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Policy Paper Published 11 Apr 2025 HM Treasury ↗ View on GOV.UK

HM Treasury and Financial Conduct Authority Regulatory Perimeter Meeting – March 2025

Record of the meeting between the Economic Secretary to the Treasury and the Chief Executive of the Financial Conduct Authority (FCA) to discuss the FCA’s Perimeter Report.

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The Financial Conduct Authority (FCA) regularly updates its Perimeter Report setting out its views on the financial services regulatory perimeter, which defines the financial services activities that require firms to be authorised by the FCA.

On 24 March 2025 the Economic Secretary to the Treasury, Emma Reynolds, and the Chief Executive of the FCA, Nikhil Rathi, met to discuss the December 2024 update to the FCA’s Perimeter Report. This record provides a summary of the discussion at that meeting.