The FCA is tightening its grip on payment firms. What does this mean for compliance in 2026?
The Financial Conduct Authority (FCA) has announced a significant shake-up to the regulations governing payment firms, aimed at improving consumer protection and safeguarding customer funds. This change comes as part of the regulator’s ongoing efforts to strengthen the financial system and ensure that businesses in the payments industry are fully accountable for how they manage […]
The Product Regulation and Metrology Act 2025 is now in force. Is your business prepared for the upcoming changes?
The Product Regulation and Metrology Act 2025 (PRMA) received Royal Assent on 21 July 2025, marking a significant shift in the UK’s approach to product safety, measurement standards, and consumer protection. This legislation provides the government with the authority to introduce detailed regulations through secondary legislation, enabling a more adaptable and responsive regulatory framework. […]
£149,000 awarded to woman after faulty LG phone battery causes fire
The Edinburgh Sheriff Court has awarded £149,000 in damages to Denise Parks after a faulty LG K8 smartphone battery caused a fire in her home, leading to injuries and property damage. The incident occurred on October 31, 2018, while Ms. Parks and her husband were asleep. The fire was traced to the LG phone, which […]
New term, new rules? What businesses need to know about modern slavery reporting in 2025
Modern slavery remains a global crisis, and it’s getting worse. An estimated 50 million people worldwide are living in modern slavery, including 28 million in forced labour and 22 million in forced marriage, according to the International Labour Organization. That number has risen sharply due to conflict, climate change, and the economic fallout from COVID-19. […]
PSD3 gets real: What the EU’s new payment rules mean for you
The EU’s landmark payments reform package PSD3 and the new Payment Services Regulation (PSR) is no longer just theory. As of June 2025, the Council of the EU has adopted its negotiating position, and trilogue negotiations are now underway. These reforms will overhaul payments compliance across the EU and beyond, and the time for waiting […]
Global coalition formed to tame “Wild West” AI
Last week, the UK government announced the formation of a global coalition to tackle what it calls the “Wild West” of artificial intelligence. Led by the newly established UK AI Security Institute, the coalition brings together Canada’s AI institute, leading academics, and major tech firms including Amazon, Anthropic, and Cohere. With £15 million in funding, […]
Beware the QR code trap: How quishing could be stealing your data
The digital arena is constantly evolving, and with it, the methods used by cybercriminals to exploit unsuspecting victims. One of the latest tactics gaining traction is “quishing”, that is, phishing attacks carried out via QR codes. While QR codes have become a popular tool for convenience, offering quick access to websites and payment systems, they […]
How one weak password took down a 158 year old company
A recent BBC report highlights a stark cautionary tale: a single weak password helped a ransomware gang take down KNP, a 158‑year‑old UK transport and logistics firm. The breach crippled operations, forced the company into administration, and ultimately left around 700 employees jobless. KNP’s collapse is not an isolated incident: it’s part of a wider […]
Are the proposed SMCR reforms a step towards efficiency or a step back in accountability?
The UK may be about to gut one of its most significant post-crisis financial reforms. In a joint move that could reshape how accountability is handled in financial services, HM Treasury (HMT) and the Financial Conduct Authority (FCA) have launched consultations that propose scrapping core elements of SM&CR—including the entire Certification Regime. What’s being […]
Slick app, sloppy controls: The £21M AML fine that caught up with Monzo
In May 2024, the FCA handed neobank Monzo a £21.1 million fine for systemic AML failings. The penalty followed a six-year investigation and exposed how Monzo’s rapid growth far outpaced its ability to manage financial crime risks. Customers were able to open accounts using obviously false or suspicious information, including addresses listed as 10 Downing […]
