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• UK Government Sets Out Next Phase Of New Regulatory Framework
• Nationwide Offers To Buy Virgin Money

UK Government Sets Out Next Phase Of New Regulatory Framework

HM Treasury has  an update on the next “Building a Smarter Financial Services Regulatory Framework” phase.

This policy paper sets out the next phase of delivering a Smarter Regulatory Framework for the UK by replacing assimilated law on financial services. 

The paper, among other things, gives an overview of the programme's progress and states that the UK government continues to review assimilated law repealed by the Financial Services and Markets Act (FSMA) 2023. 

The next tranche of the programme, Tranche 3, will include continuing with Payment Services and E-Money Directives reform. 

This follows on from the Payment Services Regulations call for evidence and review conducted in 2023, the Future of Payments Review report conducted by Joe Garner in 2023, and the government’s forthcoming National Payments Vision.

Nationwide Offers To Buy Virgin Money

Nationwide Building Society has formally agreed to a deal worth £2.9bn to buy Virgin Money. 

“The Board believes the acquisition offers compelling benefits for Nationwide’s current and future members,” said Kevin Parry, Nationwide’s chair. 

Parry has told building society members that this acquisition will strengthen Nationwide financially and presents an opportunity to accelerate its strategy. 

“It delivers greater value for our members and broadens the range of services we offer to include those that many members have requested.”

Among the benefits of the acquisition, Parry pointed out that Nationwide is acquiring a strong personal lending business and credit card range, and a larger branch network.