FCA Regulatory Updates | Financial Conduct Authority | Reg Monitoring

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🇬🇧 FCA News high

March 30th 2026

Shojin Financial Services Limited enters administration

Shojin Financial Services Limited (Shojin) is a crowdfunding platform authorised and regulated by the FCA. Shojin allowed customers to make investments that were used to fund loans toward property developments. On 23 March 2026, Shojin went into administration. Simon Carvill-Biggs and Ian Corfield of FRP Trading Advisory Limited were appointed as Joint Administrators.The Joint Administrators are responsible for acting in the best interests of the people who are owed money by Shojin, and they ...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Authorisation & Licensing

FintechWealth Manager

🇬🇧 FCA News high

March 30th 2026

Regulators launch joint taskforce to crack down on poor practice in motor finance claims

A new taskforce will tackle poor handling of motor finance claims by some claims management companies (CMCs) and law firms, after the FCA, Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) agreed to join up their efforts. The announcement comes as the FCA prepares to set out its final compensation scheme for motor finance customers.The regulators will step up efforts to share intelligence and continue to take co-ordinated ...

Sectors:

Banking & Credit Consumer Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Authorisation & Licensing Reporting & Disclosure

BankFintechAll Firms

🇬🇧 FCA Consultation medium

March 27th 2026

Investment trust votes, conflicts of interest, and our role

On 3 March 2026, we said we’d bring forward our planned review of the UK Listing Rules for Investment entities, including how they apply to board independence and related party provisions.Since then, there has been substantial debate over our role in relation to investment trusts, including calls for us to ‘get to grips’ with voting rules ‘that allow a minority shareholder to repeatedly attack an investment trust’.Much of this debate suggests there are misunderstandings about how investment t...

AI Analysis

This FCA blog post announces an accelerated review of UK Listing Rules for investment entities, focusing on board independence, related party provisions, conflicts of interest, and shareholder rights amid debates over activist minority shareholders targeting investment trusts. It matters because it clarifies the FCA's limited role (rules apply to issuers, not shareholders), reinforces Companies Act protections, and signals upcoming proposals to ensure rules fit novel scenarios like concentrated ownership, potentially impacting governance and listing compliance for investment trusts.[FCA blog]

Sectors:

Investment Management Capital Markets & Trading

Topics:

Senior Managers / Governance Consumer Protection / Conduct

Asset ManagerAll Firms

🇬🇧 FCA News high

March 27th 2026

FCA fines Dinosaur Merchant Bank Limited for market abuse surveillance failures

The FCA has fined Dinosaur Merchant Bank Limited (DMBL) £338,000 for failing to put in place effective systems and controls to detect and report suspicious trading in its contracts for difference (CFD) business. CFDs are sophisticated financial products that are used to speculate on various assets going up or down in value. Given their high-risk nature, firms must have strong and reliable surveillance arrangements to prevent insider dealing and market manipulation.In June 2024, DMBL introduce...

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

BankBroker Dealer

🇬🇧 FCA News low

March 27th 2026

My FCA marks first year with a single, streamlined sign in for all firms

As part of ongoing improvements to My FCA, and following the successful removal of RegData sign in at the end of last year, we have now removed direct access to Connect and the Online Invoicing System. Firms do not need to take any action. All existing RegData, Connect and Online Invoicing links and bookmarked pages will now automatically redirect to My FCA, where you can access all systems from a single homepage without signing in again. This makes managing your regulatory tasks quicker and ...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Operational Resilience / Outsourcing Reporting & Disclosure

BankWealth ManagerAll Firms

🇬🇧 FCA Policy high

March 26th 2026

FCA responds to Complaint Commissioner’s report on the British Steel Pension Scheme

We sympathise with former members of the British Steel Pension Scheme (BSPS) who lost money after they were given unsuitable advice from people they trusted. Complaints are a valuable source of feedback which help us improve and learn. There have also been 4 independent reports into the BSPS since 2018, which have helped us learn lessons. We have accepted several of their recommendations and implemented improvements, including those below.We now have much closer collaboration between the FCA,...

AI Analysis

The FCA's response to the Complaint Commissioner's report on the British Steel Pension Scheme addresses systemic failures in pension transfer advice that affected approximately 7,700 members, with 47% receiving unsuitable advice. This statement demonstrates the FCA's acknowledgment of regulatory shortcomings and outlines remedial measures implemented to prevent similar harm, including enhanced inter-agency collaboration, stricter product governance rules, and a £106 million redress scheme now benefiting 1,870 affected members.

What Changed

The FCA has implemented the following regulatory and operational changes in response to BSPS failures: Enhanced inter-agency collaboration: Closer coordination between the FCA, The Pensions Regulator, Pension Protection Fund, and Money and Pensions Service to improve intelligence sharing on defined benefit (DB) pension transfer risks Data collection and monitoring: Expanded collection of pension transfer data from advisory firms to proactively identify emerging risks and market trends Contingent charging ban: Prohibition of contingent charging arrangements for DB pension transfers to...

What You Need To Do

*For firms that provided DB pension transfer advice:
*Conduct retrospective suitability reviews of all DB pension transfer advice provided, particularly during 2015-2018, identifying unsuitable recommendations
*Calculate and pay redress to affected customers to restore them to their pre-transfer financial position, with reference to the FSCS redress methodology
*Implement enhanced governance for DB pension transfer advice, including:
Documented suitability assessments with clear rationale

Key Dates

Late 2017 - FCA received initial intelligence about poor pension transfer advice quality

December 2018 - FCA published initial findings showing less than 50% of reviewed advice was suitable

May 2020 - FCA directed 45 firms to conduct suitability assessments (Past Business Reviews)

April 2022 - FCA imposed asset retention rules for DB pension transfers

April 2023 - BSPS redress scheme formally introduced, requiring firms to review advice suitability and pay redress

Compliance Impact

Urgency: HIGH

References

Sectors:

Insurance & Pensions Wealth & Private Banking Investment Management

Topics:

Consumer Protection / Conduct Authorisation & Licensing Reporting & Disclosure

Wealth ManagerAsset ManagerAll Firms

🇬🇧 FCA News high

March 26th 2026

Equity for Growth (Securities) Limited enters liquidation

On 25 March 2026, following a petition filed by the FCA, the High Court ordered that Equity for Growth (Securities) Limited (EFG) be wound up. EFG is a corporate finance firm. EFG was also a principal for a number of appointed representatives between 2015 and 2020, including Amyma Ltd and Osborne Baldwin Ltd, which traded as Hunter Jones.An appointed representative carries on regulated activity under the responsibility of an authorised firm, known as 'the principal'. Find more information on ...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Authorisation & Licensing

Asset ManagerWealth ManagerBroker Dealer

🇬🇧 FCA News high

March 26th 2026

FCA sets out next phase of smarter, more effective regulation

We have set out plans for using AI to speed up authorisations, testing new tools to identify key risks earlier, with our people remaining at the heart of decision-making. The new authorisation tool is being developed internally and will be integrated into existing FCA systems.It forms part of our annual work programme 2026/27, which lays out how we’re accelerating our ambition to be a smarter, more data-driven regulator.We will also use generative AI to support our efforts to modernise regula...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Authorisation & Licensing Technology & Cyber Consumer Protection / Conduct

BankWealth ManagerFintech

🇬🇧 FCA News medium

March 25th 2026

FCA plans to help people get more financial advice for important decisions

More people could access financial advice, under proposals set out by FCA. The FCA is consulting on how to make it easier for firms to give more simplified forms of individualised financial advice to consumers.Simplified forms of advice can help consumers with more straightforward needs and do not require a full assessment of all their financial circumstances, making it more accessible and affordable.Sarah Pritchard, deputy chief executive of the FCA, said:'For too long the support people nee...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerWealth ManagerBank

🇬🇧 FCA Policy high

March 24th 2026

Timing of the FCA's motor finance announcement

We will set out our approach on motor finance redress shortly after markets close on Monday 30 March, having consulted on a compensation scheme in October 2025.

AI Analysis

The FCA is scheduling its announcement on a proposed motor finance redress scheme—addressing historical commission disclosure failures in car loans—for shortly after markets close on Monday, 30 March 2026, following a consultation launched in October 2025. This matters because it signals imminent final rules that could impose up to GBP11 billion in costs on lenders, affecting millions of consumers and requiring urgent operational preparations to ensure timely payouts in 2026.

Sectors:

Consumer Credit Banking & Credit Insurance & Pensions

Topics:

Consumer Protection / Conduct

BankPayment ProviderAll Firms

🇬🇧 FCA Policy high

March 20th 2026

FCA highlights risks when dealing with unregulated lenders

We are reminding regulated firms they need to undertake proper checks when dealing with unregulated lenders, safe custody providers, money brokers and financial leasing companies – also known as 'Annex 1' firms. There are around 1,200 of these firms registered with us for solely anti-money laundering purposes. Our powers are currently limited to looking at how these firms are meeting their anti-money laundering obligations and they are not subject to our wider rulebook. This regime is based o...

AI Analysis

The FCA statement reminds regulated firms to perform robust due diligence on 'Annex 1' firms—unregulated lenders, safe custody providers, money brokers, and financial leasing companies registered solely for AML purposes—due to their limited oversight and heightened financial crime risks. This matters because Annex 1 firms (approx. 1,200) are not subject to FCA's full rulebook, conduct rules, or protections like the Financial Ombudsman Service, exposing regulated firms to contagion risks if they fail to manage interactions properly. Non-compliance could lead to regulatory scrutiny, enforcement, or reputational damage amid FCA's ongoing AML focus.

What Changed

No new rules or legislative changes are introduced; this is a supervisory reminder reinforcing existing obligations under the Money Laundering Regulations 2017 (MLRs). It emphasizes enhanced due diligence on Annex 1 firms, referencing the 2025 National Risk Assessment (NRA) for risk management. The FCA highlights proactive engagement, including a 2024 letter to CEOs and follow-up with 300 firms in late 2025, signaling intensified supervision without altering the registration-only regime under the Financial Services and Markets Act.

What You Need To Do

Verify Annex 1 registration status directly from the firm and via independent checks (e
Understand the Annex 1 firm's business model, products, and risks, aligning with MLRs and 2025 NRA
Manage identified risks, such as AML deficiencies or consumer encouragement into limited company structures for unregulated lending
Document due diligence to demonstrate compliance, integrating into broader financial crime frameworks (e

Key Dates

2024 - FCA letter to CEOs of Annex 1 firms raising AML concerns. - **Late 2025 - FCA follow-up engagement with 300 Annex 1 firms.**

Compliance Impact

Urgency: High – This amplifies existing AML due diligence requirements amid FCA's 2025-30 financial crime strategy, with evidence of supervisory action (2024 letter, 2025 follow-ups). Failure risks enforcement, as Annex 1 interactions could facilitate financial crime or consumer harm without FOS protections; firms should audit exposures immediately to align with BWRA/CRA expectations and avoid findings like those in FCA's risk assessment review.

References

Sectors:

Banking & Credit Consumer Credit Mortgage & Lending

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

BankPayment ProviderAll Firms

🇬🇧 FCA Policy critical

March 20th 2026

Investigation into Market Financial Solutions Limited

We have opened an enforcement investigation into Market Financial Solutions Limited (MFS). MFS is an Annex 1 business, which is solely registered with and supervised by us for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.Annex 1 registered firms are not authorised or subject to wider FCA regulation.MFS entered administration on 25 February 2026.

AI Analysis

The FCA has opened an enforcement investigation into Market Financial Solutions Limited (MFS) following the firm's entry into administration on 25 February 2026, amid allegations of serious financial irregularities, fraud, and double-pledging of collateral. This investigation is significant because it represents regulatory scrutiny of an Annex 1 business—a firm with limited FCA oversight—whose collapse exposed structural weaknesses in private credit markets and raised questions about due diligence practices across the financial sector.

Sectors:

Banking & Credit Mortgage & Lending Investment Management

Topics:

AML / Financial Crime Authorisation & Licensing Senior Managers / Governance

BankAll Firms

🇬🇧 FCA Speech medium

March 20th 2026

How technology is changing the pensions conversation

Speech by Nikhil Rathi, FCA chief executive, at the JP Morgan Pensions and Savings Symposium 2026. Last year, I spoke about the importance of getting on the right track.That if we want better consumer outcomes – as well as stronger capital markets to support growth – we need to think beyond individual products and look at the whole financial journey.How pensions interact with housing wealth…How savings interact with advice…And how all these decisions evolve across a lifetime.Over the past yea...

Sectors:

Banking & Credit Investment Management Insurance & Pensions

Topics:

Consumer Protection / Conduct Technology & Cyber Reporting & Disclosure

Asset ManagerBankWealth Manager

🇬🇧 FCA News high

March 20th 2026

FCA orders Beauforce Corporation to stop operating and return client money

We have restricted Beauforce Corporation Limited from carrying out any regulated activities. This means it cannot provide regulated debt advice or debt management services to consumers. We have also ordered the firm to return money held in its bank accounts to its clients.We’ve taken this action following concerns about the suitability of the firm’s senior management and its conduct in dealing with us. Read the full Notice (PDF)

Sectors:

Banking & Credit Consumer Credit

Topics:

Consumer Protection / Conduct Authorisation & Licensing Senior Managers / Governance

All Firms

🇬🇧 FCA News high

March 18th 2026

FCA confirms new incident and third party rules to bolster resilience

We’ve confirmed new rules to make existing incident and third party reporting clearer, more consistent, and easier for firms to follow. These new rules will help us respond quickly to disruption such as a cyber attack or power outage, give firms greater certainty on what to report and when and strengthen firm resilience to better protect consumers and markets.Cyber attacks are becoming more frequent and more sophisticated, and firms are increasingly reliant on third party providers. In 2025, ...

Sectors:

Banking & Credit Payments & E-Money Crypto & Digital Assets

Topics:

Operational Resilience / Outsourcing Reporting & Disclosure Technology & Cyber

BankFintechCrypto Exchange

🇬🇧 FCA Guidance critical

March 16th 2026

Creating a redress system that works better for consumers and firms

We’ve reached a significant milestone in our joint work with the Financial Ombudsman Service and the Government to modernise the redress systemso that consumers get fair outcomes quicker and firms have greater clarity about how issues will be handled.We’re delivering change at speed by acting now within our current powers, with a focus on improving how the system works in practice. This includes a new registration stage for complaints, updated dismissal grounds and clearer guidance on the fai...

AI Analysis

The FCA, in collaboration with the Financial Ombudsman Service (FOS) and the Government, has announced modernization of the UK's financial redress system to accelerate consumer compensation and provide firms with greater regulatory clarity. This initiative represents a fundamental shift in how complaints are registered, assessed, and resolved, with immediate implementation underway within existing FCA powers and broader legislative reforms planned.

What Changed

The redress system modernization introduces several structural and procedural reforms: *Registration Stage for Complaints** A new formal registration stage has been introduced to standardize how complaints enter the system, improving tracking and early identification of systemic issues across firms and markets. *Updated Dismissal Grounds** The FCA has revised the criteria for dismissing complaints, providing clearer standards that should reduce disputes about complaint admissibility and improve consistency in decision-making. *Enhanced Fair and Reasonable Test Guidance** Clearer guidance...

What You Need To Do

*Immediate Operational Priorities (Pre-May 2026)
*Governance and Accountability
Appoint senior managers with explicit accountability for complaints handling and redress programmes
Establish board-level oversight structures with regular reporting on complaints volumes, redress calculations, and regulatory compliance
Document decision-making frameworks for complaint eligibility and dismissal grounds

Key Dates

31 May 2026 - Complaints pause lifts for DCA-related motor finance complaints; standard 8-week response deadline resumes DEADLINE

End of March 2026 - FCA expected to publish final rules and guidance for motor finance redress scheme, confirming scope, calculation methodologies, and timescales

Mid-2026 onwards - Motor finance compensation payments anticipated to commence

Before end of 2026 - Consumers expected to begin receiving compensation under motor finance scheme

Compliance Impact

Urgency: CRITICAL

References

Sectors:

Consumer Credit Banking & Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Authorisation & Licensing Senior Managers / Governance

BankFintechPayment Provider

🇬🇧 FCA News high

March 13th 2026

FCA bans Kasim Garipoglu from working in UK financial services

KasimGaripoglu has been banned from working in UK financial services. The FCA found he is not fit and proper because of his lack of honesty and integrity. Mr Garipoglu is the owner of a firm that provided online trading of foreign exchange and contracts.Between April 2012 and December 2022, including when Mr Garipoglu was the chief executive and director at the firm and an approved person, he repeatedly demonstrated a disregard for regulatory requirements, undermined compliance and anti‑money...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

BankWealth ManagerFintech

🇬🇧 FCA News high

March 12th 2026

Concept Capital Group update: administrators appointed

On 9 March 2026, the High Court placed Concept Capital Group (CCG) into administration. BTG are the administrators of the company. In July 2025, the FCA announced High Court proceedings against CCG and others over an alleged unauthorised investment scheme. CCG has been under a court order that temporarily froze its assets since then.CCG had promoted investments in static homes. CCG claimed these would be let to social housing tenants placed by local councils. Investors were promised fixed ret...

Sectors:

Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerWealth Manager

🇬🇧 FCA News high

March 12th 2026

Second charge mortgage firms told to raise standards for consumers

Lenders and brokers in thesecond charge mortgagemarket need toconsiderhow theyadvise customers, assess affordability and charge fees. An FCA review has found that weaknesses in some firms’ practices could put borrowers, particularly those consolidating debt, at increased risk of financial harm.Second charge mortgages are often used by customers with high existing levels of debt and low financial resilience. The FCA’s review found examples of good practice across the sector but also issues tha...

Sectors:

Banking & Credit Consumer Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements

BankAll Firms

🇬🇧 FCA News high

March 11th 2026

FCA imposes restrictions on Sendsii Ltd

On 23 January 2026, the FCA imposed requirements on Sendsii Ltd which prevent them from carrying out any regulated activity. The FCA has issued a First Supervisory Notice to Sendsii Ltd after HM Revenue and Customs (HMRC) suspended the firm’s registration on 9 October 2025. The suspension means that Sendsii Ltd no longer met the conditions required for its FCA authorisation under the Payment Services Regulations 2017.These requirements prevent Sendsii Ltd from carrying out any regulated activ...

Sectors:

Banking & Credit Payments & E-Money

Topics:

Authorisation & Licensing Consumer Protection / Conduct

Payment Provider

🇬🇧 FCA News high

March 11th 2026

Man jailed for running illegal sale-and-rent-back scheme targeting struggling homeowners

Rajinder Gill and accomplices have been sentenced for their involvement in a sale-and-rent-back scheme. Mr Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages. As accomplices in the scheme, Amandeep Heer received a community order for 2 years with a condition of 250 hours of unpaid work, and Jetinder Sandhu has completed 100 hours' unpaid work over 12 months (as a con...

Sectors:

Banking & Credit Consumer Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Authorisation & Licensing Reporting & Disclosure

BankFintech

🇬🇧 FCA Speech medium

March 10th 2026

Stepping back, staying safe: a joined-up approach to growth

Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we welcomed.Our work has always been complementary, and we made it work.As an economic regulator, the PSR is focused on getting the foundations right – the payment systems and infrastructure t...

Sectors:

Banking & Credit Payments & E-Money Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Technology & Cyber Authorisation & Licensing

BankFintechCrypto Exchange

🇬🇧 FCA News medium

March 5th 2026

FCA announces senior leadership appointments

We have appointed 2 new senior leaders, further strengthening our capability across key areas of our remit. Chris Knight will join us in July 2026 as director of insurance within our Supervision, Policy and Competition (SPC) division. He joins the FCA from Legal & General, where he has been the group chief risk officer for the last 5 years and member of the Group management committee. Prior to this, he was CEO of Legal & General Retail Retirement for 3 years.David Lymburn joined the Payment S...

Sectors:

Banking & Credit Insurance & Pensions

Topics:

Consumer Protection / Conduct Authorisation & Licensing Senior Managers / Governance

BankInsurance

🇬🇧 FCA News high

March 5th 2026

FCA warns customers of HDH Investment Services Limited

We're concerned that HDH Investment Services Limited may have given unsuitable financial advice to some of its customers, potentially leading to financial loss. We recently placed restrictions on HDH Investment Services Limited (HDH). From 20 January 2026, HDH agreed to stop carrying out all regulated activities. This now means the firm can't give investment advice.HDH also agreed to write to all customers to explain what these restrictions mean for them. What customers should do nowIf you th...

Sectors:

Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Wealth Manager

🇬🇧 FCA Speech medium

March 4th 2026

Consumer investments priorities: strengthening trust, supporting investors

Speech by Lucy Castledine, director of consumer investments, at the TISA Inclusive Investing Conference 2026. Speaker: Lucy Castledine, director, consumer investmentsEvent: TISA Inclusive Investing Conference 2026Delivered: 4 March 2026Note: this is the speech as drafted and may differ from the delivered version.Reading time: 11 minutesKey points:Consumer investments are a cornerstone of the UK economy, with over 5,000 authorised firms and their representatives, serving 19 million adults – ar...

Sectors:

Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Technology & Cyber

Asset ManagerWealth ManagerFintech

🇬🇧 FCA News high

March 4th 2026

FCA fines John Wood Group PLC for issuing misleading statements

John Wood Group PLC (Wood Group) has been fined £12,993,700 for publishing inaccurate information in its financial results. Following the poor performance of certain projects, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results. Wood Group did not have adequate systems, controls or procedures to prevent this from happening.This resulted in Wood Group publishing inaccurate information in its full-year 2022 and 2023 fi...

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

All Firms

🇬🇧 FCA Policy critical

March 4th 2026

Motor finance compensation scheme to include implementation period

We'd also streamline the scheme, so millions get compensation in 2026. We're considering over 1,000 responses to our proposals for a compensation scheme for motor finance customers who were treated unfairly.If we proceed with a scheme, we are likely to make several changes. If we do go ahead, we expect to publish final rules in late March. The timing of publication will be outside market hours and we'll confirm the date in advance. Final decisions on the scheme have not yet been made. But to ...

AI Analysis

The FCA is implementing a **streamlined motor finance compensation scheme** to address unfair commission disclosure practices, with final rules expected in late March 2026 and scheme launch in early 2026. This represents a major regulatory intervention affecting approximately 14 million motor finance agreements with estimated total redress costs of £8.2 billion, requiring immediate operational preparation by all lenders and finance providers.

Sectors:

Consumer Credit Mortgage & Lending Banking & Credit

Topics:

Consumer Protection / Conduct Reporting & Disclosure Senior Managers / Governance

BankFintechAll Firms

🇬🇧 FCA News medium

March 3rd 2026

OPBAS identifies areas where anti-money laundering supervisors can improve

The latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) finds there is still room for improvement. The anti-money laundering supervisors of professional services firms are more effective than at any time since 2018. However, OPBAS remains concerned that their enforcement lacks the teeth to deter firms from falling short of minimum standards.OPBAS’s latest report found Professional Body Supervisors (PBSs) generally continue to demonstrate good levels o...

Effective Date: 31 December 2018

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

BankWealth ManagerAll Firms

🇬🇧 FCA Policy high

March 3rd 2026

UK Listing Rules for investment entities review

We are bringing forward a review of some aspects of the UK Listing Rules to consider how they apply to specific types of investment entities. As part of the Primary Markets EffectivenessReviewwe explored which types of investment entities could be eligible to be listed. Since introducing the new listingruleswe have heard from stakeholders that these eligibility criteria, particularlyregardingrisk-spreading, may be unduly restrictive. We will use this review to assess if changes should be made...

AI Analysis

The FCA is conducting a targeted review of UK Listing Rules applicable to investment entities, with particular focus on whether current risk-spreading eligibility criteria are unduly restrictive and how rules support shareholder rights and conflict management. This review represents a potential material shift in listing accessibility for alternative investment funds and closed-ended investment vehicles, with final proposals expected by end-2026.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Senior Managers / Governance Reporting & Disclosure

Asset ManagerHedge Fund

🇬🇧 FCA News medium

March 2nd 2026

FCA opens authorisation gateway for targeted support

Firms can now apply for permission to provide targeted support. Targeted support is a once in a generation change that will help millions navigate their financial lives. From 6 April 2026, people’s banks, pension providers, or other financial firms that are authorised for targeted support can provide suggestions designed for groups of consumers with common characteristics. This will help them make important decisions across their pensions and investments.We want authorised firms to be ready t...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Authorisation & Licensing Consumer Protection / Conduct

BankWealth Manager

🇬🇧 FCA Speech high

February 26th 2026

Renaissance at market speed: UK wholesale finance in 2026

Speech by Nikhil Rathi, FCA chief executive, at the Goldman Sachs EMEA Head of Trading conference 2026. And as we roll with the punches, we also shouldn’t sell ourselves short.We gained ground last year - London just one point behind New York in the latest Global Financial Centres Index.There is understandable focus on equities market share and listings, where we have delivered far-reaching regulatory reforms.But on FX trading, international debt issuance, OTC derivatives, parts of commoditie...

Sectors:

Capital Markets & Trading Crypto & Digital Assets

Topics:

Market Abuse / Surveillance Technology & Cyber Reporting & Disclosure

Broker DealerHedge FundBank

🇬🇧 FCA Policy medium

February 26th 2026

Payments Vision Delivery Committee publishes Payments Forward Plan

The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKThe Committee comprises:HM TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems RegulatorThe Plan sets out upcoming initiatives across retail and wholesale payments, including elements of digital assets. Recent publications on open banking, stablecoins and contactless limits, alongside the initiatives in the Plan, show the high level of activity across...

AI Analysis

The Payments Vision Delivery Committee—comprising HM Treasury, Bank of England, FCA, and Payment Systems Regulator—has published the **Payments Forward Plan**, a three-year regulatory roadmap for retail, wholesale payments, and digital assets, aligning with the UK's National Payments Vision for a trusted, innovative ecosystem. This matters for compliance teams as it provides sequencing and milestones for multiple initiatives, enabling proactive planning amid high regulatory activity, including PSR consolidation into FCA and infrastructure upgrades. It signals coordinated efforts to boost competition, resilience, and innovation while minimizing sector capacity strain.[FCA publication]

What Changed

No immediate binding regulatory changes are imposed by the Plan itself; it is a forward-looking roadmap outlining planned initiatives rather than new rules. Key elements include: Modernisation of payments framework: Consolidation of PSR into FCA, with HMT consultation response in Q1 2026; data/operational enhancements to Faster Payments and Bacs by end-2026. Infrastructure upgrades: Short-term resilience improvements to Faster Payments and Bacs (end-2026); exploration of regulated stablecoins for on-chain settlement (H1 2026). Safeguarding enhancements: FCA Supplementary Regime effective May...

What You Need To Do

Review the full Plan on GOV.UK (https
Engage proactively
Stablecoin firms
Monitor and plan
Internal audit

Key Dates

Q1 2026 - HMT consultation response on PSR consolidation into FCA .

Jan-Apr 2026 - FCA engagement with sector on Supplementary Safeguarding Regime .

Feb-Mar 2026 - Independent assessment of proposals for standards setting body .

Spring 2026 - HMT update on Consumer Credit Act reform .

18 January 2026 - Deadline for stablecoin issuers to apply to FCA regulatory sandbox (related push for innovation).

Compliance Impact

Urgency: Medium. This is a planning document, not enforceable rules, but its milestones trigger near-term actions (e.g., Q1 2026 engagements, May 2026 safeguarding). It matters because it coordinates high-activity areas like PSR-FCA merger and stablecoins, reducing surprises but demanding resource allocation for innovation/resilience amid sector capacity constraints. Firms delaying review risk missing input opportunities or readiness gaps, especially with VRP/stablecoin momentum.

References

Sectors:

Payments & E-Money Crypto & Digital Assets Banking & Credit

Topics:

Authorisation & Licensing Technology & Cyber Reporting & Disclosure

Payment ProviderFintechBank

🇬🇧 FCA News medium

February 25th 2026

FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox

The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:Monee Financial TechnologiesReStabiliseRevolutVVTXThe Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help...

Sectors:

Crypto & Digital Assets Payments & E-Money

Topics:

Authorisation & Licensing Consumer Protection / Conduct Technology & Cyber

FintechCrypto ExchangePayment Provider

🇬🇧 FCA News medium

February 25th 2026

FCA proposes action to close gaps in borrowers’ credit files

Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the FCA. The FCA is consulting on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them all.The changes aim to close gaps in consumers’ credit files and ensure these more accurately reflect people’s financial circumstances.Alison Walters, director of consumer finance a...

Sectors:

Banking & Credit Consumer Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Reporting & Disclosure Authorisation & Licensing

BankFintechAll Firms

🇬🇧 FCA News medium

February 24th 2026

A smarter approach to communicating our regulatory priorities

We've launched our new Regulatory Priorities reports, starting with the insurance sector. This marks a new approach that will help to transform our supervision and streamline regulation.We expect regulated firms to follow the rules and stay informed about any changes. This is important for maintaining a safe and resilient market. Our mission to be a smarter regulator means reducing burden where we can, so that firms can get the information they need as efficiently as possible.Our Regulatory P...

Sectors:

Insurance & Pensions

Topics:

Consumer Protection / Conduct Reporting & Disclosure

Insurance

🇬🇧 FCA Policy medium

February 24th 2026

Independent Football Regulator and FCA Memorandum of Understanding

We have signed a Memorandum of Understanding (MoU) with the Independent Football Regulator (IFR). The MoU establishes how the 2 organisations will work together and support effective regulation where football and financial services intersect.It also sets out a high-level framework for principles for cooperation between the IFR and the FCA.Read the MoU (PDF)

AI Analysis

The FCA has signed a Memorandum of Understanding (MoU) with the newly established Independent Football Regulator (IFR) to define cooperation on regulating intersections between football clubs and financial services, such as ownership suitability, licensing, and financial sustainability. This matters for compliance professionals as it formalizes information sharing and joint oversight, potentially impacting firms involved in football-related financing, investments, or consumer credit products tied to sports. It supports the Football Governance Act 2025 framework, enhancing regulatory alignment where financial misconduct could affect club operations.[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca]

What Changed

Establishes a high-level framework of principles for cooperation between FCA and IFR, focusing on effective regulation at the football-financial services nexus. Outlines how the organizations will work together, including information sharing on matters like club owners' financial dealings, licensing compliance, and enforcement where financial services intersect with IFR's duties (e.g., suitability tests for owners/officers, financial resources thresholds).[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca] Builds on prior MoUs (e.g., FCA-UKGC models) by addressing...

What You Need To Do

Review and map exposures
Enhance information sharing protocols
Incorporate IFR factors in due diligence
Monitor joint enforcement

Key Dates

Act 2025 implementation).[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca]

2025 - Football Governance Act 2025 enactment Establishes IFR statutory powers, including provisional/full club licensing from this date onward.

Ongoing - IFR licensing rollout Clubs transition from provisional to full licenses once threshold conditions (e.g., financial resources, owner suitability) met; no fixed end-date.

Compliance Impact

Urgency: Medium – This MoU does not impose new binding rules or deadlines but signals heightened cross-regulator focus on football finances post-Football Governance Act 2025, risking enforcement overlaps or info requests. It matters for firms with niche exposures (e.g., sports financing) to avoid gaps in owner due diligence or financial promotions, potentially amplifying AML/conduct risks amid IFR's divestment powers.

References

Sectors:

Banking & Credit Payments & E-Money Consumer Credit

Topics:

Authorisation & Licensing Senior Managers / Governance Reporting & Disclosure

BankFintechPayment Provider

🇬🇧 FCA News high

February 20th 2026

Influencers fined for issuing unauthorised financial promotions

Seven social media influencers have been sentenced at Southwark Crown Court for their role in the promotion of an unauthorised foreign exchange trading scheme. Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico all pleaded guilty to one count of issuing unauthorised financial promotions.The outcomes were:Lauren Goodger was fined £3,750 and ordered to pay costs of £5,778.18.Biggs Chris was fined £600 and ordered to pay costs of £1,000.Jam...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing Market Abuse / Surveillance

Asset ManagerWealth ManagerFintech

🇬🇧 FCA Policy medium

February 19th 2026

Statement on notifications relating to admissions to trading and recent changes to the UK Listing Rules

Our clarification about forbearance following the introduction of the new Public Offers and Admissions to Trading Regulations (POATRs) regime. On 19 January 2026, the Public Offers and Admissions to Trading Regulations (POATRs) regime and associated changes to our listing processes in the UK Listing Rules (UKLR) came into force. These changes introduced a requirement in the Prospectus Regime Manual (PRM 1.6.4R) for issuers to notify a Regulatory Information Service (RIS) of any admission to t...

AI Analysis

The FCA's statement clarifies forbearance on overlapping notification requirements for admissions to trading under the new POATRs regime effective 19 January 2026, addressing confusion from removed block listing exemptions in UKLR. It matters because it provides temporary relief from duplicative RIS notifications for frequent issuers, preventing unintended supervisory burdens while the FCA consults on rule amendments.

What Changed

POATRs and UKLR Updates: Effective 19 January 2026, PRM 1.6.4R requires issuers to notify a Regulatory Information Service (RIS) of any admission to trading within 60 days, allowing grouping of multiple admissions for proportionality. Overlapping UKLR Rules: Provisions in UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4), and 22.2.17R(4) require "as soon as possible" RIS notifications for new equity issues or public offers, conflicting with the 60-day rule post-block listing deletion (former UKLR 20.6). Forbearance Policy: FCA will not take enforcement action for non-compliance with the...

What You Need To Do

Review ongoing/future issuances against former block listing criteria: confirm securities unissued pre-19 January 2026 and same purpose to rely on forbearance
Implement PRM 1.6.4R
Monitor FCA announcements for consultation launch and updates; prepare responses if issuing frequently
Document reliance on forbearance (e
No immediate "as soon as possible" notifications needed under forbearance for qualifying cases

Key Dates

19 January 2026 - POATRs regime and UKLR changes effective, including PRM 1.6.4R (60-day RIS notification) and deletion of UKLR 20.6 block listings.

19 January 2026 - Cut-off for securities under former block listings to qualify for forbearance (must not have been issued/offered prior). DEADLINE

Shortly after February 2026 - FCA consultation on removing UKLR 6.4.4R(4) and equivalents (no exact date specified).

Compliance Impact

Urgency: Medium - Forbearance reduces immediate risk of enforcement for qualifying issuers, but ongoing POATRs compliance (60-day notifications) is mandatory. Matters for operational efficiency, as misalignment could lead to duplicative reporting costs; non-qualifying issuances risk breaches until consultation resolves.

References

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure

All Firms

🇬🇧 FCA News high

February 18th 2026

Tribunal upholds bans and fines for reckless adviser and fund manager

The Upper Tribunal has upheld the FCA's decisions to ban Stephen Joseph Burdett and James Paul Goodchild from working in financial services. Mr Burdett and Mr Goodchild previously held senior roles at Synergy Wealth Limited (Synergy) and Westbury Private Clients LLP (Westbury), respectively.The FCA banned the pair from working in regulated financial services for recklessly exposing pension holders to unsuitable investments.The Tribunal also found that it was appropriate for the FCA to impose ...

Sectors:

Investment Management Wealth & Private Banking Insurance & Pensions

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Authorisation & Licensing

Asset ManagerWealth ManagerBank

🇬🇧 FCA News high

February 16th 2026

FCA fines former chief executive of Carillion plc (in liquidation)

The FCA has fined Richard Howson £237,700 for his part in misleading statements being issued by Carillion plc. As group chief executive, Mr Howson was aware of serious financial troubles in Carillion’s UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight.The fine was imposed after Mr Howson withdrew his challenge to the FCA’s decision.Mr Howson was one of two executive directors on Carillion’s Board. His...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Market Abuse / Surveillance Reporting & Disclosure Senior Managers / Governance

BankWealth ManagerAll Firms

🇬🇧 FCA Policy low

February 11th 2026

FCA exchanges letters on cooperation with India regulator, IFSCA

We have signed an Exchange of Letters with the International Financial Services Centres Authority (IFSCA). IFSCA is the unified regulator for financial institutions operating in Gujarat International Finance Tec-City (GIFT City), India’s first international financial services centre.This agreement affirms both authorities’ commitment to develop our regulatory relationship.Download our letter (PDF)The letters set out the intention to share regulatory knowledge and best practice to support the ...

AI Analysis

The FCA has signed an Exchange of Letters with India's IFSCA, the regulator for GIFT City, to foster regulatory cooperation, knowledge sharing, and stronger links between UK financial markets and GIFT City. This matters for compliance professionals as it signals expanding cross-border ties, potentially easing market access and harmonizing standards for firms operating between the UK and India, amid the FCA's broader global outreach strategy. No binding rules are imposed, but it sets the stage for future alignment in areas like fintech and financial services.

What Changed

There are no direct regulatory changes or new requirements imposed by this Exchange of Letters. It is a non-binding agreement focused on: Sharing regulatory knowledge and best practices. Supporting financial services development in both jurisdictions. Promoting links between GIFT City and UK markets. The letters affirm commitment to developing the regulatory relationship, with an additional step of posting an FCA Financial Services Attaché to the British Deputy High Commission in Mumbai later in 2026 [FCA publication].

What You Need To Do

binding nature
Review and download the full Exchange of Letters (PDF available via FCA site) to understand shared priorities
Assess current India/GIFT City exposures and prepare for potential future information-sharing requests or aligned standards
Monitor FCA news for follow-up developments, such as joint guidance on fintech or market access https://www
Engage with FCA international teams if planning cross-border activities in GIFT City

Key Dates

Later in 2026 - Posting of FCA Financial Services Attaché to British Deputy High Commission in Mumbai to support regulatory relationship development [FCA publication].

Compliance Impact

Urgency: Low - This is a cooperative MoU-style letter exchange without immediate rules, penalties, or obligations, posing minimal disruption risk. It matters strategically for long-term planning, as it could lead to simplified compliance for UK-India activities (e.g., reduced dual-regulation friction) and aligns with FCA's pattern of global pacts that indirectly shape supervisory expectations. Firms with India exposure should note it for horizon scanning, but no urgent resourcing is needed.

References

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Authorisation & Licensing Reporting & Disclosure

BankFintechAll Firms

🇬🇧 FCA News high

February 11th 2026

New protections confirmed for Buy Now Pay Later borrowers

Buy Now Pay Later (BNPL) borrowers will benefit from stronger protections from 15 July 2026, following the Government's decision to bring the sector under the FCA's regulation. BNPL will be subject to the Consumer Duty and consumers will benefit from:Clear information: Consumers will get clear, upfront details about their agreement, including when payments will be due, amounts, and what happens if they miss a payment.Affordability checks: Lenders must carry out proportionate checks to make su...

Sectors:

Consumer Credit Banking & Credit

Topics:

Consumer Protection / Conduct Authorisation & Licensing

FintechPayment Provider

🇬🇧 FCA News high

February 10th 2026

FCA takes action against HTX to stop illegal financial promotions

The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Access documents on this claim on the FCA websiteFirms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and misleading marketing. Advertising cryptoassets on social media or websites without complying with these rules is a criminal offence.Since the rules came into force in October 2023, the...

Sectors:

Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Crypto Exchange

🇬🇧 FCA Policy high

February 10th 2026

HTX (formerly Huobi): legal proceedings information

FCA v Huobi Global S.A. and Others. On 21 October 2025, the FCA commenced proceedings in the Chancery Division of the High Court against the following parties:HUOBI GLOBAL S.A.(a company incorporated in Panama)PERSONS UNKNOWN (who are the owner of, controller and/or the persons currently in control of all or part of www.htx.com and/or its associated mobile applications (“the HTX Exchange”))PERSONS UNKNOWN (who are the legal and/or natural persons defined as the HTX Operators in the HTX Platfo...

AI Analysis

The FCA has initiated civil proceedings in the High Court against Huobi Global S.A. (HTX, formerly Huobi) and multiple categories of "Persons Unknown" for unlawfully promoting cryptoasset services to UK consumers without authorisation, breaching the financial promotions regime. This action underscores the FCA's aggressive enforcement against unauthorised crypto entities targeting UK retail investors, signaling heightened scrutiny on overseas platforms. Compliance teams must note this as evidence of the regulator's willingness to pursue novel legal strategies like "Persons Unknown" claims to enforce compliance extraterritorially.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]

What Changed

This is not a policy change but an enforcement action highlighting existing requirements under the UK's financial promotions regime (effective October 2023 for cryptoassets), which mandates FCA registration under anti-money laundering (AML) rules and compliance with promotion standards for all firms—domestic or foreign—marketing to UK consumers. Key elements include prohibitions on unauthorised promotions, with the FCA now using High Court proceedings to target operators, owners, controllers, and even future controllers up to 31 October 2028.

What You Need To Do

Immediate audit
Self-identification
Compliance checks
Social media monitoring
Documentation

Key Dates

21 October 2025 - FCA commences proceedings via Claim Form in Chancery Division, High Court.

2 October 2025 - Particulars of Claim dated (note: precedes claim form, likely preparatory).

22 October 2025 - Application Notice for service out of jurisdiction/alternative means.

4 February 2026 - High Court (Deputy Master Dovar) grants permission to serve proceedings out of jurisdiction and by alternative means.

31 October 2028 - Cut-off for "Persons Unknown" category covering new owners/controllers/promoters.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]

Compliance Impact

Urgency: High - This sets a precedent for extraterritorial enforcement via "Persons Unknown" claims, extending liability to unidentified/future actors, which amplifies risks for non-UK crypto firms. It matters because post-October 2023 rules have seen positive compliance from most, but FCA vows action against outliers, potentially leading to injunctions, fines, or asset freezes; authorised firms face contagion risks via associations.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]

References

Sectors:

Crypto & Digital Assets

Topics:

Authorisation & Licensing Consumer Protection / Conduct

Crypto ExchangeFintech

🇬🇧 FCA News high

February 10th 2026

FCA fines two individuals a combined £108,731 for insider dealing

The FCA has fined Dipesh Kerai and Bhavesh Hirani for insider dealing in shares of Bidstack Group Plc. Mr Kerai has been fined £52,731, and Mr Hirani has been fined £56,000.In December 2021, Mr Hirani was the interim Chief Financial Officer at Bidstack, a company that placed advertising inside video games. This meant he had access to inside information about a major upcoming deal between Bidstack and a large video game publisher.Before it was announced to the public, Mr Hirani passed this con...

Sectors:

Capital Markets & Trading Investment Management

Topics:

Market Abuse / Surveillance Reporting & Disclosure

Broker DealerAsset Manager

🇬🇧 FCA Policy high

February 6th 2026

Independent assessment to support establishment of a Future Entity

We have published a letter to trade associations to provide an update in the development of a Future Entity (FE) for open banking. The letter confirms the appointment of KPMG to provide an independent assessment of proposals to establish a standards-setting body for UK open banking APIs that is capable of becoming the Future Entity. It explains the purpose and scope of the assessment, the respective roles of the FCA, industry, trade associations and the independent assessor, and how firms can...

AI Analysis

The FCA has appointed KPMG to conduct an independent assessment of proposals for establishing a **Future Entity** – a standards-setting body for UK open banking APIs that will replace Open Banking Limited. This initiative is critical because it establishes the governance framework for open banking ahead of new legislative powers the FCA will receive under the Data (Use and Access) Act 2025, with a statutory instrument expected by end-2026.

Sectors:

Payments & E-Money Banking & Credit Capital Markets & Trading

Topics:

Authorisation & Licensing Technology & Cyber Operational Resilience / Outsourcing

BankPayment ProviderFintech

🇬🇧 FCA News high

February 6th 2026

Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd exit the UK market

From 6 April 2026, Gemini is closing all customer accounts in the UK. Gemini Payments UK, Ltd (GPUK) is authorised by the FCA to issue electronic money (e-money) and provide payment services.Gemini Intergalactic UK, Ltd (GIUK) offers cryptoasset products. These activities are not regulated by the FCA, although we oversee compliance in accordance with UK anti-money laundering regulations. On 5 February 2026, GPUK and GIUK confirmed they plan to exit the UK market. Effective 6 April 2026, Gemin...

Effective Date: 6 April 2026

Sectors:

Payments & E-Money Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Payment ProviderCrypto Exchange

🇬🇧 FCA News high

February 5th 2026

FCA stops Advantage Wealth Management Ltd from carrying out regulated activities and imposes assets restriction

The FCA has imposed restrictions on independent financial adviser Advantage Wealth Management Ltd (AWM), which means it must not dispose of any assets or conduct any regulated activities without the written consent of the FCA. The action follows concerns that AWM is not being managed in a way that ensures that its affairs are conducted in a sound and prudent manner. We issued a First Supervisory Notice (PDF)on 22 December 2025, outlining further details about our concerns and the basis for im...

Sectors:

Wealth & Private Banking Investment Management

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Wealth Manager

🇬🇧 FCA News high

February 4th 2026

FCA and SRA issue joint warning to firms representing motor finance commission claims

The FCA and Solicitors Regulation Authority (SRA) have today issued a joint warning to claims management companies (CMCs) and law firms involved in motor finance commission claims to make sure consumers don’t have multiple representatives for the same claim and are not charged excessive termination fees. The regulators are reminding CMCs and law firms that they are expected to have robust checks in place to confirm consumers have not already instructed another representative. The FCA has also...

Sectors:

Banking & Credit Consumer Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Authorisation & Licensing

BankFintechAll Firms

🇬🇧 FCA Policy high

February 4th 2026

FCA and SRA joint message to professional representatives on motor finance commission claims: dealing with multiple representation and excessive termination fees

The FCA and Solicitors Regulation Authority (SRA) are warning claims management companies and law firms (representatives) involved in motor finance claims to make sure clients don’t have multiple representatives for the same claim and are not charged excessive termination fees We have seen some clients with up to 4 different representatives for the same claim. They risk being charged termination fees, which could be deemed excessive, should they try to cancel duplicate agreements.

AI Analysis

The FCA and SRA have issued a joint warning to claims management companies (CMCs) and law firms handling motor finance commission claims, addressing multiple client representations (up to 4 per claim observed) and excessive termination fees, which risk unfair consumer treatment. This matters because regulators are intensifying scrutiny amid a paused complaints-handling period (ending May 2026) and a forthcoming redress scheme, with enforcement actions already underway against non-compliant firms.

What Changed

This is a non-binding joint message reinforcing existing obligations under FCA's Consumer Duty, Claims Management Conduct of Business Sourcebook, Consumer Rights Act 2015 (CRA), and SRA standards, rather than introducing new rules. Key emphases include mandatory robust onboarding due diligence to prevent multiple representations, clear upfront disclosure of termination fees, and justification of any fees charged (especially if onboarding was inadequate).

What You Need To Do

Engaging clients and other representatives to confirm client wishes and establish single representative
Notifying respondent firms promptly of the sole representative
Supporting file transfers with client consent and considering no-charge resolutions if onboarding was poor
Robust onboarding checks (e
Entering new agreements only after prior termination and informed consent

Key Dates

May 2026 - Current pause on motor finance commission complaints handling ends; non-CRS complaints must progress per DISP timelines. DEADLINE

End of March 2026 - FCA to publish final rules on proposed Motor Finance Consumer Redress Scheme (CRS).

Early 2026 - FCA expected to finalize redress scheme rules (per consultation responses). (https://www.akingump.com/en/insights/alerts/fca-consultation-paper-on-motor-finance-redress-published)

5 February 2026 - FCA launches consumer advertising campaign warning of scammers (post-dated relative to publication).

7 October 2025 - FCA letter to CMCs on related expectations.

Compliance Impact

Urgency: High - Immediate risk of enforcement; FCA/SRA using CRA/DMCA 2024 powers (e.g., info requests from 9 law firms), 5 CMCs paused onboarding, 1 under investigation, SRA closed 7 firms. Matters due to paused complaints (ending soon), impending CRS, consumer harm from fees/delays, and proactive monitoring signaling broader crackdown on HVCC misconduct like excessive fees or poor due diligence.

References

Sectors:

Consumer Credit Insurance & Pensions

Topics:

Consumer Protection / Conduct

Payment ProviderAll Firms

🇬🇧 FCA News high

February 3rd 2026

Upper Tribunal finds that Banque Havilland devised a plan to harm the Qatari economy

The Upper Tribunal has upheld the FCA’s decision that Rangecourt SA (formerly Banque Havilland), Edmund Rowland, the former London CEO and Vladimir Bolelyy, a former Bank employee, acted without integrity. The Tribunal agreed with the FCA that significant fines should be imposed, deciding that fines of £4m, £352,000 and £14,200 were appropriate for Rangecourt SA, Mr Rowland and Mr Bolelyy respectively. The Tribunal also upheld the FCA’s decision to ban Mr Rowland and Mr Bolelyy from working i...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

AML / Financial Crime Prudential / Capital Requirements Market Abuse / Surveillance

BankWealth ManagerAsset Manager

🇬🇧 FCA Speech medium

February 3rd 2026

Insurance in the round: Innovation, growth and trust

Speech by Sarah Pritchard, FCA deputy chief executive, at the ABI Annual Conference. IntroductionIt’s hard to think of a more symbolic venue to discuss driving change in the insurance sector than the QEII Centre.Step outside, and you’re in the shadow of both the Houses of Parliament, and Westminster Abbey. Scrutiny, change and serving citizens on one side. Tradition on the other.That’s where insurance sits, too.As an industry, you have to balance the new with the non-negotiables – finding way...

Sectors:

Insurance & Pensions

Topics:

Consumer Protection / Conduct Technology & Cyber

Insurance

🇬🇧 FCA News medium

February 3rd 2026

Regulators announce first firms to join Scale-up Unit

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have announced the first cohort of banks and building societies to benefit from their joint Scale-up Unit. The Scale-up Unit announced last year is designed to build stronger ties and provide tailored support for fast-growing and innovative financial firms, helping them to grow sustainably at pace.The 6 firms that expressed interest and have been accepted to the first cohort are:Allica BankClearBankMonument BankNo...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Prudential / Capital Requirements Authorisation & Licensing Consumer Protection / Conduct

BankFintechAll Firms

🇬🇧 FCA News medium

February 3rd 2026

Falling cost of premium finance saving consumers around £157m a year

People who pay monthly for their insurance are saving around £157m a year, with over half the firms the FCA reviewed as part of a market study lowering the cost of premium finance. Interest rates for premium finance have fallen by an average 4.1 percentage points since 2022, saving consumers £8 on a typical motor policy and £3 on a typical home policy per year. The changes result from regulatory attention, fair value assessments and base rate reductions. The FCA has seen even more significant...

Sectors:

Insurance & Pensions Consumer Credit

Topics:

Consumer Protection / Conduct Reporting & Disclosure

InsuranceAll Firms

🇬🇧 FCA Enforcement high

February 3rd 2026

What do we mean when we say 'fair value'?

What does 'fair value' mean in financial services? It might sound like dry regulator speak, but it’s really asking a simple question – are customers paying a reasonable price for a product, compared to the benefits they get in return?This is not us setting a particular price or level of profit which firms can make. But it's a challenge to firms – can they provide evidence that their customers are getting a fair deal? If they can’t, then they need to look again.This applies across financial se...

AI Analysis

This FCA blog post clarifies the 'fair value' concept under Consumer Duty, emphasizing that firms must evidence a reasonable price-to-benefits relationship without the FCA dictating prices or profits. It matters because it signals ongoing FCA scrutiny and enforcement in sectors like cash savings, investment platforms, and premium finance, with demonstrated consumer savings of £167m annually from interventions. Compliance professionals must prioritize robust fair value assessments to avoid challenges, remedial actions, or enforcement.

Sectors:

Banking & Credit Insurance & Pensions Consumer Credit

Topics:

Consumer Protection / Conduct

BankInsuranceAll Firms

🇬🇧 FCA Speech medium

February 2nd 2026

The role of the FCA and PSR in delivering the National Payments Vision

Speech by David Geale, executive director, payments and digital finance and Payment Systems Regulator (PSR) managing director, at the Payments Regulation and Innovation Summit 2026. A payments system that works for everyoneJust before Christmas I was in Billericay for the opening of the 200th banking hub.I got to chat to local people and business owners about the difference the hub will make to their everyday lives. It was great.Although if I’m honest, the biggest talking point was probably t...

Sectors:

Payments & E-Money Banking & Credit

Topics:

Consumer Protection / Conduct Technology & Cyber Operational Resilience / Outsourcing

BankFintechPayment Provider

🇬🇧 FCA Speech high

January 30th 2026

The FCA’s long term review into AI and retail financial services: designing for the unknown

Speech by Sheldon Mills, at the FCA's Supercharged Sandbox Showcase event. Before we begin, take a look around this room. This is the Supercharged Sandbox. 23 firms at the frontier of retail financial services, chosen from 132 applications. If anyone still doubts the pace of AI change in our sector, this room is the answer.The Board has asked me to lead the long-term review into AI and retail financial services. I will report to the FCA Board in the summer, setting out recommendations to help...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Technology & Cyber Authorisation & Licensing

BankWealth ManagerFintech

🇬🇧 FCA Enforcement medium

January 30th 2026

AI Live Testing: How it can support safe and responsible AI deployment

AI Live Testing now open for applicationsAt the FCA, we’re providing a structured but flexible space where firms can test AI-driven services in real-world conditions, all with our regulatory support and oversight and help from our technical partner, Advai. Collaboration and communication is at the heart of what we are doing.The first cohort joined AI Live Testing in October last year. We opened a second application window on 19 January 2026 and are now inviting applications.Moving on from 'PO...

AI Analysis

The FCA's AI Live Testing initiative provides a voluntary, structured program for firms with mature AI proofs-of-concept (POCs) to test AI-driven services in controlled real-world environments under regulatory oversight and support from technical partner Advai. This matters because it enables safe progression from 'POC paralysis' to deployment, while helping the FCA gather insights on translating AI principles into consumer and market protections, informing future regulation. Participation enhances firms' governance, risk management, and evaluation frameworks for responsible AI use in financial services.

What Changed

This is not a mandatory regulatory change but a voluntary testing service launched by the FCA; no new enforceable requirements are imposed. Key elements include a holistic focus on the AI system (model + deployment context, risks, governance, human-in-the-loop, evaluation, input/output controls) rather than isolated foundation models. The program features three phases: Discovery, Framework validation, and AI system testing (quantitative/qualitative), emphasizing live monitoring, governance, and risk management. It complements the FCA's Supercharged Sandbox for earlier-stage AI exploration.

What You Need To Do

Review FCA's Terms of Reference (PDF) for eligibility, focusing on mature POCs and enterprise-level AI systems
Submit application form via FCA portal by 2 March 2026 if ready for live testing; contact suptech@ fca
Prepare documentation on AI system components (model, context/risks, governance, human oversight, evaluation, controls) for three-phase process
Assess internal governance, data, risk frameworks, and monitoring for AI readiness; consider non-participation but monitor for future FCA expectations
Firms not selected should use insights from first cohort (e

Key Dates

19 January 2026 - Second application window opens.

2 March 2026 - Application deadline for second cohort. DEADLINE

Mid-March 2026 - Notification of successful applicants.

April 2026 - Testing starts for second cohort.

October 2025 - First cohort began testing (historical reference).

Compliance Impact

Urgency: Medium - Voluntary program, but signals FCA's proactive stance on AI oversight; non-participation risks lagging in best practices for Consumer Protection / Conduct and Operational Resilience / Outsourcing as regulator builds evidence for potential rules. Matters for competitive edge in AI deployment and demonstrating alignment with principles-based regulation amid 'POC paralysis'. Early movers gain tailored support, intelligence-sharing on risks, and influence on FCA's evolving AI approach.

References

Sectors:

Banking & Credit Payments & E-Money Consumer Credit

Topics:

Consumer Protection / Conduct Operational Resilience / Outsourcing Technology & Cyber

BankFintechInsurance

🇬🇧 FCA News high

January 29th 2026

Emil the Seal hijacks Waterloo station to warn commuters about investment scams

FCA stunt launches new Firm Checker tool as around 700,000 people lose money to investment scams. Morning commuters at London Waterloo got more than their usual caffeine hit today when a mysterious 'ATM' promising to 'give away a fortune' stopped them in their tracks – and revealed an unexpected surprise.As curious passers-by approached the machine, the screen slid open to unveil Emil the Seal, the FCA's finance-friendly mascot, delivering a blunt message about the dangers of investment scams...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing Technology & Cyber

BankWealth ManagerFintech

🇬🇧 FCA News medium

January 29th 2026

FCA seeks views on how to help close the protection gap

The FCA has called on the insurance industry to help more consumers access products that support them and their families if they become critically ill or die. The interim findings of its competition review of pure protection products found that, for those consumers that have taken out protection insurance, the market mostly works well. There are a wide range of products, most consumers can claim when they need to, and the costs of cover have remained stable in the last few years.But 58% of ad...

Sectors:

Insurance & Pensions

Topics:

Consumer Protection / Conduct

Insurance

🇬🇧 FCA Policy high

January 28th 2026

OFSI and partners clamp down on the abuse of cryptoassets

We’re working closely with the Office of Financial Sanctions Implementation (OFSI), UK law enforcement, and our regulatory partners to tackle the abuse of cryptoassets and associated money‑laundering activities. Read the full blog on the OFSI’s website.

Sectors:

Payments & E-Money Crypto & Digital Assets Banking & Credit

Topics:

AML / Financial Crime Authorisation & Licensing Technology & Cyber

Crypto ExchangeFintechPayment Provider

🇬🇧 FCA Policy high

January 28th 2026

Next steps for establishing a bond consolidated tape provider

We have signed a contract with Etrading Software (ETS) to deliver the UK bond consolidated tape. A high-quality tape will provide investors with a comprehensive overview of the bond market and support price formation and liquidity. It will help maintain the UK’s position as a highly competitive and compelling place to invest and grow.ETS has now launched a website that sets out key milestones and provides technical information for data contributors and users. We will continue to support ETS a...

Sectors:

Capital Markets & Trading Banking & Credit Investment Management

Topics:

Reporting & Disclosure Authorisation & Licensing Market Abuse / Surveillance

Broker DealerAsset ManagerBank

🇬🇧 FCA News high

January 27th 2026

Mills Review to consider how AI will reshape retail financial services

The FCA has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators. The Review will be led by Sheldon Mills and builds on the FCA’s existing work on AI. This includes its AI Discussion Paper, AI Sprint, and AI Lab including AI Live Testing and its groundbreaking Supercharged Sandbox supported by NVIDIA.AI is already embedded across financial services. Rapid advances in generative, agentic and emerging forms of AI mean the next phase of cha...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Technology & Cyber Authorisation & Licensing

BankWealth ManagerFintech

🇬🇧 FCA News high

January 27th 2026

Guavapay Limited enters compulsory liquidation

On 21 January 2026, Guavapay Limited entered compulsory liquidation. The Official Receiver, an officer of the Insolvency Service, is its liquidator. Guavapay is authorised by the FCA to issue E-money and provide payment services to its customers.On 17 September 2025, Guavapay agreed to a voluntary requirement with the FCA, restricting the activities it can undertake. See details on the Financial Services Register.As liquidator, The Official Receiver is responsible for:Managing customer claims...

Sectors:

Payments & E-Money

Topics:

Authorisation & Licensing Consumer Protection / Conduct Prudential / Capital Requirements

Payment Provider

🇬🇧 FCA Policy high

January 26th 2026

FCA welcomes the Accelerated Settlement Taskforce’s 2025 report on T+1 progress

The latest Accelerated Settlement Taskforce (AST) report updates on the significant progress made towards the move to T+1. Read the AST report.Jamie Bell, head of capital markets at the FCA, said:'T+1 marks a major milestone in our drive to support growth and innovation. Faster settlement cycles will reduce risk, free up capital for faster reinvestment and align with other major markets.'We are delighted to see the great progress made last year highlighted in the AST’s report. By the end of t...

Sectors:

Capital Markets & Trading

Topics:

Operational Resilience / Outsourcing

Broker DealerBankAsset Manager

🇬🇧 FCA Guidance medium

January 24th 2026

GC25/1: Primary Market Bulletin No. 55

Guidance consultations

AI Analysis

GC25/1 within Primary Market Bulletin No. 55 consults on targeted amendments to FCA Knowledge Base technical notes to align with UK Listing Rules (UKLR) changes effective 29 July 2024 and a new ESEF taxonomy for digital reporting. This matters for listed issuers and advisors as it updates formal guidance on periodic reporting, inside information handling, and position disclosures, ensuring compliance with post-reform listing regime requirements.

What Changed

Amendments to five technical notes: FCA/TN/506.2 (Periodic financial information and inside information), Primary Market/TN/507.1 (Structured digital reporting for IFRS annual statements, reflecting new ESEF taxonomy per DTR 4.1.15R), UKLA/TN/520.2 (Delaying disclosure/dealing with leaks and rumours), UKLA/TN/521.3 (Assessing and handling inside information), and UKLA/TN/542.2 (Issuer's obligations on position disclosures). Broader PMB 55 finalises 44 notes (e.g., TN/209.4 on Listing Principle 2 notifications, TN/305.3 on hostile takeovers, TN/307.2 on aggregating transactions for...

What You Need To Do

Review blacklined amendments in GC25/1 and PMB 55; submit feedback by 15 May 2025 if impacted
Update internal policies, training, and procedures to reflect finalised notes (e
Until finalised, interpret existing guidance in light of UKLR; monitor for TN/710 update in future PMB
For digital reporting, prepare for new ESEF taxonomy in annual IFRS statements

Key Dates

2025 Guidance Consultation opens.

2025 Guidance Consultation closes; comments due to primarymarketbulletin@fca.org.uk. DEADLINE

July 2025 (target) - FCA intends to finalise consulted notes.

2024 UKLR effective date (context for updates).

Compliance Impact

Urgency: Medium – Past consultation deadline (15 May 2025) as of January 2026, but finalisation expected by July 2025 requires proactive policy reviews to avoid non-compliance with updated listing guidance. Matters for market integrity and operational alignment with UKLR reforms, with low immediate risk but potential enforcement exposure post-finalisation.

References

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure Market Abuse / Surveillance

All Firms

🇬🇧 FCA Guidance high

January 24th 2026

Consumer Duty: International payment pricing transparency – good and poor practice

Good and poor practice

AI Analysis

The FCA's guidance outlines good and poor practices in communicating costs for international money remittance and cross-border payments involving currency conversion, emphasizing transparency under the Consumer Duty to enable informed consumer decisions. It matters because non-compliance risks supervisory action, as the FCA plans future reviews to assess improvements, raising the bar on pricing clarity amid ongoing Duty enforcement.

Sectors:

Payments & E-Money Banking & Credit Consumer Credit

Topics:

Consumer Protection / Conduct

Payment ProviderBankFintech

🇬🇧 FCA Guidance high

January 24th 2026

PS25/19: Improving the complaints reporting process

Consultation papers

AI Analysis

FCA PS25/19 finalizes rules to streamline complaints reporting by replacing multiple existing returns with a single consolidated return, enhancing data quality, consistency, and vulnerability identification while reducing burdens. This matters for compliance teams as it mandates system and process updates to improve regulatory oversight and consumer protection, with implementation required within 12 months.

What Changed

Consolidated complaints return: Replaces five existing returns (DISP 1 Annex 1, Consumer Credit Return (CCR), Funeral Plans (FP), Claims Management Companies (CMCs), and Electronic Money and Payment Services Return (PSR)) with one unified return to reduce duplication and improve comparability. Permission-based reporting: Firms report only sections relevant to their regulated permissions, targeting reporting to specific activities. Simplified nil returns: Proportionate approach allows upfront selection for firms with no complaints. Removal of group reporting: Shifts to individual legal...

What You Need To Do

Review and update internal complaints recording, categorization, and reporting systems to align with new consolidated return, taxonomy, permission-based sections, and vulnerability data points
Eliminate group-level aggregation; implement entity-level reporting
Integrate FCA Vulnerability Guidance into complaints processes for identification and reporting
Test and prepare for fixed 6-monthly submissions via FCA systems; complete nil return simplifications where applicable
For Retail Banking, Insurance, Payment Services, and CMCs: Retain and adapt contextualised data capture

Key Dates

2025 Consultation opened.[User Query]

2025 Consultation closed.[User Query]

2025 Policy Statement PS25/19 published, with 12-month implementation period starting.

2026 Feedback deadline on Chapter 4 questions (email to FCA). DEADLINE

2027 30/06/2027 - First reporting period under new process.

Compliance Impact

Urgency: High – With publication on 3 Dec 2025 and a 12-month implementation window (to ~Dec 2026), firms must prioritize system changes now, as the first period starts 1 Jan 2027; non-compliance risks enforcement, especially on vulnerability reporting and transparency, amid FCA's focus on consumer protection data quality.

References

Sectors:

Banking & Credit Insurance & Pensions Payments & E-Money Consumer Credit

Topics:

Consumer Protection / Conduct Reporting & Disclosure

BankInsurancePayment Provider

🇬🇧 FCA Guidance high

January 24th 2026

CP25/15: A prudential regime for cryptoasset firms

Consultation papers

AI Analysis

CP25/15 proposes prudential rules and guidance for UK firms issuing **qualifying stablecoins** and safeguarding **qualifying cryptoassets**, aiming to foster a safe, competitive crypto sector while prioritizing consumer protection and market integrity. This matters for compliance professionals as it introduces tailored prudential sourcebooks (COREPRU and CRYPTOPRU) to mitigate firm failure risks, aligning with the FCA's crypto roadmap and Treasury's statutory plans.

What Changed

Prudential Sourcebooks: Introduces COREPRU (core requirements across sectors) and CRYPTOPRU (crypto-specific calibrations) for "CRYPTOPRU firms" handling regulated crypto activities, covering own funds adequacy, capital resources, and stress-adjusted internal capital assessments. Own Funds and Capital Rules: Firms must hold financial resources adequate in amount and quality, including adjustments for valuation uncertainty, stress realizable values, and interim profits in CET1 capital; supplements threshold conditions and principles requiring appropriate resources. Risk Management and...

What You Need To Do

Respond to Consultation
Assess Applicability
Prepare Prudential Frameworks
Engage on Related CPs
Data and Reporting Readiness

Key Dates

28/05/2025 - Consultation opens and CP first published.

31/07/2025 - Consultation closes; submit feedback via online form, email ([email protected]), or post.

Post-31/07/2025 - FCA considers feedback and publishes final rules (no specific date given).

Q3 2025 - Upcoming Conduct and Firm Standards CP affecting all cryptoasset firms, including QS issuers and custodians.

Future (CP2 per Roadmap) - Consultation on remaining prudential sourcebook requirements.

Compliance Impact

Urgency: High – As of January 2026, the consultation closed over five months ago, signaling imminent final rules that could reshape prudential requirements for crypto firms; non-compliance risks authorization barriers, enforcement, or market exclusion in a regime prioritizing stability amid global crypto growth. This elevates risks for firm failures and consumer harm, demanding immediate gap assessments to align with proportionate standards supporting innovation.

References

Sectors:

Payments & E-Money Crypto & Digital Assets Banking & Credit

Topics:

Prudential / Capital Requirements Authorisation & Licensing Consumer Protection / Conduct

FintechCrypto ExchangePayment Provider

🇬🇧 FCA Guidance medium

January 24th 2026

GC25/2: Primary Market Bulletin No. 57

Guidance consultations

AI Analysis

The FCA's GC25/2: Primary Market Bulletin No. 57 (PMB 57), published 25 July 2025, consults on amendments to Technical Note 710.1 ('Sponsor Services: Principles for Sponsors') and a new Technical Note 638.1 on complex financial history and significant financial commitment rules for prospectuses. This matters as it updates the Knowledge Base to align with the new UK Listing Regime (UKLR) and Prospectus Rules, providing clarity for sponsors and issuers ahead of the PRM sourcebook effective January 2026, reducing compliance risks in primary markets.

What Changed

Amendments to TN 710.1 (Sponsor Services: Principles for Sponsors): Revisions clarify the scope of 'preparatory work' and sponsor obligations under UKLR 4, building on feedback from PMB 48, 53, and PS24/6; changes marked against PMB 53 version. New TN 638.1 (Guidance on complex financial history and significant financial commitment rules): Updated draft provides detailed guidance for prospectus applications by companies with complex histories (e.g., acquisitive models), including scenarios, examples, and key terms like 'significant acquisition'; based on current PRR/UK Prospectus Regulation...

What You Need To Do

Review and respond
Update policies/processes
Monitor finalisation
Implement NSM changes

Key Dates

2025 Consultation opens (GC25/2 published).

2025 Consultation closes (submit comments to primarymarketbulletin@fca.org.uk).

2025 National Storage Mechanism changes effective (per PS24/19).

of 2025 Aim to finalise TN 710.

2026 New Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook, UKLR changes, and Market Conduct amendments effective (per PS25/9).

Compliance Impact

Urgency: Medium – Consultation closed 12/09/2025 (past deadline as of January 2026), but final notes (e.g., TN 710 by end-2025) and PRM effective 19/01/2026 require immediate policy reviews to avoid prospectus rejections or sponsor breaches. Matters for primary market competitiveness and investor protection under evolving UKLR/PRM, with no material CBA changes from CP23/31/CP24/12.

References

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure

Broker DealerAll Firms

🇬🇧 FCA Guidance medium

January 24th 2026

Statement of Policy on statutory investigations into regulatory failure and producing reports [PDF]

Policy and guidance

AI Analysis

The FCA's updated Statement of Policy outlines its approach to statutory investigations into possible regulatory failures under Part 5 of the Financial Services Act 2012, including criteria for triggering investigations and producing reports for HM Treasury. It matters because it clarifies when the FCA must self-scrutinize serious lapses in regulation, helping firms anticipate rare but high-profile probes into systemic issues affecting consumer protection, market integrity, or competition. The primary update adjusts inflation-linked monetary thresholds for assessing "significant" consumer detriment, ensuring the policy remains relevant.

Sectors:

Banking & Credit Investment Management Insurance & Pensions

Topics:

Consumer Protection / Conduct Senior Managers / Governance Reporting & Disclosure

Asset ManagerBankInsurance

🇬🇧 FCA Guidance high

January 24th 2026

CP25/31: The framework for a UK equity consolidated tape

Consultation papers

AI Analysis

The FCA's CP25/31 proposes a regulatory framework for introducing a UK equity Consolidated Tape (CT), operated by a Consolidated Tape Provider (CTP), to collate and distribute comprehensive post-trade data (prices and volumes) across trading venues and OTC trades in equities, including shares, ETFs, depository receipts, and similar instruments. This matters for compliance as it imposes new data contribution obligations on trading venues and APAs, aims to enhance market transparency and competitiveness under the FCA's 2025-2030 Strategy, and builds on FSMA 2023 powers for Data Reporting Services Providers (DRSPs). Firms must engage now to shape rules via consultation, with potential operations targeted for 2027.

What Changed

CTP Obligations: Proposed rules establish core regulatory requirements for CTPs, including governance, operational resiliency, data collation/distribution, competitive pricing, and simple licensing structures to ensure accessibility and affordability. Data Contributor Obligations: Trading venues and Approved Publication Arrangements (APAs) must provide trade data (e.g., prices, volumes) to the CTP, covering trades across venues and OTC equity transactions. Scope and Outcomes: CT focuses on post-trade data initially (with trade-offs on pre-trade inclusion); seeks to increase UK equity data...

What You Need To Do

Respond to Consultation
Data Readiness
Monitor Updates
Engage Stakeholders
Compliance Mapping

Key Dates

2025 Consultation opens and CP25/31 first published.

2026 Consultation page last updated; period extended.

2026 Consultation closes (extended from original dates).

2026 FCA to publish CP on equity transparency regime (linked to CT).

2027 Target for equity CT to be operational.

Compliance Impact

Urgency: High – While still in consultation (closes 13/02/2026), proposals mandate data contributions from trading venues/APAs and CTP setup, with 2027 operations targeted; non-engagement risks misaligned systems or missed CTP opportunities. Matters due to FSMA 2023 empowerment, links to equity transparency reforms (CP25/20), and strategic push for UK market competitiveness – firms face new reporting/resiliency burdens but gain liquidity/transparency benefits.

References

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure Market Abuse / Surveillance

Broker DealerAll Firms

🇬🇧 FCA Guidance high

January 24th 2026

PS25/22: Supporting consumers’ pensions and investment decisions: rules for targeted support

Policy statements

AI Analysis

The FCA's PS25/22 establishes a new regulatory framework for **targeted support**—a form of financial guidance that allows authorised firms to provide ready-made suggestions to consumer segments without conducting individualised suitability assessments. This framework addresses the UK's "advice gap" by enabling firms to deliver affordable, scalable financial support to an estimated 18 million consumers within a decade, fundamentally shifting how retail investors and pension savers access guidance on investment and retirement decisions.

Sectors:

Investment Management Insurance & Pensions Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing Reporting & Disclosure

Asset ManagerWealth ManagerAll Firms

🇬🇧 FCA Guidance high

January 24th 2026

PS25/23: Tackling non-financial misconduct in financial services

Policy statements

AI Analysis

The FCA's PS25/23 finalizes guidance on tackling **non-financial misconduct (NFM)** in financial services, amending the COCON sourcebook to clarify how serious NFM breaches conduct rules and integrating it into FIT assessments for fitness and propriety. This matters because it aligns rules across banks and non-banks, enhances accountability, deters harmful workplace cultures, and supports FCA objectives like consumer protection and market integrity by ensuring consistent handling of issues like bullying or harassment.

What Changed

COCON amendments: Expands scope to non-banks for work-related serious NFM involving financial services personnel; provides flowcharts, examples, and factors (e.g., seriousness, pattern, dishonesty, violence) to assess breaches consistently; clarifies only "serious" NFM qualifies, aligned with Equality Act concepts, and excludes trivial/private matters. FIT sourcebook updates: Integrates NFM into fit and proper tests for employees/senior personnel; firms assess case-by-case without investigating implausible claims or breaching privacy; removes disproportionate examples like minor motoring...

What You Need To Do

Review and update policies/handbooks to incorporate COCON/FIT guidance on NFM assessment, including flowcharts and factors for breaches/fitness
Train HR, compliance, and managers on applying rules consistently, emphasizing seriousness thresholds, case-by-case judgement, and alignment with employment law/privacy
Enhance regulatory reference processes to disclose past NFM; ensure reporting of serious breaches to FCA
Assess current NFM handling for gaps (e
Firms not to investigate trivial/improbable allegations or overstep privacy laws

Key Dates

2023 Consultation on D&I in financial sector opened

2023 Consultation on D&I in financial sector closed

2025 Policy Statement and Consultation on non-financial misconduct guidance (CP25/18) published

2025 Consultation on non-financial misconduct guidance closed

2025 Policy Statement on non-financial misconduct (PS25/23) published

Compliance Impact

Urgency: High – With rules effective 1 September 2026 (9+ months from today), firms have preparation time, but PS25/23 closes FCA's NFM policy work, shifting to supervision/enforcement focus; non-compliance risks enforcement, FIT failures, and reputational damage amid trust-building priorities in FCA Strategy 2025-2030.

References

Sectors:

Banking & Credit Investment Management Insurance & Pensions

Topics:

Consumer Protection / Conduct Senior Managers / Governance

Asset ManagerBankInsurance

🇬🇧 FCA Guidance medium

January 24th 2026

CP26/2: Financial Services Compensation Scheme – Management Expenses Levy Limit 2026/27

Consultation papers

AI Analysis

The FCA and PRA are consulting on setting the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) at £113 million for 2026/27, comprising a £108 million management expenses budget (up £4.4 million from 2025/26, broadly in line with inflation) and a £5 million unlevied reserve. This matters because it caps the operating costs (e.g., IT, staff, legal, claims handling) that FCA- and PRA-authorised firms must fund via levies, excluding separate compensation payments, ensuring FSCS efficiency while controlling firm burdens.

What Changed

Proposed MELL of £113 million for 2026/27: £108 million budget + £5 million unlevied reserve. Budget increase of £4.4 million (4%) from 2025/26, aligned with inflation; excluding new revolving credit facility (RCF) enhancement costs, it reflects a £6.6 million nominal and £11 million real-terms reduction on a like-for-like basis. Budget allocated across PRA and FCA fee blocks based on firms' regulated business volume, with smaller firms contributing less. No changes to compensation levies, which remain separate and forecast at £342 million total levy including compensation.

What You Need To Do

Review CP26/2 (FCA) and CP1/26 (PRA) alongside FSCS January 2026 Budget Update for allocation details
Submit feedback on proposed MELL by 10 February 2026 to PRA (email or 20 Moorgate, London EC2R 6DA)
Budget for potential levy payments starting 1 April 2026, based on firm's share of PRA/FCA classes (see Appendix 4 in CP)
Monitor post-consultation Policy Statement/Handbook Notice for final MELL confirmation

Key Dates

13 January 2026 - Consultation opens (CP26/2 FCA; CP1/26 PRA).

10 February 2026 - Consultation closes; submit comments via email or post to PRA (accepted on behalf of both regulators, shared anonymously with FSCS).

1 April 2026 - Final rules effective (start of FSCS financial year); PRA Policy Statement and FCA Handbook Notice expected post-consultation.

31 March 2027 - MELL period ends.

Compliance Impact

Urgency: Medium - Firms face predictable levy increases aligned with inflation, with levies allocated by business volume (minimal for small firms), but must act on consultation feedback by 10 February 2026 (today is 25 January 2026, leaving ~2 weeks). Matters for financial planning and budgeting, as MELL ensures FSCS operational funding without covering volatile compensation costs; failure to engage risks unaddressed cost concerns in final rules.

References

Sectors:

Banking & Credit Insurance & Pensions

Topics:

Reporting & Disclosure Prudential / Capital Requirements

BankInsuranceAll Firms

🇬🇧 FCA News high

January 23rd 2026

New regime for securities and what consumers should look out for

We urge consumers thinking of investing in high-risk securities, such as mini-bonds and loan notes, to continue to be cautious. On 19 January 2026, the Public Offers and Admissions to Trading regime came into force. The regime sets new rules and standards about when an offer of securities to the public can be made.A security is a financial instrument that represents some type of financial value (for example, shares, bonds and stock) that can be traded on a financial exchange.The types of secu...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing

BankWealth ManagerFintech

🇬🇧 FCA News high

January 23rd 2026

FCA seeks feedback on further rules for cryptoasset firms

We are seeking views on further rules for cryptoasset firms as the final step in our consultations on our crypto rules. We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.We have set out our proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms. We are also seeking feedback on our proposed approach to international cry...

Sectors:

Crypto & Digital Assets

Topics:

Consumer Protection / Conduct Authorisation & Licensing Reporting & Disclosure

Crypto ExchangeFintech

🇬🇧 FCA Speech medium

January 22nd 2026

Screening for success: Opening the gateway to growth

Speech by Sheree Howard at the FCA's Gateway to growth, Chicago Booth London Conference Centre. The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business.It is amazing, therefore, to think that right around this time in 197...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Authorisation & Licensing Consumer Protection / Conduct Technology & Cyber

BankFintechWealth Manager

🇬🇧 FCA Policy high

January 20th 2026

Regulators give clarity in relation to open banking pricing models

We have issued a joint statement with the Payment Systems Regulator (PSR) giving clarity on open banking pricing models. We and the PSR have issued the following statement (PDF).This confirms we will not, at this stage, prioritise a Competition Act 1998 (CA98) investigation into the centralised ‘access fee’ pricing model being developed by the UK Payments Initiative (UKPI) for commercial Variable Recurring Payments (cVRPs). cVRPs are an emerging open banking technology that allow consumers to...

AI Analysis

The FCA and PSR have jointly confirmed they will not prioritize a Competition Act 1998 investigation into the UK Payments Initiative's (UKPI) centralized access fee pricing model for commercial Variable Recurring Payments (cVRPs), with the CMA's concurrent agreement. This regulatory clarity provides temporary certainty for cVRP development ahead of anticipated legislation by end-2026, creating a critical window for firms to develop compliant commercial models in this emerging open banking technology.

Action Required

The FCA and PSR have issued a joint statement providing clarity on open banking pricing models, specifically regarding the centralised 'access fee' pricing model for commercial Variable Recurring Payments (cVRPs). This statement confirms that they will not prioritize a Competition Act 1998 investigation into this model at this stage. The goal is to support the development of cVRPs, giving consumers more control over their payments and lowering processing fees for businesses.

Sectors:

Payments & E-Money Banking & Credit Capital Markets & Trading

Topics:

Consumer Protection / Conduct Authorisation & Licensing Technology & Cyber

BankFintechPayment Provider

🇬🇧 FCA News medium

January 19th 2026

Applications now open for next round of FCA’s AI Live Testing

We have opened applications for the second cohort of our AI Live Testing service. AI Live Testing is the first of its kind in the financial sector to help firms who are ready to use AI in UK financial markets. Participating firms receive tailored support from our regulatory team and our technical partner Advai to develop, assess and deploy safe and responsible AI.The service helps firms to consider key questions around evaluating AI including governance, risk management and monitoring to help...

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Technology & Cyber Authorisation & Licensing Consumer Protection / Conduct

BankFintechAsset Manager

🇬🇧 FCA News high

January 19th 2026

Tribunal upholds ban and fines for corrupt and dishonest adviser

The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal. The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal.Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm.Mr Reynolds showed a clear disregard for his customers’ intere...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Senior Managers / Governance

Wealth ManagerAll Firms

🇬🇧 FCA News high

January 16th 2026

Logic Investments Ltd enters special administration

On 16 January 2026, Logic Investments Ltd (Logic Investments) entered special administration. Alex Watkins and Ed Boyle of Interpath Ltd were appointed as joint special administrators. Logic Investments is FCA authorised and regulated to provide wealth management services. On 16 December 2025, Logic Investments agreed to an FCA requirement preventing it from accepting new clients, client money or assets; or moving existing client money or assets without FCA consent. This was done because of c...

Sectors:

Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements

Wealth Manager

🇬🇧 FCA News medium

January 16th 2026

Court approves FCA’s proposals to distribute Asset Land investor funds

On 19 December 2025 the High Court approved the FCA’s proposals to distribute funds to Asset Land investors. The Court has directed the FCA to pay funds to investors in the Asset Land schemes who provide valid bank account details to the FCA on or before 20 February 2026.Investors who have not received previous communications from the FCA or who have not updated their contact information are requested to immediately contact the FCA using the details below.Please ensure this is completed no la...

Deadline: 20 February 2026

Sectors:

Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Reporting & Disclosure

Asset ManagerWealth Manager

🇬🇧 FCA News high

January 16th 2026

FCA fines oil rig consultant £309,843 for insider dealing

The FCA has fined Russel Gerrity £309,843 for using inside information to net himself £128,765. As a consultant, Mr Gerrity had access to information about whether oil and gas had been discovered during the drilling of wells. Between October 2018 and January 2022, he took advantage of this and used inside information to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price. On another occasion, he used inside information t...

Sectors:

Capital Markets & Trading Investment Management

Topics:

Market Abuse / Surveillance Reporting & Disclosure

Broker DealerAsset Manager

🇬🇧 FCA Policy high

January 14th 2026

UK and EU regulators sign Memorandum of Understanding to strengthen oversight of critical third parties

The FCA, Bank of England and Prudential Regulation Authority have together signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to enhance cooperation and oversight of critical third parties (CTPs) that fall under the UK’s CTP regime.The MoU establishes a framework for coordinating and sharing information on the oversight of CTPs under the UK regime and critical third party providers (CTPPs) under the EU’s Digital Operational Resilience Act (DORA), including du...

AI Analysis

The FCA, Bank of England (BoE), and Prudential Regulation Authority (PRA) have signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities (ESAs) to coordinate oversight of critical third parties (CTPs) under the UK's CTP regime and critical third party providers (CTPPs) under the EU's Digital Operational Resilience Act (DORA). This matters because it enhances cross-border information sharing and cooperation during incidents like cyber-attacks, reducing regulatory duplication while bolstering financial stability and operational resilience for firms reliant on these providers.

What Changed

Establishes a framework for timely information sharing, coordination of oversight activities, and joint responses to incidents affecting CTPs/CTPPs, including power outages or cyber-attacks. Defines principles for cooperation on mutually designated CTPs/CTPPs, including notifications of investigations and best endeavors to share material information where legally and operationally feasible. Complements the UK's CTP regime (effective 1 January 2025), which requires designated CTPs to provide regular assurance, conduct resilience testing, and report major incidents, without altering firms'...

What You Need To Do

For CTPs/CTPPs
For financial firms/FMIs
Regulators' internal actions
Firms should review contracts with third parties for compliance alignment and conduct gap analyses against CTP requirements

Key Dates

1 January 2025 UK CTP rules came into effect, applying to CTPs designated by HMT.

Ongoing (process begun pre-2025) HMT designation process for CTPs, with regulators recommending based on concentration and materiality criteria; no fixed end date specified.

DORA effective date (prior context) EU CTPPs oversight under DORA aligns with UK regime; MoU signed to ensure compatibility (exact DORA timeline not in publication but supports post-2024 implementation).

Compliance Impact

Urgency: High – The MoU operationalizes the live UK CTP regime (effective January 2025), with designations underway, amplifying risks of non-compliance for firms using critical ICT providers amid rising cyber and resilience threats. It matters for cross-border firms as it enables regulator-to-regulator data sharing, potentially exposing gaps in outsourcing arrangements and increasing enforcement scrutiny without fines on CTPs yet possible future powers.

References

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Operational Resilience / Outsourcing Technology & Cyber

BankPayment ProviderAll Firms

🇬🇧 FCA News high

January 12th 2026

FCA highlights good practice and risks in complex ETPs for retail investors

We reviewed how firms sell complex exchange traded products (ETPs) to retail consumers. Complex ETPs are a subset of the wider ETP market and include high-risk investment strategies that can be difficult for retail consumers to understand.We assessed how firms of different sizes and business models evaluate these products, communicate key risks and monitor outcomes under the Consumer Duty.Given the complexity and risk profile of ETPs, it is essential firms make sure investors have the knowled...

Sectors:

Investment Management Capital Markets & Trading Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Authorisation & Licensing

Asset ManagerBroker DealerWealth Manager

🇬🇧 FCA News high

January 9th 2026

FCA obtains £265,523.96 confiscation order against Collateral fraudster Andrew Currie

The FCA has secured a confiscation order of £265,523.96 against Andrew Currie. Mr Currie was convicted in 2023 and sentenced to 2 years 6 months imprisonment for defrauding investors through the collapsed peer-to-peer lending platform Collateral (UK) Ltd.He diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain.At a hearing at Southwark Crown Court on 9 January 2026, Mr Currie was ordered to pay £265,523.96. This amount represen...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

BankWealth ManagerFintech

🇬🇧 FCA News medium

January 8th 2026

Pension value to be put under the spotlight

Pension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to bet...

Sectors:

Investment Management Wealth & Private Banking Insurance & Pensions

Topics:

Consumer Protection / Conduct Reporting & Disclosure

Asset ManagerWealth ManagerInsurance

🇬🇧 FCA News medium

January 8th 2026

2026 fines

This page contains information about fines published during 2026. The total amount of fines so far is £371,700. Firm or individual finedDateAmountReasonRichard Adam07/01/2026£232,800The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.Zafar Khan07/01/2026£138,900The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Ru...

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Market Abuse / Surveillance Reporting & Disclosure Senior Managers / Governance

BankBroker DealerAsset Manager

🇬🇧 FCA News high

January 7th 2026

FCA fines former finance directors of Carillion plc (in liquidation)

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges t...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Senior Managers / Governance

BankWealth ManagerAll Firms

🇬🇧 FCA News high

January 2nd 2026

FCA opens investigation into claims management company

The FCA has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were told they could make a claim for free, and whether they were pressurised to sign up.Announcing the investigation allows TCPA customers to consider their options.The FCA has not re...

Sectors:

Banking & Credit Consumer Credit

Topics:

Consumer Protection / Conduct Authorisation & Licensing

All Firms

🇬🇧 FCA News medium

December 23rd 2025

Michael Pettifer Insurance Brokers Limited enters liquidation

On 21 November 2025, Michael Pettifer Insurance Brokers Limited, trading as MPI Brokers, entered creditors’ voluntary liquidation. Robert Cooksey of Bridgestones Limited has been appointed as liquidator. MPI Brokers was authorised and regulated by the FCA to sell and arrange insurance policies. The firm specialised in travel insurance.If you need to contact the liquidator, please contact Bridgestones using the details below:Email: mail@bridgestones.co.ukIn writing: MPI Brokers (In Liquidation...

Sectors:

Insurance & Pensions

Topics:

Authorisation & Licensing Consumer Protection / Conduct

Insurance

🇬🇧 FCA Policy high

December 22nd 2025

Beware of unregulated holiday park investment schemes

A growing number of investment schemes are being promoted unlawfully, are high risk and may even be scams. We've identified a growing number of investment schemes in holiday lodges and holiday homes being promoted to UK consumers by companies that are not FCA authorised.They may be unregulated collective investment schemes, where several investors invest their money. The schemes are being promoted unlawfully, are high risk and may even be scams. We remind consumers that if you invest in an un...

AI Analysis

The FCA has issued a consumer warning about unregulated investment schemes in holiday lodges and holiday homes, which are often promoted unlawfully by unauthorised firms, posing high risks or outright scams. These schemes typically involve collective investments without FCA authorisation, breaching UK financial promotion and collective investment scheme (CIS) rules. This matters for compliance professionals as it signals heightened FCA scrutiny on unauthorised promotions, potential enforcement actions, and the need for firms to review marketing materials and client referrals to avoid facilitation risks.

Sectors:

Investment Management Wealth & Private Banking Consumer Credit

Topics:

Consumer Protection / Conduct Authorisation & Licensing

Wealth ManagerAsset ManagerAll Firms

🇬🇧 FCA News high

December 19th 2025

FCA stops Verus Financial Services Limited from carrying out regulated activities and tightens asset restrictions

The FCA has removed all regulatory permissions from Verus Financial Services Limited requiring it to stop conducting all regulated activities and imposed a more stringent assets restriction. The action follows concerns that the firm has repeatedly breached an existing asset restriction, which prevented it from selling, transferring or diminishing its assets without our approval. It also failed to comply with a Financial Ombudsman Service decision. We issued a First Supervisory Notice (PDF) on...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Authorisation & Licensing Prudential / Capital Requirements

Wealth ManagerBroker DealerAll Firms

🇬🇧 FCA News medium

December 19th 2025

Greater flexibility to be given for setting future contactless limits

People could find it easier to pay using contactless, thanks to greater flexibility and the removal of red tape by the FCA. Banks and payment providers with strong fraud controls will be able to set their own limit for contactless payments, allowing them to better respond to changing consumer demands, inflation and new technology. They are also being encouraged to let customers set their own limit, or turn contactless off altogether, as many high street banks already do. People are using cont...

Sectors:

Banking & Credit Payments & E-Money

Topics:

Consumer Protection / Conduct Technology & Cyber

BankPayment Provider

🇬🇧 FCA Policy high

December 19th 2025

Investigation into WH Smith PLC

We confirm that the FCA has opened an investigation into WH Smith PLC. The investigation concerns potential breaches of UK Listing Principles and Rules and Disclosure and Transparency Rules in relation to the matters announced by WH Smith PLC on 19 November 2025.

AI Analysis

The FCA has launched an investigation into WH Smith PLC for potential breaches of UK Listing Principles and Rules, as well as Disclosure and Transparency Rules (DTRs), stemming from announcements made by the company on 19 November 2025. This underscores the FCA's heightened scrutiny of listed companies' disclosure practices and adherence to market conduct standards. Compliance professionals should note this as a signal of enforcement risk in timely and accurate market disclosures, potentially setting precedents for similar cases.

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure Market Abuse / Surveillance

All Firms

🇬🇧 FCA Policy high

December 18th 2025

FCA expands insurance work in response to Which? super complaint

We're expanding the significant work we had planned to improve standards in the home and travel insurance markets, following Which?’s super complaint. Read our response to Which? (PDF)While 79% of consumers who make an insurance claim are satisfied with how it was handled, our work shows there's room for improvement - with 3 in 10 (31%) saying there isn’t enough information to judge the quality of different policies. Over the next year, we will do more to: Improve claims handling, by reviewin...

AI Analysis

The FCA is expanding its planned supervisory work in home and travel insurance markets in response to a Which? super complaint, focusing on improving claims handling, information provision, and overall standards. This matters for compliance professionals as it intensifies scrutiny under Consumer Duty, requiring firms to demonstrate better consumer outcomes amid ongoing simplification of insurance rules. It signals heightened FCA expectations for evidence-based improvements in customer satisfaction and transparency.

What Changed

This statement announces an expansion of existing planned work rather than new rules, with specific emphases over the next year on: Improving claims handling through reviews of firms' processes. Enhancing information available to consumers for judging policy quality (addressing the 31% dissatisfaction rate). Building on prior simplification efforts, such as risk-based product reviews (replacing annual mandates), removal of prescriptive CPD requirements (e.g., 15 hours), and reduced data returns, as finalized in PS25/21. No immediate new requirements are imposed, but firms must align with...

What You Need To Do

Review and enhance claims handling processes to ensure efficiency and fairness, preparing evidence for FCA supervisory reviews
Improve pre-sale information on policy quality, addressing gaps where 31% of consumers lack sufficient data
Adopt risk-based product and distribution reviews (per PS25/21), documenting rationale for frequency based on harm risks; align with co-manufacturers
Embed Consumer Duty via outcomes monitoring, data-driven MI on customer behavior/complaints, and vulnerability support; shift from process compliance to evidenced effectiveness
Retain records, respond to FCA data requests, and invest in governance/MI for supervision

Key Dates

Over the next year (from publication, approx. late 2025) - FCA to conduct expanded reviews on claims handling, information provision, and standards improvement.

2026 - FCA to decide on changes to GAP insurance product-specific rules.

Q2 2026 - FCA consultation on removing non-UK customers from Consumer Duty scope, with parallel review of ICOBS and PROD application.

H1 2026 - FCA consultations on Consumer Duty amendments for distribution chains and UK customer focus.

September 2026 - Conduct Rules (COCON) expand to non-financial misconduct.

Compliance Impact

Urgency: High - This expands active FCA supervision in 2026, overlapping with Consumer Duty embedding and insurance simplification; non-compliance risks intensified reviews, enforcement, or redress schemes (as seen in motor finance). Firms gain flexibility but face accountability for outcomes, with scrutiny on data quality and vulnerability handling amplifying risks in a trust-based regime.

References

Sectors:

Insurance & Pensions

Topics:

Consumer Protection / Conduct

Insurance

🇬🇧 FCA Policy high

December 17th 2025

FCA welcomes reform to the UK Benchmarks Regulation

The FCA welcomes the Government’s consultation on a new benchmarks regime for the UK. Since the introduction of the current regulatory framework, the financial landscape has evolved significantly. We now have an opportunity to build a regime that is more targeted to current market conditions and to reduce unnecessary burdens on industry, without compromising high standards. We are working with the Government to reform the current benchmarks regime to ensure that the regulatory framework remai...

AI Analysis

The FCA welcomes HM Treasury's consultation on reforming the UK Benchmarks Regulation (BMR) to create a narrower, risk-based **Specified Authorised Benchmarks Regime (SABR)**, reducing regulatory scope by 80-90% to target only systemically important benchmarks and administrators while easing burdens on industry. This matters for compliance professionals as it shifts from broad regulation of all benchmarks to targeted oversight, requiring firms to reassess benchmark usage, prepare for transition, and adapt to FCA rules on risk management, enhancing UK competitiveness post-FSMA 2023 repeal of assimilated laws.

What Changed

Narrower scope: Regulation limited to benchmarks/administrators designated by HM Treasury (HMT) on FCA advice, based on criteria like systemic impact on UK financial integrity, consumers, or markets; reduces coverage by 80-90%, with no distinction between critical/significant/other types or benchmark categories (e.g., interest rate, commodity). FCA-led firm-facing rules: HMT delegates requirements (governance, conflicts, oversight, methodology transparency, record-keeping) to FCA Handbook; removes legislative obligations on users to only use registered benchmarks, replaced by FCA...

What You Need To Do

Review current benchmarks for potential designation risk (systemic impact criteria) and map usage across portfolios
Participate in HMT consultation (responses via gov
Develop/revise policies for benchmark risk management, including cessation/wind-down plans for regulated/non-regulated benchmarks per future FCA guidance
Assess transition from current authorisation (if non-designated, prepare for deregistration); overseas firms evaluate ORR eligibility
Update governance/conflicts frameworks for any designated activities; monitor ESG data inclusion in rules

Key Dates

17 December 2025 - HM Treasury publishes consultation on benchmarks regime reform.

1 January 2026 - Reforms take initial effect; UK becomes only jurisdiction regulating all local benchmarks pre-reform; EU BMR reforms effective, highlighting UK divergence.

Due course 2026 - FCA consults on regulatory requirements for designated administrators/users.

2026 - FCA expected to publish updated guidance on critical benchmarks and implement SABR refinements.

Compliance Impact

Urgency: High - Significant scope reduction eases burdens but introduces transition risks, new FCA rules, and designation uncertainty; firms must act now on consultation (post-Dec 2025) and prep for 2026 FCA changes to avoid non-compliance during shift, especially with 1 Jan 2026 milestone amplifying competitiveness pressures.

References

Sectors:

Capital Markets & Trading Investment Management Banking & Credit

Topics:

Authorisation & Licensing Reporting & Disclosure Market Abuse / Surveillance

Asset ManagerBankBroker Dealer

🇬🇧 FCA News

December 16th 2025

Open banking: a year of progress

Open banking in the UK is growing rapidly. Latest industry figures show there are more than 16 million users now benefiting from the service. The number of open banking payments has soared by 53% year on year, reflecting a significant shift in how consumers and businesses manage their finances.See the API performance statsA key driver of this transformation is the rise of variable recurring payments (VRPs), which now account for 16% of all open banking transactions. VRPs allow consumers and b...

Sectors:

Banking & Credit Payments & E-Money

Topics:

Consumer Protection / Conduct Technology & Cyber

BankFintechPayment Provider

🇬🇧 FCA News medium

December 16th 2025

Bespoke market risk rules could unlock growth

We’re seeking feedback on whether tailored market risk rules for non-bank trading firms could remove unnecessary barriers, free up capital and attract new market participants, ultimately supporting economic growth. The rules in place today were originally designed for banks to ensure they held enough capital to absorb major trading losses and protect depositors.While that approach is sensible, it means non-bank trading firms face the same standards even though the potential harm from their fa...

Sectors:

Capital Markets & Trading

Topics:

Prudential / Capital Requirements Authorisation & Licensing

Broker DealerHedge Fund

🇬🇧 FCA News medium

December 16th 2025

FCA seeks feedback on proposals for UK crypto rules

We are asking for views on new proposals as the next step in shaping the UK’s crypto rules. These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. We want a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open.Our proposals apply a similar approach to crypto as we do in ...

Sectors:

Crypto & Digital Assets

Topics:

Authorisation & Licensing Consumer Protection / Conduct

Crypto ExchangeFintech

🇬🇧 FCA News

December 15th 2025

FCA announces new members of its Sustainable Finance Advisory Committee

Earlier this year, we undertook a refresh of our Sustainable Finance Advisory Committee. In line with good governance, we planned to refresh the membership on a staggered basis, allowing us to bring in new expertise whilst benefiting from some continuity. Following this process, we are pleased to announce the appointment of two new members to the Committee:Elly Dowding, Director of ESG AccordFarnam Bidgoli, Independent AdviserThese appointments reflect our commitment to drawing on diverse exp...

Sectors:

Investment Management Wealth & Private Banking

Topics:

ESG Authorisation & Licensing Senior Managers / Governance

Asset ManagerWealth ManagerAll Firms

🇬🇧 FCA Policy low

December 15th 2025

Closure of investigation into Mirabella Advisors LLP

An update on our investigation into Mirabella Advisors LLP. On 4 May 2021, we announced that we had opened an investigation into the oversight of Greensill Capital Securities Limited, an appointed representative, by its principal, Mirabella Advisors LLP. Our investigation reviewed the nature, conduct and scope of Mirabella’s business. We did not identify breaches by Mirabella that require further action. The investigation has therefore now closed. Mirabella applied to have its authorisation c...

AI Analysis

The FCA has closed its investigation into Mirabella Advisors LLP's oversight of its appointed representative (AR), Greensill Capital Securities Limited, finding no breaches warranting further action. This closure, announced after reviewing Mirabella's business nature, conduct, and scope, signals effective AR oversight in this high-profile case tied to the Greensill collapse, while Mirabella voluntarily cancelled its authorisation effective 12 September 2025. It matters for compliance professionals as it reinforces FCA expectations on principal-AR relationships without imposing new penalties or rules, but underscores ongoing scrutiny in trade finance and supply chain finance sectors.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Operational Resilience / Outsourcing

Asset ManagerBroker DealerAll Firms

🇬🇧 FCA Enforcement medium

December 15th 2025

Using our full toolkit to help consumers

With over 20 years’ experience and responsibility for supervising 5,000 firms, I know that when an issue arises, the first question is often: 'What action will you take?'That’s a fair question – enforcement is one of the most visible ways we act. It often grabs headlines with big fines and publicity.But our role as supervisors is to exercise judgement - selecting the right tool to achieve the best and fastest outcomes for consumers and markets.While enforcement is a vital part of the kit, it’...

AI Analysis

This FCA blog post outlines the regulator's supervisory "toolkit" for addressing consumer harm, emphasizing proactive supervision over enforcement to achieve faster outcomes like redress and market-wide improvements. It matters because it signals FCA's preference for swift, non-enforcement interventions (e.g., skilled person reviews, voluntary requirements), urging firms to respond promptly to supervisory feedback to avoid escalation. Compliance teams should view this as a reminder to prioritize Consumer Duty compliance, as supervision tools are increasingly tied to it for rapid harm prevention.

What Changed

No new rules or requirements are introduced; this is a supervisory strategy update highlighting FCA's full range of tools beyond enforcement. Key emphases include: Prioritizing supervision for quick fixes, such as multi-firm reviews, good/poor practice guidance, and skilled person reviews (s.166) under FSMA. Integration of Consumer Duty (Principle 12) as a core principle for assessing and remedying poor outcomes, e.g., unclear policy renewals or inadequate support. Examples from insurance (e.g., stolen vehicle claims yielding £200m redress; home emergency cover improvements reducing...

What You Need To Do

Embed proactive monitoring
Respond swiftly to FCA contact
Improve practices market-wide
Evidence compliance
Facilitate redress

Key Dates

October 2022 Boards to scrutinise and agree implementation plans.

July 2023 ) - Implement for new/existing products.

July 2024 ) - Extend to closed-book products.

Compliance Impact

Urgency: Medium – This reinforces existing obligations under Consumer Duty and Principles, but underscores risk of supervisory escalation if firms ignore early warnings. It matters because FCA prioritizes speed (supervision over enforcement), enabling quick harm fixes but exposing non-responsive firms to s.166 reviews (costly, used 20+ times in insurance since 2022) or restrictions, impacting reputation and finances. Firms with consumer-facing products must audit processes now to align with "good outcomes" expectations.

References

Sectors:

Insurance & Pensions Consumer Credit

Topics:

Consumer Protection / Conduct Senior Managers / Governance

InsuranceAll Firms

🇬🇧 FCA News medium

December 15th 2025

FCA sets out plans to help build mortgage market of the future

First-time buyers and the self-employed could get a step-up onto the housing ladder, under new plans from the FCA. Its priorities for reforms to the mortgage market also include helping homeowners unlock housing wealth for a more comfortable later life.The FCA will focus on 4 areas:First-time buyers & underserved consumers: Simplifying mortgage rules to allow more flexible products that reflect different working patterns and income levels at different stages of life.Later-life lending: Review...

Sectors:

Banking & Credit Mortgage & Lending

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements

BankFintech

🇬🇧 FCA News high

December 12th 2025

FCA confirms final guidance to tackle serious non-financial misconduct in financial services

We're providing guidance to support firms to tackle bullying, harassment and violence in financial services, after they asked for additional support. In July, we changed our rules – setting clearer standards for how financial services firms should address non-financial misconduct.This more closely aligned the rules for banks and non-banks. We wanted to give firms the confidence to act against serious misconduct, drive consistency and make it clearer when non-financial misconduct is a breach o...

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Consumer Protection / Conduct Senior Managers / Governance Authorisation & Licensing

BankWealth ManagerAll Firms

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