UK regulators—financial services—overview and EU regulators—financial services—overview.

The financial services industry is a truly international industry: many organisations operate in multiple jurisdictions and clients want to be able to access services on a cross border basis. A lot of regulatory developments and initiatives

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Latest Financial Services News

FCA publishes submissions in Supreme Court motor finance appeal

The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282 to which the FCA was granted permission to intervene. In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes ‘too far’. The three-day hearing is set to conclude on Thursday 3 April.

FOS implements charging regime for professional representatives

The Financial Ombudsman Service (FOS) has implemented a new charging regime for professional representatives, effective from 1 April 2025. Under this policy, representatives will incur a fee of £250 for each case referred beyond an annual allowance of ten free cases. If a complaint is found in favour of the consumer they represent, the representative will receive £175 back in credit, reducing the charge to £75. If a complaint referred by a professional representative is not upheld or is withdrawn, the financial business against whom the complaint was made will pay a reduced case fee of £475, instead of the standard £650. The FOS remains free for individuals who bring their cases directly, as well as for families, friends, charities, and voluntary organisations assisting them.

Stop Scams UK members pledge cross-sector fraud prevention collaboration

Stop Scams UK members have published a joint statement highlighting their united effort to combat fraud through collaboration, intelligence sharing, and innovative solutions. Fraud currently accounts for 41% of all crime in England and Wales. Leading companies from the technology, telecoms, and financial sectors have pledged to work together to protect consumers, build confidence, and drive economic growth. The initiative focuses on sharing intelligence, resources, and developing actionable communication strategies to safeguard consumers from evolving scam threats. The National Crime Agency and Lord Hanson, the Fraud Minister, emphasise the importance of public-private partnerships to disrupt scammers and protect the public.

Trade body seeks consumer duty slack for wholesale banks

Law360, London: A financial services trade body on 31 March 2025 is pressuring regulators to exempt wholesale banks servicing primarily corporate clients from the Consumer Duty regime to give companies easier access to capital.

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