Jurisdiction(s):
United Kingdom

Balancing growth and consumer protection: UK government agenda steers FCA towards deregulation, softer enforcement, cryptoassets support, higher contactless limits, and MiFID transaction reporting reform

Published on: 21 March 2025

Published by a Law360 reporter

Legal News

Article summary

Regulatory lawyers warn that deregulation steps set out in a government policy paper on 17 March 2025 could potentially harm consumers, a risk amplified by the Financial Conduct Authority (FCA) scaling back its enforcement agenda. John Pauley, financial services partner at Harper James, said, in his view, the government’s action plan appears more a measured wager than a wild bet, yet it clearly puts growth ahead of stability and security. He noted that the breadth of the proposals, especially the loosening of financial rules, leaves scope for unforeseen fallout across the market. Pauley also said success depends on how quickly both government and regulators can change tack if instability starts to show, and do so decisively. Other practitioners worry that response may come too late, as the government has not articulated its tolerance for consumer harm despite the FCA’s repeated requests for clarity.

Fraud risk rises

Lawyers say fraud exposure would climb under the idea to lift the ceiling on contactless card payments made without a PIN, at scale. Pin-less transactions are currently capped at £100, but, as an FCA option, could become uncapped. Under such terms, criminals could exploit stolen cards to commit fraud under these rules, according to lawyers...

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