Regulus — The global regulatory broadcast network

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United Kingdom HM Revenue & Customs Governance & Accountability ✓ 19 claims 02 Nov 2026

HMRC sets out VAT margin scheme rules for car dealers' warranties and insurance add-ons

HMRC has published guidance for dealers, chiefly in used vehicles, who sell linked insurance products such as mechanical breakdown cover and guaranteed asset protection alongside warranties. The note sets out when these charges are exempt, standard-rated, or must be excluded from margin scheme calculations, with worked examples showing how disclosure of premiums changes the VAT and Insurance Premium Tax outcome.

The guidance was published by HMRC on 2 November 2026 covering linked insurance products and warranties sold alongside margin scheme goods.
A linked insurance charge is exempt from VAT only if it is under a contract between the insurer and the customer, covers the customer's risk, is optional, and the premium is disclosed to the customer.
If the insurance contract is between the dealer and the insurer and only the dealer's risk of repairing defective items is covered, the charge is standard-rated outside the margin scheme.
A separately charged warranty is always standard-rated and must be excluded from the margin calculation on the underlying goods.
Dealers who do not disclose a gross premium or commission to the insurance provider may need to register and account for the higher rate of Insurance Premium Tax on undisclosed amounts.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 12 claims 02 Nov 2026

FCA sets terms of reference for internal review over Andriesz whistleblower case

The FCA has published terms of reference for an internal review into how it handled whistleblowing disclosures from Mr Simon Andriesz, who has since died. The review's scope has widened and its timeline has slipped, with a progress update due January 2027 and a final report in spring 2027.

The review is led by Lea Paterson CBE, an independent non-executive director of the FCA, and was commissioned by the FCA's non-executive directors.
Scope now includes whether the FCA met its responsibilities under whistleblowing law and followed its own policies and procedures, including handling of Mr Andriesz's detriment concerns.
The review covers the period from at least 2017 to 2026.
A progress update will be published in January 2027, with the final report expected in spring 2027, later than the previously stated early 2027 target.
The review will identify lessons learned and make recommendations for future engagement with external whistleblowers and vulnerable individuals.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 10 claims 02 Nov 2026

HMRC clarifies VAT margin scheme rules for repossessed and insurance-claim goods

HMRC has published guidance explaining how the VAT margin scheme applies to repossessed goods and goods obtained through insurance claims. The guidance matters for banks, finance companies and other lenders that regularly acquire and resell such goods, setting out when VAT can be avoided on disposal and when margin scheme treatment survives refurbishment.

Repossessed goods covered include those voluntarily returned under hire-purchase agreements, repossessed under finance agreement terms, or returned under the Consumer Credit Act after 50% of payments made.
Banks and financial institutions need not account for VAT on disposal if goods are sold in exactly the same state acquired and were obtained from a person who would not have charged VAT.
Finance companies selling refurbished or reconditioned repossessed goods may still use a margin scheme if the goods were originally sold under one, even after improvements, repairs or replacement parts.
For refurbished goods resold under the margin scheme, the purchase price for margin calculation is the original price the finance company paid.
Firms must follow the normal margin scheme calculation, keep normal VAT margin scheme records, and show margin scheme transactions on their VAT return.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 15 claims 02 Nov 2026

HMRC updates guidance on lump sum death benefit tax reporting duties

HMRC has revised its guidance for pension scheme administrators on taxing lump sum death benefit payments. The update adds new disclosure requirements tied to the death benefit allowance that apply to payments made on or after 6 April 2024, alongside existing rules on tax treatment and deadlines for reporting to personal representatives.

For payments on or after 6 April 2024, administrators must report the amount of the lump sum and death benefit allowance used up by the payment, replacing the prior lifetime allowance percentage disclosure.
Administrators must provide this information, along with the lump sum amount and payment date, to the deceased member's personal representative within 3 months of the final payment.
Lump sum death benefit payments are taxable where the member or beneficiary was 75 or over when they died, covering defined benefits, uncrystallised funds, drawdown pension fund, flexi-access drawdown fund, pension protection and annuity protection.
Trivial commutation lump sum death benefit payments must always have tax deducted through PAYE.
For payments other than trivial commutation lump sums, administrators deduct Income Tax using the emergency tax code if paid directly to an individual, or the special lump sum death benefits charge if paid to someone other than an individual, or to an individual acting as trustee, personal representative, director or partner.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 14 claims 02 Nov 2026

HMRC sets out VAT margin scheme rules for hire-purchase and part-exchange sales

HMRC has published guidance explaining how dealers who arrange hire-purchase agreements or accept part-exchange goods must calculate VAT under the margin scheme. It covers record-keeping obligations, invoice requirements and two worked examples showing how to treat part-exchange values in the stock book.

When a dealer arranges hire-purchase terms on a customer's behalf, the sale is deemed to be made to the finance company and no VAT is due on finance charges if itemised separately.
Dealers without a copy of the hire-purchase agreement must retain the agreed quotation, proposal documents, the finance company's name, the date and the reference number.
The gross price for margin scheme purposes equals the amount borrowed plus any cash deposit plus any amount allowed for a part-exchange item.
In Example 1, a boat sold for £2,500 after being bought for £1,500, with a £500 part-exchange boat accepted, requires VAT to be accounted for on the full margin of £1,000.
In Example 2, a car allowed £800 in part-exchange must be recorded at £800 as the purchase price even though its book value was only £600.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 11 claims 30 Oct 2026

HMRC says new customer relationship IT programme offers value for money

HMRC has published the summary of its Accounting Officer's assessment of the Enterprise Customer Relationship Management (ECRM) Programme, a major internal technology initiative meant to replace fragmented legacy systems. The assessment, concluded in October 2026, gives a brief verdict on the programme's viability. This is a short corporate disclosure rather than a detailed technical or financial report.

HMRC's Accounting Officer carried out the assessment of the ECRM Programme in October 2026.
The summary was published on 30 October 2026.
The programme will replace fragmented legacy systems with a unified, enterprise-wide customer relationship management platform.
The Accounting Officer concluded the programme is value for money and deliverable.
The stated aim is more personalised, efficient and data-driven services for individuals and businesses.

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Bank of England Source document ↗

United Kingdom Bank of England Governance & Accountability ✓ 20 claims 29 Oct 2026

Bank of England Court sets 50% office attendance rule from 1 October

Routine but revealing governance minutes from the Bank of England's Court of Directors cover a new office attendance mandate, progress on the Leeds relocation programme, committee appointments and succession planning for the Deputy Governor for Markets and Banking. Compliance and HR teams tracking the Bank's internal operating model will find the attendance and location details most material.

Staff will be required to be in the office 50% of the time from 1 October 2026, following the Flexibility Review.
Court noted progress toward a target of 500 staff based in Leeds by the end of 2027 under the Location Strategy Programme.
Court approved a new model for independently led reviews, to avoid overlap with the upcoming NAO review and the IMF's Financial Sector Assessment Program.
David Craig and Hanneke Smits were appointed to the Audit and Risk Committee, the latter effective 1 January 2027, and Paul Nowak to the Remuneration Committee.
The Chair confirmed preparation is underway for recruiting a new Deputy Governor for Markets and Banking as Dave Ramsden's term ends next year.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 16 claims 29 Oct 2026

HMRC pension newsletter flags DigiRAS delay to 2027 alongside IHT changes

HMRC's October 2026 pension schemes newsletter sets out a wide slate of tax and administrative changes affecting schemes, including inheritance tax amendments tied to an April 2027 deadline and a delay to a separate digitalisation project into the same year. Scheme administrators and trustees should treat this as a checklist of items to review rather than a single headline change.

HMRC published Pension Schemes Newsletter 186 on 29 October 2026 via its Pension Schemes Services team.
The newsletter covers minor technical amendments to the extension of inheritance tax to pensions, which takes effect from April 2027.
The digitalisation of the relief at source (DigiRAS) Strategic Payments Service has been delayed until 2027.
The newsletter also addresses tax on excess pension lump sum death benefits following lifetime allowance abolition and the two-year rule for death benefit tax treatment.
HMRC has launched a new online tool to help customers claim pension tax refunds, alongside published pension flexibility and registration statistics.

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Department for Business and Trade — export control Source document ↗

United Kingdom Department for Business and Trade — export control Governance & Accountability ✓ 13 claims 29 Oct 2026

UK guidance on employment agency rules updated to name Fair Work Agency

This is a housekeeping update to long-standing guidance on the Conduct of Employment Agencies and Employment Businesses Regulations 2003. It matters mainly for recruitment firms checking who to contact and which regulator now enforces the rules, following the creation of the Fair Work Agency.

From 7 April 2026 the Fair Work Agency (FWA) replaced the Employment Agency Standards (EAS) Inspectorate as the body named in the guidance.
On 29 October 2026 the department updated contact details at the bottom of each attachment from Employment Standards Agency to Fair Work Agency.
On 22 June 2026 the PDF version of the guidance was removed and replaced with an accessible HTML version.
Regulation 13A requires a 'Key information document' for agency workers, a requirement that took effect from 6 April 2020.
The guidance also covers Regulation 18 on information agencies must obtain from hirers and Regulation 21 on information to be provided to work-seekers and hirers.

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Department for Business and Trade — export control Source document ↗

United Kingdom Department for Business and Trade — export control Governance & Accountability ✓ 14 claims 28 Oct 2026

UK updates voluntary code for executive search firms on board diversity

This briefing covers a minor but notable update to the UK's voluntary code of conduct for executive search firms, which governs how search firms run board-level hiring processes. The code underpins gender diversity targets on UK boards and has just been amended twice in under a year.

The code of conduct was last amended on 28 October 2026 to remove 'FTSE' from references to the Women Business Leaders Review.
A 5 January 2026 update revised the introduction, provisions 1, 2 and 5, and the 'embedding and developing the code' section.
The code has set a longlist target of 40% since an update made on 16 March 2021.
Around 100 executive search firms have signed the code, which the department says cover the vast majority of UK board work.
The code originates from the 2011 Davies Review and was last substantively republished on 15 November 2017.

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HM Treasury Consultations Source document ↗

United Kingdom HM Treasury Consultations Governance & Accountability ✓ 15 claims 28 Oct 2026

HM Treasury consults on corporate tax simplification to support investment

HM Treasury has opened a short consultation on simplifying the UK Corporate Tax system to improve certainty and support business investment, growth and competitiveness. It identifies areas where stakeholders have raised concerns about complexity and administrative burden and asks for input before detailed proposals are developed. Responses close on 21 November 2026, and the government says it will spend the following year prioritising and testing options.

The consultation was published by HM Treasury on 28 October 2026 and closes at 11:59pm on 21 November 2026.
It explores targeted simplification of the Corporate Tax system to support investment, growth and competitiveness.
The document identifies areas where stakeholders have raised concerns about complexity, uncertainty and administrative burdens.
The government says it will work with stakeholders over the next year to prioritise and test options before developing detailed proposals for the highest-priority areas.
Responses can be submitted by email to ct.simplification@hmrc.gov.uk.

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FCDO — sanctions announcements Source document ↗

United Kingdom FCDO — sanctions announcements Governance & Accountability ✓ 12 claims 28 Oct 2026

HMRC to require VAT and PAYE Direct Debit mandates from April 2029

HMRC has published its response to a 2026 consultation on requiring VAT and PAYE payments by Direct Debit. This briefing covers the final policy decision, the new implementation date, and the flexibility businesses retain to use alternative payment methods.

The consultation on requiring VAT and PAYE payments by Direct Debit ran from 9:30am on 23 June 2026 to 11:59pm on 16 August 2026.
HMRC published a summary of responses and its final policy outcome on 28 October 2026.
Businesses will be required to have a Direct Debit mandate in place by April 2029.
Businesses will retain flexibility to pay VAT and PAYE by another method before the payment due date, even once a mandate is in place.

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HM Treasury Consultations Source document ↗

United Kingdom HM Treasury Consultations Governance & Accountability ✓ 14 claims 28 Oct 2026

HM Treasury reports back on business rates reform to lift investment

HM Treasury has published its summary of responses to the Business Rates and Investment Call for Evidence, part of its multi-year Transforming Business Rates programme. The exercise tested whether moving to a marginal tax rate and reforming the receipts and expenditure valuation method would ease barriers to capital investment. This item covers what was consulted on and where reform now sits.

The Business Rates and Investment Call for Evidence ran from 1pm on 26 November 2025 to 11:55pm on 18 February 2026, with a summary of responses added on 28 October 2026.
The government committed to explore moving to a marginal tax rate, where successive bands are taxed at increasing rates, following the Transforming Business Rates Interim Report.
Ratepayers with large capital expenditure raised concerns about the impact of the receipts and expenditure (R&E) valuation methodology on investment decisions.
The exercise also sought views on Small Business Rates Relief, Improvement Relief, Empty Property Relief, pre-list discussions and transparency.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 21 claims 27 Oct 2026

FCA confirms Bullseye Financial has entered administration

The FCA has published a customer notice confirming that Bullseye Financial Ltd, an FCA-authorised firm serving only professional investors, entered administration on 23 October 2026. The notice directs customers to the joint administrators, flags FSCS and Ombudsman routes, and warns about recovery-room scams. It also records a link to HDH Investment Services Ltd, which went into liquidation in April.

Bullseye Financial entered administration on 23 October 2026, with joint administrators from Azets and RSM UK appointed.
The firm served only professional investors, providing discretionary management or execution-only dealing without investment advice.
On 11 March 2026 the firm agreed a voluntary requirement to cease all regulated activity.
Bullseye Financial provided some services to clients of HDH Investment Services Ltd, which entered liquidation on 16 April 2026.
The FCA says the firm remains authorised and supervised and must still comply with FCA rules, while the administrators answer to their own regulators and insolvency law.

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HM Treasury Source document ↗

United Kingdom HM Treasury Governance & Accountability ✓ 17 claims 27 Oct 2026

HM Treasury issues August 2026 Preston factors for part-time pension reinstatement

HM Treasury has released the August 2026 Preston factors, the actuarial earnings and interest figures employers use to cost retrospective occupational pension service for part-time workers entitled to reinstatement. The release follows the 2000/2001 ECJ and House of Lords rulings. It matters to anyone administering a scheme with outstanding Preston reinstatement claims, because these factors set what a reinstated member must pay.

HM Treasury published the Preston guidance for August 2026 on 1 October 2026 for use by employers.
The release contains two Excel files: the Preston factors (95.2 KB) and an Employee NICs Rebate file (56.2 KB).
The factors price retrospective occupational pension service at an actuarially fair cost under the guidance.
The stated aim is to leave reinstated part-timers no better and no worse off than if they had contributed when originally employed.
The guidance follows the European Court of Justice and House of Lords rulings in 2000/2001 on part-timers' retrospective scheme access.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 23 claims 27 Oct 2026

FCA survey finds firm satisfaction up to 79%, trust rises to 75%

The FCA has published results from its annual survey with the Practitioner Panel, measuring how regulated firms view its performance. The data cover satisfaction, trust, effectiveness and understanding of specific objectives including Consumer Duty and the secondary competitiveness objective. Compliance and government affairs teams tracking the FCA's relationship with industry and its simplification agenda should note the figures.

79% of firms reported high satisfaction with their FCA relationship, up from 74% last year.
76% of firms rated the FCA a highly effective regulator, up from 69%, and 75% reported high trust.
Understanding of the Secondary International Competitiveness and Growth Objective rose 27 percentage points, with confidence in its delivery up 25 points.
88% of firms said they understand FCA expectations on supporting consumers and embedding the Consumer Duty.
The FCA says it is removing outdated or duplicated data returns for 90% of firms and delivered an estimated £5.6bn in benefits to consumers and the economy in its strategy's first year.

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UK Competition and Markets Authority Source document ↗

United Kingdom UK Competition and Markets Authority Governance & Accountability ✓ 20 claims 26 Oct 2026

CMA to review £401.2m Defra subsidy for Canal & River Trust

The CMA's Subsidy Advice Unit has opened a referral into a proposed £401.2 million Defra subsidy to the Canal & River Trust, covering 2027 to 2037. This briefing covers the administrative timetable, the subsidy's structure and policy objectives, and how interested parties can make submissions.

The proposed subsidy totals £401.2 million, paid to the CRT over the period 2027 to 2037.
The initial grant in 2027 to 2028 is £49.99 million, tapering downwards by 5% each subsequent year to £31.51 million in nominal terms by 2036 to 2037.
Third-party submissions on the Assessment of Compliance are due by 19 October 2026.
The SAU's report to Defra is due for publication on 16 November 2026, within a 30 working day reporting period that began on 6 October 2026.
The CRT manages around 2,000 miles of inland waterways across England and Wales and employs around 1,600 people.

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HM Treasury Source document ↗

United Kingdom HM Treasury Governance & Accountability ✓ 13 claims 23 Oct 2026

Ministry of Justice adds four major-project assessments to GMPP transparency page

HM Treasury and the Ministry of Justice refreshed the page listing accounting officer assessment summaries for MOJ projects in the Government Major Projects Portfolio. The update adds several 2026 entries, including a batch dated 26 February 2026 and a further Accelerated Houseblocks Delivery Programme addendum on 12 October 2026. For anyone tracking public spending governance, it is a window into how departments evidence regularity, propriety, value for money and feasibility.

The page was first published on 25 July 2019 and was last updated on 12 October 2026 with an Accelerated Houseblocks Delivery Programme: Programme Business Case 3 Addendum.
The 26 February 2026 batch lists four items: the Future Voice Service Full Business Case, the HMP Norwich Major Refurbishment Project, a Programme Business Case 3 Addendum for HMP Wayland, and the Community Support Programme.
Departmental accounting officers must assess every GMPP project against regularity, propriety, value for money and feasibility.
The Accelerated Houseblocks Delivery Programme appears twice in 2026, with Programme Business Case 3 Addendum entries on 26 February 2026 and 12 October 2026.

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FCA Publications Source document ↗

United Kingdom FCA Publications Governance & Accountability ✓ 18 claims 23 Oct 2026

FCA finds governance gaps at benchmark administrators in multi-firm review

This review closes a supervisory programme the FCA began after its 2024 portfolio letter flagged governance weaknesses at benchmark administrators. It sets out observations across five areas, from board composition to assurance, intended to help firms assess their own arrangements rather than prescribe a single model. Compliance and risk teams supporting benchmark administration should read it as a diagnostic checklist.

The review is the final part of supervisory work launched after the FCA's 2024 portfolio letter identified governance weaknesses at a number of benchmark administrators.
The FCA assessed firms across five areas: board composition and capability, board engagement and challenge, governance structure and escalation, board packs and information flow, and governance assurance.
In some cases governance records did not clearly capture board decisions, challenge, decision rationale and resulting actions.
The FCA found information and escalation flows between UK regulated entities and wider group governance forums were less developed in some cases.
The FCA says it will use the findings to inform supervisory engagement and encourages administrators to engage with the government's ongoing review of the UK Benchmarks Regulation.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 14 claims 23 Oct 2026

FCA finds uneven conflicts management across private market firms

The FCA has published findings from a review of how private market firms identify, manage and disclose conflicts of interest. Standards varied considerably across private equity, private credit and real estate, with some firms failing to keep controls in step with their own growth. The regulator wants firms to act on the findings, and signals a wider supervisory focus on private markets and investor outcomes.

The FCA review covered conflicts of interest and fair customer treatment across private equity, private credit and real estate.
Recurring weaknesses were found in cross-fund transfers and multi-party transactions, gifts and entertainment, and information barriers.
The FCA expects firms to identify, record, manage and disclose conflicts effectively and to demonstrate investors are treated fairly.
Separately, the FCA is examining governance and conflicts concerns relating to the use of private credit to fund consumer litigation claims.

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Bank of England Source document ↗

United Kingdom Bank of England Governance & Accountability ✓ 19 claims 22 Oct 2026

PRA and FCA plan to scrap pre-approval for most senior manager roles

The PRA and FCA have opened consultations to strip back the Senior Managers and Certification Regime, removing regulator pre-approval for many functions and scrapping the Certification Regime entirely for roles below senior manager level. This covers what changes, what stays, and the consultation deadline compliance and HR teams need to track.

The PRA and FCA opened parallel consultations on 22 October 2026 to streamline SM&CR, with feedback invited until 22 January.
Regulator pre-approval will be removed for roles including Chief Actuaries and Chairs of Risk and Audit Committees, replaced by firm notification.
The Certification Regime will be scrapped for around 139,000 individuals below senior manager level, removing them from annual checks and the Financial Services Register.
The reforms are expected to reduce PRA SM&CR pre-approvals by 43% and halve the overall burden of the PRA regime.
CEOs, CFOs and Chairs will continue to require regulator pre-approval and fit and proper tests before appointment.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 18 claims 22 Oct 2026

FCA chief signals more assertive use of powers to tackle digital-era market risks

A speech by FCA chief executive Nikhil Rathi sets out how the regulator intends to respond to AI, tokenisation and other fast-moving technology without slowing innovation. It signals a shift from rulemaking toward more assertive supervisory action, a rethink of AML processes, and new leadership roles tasked with cutting duplicative compliance burden while expanding the FCA's reach into unregulated sources of harm.

FCA chief executive Nikhil Rathi delivered the speech at the Corporation of the City of London's annual City Dinner on 22 October 2026.
Rathi said as much as 8% of banks' workforces are dedicated to combatting financial crime, and called for better outcomes from those resources.
The FCA is integrating over 60,000 professional services businesses into its regulatory ambit.
New chief operating officer Johan Sekora, formerly of Swedish banks' intelligence sharing efforts, will lead work to look beyond KYC processes toward uncovering actual money laundering.
Deputy chief executive Sarah Pritchard will engage firms to streamline duplicative compliance assurance, including a review of the three lines of defence model.

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FCA Publications Source document ↗

United Kingdom FCA Publications Governance & Accountability ✓ 22 claims 22 Oct 2026

FCA proposes scrapping Certification Regime in second phase of SM&CR overhaul

The FCA has opened CP26/37, the second phase of its Senior Managers and Certification Regime review. It proposes removing the Certification Regime, retiring the Directory of certified persons, cutting the number of Senior Management Functions and raising the thresholds for the Enhanced regime. The consultation closes on 22 January 2027, with final rules expected in the first half of that year.

The consultation opened on 22 October 2026 and closes on 22 January 2027, with final rules expected in the first half of 2027.
The FCA proposes removing the Certification Regime and retiring its Directory of certified and assessed persons.
Certain Senior Management Functions would be removed and other roles made notified, while Enhanced regime thresholds would be raised.
Firms would no longer make ongoing submissions of Statements of Responsibilities and Management Responsibilities Maps, and Conduct Rule breach reporting thresholds would rise.
The regime binds all firms currently in scope, including third-country branches, and firms due to enter scope such as cryptoasset firms.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 14 claims 22 Oct 2026

Jarvis Investment Management enters special administration, FCA confirms

The FCA has confirmed that Jarvis Investment Management, a UK wealth manager it authorises, has entered special administration. This briefing sets out the appointment, the FCA's ongoing supervisory role, and what clients with money or custody assets held at the firm need to do next.

Jarvis Investment Management Limited (FRN 116413) entered special administration on 14 October 2026.
Adam Stephens and Philip Hemming of S&W Partners LLP were appointed as special administrators.
Jarvis Investment had agreed a voluntary requirement with the FCA on 16 September 2022 restricting its activities without FCA consent.
Clients will be written to within 8 weeks of the appointment explaining how money and assets will be returned and how to claim.
The FSCS may cover shortfalls in client money or assets and distribution costs up to £85,000 for eligible clients.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 11 claims 22 Oct 2026

FCA signs lease for new Leeds office, relocating in 2028

A short FCA news update on a property matter rather than a policy change: the regulator has agreed a new long-term office in Leeds. It matters mainly to staff, suppliers and local stakeholders tracking the FCA's regional footprint and its 2030 workforce target.

The FCA has signed an agreement for a new office at 2 Wellington Place, Leeds.
The new site will provide 36,097 sq ft of space and becomes the FCA's long-term Leeds home from 2028.
The FCA's current Leeds office at 6 Queen Street opened in 2022 and has continued to grow since.
The move supports the FCA's five-year strategy ambition of 1,000 roles based outside London by 2030.
The FCA says it will share more about the new office and plans closer to 2028.

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UK Competition and Markets Authority Source document ↗

United Kingdom UK Competition and Markets Authority Governance & Accountability ✓ 16 claims 21 Oct 2026

CMA subsidy unit reports on £350m chemicals resilience fund scheme

The CMA's Subsidy Advice Unit has completed its advisory report on a proposed £350 million government subsidy scheme for the UK chemicals sector. This item covers the scheme's structure, funding terms and the SAU's review timetable, relevant to firms in chemicals, critical infrastructure and supply chain sectors watching subsidy design precedent.

The SAU completed its report within 30 working days of accepting BIST's request on 10 September 2026, publishing its final advice on 21 October 2026.
The Critical Chemicals Resilience Fund has an overall budget of £350 million, available until the end of March 2030.
Successful applicants could receive up to 50% of eligible costs for projects that improve resilience and competitiveness.
Eligible companies have already been identified by BIST and ratified by a panel of industry experts, ahead of the fund opening to applications in autumn.
Applicants must submit a business case covering the resilience challenge, proposed investments, delivery arrangements and evidence of additionality and value for money.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 24 claims 21 Oct 2026

FCA deputy chief says rulemaking has peaked but tokenisation and T+1 deadlines loom

A speech by FCA deputy chief executive Sarah Pritchard to the Investment Association sets out the regulator's claim to be past peak rulemaking while listing an active pipeline including a fund reporting consultation closing this week, a tokenisation roadmap with the Bank of England, and a warning on T+1 settlement readiness. Useful for compliance teams tracking where FCA attention and enforcement discretion are heading next.

UK investment fraud losses rose 40% in 2025, Pritchard said, despite the FCA securing more criminal convictions than ever before across fraud, money laundering and insider dealing.
The FCA's consultation on streamlining the asset manager rulebook, which it says could save firms £128m per year, is collecting responses until this Thursday.
A joint tokenisation roadmap with the Bank of England, setting the path from testing to lasting market infrastructure, is due next month.
T+1 settlement goes live in under a year and the FCA said it will act against firms found unprepared.
More than a dozen firms were authorised to deliver targeted support within six months of its introduction, with consumers receiving it said to invest up to 53% more than those who do not.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 13 claims 20 Oct 2026

HMRC publishes National Insurance Fund accounts for 2025 to 2026

HMRC has updated its National Insurance Fund Accounts page with the Great Britain and Northern Ireland reports for the year ended 31 March 2026. This briefing covers what was published, under what statutory authority, and what the documents are stated to contain, for readers who track the Fund's annual reporting cycle.

The Great Britain National Insurance Fund Account for the year ended 31 March 2026 was published as HC 639, ISBN 978-1-5286-6791-3, running 33 pages.
The Northern Ireland National Insurance Fund Account for the year ended 31 March 2026 was published as HC 640, ISBN 978-1-5286-6792-0, running 34 pages.
Both accounts were presented to Parliament pursuant to section 161(2) of the Social Security Administration Act 1992.
Reports from previous years have been archived and are now accessible only via The National Archives.
The page states the accounts present receipts and payments for the financial year along with the balance on the Fund at year end.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 22 claims 19 Oct 2026

FCA survey of 411 corporate finance firms finds weakest spots in compliance culture

The FCA has published findings from a survey of corporate finance firms' compliance resources, flagged in its Regulatory Priorities Report. Most firms perform core compliance tasks, but the regulator wants to see more independent challenge and better-embedded compliance culture, particularly in small firms and those playing public-markets roles. If you run second-line functions in wholesale advisory firms, this sets the benchmark the FCA will apply when it engages selected firms next.

The FCA surveyed 411 corporate finance firms and received 382 responses; 47% reported carrying out all activities covered by the survey.
140 firms reported that regulatory compliance does not form part of staff performance assessments, and 90 reported no whistleblower disclosure arrangements.
82 firms each reported that compliance does not attend management body meetings and does not report at least annually to the management body.
63% of firms reported a compliance function that is not dedicated solely to compliance, and 90% used some form of third-party compliance support.
The FCA will engage selected firms further to examine the adequacy and effectiveness of their compliance resources and gaps in practice.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 14 claims 18 Oct 2026

HMRC again amends application process for approving premises to examine goods declared for export

HMRC has amended, for the second time in three months, the process for seeking approval of premises used to examine goods declared for export under the Customs (Import Duty) (EU Exit) Regulations 2018. The notices carry the force of law. Traders and customs agents relying on approved examination sites should check the current application requirements against the latest version.

The 8 October 2026 update amends the application process for approval of premises used to examine goods declared for export.
An 8 July 2026 update introduced a revised application process requiring applications to be made electronically using the specified online form.
The notices made under the Regulations have the force of law and were first published on 31 December 2020.
A 6 February 2025 update separately changed the process for approving premises as an appropriate place for examining goods declared for export under Regulation 40(6A).

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UK Competition and Markets Authority Source document ↗

United Kingdom UK Competition and Markets Authority Governance & Accountability ✓ 24 claims 16 Oct 2026

CMA names Cyrus Mehta as new Competition Panel Chair after Coleman's exit

This is the CMA's continuously updated record of who sits on the independent panels that decide phase 2 markets and mergers cases. The latest entries record a change of Panel Chair and a series of member departures and appointments, information firms under CMA scrutiny use to check who will be deciding their case.

Cyrus Mehta replaced Martin Coleman as Competition Panel Chair on 18 September 2026, with biographies and interests updated accordingly.
Martin Coleman was removed from the panel entirely on 7 October 2026 at the end of his term.
Twelve new independent members were added to panel members' biographies and disclosures of interest on 1 September 2026.
Susan Hankey and Keith Richards were removed on 23 September 2026, and Juliet Lazarus was removed as a panel member on 9 September 2026, all at end of term or by removal.
Inquiry chairs are currently listed as Cyrus Mehta (Panel Chair), Kirstin Baker and Margot Daly.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 14 claims 16 Oct 2026

FCA Proposes 90-Day Minimum Notice Period for Illiquid Asset Funds

The FCA has opened a consultation on new redemption rules for authorised funds holding hard-to-sell assets like property and infrastructure. The proposal sets a 90-day minimum notice period for investor withdrawals, intended to prevent the liquidity mismatches that have previously forced fund suspensions. Compliance and product teams at authorised fund managers should review the consultation and consider how a mandatory notice floor would affect existing NURS structures.

The FCA is consulting on CP26/35, proposing fair redemption terms for authorised funds investing in illiquid assets.
Funds investing in inherently illiquid assets such as property and infrastructure would need to give investors 90 days' notice before redemption.
Existing funds would have 2 years to comply and must give investors at least 1 year's notice of the change.
The consultation applies to authorised fund managers of non-UCITS retail schemes (NURS).
The FCA is asking for feedback on the proposals by 11 December 2026.

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Bank of England Source document ↗

United Kingdom Bank of England Governance & Accountability ✓ 15 claims 16 Oct 2026

Bank of England advisory group picks puffin, owl, hedgehog and bumblebee for next banknotes

The Bank of England's Banknote Imagery Advisory Group met on 15 July 2026 to review results of its 2026 public consultation on banknote imagery and agree a recommendation to the Governor. This short item covers which animals were chosen, the stated rationale tied to counterfeit resilience, and the process still to follow before any final decision.

BIAG's 15 July 2026 meeting reviewed a June 2026 public consultation that received nearly 500,000 responses across online survey, post, email and phone.
The group agreed to recommend the buff-tailed bumblebee, barn owl, European hedgehog and Atlantic puffin as central imagery for Series H's four denominations.
The Atlantic puffin was chosen over the fox or kingfisher, which received more selections, to bring a marine habitat into the set.
The recommendation goes to the Governor for indicative views before further engagement with the Banknote Imagery Expert Panel on depiction and habitat choices.
The Bank intends to announce the four chosen animals to the public in the Autumn, with the Governor making the final decision.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 16 claims 16 Oct 2026

HMRC lifts CWG2 car-or-van hire rate to 55p per mile in latest employer guidance update

HMRC's CWG2 is the detailed employer guide to PAYE and National Insurance for less common situations. The page carries a long-running change log, most recently updated on 15 October 2026 to revise a mileage rate. Payroll and reward teams use it to track in-year legislative and procedural changes across the current and recent tax-year versions.

The 15 October 2026 update changes the section 5.4.2 'car or van' hire rate from 44 per mile to 55 per mile in the 2026 to 2027 guide.
A new section 2.2.6 'Relevant accretions' was added to the 2026 to 2027 guide on 21 September 2026.
India was added on 7 July 2026 to the section 4.5 list of countries with which the UK has a social security agreement.
The page currently links HTML versions of the guide covering tax years 2021 to 2022 through 2026 to 2027, with the 2019 to 2020 version removed.
First published on 6 April 2014, the guide covers PAYE and National Insurance in less common employer situations.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 12 claims 16 Oct 2026

HMRC rewrites voluntary disclosure guidance to cover workers wrongly treated as self-employed

HMRC has updated its guidance on making a voluntary disclosure of unpaid tax, first published in 2016. The latest change broadens the section on how to correct errors and now addresses cases where someone should have treated a worker as an employee for tax purposes. The update sits within a long-running series of amendments to the same guide. This item sets out what the current version says and where it has moved.

The 15 October 2026 update revised the 'Ways to make a disclosure' section to cover errors to correct, information to provide, and cases where a worker should have been treated as an employee for tax purposes.
On 6 April 2026 and 7 April 2025, tax year references were updated in the 'Income Tax returns' and 'If you failed to notify HMRC that you'd started in business' sections.
Disclosure and contact postal addresses were changed on both 5 October 2026 and 8 April 2026 across several sections of the guide.
The guide was first published on 5 September 2016 and has since added disclosure routes for R&D relief claimed in error, cryptoassets and till-system misuse.

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Bank of England Source document ↗

United Kingdom Bank of England Governance & Accountability ✓ 11 claims 16 Oct 2026

Bank of England publishes David Roberts CV and questionnaire for Treasury Select Committee

The Bank of England has published David Roberts' CV and a completed questionnaire, released for the Treasury Select Committee on 15 October 2026. The material appears in connection with a reappointment. The source itself carries only the fact of publication and the date, so this item records what was disclosed rather than the substance of any hearing.

The Bank of England published David Roberts' CV and questionnaire on 15 October 2026.
The documents were published for the Treasury Select Committee.
The Bank's publication is framed in the context of a reappointment.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 16 claims 15 Oct 2026

HMRC publishes CT600 V3 (2027) RIM artefacts for Corporation Tax software developers

A short item for the people who actually build Corporation Tax filing software. HMRC has added the next-year CT600 artefact set and reshuffled the live and test versions. It binds no taxpayer directly but sets the technical rails for every CT600 return filed through commercial and in-house software. Here is what moved and what to watch on the implementation status.

CT600 V3 (2026) Artefacts V1.995 was renamed to CT600 V3 (2027) Artefacts V1.995 on 12 October 2026.
V1.995 (version date 25 September 2026) is awaiting implementation into LTS, TPVS and live.
CT600 V3 (2026) Artefacts V1.994 and CT600 V2 (2009) Artefacts V3.99 are currently in LTS, TPVS and live.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 21 claims 15 Oct 2026

HMRC winds down VAT Notice 700/56, migrating insolvency rules to practitioner's handbook

HMRC's VAT Notice 700/56, the reference for insolvency practitioners appointed over VAT-registered businesses, is being progressively dismantled and replaced by a new Insolvency practitioner's handbook. The 12 October 2026 update strips out cash accounting guidance. For office holders who rely on this notice for dividends, Crown set-off, VAT grouping and PAYE on straddling payments, the practical question is where the authoritative text now lives.

The 12 October 2026 update removed section 11 cash accounting content, replacing it with a link to the Insolvency practitioner's handbook.
Sections 1, 2, 3, 4, 5, 6, 7, 10, 15, 17, 18 and 23 have already been migrated to the handbook across 2026 updates.
HMRC states set-off enquiries will not usually be initiated for credits below £250, and Crown set-off will not apply where a credit is secured by a valid fixed charge.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 22 claims 15 Oct 2026

HMRC to auto-enrol unregistered taxpayers into Making Tax Digital from September 2026

HMRC has updated its Making Tax Digital for Income Tax guidance to confirm mandation from April 2026 and a backstop: from September 2026 the department will sign up those who qualify but have not enrolled themselves. For advisers and in-house finance teams handling sole trader and landlord clients, the update sets the eligibility test, the identity checks and the penalty position for the first year.

Mandatory from 6 April 2026 for those whose total self-employment and property income exceeds £50,000, based on the prior year's tax return.
From September 2026 HMRC will auto-enrol qualifying taxpayers who have not signed up, using only data it already holds.
No penalty points for late quarterly updates in 2026-27, but penalties still apply to late tax returns and late payment.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 21 claims 15 Oct 2026

HMRC warns alcohol duty paid with wrong reference may be used to settle other tax bills

HMRC has refreshed its guidance on paying Alcohol Duty for approved alcoholic products producers. The latest change, dated 13 October 2026, spells out what happens when a payment carries the wrong reference number. The page also covers payment deadlines, Direct Debit limits, late-payment interest and the full set of accepted payment channels. Short, operational, and relevant to anyone managing duty settlement.

Using the wrong reference (format XA123456789012) may delay payment or route it to another tax bill; HMRC can move it on request.
Duty on the online return must clear by the 25th of the month; late payment triggers interest and possibly a penalty.
Direct Debit cannot be used for payments over £20 million, and cannot collect interest or penalty charges.
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governance

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 20 claims 15 Oct 2026

HMRC changes bank-transfer payment reference for One Stop Shop VAT returns

HMRC has revised its guidance on paying VAT due under the One Stop Shop scheme, updating the bank-transfer payment reference and spelling out what happens when traders quote the wrong one. The changes are administrative but directly affect whether a payment lands on time and against the right liability, which matters for firms at risk of exclusion from the scheme.

The bank-transfer payment reference for OSS VAT returns was updated on 14 October 2026.
A wrong reference may delay payment, settle a different tax bill, or trigger a payment reminder; traders can email HMRC to move it.
Returns and full payment are due by the last day of the month after each quarter; late payment risks scheme exclusion, penalties or interest.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 18 claims 15 Oct 2026

HMRC refreshes VAT guidance on recovering input tax for financial exports to the EU

HMRC has updated its transitional guidance on the VAT treatment of specified supplies of finance and insurance services. The substance dates to the Brexit change that extended input tax recovery to EU customers from 11pm on 31 December 2020. This segment walks through what still binds banks, insurers, investment managers and brokers, and what the October 2026 edit actually removed.

The 13 October 2026 update only removed out-of-date EU Exit Transitional Provisions from the overview; the post-Brexit recovery rules are unchanged.
Since 11pm on 31 December 2020, the SSO allows input tax recovery on specified supplies to EU customers, via SI 2020/1545 regulations 91 and 92.
Amended regulation 102(2A) means previously approved PESMs are read in line with the revised SSO, avoiding the need to apply for a new method.
Insurers may continue using their current VAT accounting approach to determine the tax point for premiums under Section 6 VATA 94.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 19 claims 14 Oct 2026

HMRC updates Air Passenger Duty payment guidance on wrong reference numbers

HMRC has refreshed its operational guidance on paying Air Passenger Duty. The headline change is a warning on payment reference discipline, alongside restated deadlines, payment channels and account details. It is administrative rather than a change to duty rates or liability, but it affects how airlines and occasional operators discharge their APD obligations and avoid penalties or interest.

Using an incorrect 15-character reference (starting with X) may delay a payment or apply it to another tax bill; payers can email APDHelpdesk@hmrc.gov.uk to move it.
Payment deadlines are extended by seven calendar days for Direct Debit, Faster Payments, CHAPS and Bacs; Occasional Operator Scheme users pay within seven days of the flight.
Payments over £20 million cannot be made by Direct Debit, and a return must be submitted even where there is nothing to pay.
Occasional Operator Scheme payers cannot use Direct Debit and must contact HMRC for a reference number.

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