Topic hub
Regulatory Change and External Expectations
Regulatory expectations rarely announce themselves in a single publication. By the time a requirement is codified, supervisors have often already signalled intent through enforcement patterns, public statements and informal conversations, leaving firms who only read the text exposed.
Polar Insight's view
Polar Insight helps leadership teams read regulator intent early, prepare for change before it is formalised, and enter submissions, approvals and reviews with evidence rather than assumption.
Featured insights
238,000 suspected money mule accounts: why account closures are not the win banks think
The FCA's latest survey shows firms closed 238,396 suspected mule accounts in 2025, but criminals are still cashing out between the second and fifth account in the chain. For senior leaders, the data reframes mule controls as an intelligence-sharing problem, not a volume metric.
Rathi's tokenisation push: from experiment to adoption in wholesale markets
FCA chief executive Nikhil Rathi has told the City that the UK must move from experimentation to adoption on tokenisation and AI, citing estimates of £33 billion in annual GDP benefit. For senior leaders in wholesale markets, the signal is that regulatory patience with pilots is running out and hybrid infrastructure decisions can no longer be deferred.
Protection's coverage gap: the FCA's quiet test of Consumer Duty
The FCA's final Pure Protection Market Study finds competition works for existing customers but around 58% of adults hold no protection cover. Rather than impose new rules, the regulator is testing whether firms can close the gap under Consumer Duty and product governance obligations already on the books.
Hunter Jones in the High Court: the FCA's unauthorised business escalation
The FCA has issued High Court proceedings against Osborne Baldwin Limited, trading as Hunter Jones, alleging unauthorised regulated activity in the sale of loan notes and seeking investor restitution. The move signals a more litigious posture on perimeter breaches that authorised firms, distributors and professional advisers cannot ignore.
The FCA's bid for legal and accounting AML supervision: what changes for regulated firms
Steve Smart used the Law Society Economic Crime Conference to signal the FCA is ready to take on anti-money laundering supervision of the legal and accounting sectors. For financial services leaders, the move reshapes the intelligence-sharing perimeter and raises the bar on what 'partnership' with the regulator now requires.
Crypto authorisation opens 30 September: the gateway is now the strategy
The FCA has published perimeter guidance for the UK's cryptoasset regime, with the authorisation gateway opening on 30 September 2026 and the regime taking effect on 25 October 2027. For senior leaders at crypto firms and the banks, custodians and asset managers adjacent to them, the thirteen-month window between gateway opening and regime commencement is now the defining planning horizon.
Relevant guides
How to Build a Credible ICAAP Narrative That Withstands Supervisory Scrutiny
This guide explains how to construct an ICAAP document that reads as a genuine articulation of risk, capital adequacy and board ownership rather than a compliance artefact. After reading, you will know what supervisors actually test for, where most narratives fall apart, and how to sequence the work so the story holds together under challenge.
How to Prepare a Change in Control Application That Avoids Regulatory Delay
A practical guide to assembling a Change in Control (Section 178) application that regulators can assess efficiently and approve on first pass. Readers will learn how to sequence pre-notification engagement, build an evidenced controller case, and anticipate the questions that typically stall decisions.
How to Prepare a Credible Response to a Dear CEO Letter
This guide sets out how boards and executive teams should structure, evidence, and deliver a response to a Dear CEO letter. After reading it, you will know what supervisors are actually testing, how to sequence the work, and how to produce a reply that stands up to challenge.
How to Construct a Credible Recovery Plan Narrative That Holds Up
This guide explains how to build a recovery plan narrative that withstands supervisory challenge by grounding it in realistic triggers, tested options, and honest capacity analysis. After reading, you will know what makes a recovery story credible to a regulator and where most firms weaken their own case.
How to Identify What Will Give a Regulator Confidence in a Proposed Change
This guide explains how to work out what a regulator actually needs to see before they will support a proposed change, from evidence to governance to post-implementation controls. After reading, you will be able to build a submission and engagement plan that reflects how supervisors actually form judgements.
Pre-Investment Due Diligence Stakeholder Mapping: A Practical Guide
This guide explains how to map the stakeholders who will influence the value, risk and integration of a target investment before you commit capital. After reading it, you will know who to identify, in what order, and how to convert what you learn into decisions the investment committee can act on.