FCA to cut down on financial sector regulation as it prepares to launch five-year strategy

Over 100 pages of ‘outdated guidance’

25 March 2025 • 1 min read

In a statement released today (25 March), the financial watchdog said it is moving to simplify rules for financial firms so that they can "give people clearer information to help them find and compare financial products".

FCA to cut red tape around corporate bonds in push for greater retail investor and wealth manager access

The FCA has put forward proposals to assess its expectations for mortgages and lending, and to analyse ways to make communications about savings accounts simpler.

FCA's action plan also includes reviewing parts of its credit advertising rules, such as "lengthy" terms and conditions.

In addition to retiring "outdated guidance", the FCA will also withdraw "hundreds" of historic supervisory publications, as well as review current prescriptive disclosure rules "to give firms more flexibility to tailor communications to customers' needs and preferences, like online and digital transactions".

FCA drops plan to name and shame firms under investigation

Sarah Pritchard, executive director of competition, consumers and international at FCA, said: "Now the Consumer Duty is in full force we are making changes quickly where stakeholders want us to, to cut unnecessary costs, support growth, and ultimately help consumers get better outcomes.

"These proposals are part of our long-term efforts to future-proof our rules, reduce burdens for financial firms and will help the ambitious government targets to cut the cost of regulation".

Along plans to simplify rules for financial firms, the financial watchdog is also looking to publish its next five-year strategy today, in which it is expected to detail exactly how it will go about strengthening trust, rebalance risk, help with growth and "improve lives".

The FCA said will focus on four priorities, namely helping consumers, fighting crime, supporting growth and being a smarter regulator.