LONDON – The 11th official meeting of the U.S.-UK Financial Regulatory Working Group (Working Group) took place in London on 3 June 2025.
Officials and senior staff from HM Treasury and the U.S. Department of the Treasury were joined by representatives from the Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission. Participation varied across themes, with participants expressing views on issues in their organizations’ respective areas of responsibility.
The Working Group meeting emphasized close ongoing UK and U.S. cooperation in a number of areas and focused on several key themes, including: 1) the economic and financial stability outlook, 2) regulatory developments, 3) digital finance and innovation, and 4) the investment environment.
The meeting opened with a broad discussion of the UK and U.S. economic and financial stability outlooks, with participants taking stock of current economic trends and market conditions and considering broader global factors. Both UK and U.S. Treasuries emphasised the need to support long-term economic growth, including moving towards a pro-growth regulatory system, while upholding robust financial regulatory standards that facilitate cross-border activity and are essential for global financial stability.
The parties exchanged views on the work in multilateral fora such as the Financial Stability Board (FSB) and the G20 and welcomed the recent confirmation of the Governor of the Bank of England as FSB Chair. The Working Group continued with a discussion of developments in non-bank financial intermediation (NBFI), with participants updating on their respective domestic agendas and their continued international engagement on this topic.
Participants offered an overview of developments in their domestic banking systems and banking regulation. This included resolution-related developments and the adoption of capital requirements which support long-term growth and financial stability. The UK updated on the passing of the Bank Resolution (Recapitalisation) Act. Participants noted the importance of ongoing dialogue among international partners when implementing these initiatives and reforms.
On cybersecurity and operational resilience issues, participants noted ongoing international cooperation, including at the FSB, and shared updates. Participants continued discussions on the importance of working with industry to improve the resilience of the financial sector. The Working Group also discussed approaches to cybersecurity and operational resilience for supervised institutions and opportunities for further collaboration.
Participants discussed issues related to digital finance and innovation. Representatives discussed respective priorities for digital assets and provided updates on the progress of legislation in both jurisdictions, including legislation to regulate stablecoins. UK participants also updated on their Digital Securities Sandbox, and building on recent discussions between the Chancellor and the U.S. Treasury Secretary, the Working Group discussed exploring potential opportunities to support cross-border innovation. Participants emphasized the importance of effective regulation in promoting economic growth while also addressing risks and continued bilateral and international engagement within the sector and among authorities. The Working Group also discussed work underway to enhance cross-border payments, including implementation of recommendations under the G20 Cross-Border Payments Roadmap, as well as support for appropriate future actions as necessary. Participants shared recent developments in their respective work on payments modernisation.
Representatives exchanged views on their respective approaches to artificial intelligence (AI) and both current and future AI use cases within financial services. U.S. and UK authorities discussed ways to work together, including as appropriate through international bodies, to realize the potential of this technology and mitigate the potential risks of AI in financial services.
Participants conferred on the investment environment, including capital markets regulation. UK Treasury set out the UK government’s programme of reforms to reinvigorate capital markets, including its commitment to move to a T+1 settlement cycle in October 2027 and its recent pensions reforms to drive investment and innovation in the economy. U.S. participants shared observations on their transition to T+1 in May 2024. UK regulators updated participants on recently implemented changes to the UK Listing Rules.
At the conclusion of the event, the Working Group agreed to reconvene by early 2026, while noting the importance of continued open dialogue on shared priorities.
The U.S.-UK Financial Regulatory Working Group is an ongoing biannual dialogue established in 2018 to deepen bilateral regulatory cooperation and to enhance financial stability; investor protection; fair, orderly, and efficient markets; and capital formation across both jurisdictions.
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