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...
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This Market Notice sets out the schedule for sales in Q2 2026 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
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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...
All Firms
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...
Broker DealerHedge FundBank 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...
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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...
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The Market Participants Group (MPG) is a senior-level forum for financial market participants to share their views on relevant themes and narratives in financial markets with members of the Bank of England’s Monetary Policy Committee.
BankAsset ManagerBroker Dealer Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where it is unlawful to distribute this announcement
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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...
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Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where it is unlawful to distribute this announcement
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In October 2025, 25 financial institutions active in the UK foreign exchange (FX) market participated in the semi-annual turnover survey for the Foreign Exchange Joint Standing Committee (FXJSC).
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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...
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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...
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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.
All Firms
Consultation papers
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.
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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...
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This Market Notice sets out amendment to the schedule for sales in Q1 2026 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
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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...
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The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets.
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This Market Notice sets out the schedule for sales in Q1 2026 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
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The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets.
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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.
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.
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 communication with investors; Listing Rule 9 on continuing obligations).
Disclosure and Transparency Rules (DTRs): Specifically, DTR 4 mandates inside information disclosures via Regulatory Information Service (RIS), DTR 5...
What You Need To Do
- For WH Smith PLC
- For other listed firms
- announcement sign-off processes involving legal/compliance/IR
- plan profit warnings or material updates, documenting decision trails
Key Dates
19 November 2025 - WH Smith PLC announcement triggering the investigation (reference point for alleged breaches).
late 2026 or 2027. Firms should monitor FCA updates via the specific URL or FCA enforcement news.
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.
All Firms
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...
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.
Asset ManagerBankBroker Dealer The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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In line with the Bank's transition to a repo-led, demand-driven operational framework for providing reserves, the Bank is today announcing a reduction in the spread to Bank Rate of the Operational Standing Facility (OSF). This Market Notice confirms the new, recalibrated spread of the OSF at Bank Rate +15bps for the lending facility and Bank Rate -15bps for the deposit facility. As with all SMF facilities, the OSFs are 'open for business' and should be used by SMF participants for the purpose...
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Given at the ISDA Conference on Trading Book Capital
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The Bank of England welcomes the Financial Conduct Authority (FCA) recognition of the 2024 versions of the FX Global Code and UK Money Markets Code under its code recognition scheme.
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This was the first meeting of the Market Participants Group (MPG), a senior-level forum for financial market participants to share their views on relevant themes and narratives in financial markets with members of the Bank of England’s Monetary Policy Committee.
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Given at AFME's 20th Annual European Government Bond Conference
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The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets.
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This Market Notice confirms that the previously announced increase to the minimum spread over Bank Rate on bids against Level A collateral in the Indexed Long-Term Repo (ILTR) operation will take effect from 17 November 2025.
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The Securities Lending Committee is a forum for market participants and authorities to discuss the UK securities lending market.
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The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where it is unlawful to distribute this announcement.
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