Fewer approvals and less certification administration
The proposals would reduce the number of roles requiring regulatory pre-approval and remove the separate Certification Regime, which the regulators say currently covers about 139,000 people. Chief executives, chief financial officers and chairs would remain subject to approval. Firms would still need to ensure staff are fit and proper, and conduct and accountability standards would continue to apply.
Consultation closes in January
The regulators estimate the package could save financial firms about £2 billion over ten years. Responses are due by January 22, 2027, with final policy expected later in 2027. For payment and fintech partners, this is a proposal rather than a current relaxation: regulated banks remain responsible for governance and individual accountability while the consultation is open.
What it means for merchants
Banking and payment firms should identify which controlled functions could move out of pre-approval, but keep present onboarding, fitness-and-propriety and conduct processes unchanged until final rules arrive. Merchants relying on regulated partners should not interpret administrative simplification as weaker accountability.
Read the original announcement
Bank of England · 22 Oct 2026This brief summarizes the linked primary source. Claims and reported figures have not been independently audited by Payment Guide.