The regulatory bodies that financial services firms interact with the most have a great deal of power over how firms operate and a substantial selection of supervisory and enforcement powers that they can choose to exercise. Firms will frequently consider that the decisions that the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) (together, the Regulators) take when exercising those powers may need further scrutiny.

Dorian Drew, Sophie Cunliffe, Rose Cocks, Beth Enos and George Newick have authored a detailed article, which appeared first in the November 2025 edition of PLC magazine, available here.