HMT and OfDIA announce new MLR guidance to embed certified digital IDs into financial services, aiming to cut fraud, reduce compliance costs, and unlock £4.3B by 2034 

This initiative addresses long-standing uncertainty among financial institutions regarding the regulatory treatment of digital identity technologies, which has historically limited adoption. The forthcoming guidance, developed in coordination with the UK’s new Data (Use and Access) Act, will provide clarity on definitions, risk-based application, and how certified providers under the UK digital identity trust framework can support firms’ MLR obligations…