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ARTICLE · 14 OCTOBER 2025

Investment Management Update - October 2025

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Treasury response to House of Lords report on the FCA's and PRA's secondary international competitiveness and growth objectives (the SICGO Report)

United KingdomFinance and Banking
Lora Froud
Lora Froud
Alexandra Green
Alexandra Green
Michael Sholem
Michael Sholem
Rachel Serene
Rachel Serene

Welcome to the latest edition of our investment management update.

This publication has been tailored to highlight topical news, cases and changes in the law impacting the investment management sector.

UK

  • Consumer Duty: On 30 September 2025, the FCA responded to the request from the Chancellor in her July, Mansion House speech to report back on the application of Consumer Duty to wholesale firms. The FCA acknowledged concerns raised by firms on the application of the Consumer Duty to wholesale services and confirmed it plans to amend the rules to remove disproportionate burdens from wholesale firms. Detail of rule changes have not been provided but instead the FCA set out a four point action plan including steps the Treasury may wish to consider. Under the action plan the FCA committed to:
    • provide more clarity on its supervisory approach and expectations under the Consumer Duty when firms work together to manufacture products for retail customers;

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