In a new blog post, the Financial Conduct Authority’s (FCA) deputy chief executive, Sarah Pritchard, explained how reviews inform decisions to retain, update or remove rules. Formal evaluations, supervisory findings and stakeholder evidence help test whether requirements achieve their objectives in practice. As more rules move into the FCA Handbook, the Consumer Duty’s focus on outcomes also provides scope to reduce prescriptive requirements and give firms greater flexibility. Reviews can lead to retaining protections as well as simplifying obligations. Evidence of better consumer outcomes informed the recent decision to maintain the existing price cap on high-cost short-term credit. In wholesale markets, transaction reporting reforms announced in August 2026 reduce reporting fields and remove some obligations, with expected annual savings exceeding GBP 100 million. The FCA is already consulting on implementation guidance and transitional provisions for that regime, which takes effect April 3, 2028. Further review work remains underway. An evaluation of the 2018 persistent debt interventions will be published soon. Following completion of the first phase of Senior Managers and Certification Regime reforms in 2026, the FCA is consulting on broader changes that depend on new legislation being finalized.
UK FCA outlines how evidence informs rule simplification and retention of consumer protections
In a blog post, Financial Conduct Authority Deputy Chief Executive Sarah Pritchard explained how evidence guides decisions to retain, simplify or remove rules. Examples include maintaining the existing credit price cap and previously announced transaction reporting reforms expected to save firms more than GBP 100 million annually. An evaluation of the FCA’s 2018 persistent debt interventions will be published soon.