CP25/24: Quarterly Consultation Paper No. 49 (PDF)
On 30 September 2025, we amended CP25/24 – see paragraph 8.6 – and published an addendum. These cover the proposed BFSAG 2.1.1G amendments.
What we consulted on this quarter
Proposed changes:
- To extend DEPP 6’s penalties policy to Private Intermittent Securities and Capital Exchange System (PISCES).
- To remove most statutory declarations from mutuals registration function forms to reduce the time and expense involved for mutual societies submitting applications to us.
- To amend the frequency of Section E, G and M of the Retail Mediation Activities Return (RMAR). These returns have been identified as part of the data decommissioning workstream to further reduce firm burden.
- To give proper effect to existing ESG sourcebook rules and providing flexibility for firms to publish ongoing product-level sustainability reports in alignment with other annual fund reporting requirements.
- To update PERG as a result of the HMT statutory instrument which restates the MiFID Org Regs into our Handbook.
- To amend UKLR 9.6.6R to align the timing and frequency of post-trade share buy-back notifications with the requirements for the buy-back programme exemption under the Market Abuse Regulation (Article 2(3) of the UK version of Commission Delegated Regulation (EU) 2016/1052).
- To implement the Berne Financial Services Agreement (BFSA) which seeks to support cross-border financial services trade between both the UK and Switzerland.
- To remove regulatory contactless limits and instead allow banks and other payment service providers to deliver contactless payments whenever they identify that a transaction poses a low level of risk. Note: Please see details on how to respond in ‘Next steps’.
Who this applies to
This will be relevant if you or your firm has any interest in the subjects mentioned above.
Next steps
This consultation has now closed. We will publish feedback on responses in a Handbook Notice once we have reviewed your comments.
Further information
For more information, please view the FCA Handbook.
