Fintech, digital assets, payments and consumer credit | UK Regulatory Outlook October 2026

Fintech  

FCA research on open finance infrastructure 

On 29 September 2026, the Financial Conduct Authority (FCA) published research examining different models of open finance infrastructure and looking at how the UK could build the technical and governance arrangements needed to support the expansion of open banking into more financial products, which requires secure data sharing.

The research considers the practical conditions needed to make financial data sharing usable, trustworthy and scalable, including common technical standards, secure APIs, reliable accreditation and identity arrangements, effective consent and authorisation, operational monitoring, and the ability to suspend or revoke access. 

The research examines three infrastructure model "families" (centralised, decentralised or federated, and hybrid) and considers international examples. The research suggests that the central question is not whether the UK's future system should be entirely centralised or decentralised, but which infrastructure functions require coordination and which should remain distributed. The FCA has not yet chosen an infrastructure model. 

Digital assets  

FCA policy statement on cryptoasset perimeter guidance 

On 16 September 2026, the FCA published a policy statement on cryptoasset perimeter guidance (PS26/18), ahead of the new cryptoasset regulatory regime coming into force on 25 October 2027. From this date, anyone wishing to carry on cryptoasset regulated activities by way of business in the UK will need to apply for FCA authorisation, unless exemptions apply. 

The policy statement sets out new text which will be included in the FCA Handbook (PERG 18), setting out guidance in a Q&A format on regulated cryptoasset activities. It covers the new specified investments and regulated cryptoasset activities, including which permissions may be needed for certain business models and how certain exclusions operate. It also considers the interaction between the cryptoassets regulatory framework and the Money Laundering Regulations 2017. 

The FCA consulted on this guidance in April 2026 (CP26/13). Changes made since the consultation include additional guidance on the application of the "by way of business" test, and further material on the territorial scope of the regime to help determine whether activities are carried on in the UK. 

Further amendments to the guidance are expected to account for the latest cryptoassets legislation.