Daily · UK ISA caps and US exam thresholds · September 14, 2026

Key points

UK ISA subscription caps and interest charges

The UK has introduced the Individual Savings Account (Amendment) (No. 2) Regulations 2026. Regulation 6 introduces a £12,000 limit on subscriptions to cash ISA accounts for individuals aged 64 or under at the end of the tax year.

Regulation 15 inserts Regulation 22A to introduce a charge on interest or alternative finance return generated by any cash deposits held in a stocks and shares ISA or Innovative Finance ISA. The regulations also update the definition of money market funds and make consequential amendments to subscription, transfer, tax liabilities and reporting provisions.

US examination cycle threshold increase

The OCC, Board, and FDIC jointly issued an interim final rule implementing section 903 of the 21st Century ROAD to Housing Act. The rule raises the asset threshold for certain supervised institutions with less than $6 billion in total assets to qualify for an 18-month on-site examination cycle.

The rule also makes parallel changes to the Agencies' regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978.

FCA ban on Crispin Odey upheld

The Upper Tribunal upheld the FCA ban on Crispin Odey from the financial services industry. The Tribunal found that Mr Odey, founder and majority owner of Odey Asset Management (OAM), lacked integrity.

Mr Odey faced an internal disciplinary process for breaching a final written warning relating to repeated and persistent inappropriate behaviour towards female employees. He twice dismissed OAM's executive committee when they did not give in to his improper pressure. The FCA's case comprised 5 allegations, all of which the Tribunal fully upheld.

PPS Money enters liquidation

Premier Payment Solutions Ltd, which traded as PPS Money and MTBS, entered liquidation on 10 September 2026. Bai Cham and Gary Shankland of BTG Begbies Traynor were appointed joint liquidators.

The firm provided money-remittance services primarily supporting money service businesses to make cross-border payments. The FCA stated it will continue to engage with the joint liquidators and take any necessary actions to seek the best outcome for consumers.

Exchange rule changes and SEC relief

MEMX LLC filed a proposed rule change to permit trading 23 hours per day, five days per week, with immediate effectiveness. The SEC issued an order granting exemptive relief from certain Inline XBRL filing or submission requirements adopted on Dec. 16, 2024.

Cboe EDGA, BZX, BYX, and EDGX filed proposed rule changes to update the definition of 'Trading Platform' in their fee schedules. NYSE Arca and New York Stock Exchange LLC filed rule changes to add a new partial cabinet solution bundle to co-location services.

ECB speeches and UK CCR extensions

ECB President Christine Lagarde delivered a speech titled 'A new age of capital: growth, sovereignty and AI' on 14 September 2026. ECB Executive Board member Isabel Schnabel delivered a speech on macroeconomic, fiscal and financial stability in a shock-prone world.

The UK made the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2026, extending transitional provisions provided for in Regulation (EU) 575/2013. The EBA published an updated list of validation rules as part of its regular quarterly reporting frameworks update.

Our read

The UK's new ISA regulations signal a shift toward limiting the growth of cash savings products, potentially steering savers toward investment options. The US increase in the examination cycle threshold reduces supervisory frequency for smaller institutions, which may impact their risk management resources. The upholding of the FCA ban on Crispin Odey reinforces the regulator's stance against senior managers who obstruct disciplinary processes. The liquidation of PPS Money highlights ongoing risks in the money remittance sector, requiring customers to file claims with the appointed liquidators.

This digest was produced automatically by a large-language-model system from the regulator publications and official sources listed below; it is AI-generated content and may contain inaccuracies. It is not legal advice — verify wording and deadlines against the original documents.

Sources