• Reg52
  • Posts
  • Lords want FCA map

Lords want FCA map

Here's one I (somewhat) made earlier

Author

Paul Huston
June 16, 2025

FCC Insights

Hi ,

Why the House of Lords is asking for a regulatory map

On 13 June the House of Lords Financial Services Regulation Committee published their report on UK regulatory assistance with/detraction from UK economic growth: Growing pains: clarity and culture change required.

It’s a big report with a lot of detail.

But in their press release the number one recommendation of the UK Government was a simple one:

“Undertake a focused assessment of the financial services landscape to identify where regulatory overlap can be eliminated.”

If you get asked a similar question by your CEO or a client, here’s something you can use in the meantime.

What that overlap looks like today

Back in 2022 UK Finance drew the regulatory & supervisory overlaps for the payments part of that map. Below is their map from section 2.1 of their Payments Regulation Review.

Rationalisation is already happening of course (I have adapted the map to cross out the PSR given it has been folded under the FCA).

  • Bank of England – systemically important payment systems, RTGS renewal, financial stability

  • Prudential Regulation Authority – capital and prudential standards for banks that provide payment services

  • Financial Conduct Authority – conduct of business for payment firms, consumer protection, operational resilience

  • Payment Systems Regulator (crossed out) – competition and innovation within payment systems

  • Competition and Markets Authority, HM Treasury, ICO, FCA/FOS redress framework – each with a specific but sometimes intersecting role on issues like Open Banking, fraud, or data sharing

UK Finance’s key point was not that multiple bodies are a problem in themselves, but that clarity on who does what is essential for firms trying to launch or scale services.

We’ll get a map soon, but what next?

Here’s one question to keep the debate moving:

Concierge model
Singapore offers a single regulatory touch-point for new entrants. Could a UK version, drawing on the strengths of the FCA’s regulatory sandbox, shorten time-to-market without lowering standards?

Next steps

The Lords’ call for a mapping exercise feels like a chance to replace anecdote with evidence.

UK Finance and other trade bodies already hold much of the raw material.

If firms contribute their own process-level data (authorisation timelines, consultation workloads, duplicated reporting) government can build a baseline that guides future reforms and avoids surprises.

Cheers,

Paul