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Friday, 23 October 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

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Top Story/Banking & Finance

FCA and PRA Launch Parallel Consultations to Strip 139,000 Finance Workers from Annual Certification Checks, Saving Firms an Estimated £2bn

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) announced on 22 October 2026 parallel consultations proposing the most significant overhaul of the Senior Managers and Certification Regime (SM&CR) since it was introduced a decade ago in the aftermath of the 2008 financial crisis. The SM&CR was designed to hold senior decision-makers at regulated financial services firms personally accountable for their conduct and decisions. Under the proposals, the Certification Regime (the layer of the framework that requires approximately 139,000 individuals below senior manager level to undergo annual fitness-and-propriety checks and appear on the Financial Services Register) would be abolished entirely. In its place, firms would self-certify employee suitability, removing the associated administrative overhead. For a range of senior functions, including Chief Actuaries and Chairs of Risk and Audit Committees, mandatory regulator pre-approval would be replaced by direct notification by the firm, though the regulator could still require pre-approval in high-risk cases. Core roles including Chief Executives, Chief Financial Officers and Chairs would continue to require full regulator pre-approval before appointment. The PRA expects the changes to cut its SM&CR pre-approvals by 43% and halve the overall burden of its regime. The Bank of England estimates total savings to firms of around £2 billion over a 10-year period. The proposals also raise the threshold at which firms must report conduct-rule breaches for most staff below senior manager level. The consultations close on 22 January 2027, with final policy expected in 2027. Some reforms will require legislative change, and both regulators have indicated they will be ready to implement quickly once legislation passes. The announcement was made as part of Mansion House speeches delivered by PRA Deputy Governor Katharine Braddick and FCA Chief Executive Nikhil Rathi.

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Also Today

CMA Designates Aldi and Lidl as Large Grocery Retailers, Bringing Them Within Controlled Land Rules That Bar Restrictive Property Agreements

Court of Appeal Calls £2m Brief Fee for a Four-Day Russia Arbitration Enforcement Appeal 'Astonishing', Orders Reduced Security for Costs of Nearly £1m

NESO Assures Winter Electricity Supply but Independent Review by Eversheds Sutherland Flags 'High Levels of Stress' and Governance Failures in Grid Control Room

UK Government Announces £800m Annual Package of Regulatory and Tariff Cuts for Businesses Ahead of 28 October Budget

FTSE 100 Slides 0.8% as UK Bank Stocks Hit Four-Month Low on Elevated Oil Prices and Pre-Budget Capital Gains Tax Uncertainty

The FTSE 100 fell 0.8% to 10,680.25 on 20 October, with the FTSE 250 down 1% in its steepest single-day drop in nearly two weeks. Bank stocks bore the brunt, falling almost 2% t…

“Oil at a five-month high and Budget uncertainty are the twin drags on UK equities right now.”

AI & Law

Industrial AI Software Company IntelliAM AI Plans AIM Float on London Stock Exchange

IntelliAM AI, an industrial AI software company, has announced plans to list its shares on the Alternative Investment Market (AIM) of the London Stock Exchange. The announcement…

“AIM is testing its appeal as a home for serious AI businesses.”

Bigger Picture

Sector Watch

UK Deregulation Pre-Budget Sprint

Three separate regulatory stories this week converge on a single political theme: the government and its regulators are moving to reduce compliance burdens on UK financial services and business ahead of the 28 October Budget. The FCA and PRA's SM&CR consultation, expected to save firms £2bn over a decade, and the Chancellor's £800m annual package of regulatory and tariff cuts are the most significant examples. The CMA's Aldi and Lidl grocery land-rules designation runs against this direction slightly, expanding the regulated population in one sector even as the government contracts it elsewhere. For City firms, the SM&CR reform is the most practice-relevant: it will trigger an immediate wave of governance restructuring mandates from every regulated financial services client.

One to Follow

The 28 October 2026 UK Budget, which Chancellor John Healey has promised will address business taxation, capital gains, and the bank surcharge, all of which remain live and undisclosed as of 23 October.

Every practice group in a City firm will be affected: corporate and private equity lawyers are watching capital gains tax rates, banking and finance teams are tracking any surcharge change on bank profits, and the Budget's treatment of gambling and energy sectors will directly affect current deal and IPO pipelines. The week after the Budget will generate an immediate wave of client briefing and advisory work across all commercial practice areas.

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