Jurisdiction(s):
United Kingdom

UK and EU financial services regulatory update: HMT SABR consultation, EU MAR amendments, Retail Investment Strategy deal, FCA insurance claims response, ESMA internal controls and LMT guidelines

Published on: 18 December 2025

Published by a LexisNexis Financial Services expert

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Financial services developments HMT consults on Specified Authorised Benchmark Regime

HM Treasury (HMT) has opened a consultation on the Specified Authorised Benchmark Regime (SABR), a wholly new framework for benchmarks that will supplant the UK Benchmarks Regulation and confine oversight to benchmarks, or their administrators, that could present systemic risks to UK financial markets. HMT anticipates the SABR will cut the number of benchmark administrators within regulatory scope by as much as 80 to 90 per cent. The consultation runs until 11 March 2026.

Within the SABR, HMT—acting on advice from the Financial Conduct Authority (FCA)—would designate the benchmarks and benchmark administrators brought into scope. Any other benchmarks and administrators offering benchmarks in the UK would fall outside regulation. The designation tests would look at whether there could be an impact on the integrity of the UK financial system and consumers, or on the particular market the benchmark intends to reflect. For benchmark administrators, the criteria would assess the aggregate effect of all benchmarks managed by the firm...

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