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United KingdomLegislation gov

UK scraps securitisation repositories, resets pension due diligence

Draft 2026 Regulations remove the repository regime, tie pension-scheme investors to FCA due-diligence rules with a delegation defence, and make small-AIFM rulemaking permissive.

By Taxxa AI OyPublished 26 October 2026

Financial Sector & Markets

Industry: Pension funding

Trustees and managers of occupational pension schemes that invest in securitisations must follow the Financial Conduct Authority's due-diligence rules for institutional investors both before taking and while holding a securitisation position, where they are not themselves the originator, sponsor or original lender.Legislation The substituted regulation 32B keeps that duty inside the Securitisation Regulations 2024Legislation and removes the separate statutory checklists that previously sat in regulations 32B to 32D and Schedule A1.

A delegation defence applies. Trustees and managers are not treated as responsible for a failure to meet the paragraph (1) duty where they have authorised an institutional investor that is an authorised person to take investment-management decisions that may create securitisation exposure, have instructed that investor to discharge the relevant due-diligence obligation on exposures arising from those decisions, and that investor fails to do so.

The draft removes the securitisation-repository regime.Legislation Part 5 of the 2024 Regulations is omittedLegislation, together with the definition of securitisation repositoryLegislation, the repository references in monitoring, public-censure and financial-penalty provisionsLegislation, the applied Financial Services and Markets Act 2000 provisions for repositoriesLegislation, and the related transitional paragraphs in Schedule 3. As a consequence, the designation of countries and territories for overseas simple, transparent and standardised securitisations in regulation 13(7A)(a) turns on compliance with applicable FCA due-diligence rules rather than on regulations 32B and 32CLegislation.

The draft also removes the duty on the regulators to make general due-diligence rules for relevant institutional investors in regulation 33Legislation, and converts the Financial Conduct Authority's duty to make due-diligence rules for small registered UK alternative investment fund managers in regulation 34(1) from a duty ("must") into a power ("may")Legislation Legislation. Associated consequentials apply FCA guidance and function-discharge provisions of the 2000 Act to rules made under regulation 34(1).

Complaints-scheme coverage changes. The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 is amended so that the Financial Conduct Authority's and the Prudential Regulation Authority's functions of preparing and issuing a statement of policy under regulation 46 fall outside the complaints schemeLegislation, alongside a consequential change following the earlier omission of regulation 22.

The Regulations are draft statutory instruments made by the Treasury, laid before Parliament for approval by resolution of each HouseLegislation. They extend to England and Wales, Scotland and Northern Ireland. The general commencement date is 1 January 2027Legislation, while regulations 2 and 3(2)(b), (4), (11), (13), (14), (17)(a) and (18) come into force on 25 May 2027Legislation.

Legal basis is sections 4(4) and 84(2)(a) of the Financial Services and Markets Act 2023 and section 85(2)(b) of the Financial Services Act 2012, under which the draft Securitisation (Amendment and Miscellaneous Provisions) Regulations 2026Legislation are made to amend the Securitisation Regulations 2024 (S.I. 2024/102)Legislation and the 2014 Complaints Scheme Order (S.I. 2014/1195)Legislation.

Direct pension-scheme securitisation due-diligence procedures to the FCA institutional-investor rules and diary 1 January 2027 for the new regulation 32B, with the repository-removal consequentials following on 25 May 2027.

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