The IMF has published its Article IV report on the UK financial services regulatory regime, which includes the following comments: (i) even though the major elements of the UK financial system appear to be resilient, interconnectedness across sectors has the potential to amplify shocks and create systemic distress; (ii) the UK must maintain a robust and intrusive approach to prudential supervision and regulation; (iii) the UK authorities should build on current resolution mechanisms for financial institutions to develop operational principles for the funding of firms in resolution; (iv) the UK authorities should seek to mitigate the potential harm caused by derisking by further promoting stakeholder dialogue, clarifying regulatory expectations, and enhancing AML and CFT supervision of money transmitters; and (v) macro-prudential policy should remain focused on financial stability.