The GRC Navigator
The GRC Navigator
Issue 21
01 June 2026
The UK spent this fortnight laying the rails for tokenised markets in public. On 18 May the FCA and the Bank of England issued a joint Call for Input setting out a shared long-term vision for tokenisation in wholesale markets, alongside Bank work toward near 24/7 settlement and PRA Dear CEO letters on the prudential treatment of tokenised assets and stablecoins. Coming weeks after the FCA finalised fund tokenisation in PS26/7, this is the regulators moving the whole market, from funds to settlement to bank capital, onto a common digital-assets roadmap, and inviting firms to help design it before the rules harden. Feedback closes on 3 July.
The GRC Navigator
Issue 20
15 May 2026
Private markets took centre stage this fortnight. On 11 May, FCA deputy chief executive Sarah Pritchard told the Investment Association’s Private Markets Summit that UK private markets now hold close to £1.2 trillion in assets, and confirmed that HM Treasury will consult later this year on reforming the rules for alternative investment fund managers, with the FCA setting out its own proposals to regulate smaller funds more lightly and larger ones more firmly.
The GRC Navigator
Issue 19
30 April 2026
This was the fortnight the FCA tried to prove it means it when it calls itself a reform-minded regulator. On 30 April it published PS26/7, finalising guidance that lets asset managers use distributed ledger technology within existing rules and introducing an optional Direct to Fund dealing model, with chief executive Nikhil Rathi framing tokenisation, wholesale reform and a lighter Senior Managers and Certification Regime as a single push to cut friction and defend the UK’s position as a £16.5 trillion asset management hub.
The GRC Navigator
Issue 18
02 April 2026
The FCA’s confirmation of PS26/3 – the motor finance consumer redress scheme – is the defining regulatory event of this fortnight. With £7.5 billion in estimated redress across 12.1 million agreements, it represents the largest consumer compensation programme the regulator has ever administered.
The GRC Navigator
Issue 17
15 March 2026
The FCA has used the first fortnight of March to lay the foundations of a new supervisory communication framework. Between 4 and 12 March, the regulator published four sector-specific Regulatory Priorities reports covering consumer investments, pensions, retail banking, and mortgages, replacing the portfolio letter model that served since 2020.
The GRC Navigator
Issue 16
15 February 2026
On 11 February 2026, the FCA published PS26/1 Regulation of Deferred Payment Credit, the final rules bringing Buy Now Pay Later into the regulatory perimeter from 15 July 2026. This is not a consumer credit story. It is a conduct regulation story that will reshape how the FCA brings entire unregulated markets into the regulatory framework.
The GRC Navigator
Issue 15
31 January 2026
January 2026 has produced a regulatory inflection point. The PRA published the final Basel 3.1 rules on 20 January, confirming a one-year implementation delay to 1 January 2027 and setting out a fundamental recalibration of capital requirements for banks and investment firms. The new Public Offers and Admissions to Trading Regulations (POATRs) regime takes effect on 19 January, replacing the EU Prospectus Regulation and introducing a more permissive framework for public offers.
The GRC Navigator
Issue 14
31 December 2025
Non-financial misconduct is no longer a cultural issue. It is a regulatory one. In late November and December 2025, the FCA finalised PS25/23, amending the conduct of business framework to embed non-financial misconduct (bullying, harassment, discrimination) into the fitness and propriety assessment regime.
The GRC Navigator
Issue 13
The GRC Navigator
Issue 12
The GRC Navigator
Issue 11
15 October 2025
The GRC Navigator
Issue 10
The GRC Navigator
Issue 9
The GRC Navigator
Issue 8
The GRC Navigator
Issue 7
The FCA announced a £9–18B motor finance compensation scheme, fined Neil Woodford £46M, and the Bank of England cut rates to 4%. Private markets favor large funds, reflecting a regulatory shift toward stronger enforcement and consumer protection. These moves highlight growing scrutiny of financial misconduct and a focus on systemic market stability. Investor confidence remains cautious amid persistent economic headwinds.