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FCA’s Mills Review explores how AI will reshape retail financial services by 2030, highlighting opportunities alongside growing risks from fraud, cyber threats and consumer harm

July 6, 2026

The report highlights that while AI can improve efficiency, personalisation and access to financial services, it may also increase risks around fraud, cyber resilience, consumer harm and financial crime. It recommends that regulators and firms adapt their approaches to ensure AI is used safely and responsibly, including stronger oversight and improved regulatory capabilities…

HMT, FCA, BoE and PSR issue additional guidance on the UK’s future retail payments infrastructure, providing new detail on consumer protection, fraud prevention and FC safeguards

July 2, 2026

The Payment Vision Delivery Committee (PVDC), comprising HM Treasury, the Bank of England, the FCA and the PSR, has issued new supporting context to the RPIB consultation on the future retail payments infrastructure, providing fresh detail on the proposed commercial model and reinforcing how the next-generation system will strengthen consumer protection and financial crime safeguards under the UK’s National Payments Vision…

UK takes over FATF Presidency for 2026–2028, launching a coordinated global drive to disrupt illicit financial flows and strengthen the global response to fast-evolving, technology-enabled fraud and FC

July 1, 2026

Under President Giles Thomson, the UK will prioritise disrupting criminal financial flows linked to fraud, terrorism and proliferation, enhance the use of the FATF toolkit, improve cross-border intelligence and public-private information sharing, and promote risk-based supervision, while also advancing coordinated global action through FATF-Style Regional Bodies and launching the 2026–2028 Roadmap on Combatting Fraud to support more effective…

The CityUK’s Digital Verification Orchestrator Blueprint proposes a market-led UK digital identity model to reduce fraud and enable secure, interoperable verification without a central database

July 1, 2026

The Digital Verification Orchestrator (DVO) Blueprint, published by TheCityUK and industry partners under the UK’s The Global City initiative, sets out a proposed framework for building a trusted, interoperable digital identity and verification ecosystem in the UK; it explains why a coordinated “orchestrator” model is needed to reduce fraud, improve trust in digital transactions, and streamline identity checks across sectors, and its main highlight…

FCA sets landmark crypto rules, requiring full authorisation for crypto firms and stricter prudential and consumer protection standards to strengthen safeguards against market abuse and FC

June 30, 2026

The rules require crypto firms to meet clearer standards on financial resilience, capital, stress testing, market integrity, consumer protection and stablecoin arrangements, with authorisation applications opening from 30 September 2026 before the mandatory regime takes effect on 25 October 2027. FCA notes that its current crypto oversight remains limited to financial promotions and AML controls until then, while further work will cover the regulatory perimeter…

BoE and FCA issue a policy paper setting out how they will regulate systemic stablecoin issuers, clarifying supervisory responsibilities and firms’ transition to joint oversight

June 30, 2026

The joint policy paper sets out how the Bank of England and FCA will coordinate the supervision of systemic stablecoin issuers, clearly defining each regulator’s responsibilities, outlining the transition from FCA-only to joint oversight once an issuer is designated as systemic, and establishing a coordinated supervisory model to streamline authorisations, reduce regulatory duplication, strengthen financial stability, and support the UK’s emerging…

UK Govt’s Crime and Policing Act 2026 reforms POCA Part 2 to streamline confiscation through tighter lifestyle rules, clearer asset recovery, faster timetables, and improved restraint order safeguards

June 29, 2026

The guidance explains how the Crime and Policing Act 2026 reforms Part 2 of the Proceeds of Crime Act 2002, including changes to criminal lifestyle assumptions, hidden asset determinations, tainted gifts, confiscation timetables, early resolution meetings and restraint orders. It clarifies that the principal objective of Part 2 confiscation powers is to deprive defendants of the benefit of criminal conduct so far as this is within their means…

CoLP warns organisations of rising ransomware threats, with 323 UK businesses targeted between Apr 2025 – Mar 2026, including many SMEs, and reported losses of around £270K, likely underreported

June 29, 2026

The campaign, led by Report Fraud, urges businesses not to pay ransom demands and instead focus on prevention through strong cyber hygiene, including regular backups, system updates and access controls. It also highlights the importance of immediate reporting of attacks, with a dedicated 24/7 support line for affected organisations, while reinforcing guidance from the National Cyber Security Centre that ransom payments are not encouraged…

HM Treasury updates its money laundering advisory notice, aligning UK high-risk third country guidance with FATF’s June 2026 list changes

June 22, 2026

The June 2026 advisory notice sets out UK guidance on jurisdictions with unsatisfactory money laundering and terrorist financing controls, reflecting changes following FATF’s June plenary. It supports firms applying the Money Laundering Regulations by clarifying which countries fall within the UK’s high-risk third country framework and where enhanced due diligence expectations may apply.

HMT publishes its response to the AML/CTF Supervision Reform, confirming the FCA as the sole AML supervisor for legal and accountancy firms, reinforcing oversight, supervision and enforcement

June 18, 2026

The consultation response finalises policy positions for transferring AML/CTF supervision of legal, accountancy, and trust and company service providers to the FCA, covering registration and gatekeeping, supervisory powers, guidance, information-sharing, enforcement, funding, transition arrangements and accountability. It also outlines next steps for implementation, including legislative changes and further engagement with supervisors and stakeholders to support the transition…

NCA’s UKFIU June 2026 SARs Reporter Booklet reveals over £800,000 in frozen illicit funds and a dismantled 40+ money mule network, exposing organised fraud, corruption, and ML cases

June 18, 2026

Key interventions included £260,000 linked to bribery and corruption by a public-sector employee, over £200,000 seized in both a suspected kidnapping-related laundering case and an organised crime-linked vehicle sales business, and £60,000+ frozen from a suspected money mule account receiving unexplained third-party credits. Additional cases saw £25,000+ in suspicious cash deposits, £20,000+ in Bounce Back Loan misuse, and further restraint…

FCA’s Joint Executive Director highlights a shift towards a more proactive, intelligence-led approach to FC, using early intervention, supervision and global cooperation to prevent harm before it occurs

June 17, 2026

The speech sets out a broader enforcement model that uses supervision, market oversight, voluntary restrictions and proactive detection alongside formal investigations, citing 369 voluntary outcomes in the last financial year and quicker public resolutions since July 2024. It also highlights growing risks from AI-enabled crime and cross-border schemes, calling for stronger intelligence sharing among regulators, law enforcement and industry while expanding work on crypto promotions, motor finance, professional body supervision and international investigations…

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