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…
Why this matters
This regulatory update is about an insurance broker, Michael Pettifer Insurance Brokers Limited, entering liquidation. This falls under the Insurance & Pensions sector and involves topics related to firm authorization/licensing and consumer protection.
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…
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.
Suggested considerations
Immediate verification: Check client-facing promotions, websites, and advisor scripts for any reference to holiday lodge/park schemes; ensure no endorsement of unauthorised products.
Client communication review: Audit advice processes to flag and reject high-risk, unregulated collective schemes; document refusals.
Training and monitoring: Update firm-wide training on CIS definitions (per COLL sourcebook) and unauthorised promotion risks; enhance surveillance of emails, social media, and third-party referrals.
Internal reporting: Escalate any suspected unauthorised promotions to the FCA via Connect or the unauthorised firms reporting form (https://www.fca.org.uk/consumers/report-scam-unauthorised-firm).
Due diligence: For authorised firms, implement pre-approval checks under the financial promotions regime (PERG 8 guidance) to confirm partner schemes are not CIS.
What changed
This is not a formal rulemaking or policy change but a consumer alert and enforcement signal under existing regulations. Key reminders include:
Unauthorised firms cannot lawfully promote collective investment schemes (CIS) under section 21 of the Financial Services and Markets Act 2000 (FSMA).
Holiday park schemes pooling investor funds for lodge purchases and management often qualify as unregulated CIS, making promotions illegal.
No new requirements are introduced, but the FCA emphasises its ongoing monitoring and willingness to intervene, including via the Financial Promotions Regime (effective from 7 October 2023 for all...
Compliance impact
Urgency: High. This alert indicates active FCA enforcement priority on consumer-facing scams in property-linked investments, with risks of fines, bans, or asset freezes for non-compliance (e.g., similar to past actions against mini-bond issuers). Firms face heightened supervisory visits or thematic reviews; inaction could lead to principal liability for facilitating unauthorised activities, especially post-2023 promotions regime. Prioritise within 30 days to align with FCA's "buyer beware" stance shifting to proactive gatekeeping.
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…
Why this matters
This regulatory update from the FCA indicates that Verus Financial Services Limited has had its regulatory permissions removed and faces stricter asset restrictions due to repeated breaches and failure to comply with a Financial Ombudsman Service decision.
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…
Why this matters
This regulatory update from the FCA provides greater flexibility for banks and payment providers to set their own contactless payment limits, allowing them to better respond to changing consumer demands and new technology.
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.
Key dates
19 November 2025
WH Smith PLC announcement triggering the investigation; (reference point for alleged breaches)
Suggested considerations
For WH Smith PLC: Cooperate fully with FCA requests for documents/interviews; conduct internal review of disclosure processes; prepare for potential enforcement outcomes (e.g., financial penalties under FSMA s.91 for listing rule breaches or DTR violations).
For other listed firms:
1. Review disclosure policies against DTR 4 (inside information) and Listing Rule 9; stress-test recent announcements (post-19 Nov 2025).
plan profit warnings or material updates, documenting decision trails.
What changed
This is not a policy change or new rule; it is an enforcement investigation announcement with no immediate regulatory amendments. It highlights ongoing enforcement of existing rules:
UK Listing Principles and Rules: These require listed issuers to act with integrity, provide accurate and timely information, and maintain effective systems for compliance (e.g., Principle 2 on...
Disclosure and Transparency Rules (DTRs): Specifically, DTR 4 mandates inside information disclosures via Regulatory Information Service (RIS), DTR 5 on periodic financial reporting, and DTR 2 on...
Compliance impact
Urgency: High. This matters due to the FCA's aggressive enforcement posture on market abuse/disclosures (e.g., post-SPPF reforms emphasizing individual accountability). Breaches can lead to multimillion-pound fines (e.g., 10% of annual revenue), director bans, and reputational damage, amplified by public naming. For listed firms, it signals rising risk in a volatile economic environment where trading updates are frequent; non-compliance could cascade to shareholder claims or delisting risks.
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 …
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.
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
Suggested considerations
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.
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...
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.
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…
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.
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 Deadline
- FCA consults on regulatory requirements for designated administrators/users
2026
- FCA expected to publish updated guidance on critical benchmarks and implement SABR refinements
Suggested considerations
Review current benchmarks for potential designation risk (systemic impact criteria) and map usage across portfolios.
Participate in HMT consultation (responses via gov.uk) and prepare for FCA consultation on rules.
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.
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...
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...
Overseas benchmarks: Replaces equivalence/endorsement with Overseas Recognition Regime (ORR); designated overseas administrators may avoid dual regulation if ORR-eligible.
No opt-in: Non-designated benchmarks/administrators unregulated; contributor obligations shift to FCA rules.
Enhanced FCA powers: Potential extension to intervene/wind-down designated benchmarks and direct firms to restrict usage; may cover non-price data like ESG metrics.
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.
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…
Why this matters
This regulatory update from the FCA discusses the growth of open banking in the UK, including the rise of variable recurring payments. This is relevant for banking, payments, and fintech firms that are involved in or impacted by open banking initiatives.
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…
Why this matters
The regulatory update discusses potential changes to market risk rules for non-bank trading firms, which could impact capital requirements and licensing for broker dealers and hedge funds operating in capital markets.
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 …
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…
Why this matters
This regulatory update announces the appointment of new members to the FCA's Sustainable Finance Advisory Committee, which is relevant for investment management, wealth management, and other financial firms with an interest in ESG and sustainability.
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…
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.
Key dates
4 May 2021
- FCA announced opening of investigation into Mirabella's oversight of Greensill Capital Securities Limited as AR
12 September 2025
- Mirabella's authorisation cancelled; firm no longer provides financial services
What changed
There are no new regulatory changes, requirements, or rules introduced by this publication. The statement solely announces the closure of an existing investigation with no identified breaches by Mirabella, maintaining the status quo on AR oversight obligations under FCA rules such as SUP 12 (Appointed Representatives). The FCA reserves the right to reopen if new information emerges, but no policy shifts or guidance updates are provided.
Compliance impact
Urgency: Low - This is a positive closure with no findings of misconduct, new rules, or enforcement, reducing immediate compliance burdens. It matters indirectly by exemplifying robust AR oversight meeting FCA standards amid Greensill fallout, offering reassurance for similar firms while signaling continued vigilance (e.g., potential reopening). Compliance teams should note it for precedent in AR due diligence but prioritize higher-risk areas like ongoing FCA trade finance financial crime probes.
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…
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.
Suggested considerations
Embed proactive monitoring: Regularly review customer outcomes under Consumer Duty, acting on foreseeable harm (e.g., communication barriers, vulnerable customer support).
Respond swiftly to FCA contact: Engage with supervision teams on identified issues; prepare for tools like skilled person reviews or voluntary restrictions.
Improve practices market-wide: Use FCA guidance (e.g., good/poor examples) to self-assess; ensure clear information, fair value, and accessible support.
Evidence compliance: Map business to Consumer Duty, monitor biases, and demonstrate senior manager oversight via SM&CR.
Facilitate redress: Identify and pay compensation promptly when issues arise, as seen in FCA interventions (£200m vehicle claims; £350k home insurance).
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 complaints by 61%).
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.
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…
Why this matters
This regulatory update from the FCA focuses on reforms to the mortgage market, particularly to help first-time buyers and the self-employed access more flexible mortgage products. It also covers plans to review later-life lending.
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…
Why this matters
This regulatory update from the FCA provides guidance to financial services firms on addressing serious non-financial misconduct, such as bullying, harassment and violence. It is relevant for banking, investment management and wealth management firms, as well as the broader financial services industry.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The update is a clone-firm warning issued by the FCA identifying Raliplen as an unauthorised entity operating without permission. It provides contact details, website URLs, and standard protective guidance for consumers.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
This is a standard FCA Warning List entry for an unauthorised firm (Ehamarkets) operating without permission. The content is informational and protective in nature, advising consumers to avoid the firm and explaining consequences of dealing with unauthorised entities (no FSCS/ombudsman protection).
CloneFraudsters copy the details of firms we authorise to try and convince people that their firm is genuine. Find out why you shouldn’t deal with this clone firm. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not authorised…
Why this matters
The FCA warning targets a specific fraudulent clone impersonating Societe Generale to deceive consumers. While administratively routine (clone warnings are standard FCA practice), the urgency is elevated because it alerts consumers to an active scam with specific contact details and requires immediate protective...
CloneFraudsters copy the details of firms we authorise to try and convince people that their firm is genuine. Find out why you shouldn’t deal with this clone firm. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not authorised…
Why this matters
The FCA warning identifies fraudulent clone websites impersonating Societe Generale to conduct financial scams. The content is administrative in nature—a standard consumer alert about unauthorised firms—but carries high urgency due to active fraud risk.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
The update is an administrative warning notice listing an unauthorised firm (Reflex-miner.com) and advising consumers to avoid it. It contains standard protective guidance and contact information for reporting.
UnauthorizedThis firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised or registered by us to carry out or promote financial services in the UK. This firm is not…
Why this matters
This is a standard FCA Warning List entry identifying an unauthorised firm operating without permission. The content is primarily informational and protective in nature, alerting consumers to avoid the entity and explaining consequences of dealing with unauthorised firms (no FSCS/ombudsman coverage).