UK

Financial Ombudsman Service Warns Students About Financial Pitfalls

The UK's Financial Ombudsman Service has issued a warning to university students about common financial pitfalls as they return to education. The notice aims to raise awareness of potential financial issues and inform students about the services available to help resolve disputes with financial providers.

Financial Ombudsman Service Sets Case Resolution Targets

The UK Financial Ombudsman Service has published its plans and budget for the 2026/27 financial year, setting a target to resolve 245,000 cases. The service is consulting on these ambitious targets, which include resolving over 80% of cases within six months.

Ashley Alder Appointed New PSR Board Chair

Ashley Alder has been appointed as the new Chair of the Payment Systems Regulator (PSR) Board, effective January 26, 2026. This appointment coincides with the planned consolidation of the PSR into the Financial Conduct Authority (FCA), where Alder also serves as Chair.

High Court Upholds PSR Powers to Cap Card Fees

The UK High Court has upheld the Payment Systems Regulator's (PSR) powers to cap cross-border interchange fees, following a legal challenge. This decision allows the PSR to proceed with its analysis and potential implementation of fee caps, aiming to reduce costs for UK businesses.

PSR Consults on Card Fee Transparency and Governance Standards

The UK Payment Systems Regulator (PSR) is consulting on new standards to increase transparency and governance in card scheme and processing fees. These measures aim to provide businesses with clearer pricing information and ensure fee-setting is evidence-based, following a market review that found a lack of competition and clarity.

Payments Forward Plan Published

The Payments Vision Delivery Committee, comprising HM Treasury, the Bank of England, the FCA, and the PSR, has published the Payments Forward Plan. This plan outlines upcoming initiatives in retail and wholesale payments, including digital assets, to foster a trusted, world-leading payments ecosystem.

PSR Fines Bank of Ireland UK £3.7m for Confirmation of Payee Failure

The Payment Systems Regulator (PSR) has fined Bank of Ireland UK £3.7m for failing to implement the Confirmation of Payee system by the required deadline. This failure left over 1.14 million new payees and approximately £6.9 billion in payments unprotected against fraud.

Merchant Shipping Order Increases Borrowing Limit to £166 Million

The UK Secretary of State for Transport, with Treasury approval, has issued the Merchant Shipping (General Lighthouse Authorities) (Increase of Borrowing Limit) Order 2026. This order increases the aggregate borrowing limit for general lighthouse authorities from £133 million to £166 million, effective March 31, 2026.

Appointment of Chief Inspector of Education in Scotland

The UK Government has issued the His Majesty’s Chief Inspector of Education in Scotland (Appointment) Order 2026. This statutory instrument officially appoints Ruth Anne Binks as His Majesty's Chief Inspector of Education in Scotland, effective March 30, 2026.

Vulnerable Witnesses Act 2019 Commencement Regulations for Scotland

The Scottish Ministers have issued regulations to bring into force Section 1 of the Vulnerable Witnesses (Criminal Evidence) (Scotland) Act 2019. These regulations specify the commencement date and transitional provisions for child witnesses giving evidence in sheriff court proceedings.