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Requirements vary by country and activity — payment services, e-money issuance, lending and investment services all have different regulatory frameworks. A banking lawyer can advise.
Cross-border lending is generally permitted within the EU, but local regulatory requirements and documentation standards apply. Legal advice is essential.
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Find My Lawyer in 60 SecondsUK financial services regulation operates under a "twin peaks" model established by the Financial Services Act 2012, which split the former Financial Services Authority (FSA) into the Financial Conduct Authority (FCA) — conduct and consumer protection — and the Prudential Regulation Authority (PRA) — prudential safety of banks, insurers and systemic firms. The legal basis is the Financial Services and Markets Act 2000 (FSMA 2000), as substantially amended by successive Finance Acts and by the Financial Services and Markets Act 2023.
| Body | Statutory Basis | Regulated Firms | Key Powers |
|---|---|---|---|
| FCA (Financial Conduct Authority) | FSMA 2000; FS Act 2012 | ~50,000 firms; all retail conduct, investment, insurance, consumer credit | Authorisation; supervision; enforcement (fines, restriction, cancellation); Consumer Duty 2023 |
| PRA (Prudential Regulation Authority) | FSMA 2000 Part 1A; FS Act 2012 | ~1,500 firms: banks, building societies, credit unions, insurers, major investment firms | Capital requirements, ICAAP, stress testing; Resolution via BoE Special Resolution Regime |
| Payment Systems Regulator (PSR) | Financial Services (Banking Reform) Act 2013 | Payment systems operators and participants (Faster Payments, CHAPS, card schemes) | Access to payment systems; APP fraud reimbursement (2024 mandatory scheme) |
| Financial Ombudsman Service (FOS) | FSMA 2000 Part XVI | FCA-authorised firms (mandatory scheme) | Binding decisions up to £430,000 (April 2024, up from £375,000); free to complainants |
| Financial Services Compensation Scheme (FSCS) | FSMA 2000 Part XV | Failed FCA/PRA authorised firms | Deposit protection £85,000/person/bank; investment claims £85,000; insurance claims 90%+ |
The FCA's Consumer Duty established a new standard of care: firms must act to deliver good outcomes for retail customers across four outcome areas — products and services, price and value, consumer understanding, and consumer support. The Duty requires firms to demonstrate (not just assert) good outcomes; annual board-level assessment required. It applies to all retail-customer-facing firms in the distribution chain. Non-compliance is a disciplinary matter (FSMA 2000 s.66) and can also ground civil claims by customers under s.138D FSMA 2000 (private right of action for breach of FCA rules by authorised firms).
| Firm | Fine | Year | Reason |
|---|---|---|---|
| Credit Suisse International | £147,190,200 | 2024 | Financial crime controls; Mozambique loan arrangement |
| Santander UK | £107,793,300 | 2023 | Anti-money laundering failures; inadequate transaction monitoring |
| Starling Bank | £28,959,426 | 2024 | Financial crime controls; failure to implement sanctions screening |
| HSBC Bank plc | £57,400,000 | 2021 | AML failures; deceased customer accounts monitoring |
| NatWest (CAR Royal Bank of Scotland) | £264,772,619 | 2021 | Criminal conviction; money laundering £400m+ Fowler Oldfield gold bullion case |
The Payment Systems Regulator introduced a mandatory reimbursement scheme for Authorised Push Payment (APP) fraud on 7 October 2024. Sending and receiving payment service providers split liability 50/50. Maximum reimbursement: £85,000 per claim (PSR PS23/3). Consumers who are grossly negligent may have their claim rejected. The scheme covers Faster Payments only; CHAPS APP reimbursement voluntary. Banks must reimburse within 5 business days.
PPI mis-selling remains the largest consumer redress in UK history: over £50 billion paid by banks. The FCA deadline for PPI complaints was 29 August 2019. Post-deadline: FOS still handles complaints where the consumer was unaware of the mis-selling. Format: FOS adjudicator review (6–12 weeks); FOS Ombudsman decision if disputed (binding up to £430,000). Average PPI redeem 2022–24: £1,620 per successful complaint. Banks: Barclays, Lloyds, HSBC, NatWest, Santander each paid billions. Consumer redress mechanism: no court needed; FCA rules imposed redress scheme under FSMA 2000 s.404.
