The Upper Tribunal upheld the FCA's decision to ban Richard Fenech and Heather Dunne from working in financial services. The Tribunal agreed that both acted dishonestly by providing a backdated appointed representative agreement to the FCA.The Tribunal found that Ms Dunne falsely claimed she had given advice to some pension schemes before she had done so. Also, that she had failed to take proper care when giving pension transfer advice. Meanwhile Mr Fenech failed to properly oversee her work....
The Consumer Duty was designed to ensure firms were focussed on the outcomes that matter to their customers. Understanding the actual experiences of people and identifying potential harm are essential to delivering these improvements. So outcomes monitoring is at the heart of helping consumers to better navigate their financial lives.Understanding these outcomes is about more than collecting data or producing reports. It helps firms identify where customers may be struggling, spot emerging ri...
AI Analysis
What Changed
- The FCA expects firms to regularly assess, test, understand, and evidence the outcomes retail customers are receiving under the Consumer Duty.
Firms should use monitoring to identify whether any group of retail customers is experiencing different outcomes from another group for the same product and understand why those differences exist.
Monitoring frameworks should define what good outcomes look like in practice and translate those outcomes into measurable indicators tied to the customer journey.
Firms should not rely on broad or high-level MI alone; they must use information to challenge performance, identify risks, and drive improvements.
Firms should be able to explain why metrics and tolerances were chosen and whether any actions taken have been tested and shown to reduce harm or friction.
Suggested Considerations
Firms must establish and maintain a documented outcomes monitoring framework that defines good and poor customer outcomes for each relevant product or service.
Firms must map metrics to the full customer journey, including product design, communications, customer support, and distribution arrangements.
Firms must collect MI that can identify poor or potentially poor outcomes, root causes, and emerging risks before harm crystallises.
Firms must document the rationale for each metric, threshold, and tolerance, including why those measures are appropriate for the customer population and product.
Firms must maintain a clear audit trail linking MI, governance review, decisions, remediation, and outcome improvement testing.
Key Dates
31 July 2023
- Consumer Duty came into force for open products and services and firms were expected to have outcomes monitoring capability in place from day one
31 July 2024DEADLINE
- The final Consumer Duty implementation deadline applied to all in-scope financial services firms
2025
- The FCA reviewed firms’ approaches to outcomes monitoring over the past year and published its findings in this blog and related review material
TBD (ongoing)
- Firms are expected to continue regular monitoring, testing, and evidence-gathering on an ongoing basis under PRIN 2A.9
Compliance Impact
The FCA’s expectation is operationally significant: firms that cannot evidence outcomes monitoring, root-cause analysis, and effective remediation risk being treated as non-compliant with the Consumer Duty and exposed to supervisory escalation. Where poor outcomes persist, firms may face FCA intervention, remediation requirements, and potential enforcement action if consumer harm is serious or systemic.
The PRA’s CP10/26 proposes to delete the Continuity of Provision of Services Chapter in the Ring‑fenced Bodies Part of the PRA Rulebook and make consequential amendments, effectively shifting continuity‑of‑services expectations for ring‑fenced bodies onto the broader operational continuity / resolution framework. For compliance teams, this is a material rationalisation of overlapping rule sets that will require careful mapping of existing ring‑fencing service‑continuity controls into the PRA’s operational continuity and resilience expectations, and engagement with the consultation by the response deadline.
What Changed
- The PRA proposes to delete in full the Continuity of Provision of Services Chapter in the Ring‑fenced Bodies Part of the PRA Rulebook, removing the specific ring‑fencing continuity‑of‑services...
The PRA will make consequential amendments to the Ring‑fenced Bodies Part to remove or adjust cross‑references, defined terms and obligations that are linked to the deleted Continuity of Provision of...
The proposal effectively retires the bespoke continuity‑of‑services construct that was introduced when ring‑fencing was implemented (including detailed constraints on termination, suspension or...
The consultation paper explains how the PRA intends to align ring‑fenced bodies’ continuity‑of‑services expectations with existing supervisory statements on operational continuity in resolution (for...
The PRA invites stakeholders to comment on whether deleting the Continuity of Provision of Services Chapter, and relying on the broader operational continuity regime, still adequately protects the...
Suggested Considerations
Assess the current use of the Continuity of Provision of Services Chapter in the Ring‑fenced Bodies Part within your firm’s ring‑fencing policies, procedures, contracts and governance, and identify all controls that explicitly rely on those rules.
Prepare and submit a considered response to CP10/26 by 14 October 2026, addressing the practical impact of deleting the Continuity of Provision of Services Chapter, any residual areas of concern, and suggestions for guidance or transitional arrangements.
Coordinate with group entities acting as permitted suppliers or critical service providers to ensure their OCIR documentation, service catalogues, TSAs and liquidity arrangements remain aligned with the ring‑fenced body’s continuity requirements in the absence of the deleted chapter.
Monitor for the subsequent PRA policy statement that will follow CP10/26, and be prepared to implement any final rule changes, transitional provisions or clarifications on how ring‑fencing continuity expectations intersect with OCIR and operational resilience regimes.
Key Dates
14 October 2026DEADLINE
- Deadline for submitting responses to PRA Consultation Paper CP10/26 on the deletion of the Continuity of Provision of Services Chapter and related changes to the Ring‑fenced Bodies Part
Compliance Impact
Non‑compliance would primarily manifest as weaknesses in the continuity of core services and intra‑group service arrangements rather than direct breaches of the deleted rules, potentially leading to PRA supervisory findings, remediation requirements and heightened capital or resolvability expectations. Failure to realign ring‑fencing continuity controls with the PRA’s operational continuity and resilience framework could also impact resolvability assessments and increase the risk of adverse supervisory interventions in stress or resolution.
The FCA is proposing to simplify how platforms, advisers and wealth managers communicate the costs of investing while reminding firms to communicate with consumers about investing in plain English. The move will bring all investment cost disclosures into line with previous investment product disclosure reforms and create a more consistent framework for firms to give customers clearer, more useful information.The proposals will allow firms to innovate, test and compete to inform and engage ret...
When the FCA introduced the Consumer Duty, we set out to do something simple but transformative: ensure financial services work better for consumers. It was, by design, ambitious. And it is working. For example, most investment platforms have improved how they treat interest on clients’ cash and public confidence in banks has grown since the Duty was introduced. Wherever possible, it is also helping us to avoid prescriptive new rules.The Duty’s foundations are simple harmonising concepts that...
AI Analysis
The FCA has announced a consultation to *refine the Consumer Duty* so that wholesale and largely business‑to‑business activities sit more clearly outside scope, while keeping the regime focused on retail consumer outcomes. This matters for compliance teams because it will reshape how the Duty applies to activities such as market making, custody, cross‑border business and multi‑party distribution chains, and will allow wholesale‑focused firms to recalibrate their frameworks, governance and monitoring obligations.
What Changed
- The FCA is consulting on clearer scope boundaries for the Consumer Duty to confirm that wholesale, business‑to‑business activities that do not shape retail consumer outcomes should normally be out...
The FCA will provide case studies and examples of “grey areas” to illustrate when activities are, and are not, caught by the Duty, particularly for early‑chain and wholesale‑only firms.
The FCA is clarifying accountability in multi‑firm arrangements, confirming that each firm is responsible for its own activities, can rely on other firms to meet their obligations where appropriate,...
The FCA plans to reduce duplication of obligations across distribution chains, including refining how the “look‑through” concept and co‑manufacturing apply where firms do not directly interact with...
The FCA is narrowing the territorial scope of the Consumer Duty so that business conducted for genuinely non‑UK customers will generally be out of scope, aligning with the principle that local...
Suggested Considerations
Map all business lines and activities to identify which are genuinely wholesale, early‑chain or business‑to‑business, and assess where the firm does or does not “shape consumer outcomes” at the end of the chain.
Review existing Consumer Duty scoping decisions for activities such as market making, custody, safeguarding and other wholesale services, and prepare to adjust those decisions in line with FCA case studies and clarified boundaries.
Re‑evaluate cross‑border business conducted for non‑UK clients to determine which products and services may fall outside the Consumer Duty under the proposed narrowed territorial scope, and document the basis for this classification.
Analyse multi‑party distribution chains and co‑manufacturing arrangements to clearly delineate responsibilities, reliance points and escalation mechanisms where other firms are expected to meet their Consumer Duty obligations.
Update product governance and Consumer Duty frameworks to distinguish between “manufacturers” and supporting firms, ensuring manufacturers continue to meet full Duty requirements while supporting firms apply Principle 12 and cross‑cutting rules proportionately.
Key Dates
31 July 2022
- FCA expected to make the original Consumer Duty rules following CP21/13, establishing the baseline regime and Principle 12
31 July 2023
- Consumer Duty comes into force for open (non‑closed‑book) products and services, triggering initial implementation across retail distribution chains
First half of 2026
- FCA planned consultation on revisions to the Consumer Duty scope and exemptions, including clearer delineation of business‑to‑business activity, reliance arrangements in distribution chains and removal of non‑UK customers from scope
Late 2026 (TBD)
- FCA to consult on further changes to client classification, sharpening the distinction between retail and professional markets and clarifying the treatment of sophisticated investors under the Consumer Duty
June 2026 (indicative)
- FCA expected to issue a consultation paper on Duty scope, proportionality and application to wholesale‑only and early‑chain firms, including potential changes to definitions and categorisation of manufacturers versus supporting firms
Compliance Impact
Non‑compliance will remain serious for activities that truly affect retail consumer outcomes, with potential for enforcement action, redress requirements, supervisory scrutiny and reputational damage. However, for wholesale‑only and non‑UK business, firms that fail to realign their frameworks with the FCA’s refined scope may incur unnecessary compliance cost, competitive disadvantages and mis‑scoped regulatory risk.
CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime. The FCA has now secured over £57m in total for WealthTek clients in just over a year, with action taken against CACEIS UK, Sapia Partners and Barclays Bank UK.CACEIS UK became WealthTek's sub-custodian in November 2020, meaning they were responsible for keeping its client’s ass...
The FCAhasstartedcivil proceedings against Mr Neil Woodford andW4.0.The FCAallegesthat Mr Woodford and W4.0 are providing regulated investment advice and making financial promotions through the subscription-based platform, www.w4pz.com, without authorisation.In the FCA’sview, the activitybreachessections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA).The FCA is seekingan injunction against Mr Woodford and W4.0 tostop them carrying on the potentiallyunlawfulactivities.W4.0 is ...
AI Analysis
The FCA has commenced civil proceedings against Neil Woodford and W4.0 (W Four Point Zero FZE LLC, UAE‑registered), alleging they provided regulated investment advice and made financial promotions to UK consumers via subscription platform www.w4pz.com without FCA authorisation, in breach of sections 19 and 21 FSMA 2000. The case underscores that overseas structures, subscription “community” models, and model‑portfolio or strategy platforms aimed at UK users will be treated as carrying on UK‑regulated activities and financial promotions if they effectively target or advise UK investors.
What Changed
- The FCA has publicly confirmed that providing model portfolios, strategies or investment recommendations via a subscription website can constitute regulated investment advice and financial...
The FCA is treating digital “community platforms” and strategy‑copying services as potentially regulated activities, not merely education or general commentary, where users are expected to implement...
The FCA has explicitly framed such activity as breaching the general prohibition in section 19 FSMA (carrying on a regulated activity in the UK without authorisation or exemption) when done without...
The FCA has explicitly framed such online communications as breaching the financial promotion restriction in section 21 FSMA where no authorised firm approves or issues the promotions.
The regulator has commenced civil proceedings and is actively seeking an injunction from the court to force the immediate cessation of the allegedly unlawful advice and promotion activities.
Suggested Considerations
Conduct an immediate perimeter review of all digital, subscription‑based, model‑portfolio, and strategy‑distribution offerings to determine whether they constitute regulated investment advice or arranging, requiring FCA permission.
Review all online content, marketing materials, newsletters, videos, and “community” communications to identify any that could amount to a financial promotion to UK consumers and ensure they are issued or approved by an authorised firm under section 21 FSMA, or fall clearly within an exemption.
Update internal policies and product‑governance frameworks for research, commentary, and model portfolios so that any service intended to be implemented by clients is classified and treated as a regulated activity where relevant.
For groups using non‑UK entities to host platforms or provide content, perform a jurisdictional analysis and document how UK‑facing activities are controlled, authorised, or carved out to avoid a breach of FSMA sections 19 and 21.
Implement or strengthen pre‑clearance procedures for senior individuals (particularly previously sanctioned or restricted persons) seeking to launch new client‑facing propositions, ensuring that any new business line is assessed for authorisation and promotion requirements before launch.
Compliance Impact
Non‑compliance exposes firms and individuals to civil proceedings, injunctive relief, financial penalties, and potentially prohibition orders, alongside significant reputational damage. The case demonstrates the FCA’s willingness to litigate perimeter breaches for digital and overseas platforms, making this a high‑risk area for firms operating at or near the border of regulated advice and promotions.
In its 19 May 2026 judgment, the High Court approved pro rata distribution to eligible investors of money recovered by the FCA from Argento Wealth Limited (AWL). Eligible investors must act by 1 August 2026. You can receive a share of the money recovered if you:Invested in the AWL Loan Scheme; orInvested in the EMB Scheme and if your investment was arranged by AWL or its sub-distributors.We will make payments to eligible investors, as defined in the court judgment, who provide their bank acco...
The FCA is reviewing how consumer investment firms support bereaved customers and whether they're getting it right. Fewer than half of bereaved customers (47%) felt they received the support they needed from financial firms, according to research (PDF).What the FCA is looking atThe review will focus on firms that advise, manage, or administer investments - including platforms, advisers and wealth managers. The FCA will examine the experience customers have from the moment the firm is told abo...
The FCA has banned Frank Breuer from working in UK financial services and fined him £755,000 for repeatedly acting without integrity and putting customers at risk for personal financial gain. Mr Breuer was the joint owner and sole director of Bluesky Wealth Management Limited (Bluesky), which provided advice on investments and pensions. Although authorised to advise on defined benefit (DB) pension transfers, the firm did not have the appropriate professional insurance in place from April 2019...
On 6 May 2026, Kanda Products and Services Ltd (Kanda) entered liquidation. Philip Harris and Neville Side of FRP Advisory Trading Limited have been appointed as Joint Liquidators. Kanda is authorised by the FCA as a credit broker. It operated a network of around 700 introducer appointed representatives, mainly tradespeople who introduced consumers to finance for home improvement and other goods and services.On 16 February 2026, Kanda agreed to a voluntary requirement with the FCA which restr...
On 28 April 2026, LCM Family Limited (LCM) went into administration. Louise Longley and Gary Shankland of BTG Begbies Traynor (Central) LLP were appointed as joint administrators of the firm. The joint administrators are responsible for managing the affairs of the firm during the administration process.LCM (previously known as LCM Wealth Management Limited) is authorised by the FCA and provided financial advice and related investment services. LCM is also regulated by the Solicitors Regulatio...
We have published findings from our Financial Adviser Survey. The findings provide an updated picture of how the UK financial advice market is evolving and what this means for firms, consumers and future growth. The survey brings together responses from more than 4,100 financial advice firms; alongside analysis of data we already hold on around 31,000 advisers.Overall, it shows a market that remains broadly stable and continues to support millions of clients, even as firms adapt to consolidat...
The FCA is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022, and we are renewing the membership in line with our terms of reference.The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, fixed income and commodity derivatives.The committee’s task is to:help develop reforms that improve market competition, increase consumer protection and enhance the integrit...
Help shape financial regulation from the perspective of consumers. We are recruiting 2 new members to the Financial Services Consumer Panel, an independent statutory panel that represents the interests of consumers of financial services to the FCA.Panel members provide constructive challenge and expert advice to help ensure the consumer perspective is fully embedded in the FCA’s policy development and implementation. Members engage regularly with senior FCA colleagues, including the chair, ch...
On 16 April 2026, HDH Investment Services Limited (HDH), which advised on and arranged deals in investments, entered Creditors’ Voluntary Liquidation (CVL). Dina Devalia and Tom Parish of Quantuma Advisory Limited (Quantuma) have been appointed as joint liquidators.On 20 January 2026, HDH agreed to stop carrying out any regulated activity. This was because we were concerned that HDH may have given unsuitable financial advice to some of its customers, potentially leading to financial loss.HDH ...
Under the Consumer Duty, firms must report annually on what their monitoring found about customer outcomes, and what actions they’ll take as a result.Good Consumer Duty Board reports provide clear evidence about outcomes – helping to turn governance into real change. Boards can ask better questions, hold people to account, and act quickly to make sure they aren’t causing harm or offering poor value. We’ve seen this lead firms to design better products, communicate more clearly and support the...
The FCA has set out plans to take action against Hartley Pensions Limited and an individual involved at the firm. Hartley was a Self-Invested Personal Pension operator, which went into administration in July 2022. The FCA alleges that Hartley provided it with false and misleading information and improperly withdrew and invested substantial amounts of customers’ pension funds, without their consent, to benefit an individual at the firm.The FCA alleges that the individual dishonestly used the p...
Consumers and businesses could be given greater control over their financial data to help secure better deals, under a vision for open finance published by the FCA. Open finance will unlock the potential for people and businesses to share their financial data securely with a range of financial services providers, helping them access mortgages, investments, savings and pensions. This will give financial services firms a more complete picture of consumers’ and businesses’ finances, enabling mor...
We are changing the publication dates of the Decision Maker Panel and Agents’ summary of business conditions so that they no longer fall on the same day as publication of the Monetary Policy Report
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
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 ...
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 ...
The Bank is today announcing a simplification and reduction in the Discount Window Facility (DWF) pricing, as part of its previously announced review of the DWF.
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...
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 eliminate conflicts of interest where adviser compensation depends on transfer completion
Consumer transparency tool: Development of a self-assessment mechanism enabling consumers to identify whether they may have received unsuitable DB pension transfer advice
Suggested Considerations
*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
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 ...
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...
The Bank of England and Prudential Regulation Authority have finalised a package of changes to firms’ resolution reporting and disclosure requirements which reduces the burden of regulation while maintaining a robust and credible regime that supports growth and competition.
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...
Speech at the National Bank of the Republic of North Macedonia and SUERF conference – Central Banking Amid Persistent Global Shifts: Fostering Stability, Innovation, and Resilience, Skopje
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...
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...
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...
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...
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...
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...
Katharine Braddick CB appointed as the next Deputy Governor for Prudential Regulation at the Bank of England and Chief Executive of the Prudential Regulation Authority, succeeding Sam Woods when his term ends in June 2026.
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
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...
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 ...
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...
This article provides an update regarding implementing changes for country grouping conventions used in statistics covering the international business of monetary financial institutions operating in the UK and the consolidated claims of UK headquartered monetary financial institutions.
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...
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...
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...
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...
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...
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...
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.
What Changed
The framework introduces several material regulatory changes:
New Specified Activity Status
Targeted support will be designated as a new specified activity under the Regulated Activities Order, meaning only FCA-authorised firms can provide this service. This creates a regulatory boundary distinct from both unregulated guidance and regulated investment advice.
Purpose Statement Refinement
The FCA amended its original purpose statement from "better outcomes" to "better position" to clarify policy intent and avoid confusion with the Consumer Duty requirement for "good outcomes." This...
Suggested Considerations
*Immediate (January–February 2026):
*Pre-Implementation (March 2026):
Consumer segment definitions with supporting rationale
Ready-made suggestion frameworks
Communication templates explaining the nature of targeted support
Key Dates
29/08/2025
- Consultation period closed (CP25/17 and CP25/26)
11/12/2025
- Policy Statement PS25/22 published with near-final rules
March 2026
- Firms may begin applying for targeted support permission
06/04/2026
- New rules expected to come into force (subject to Government legislation making targeted support a specified activity)
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...
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...
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...
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...
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...
The Financial Conduct Authority, Bank of England and Prudential Regulation Authority (UK regulators) 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.
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...
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...
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...
On 12 November the PRA hosted a roundtable meeting with Chief Financial Officers (CFOs) of systemically important firms operating in the UK, to discuss Future Banking Data (FBD).
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...
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
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.
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...
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.
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 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...
The Artificial Intelligence Consortium (AIC) aims to provide a platform for public-private engagement to further dialogue on the capabilities, development, deployment, use, and potential risks of artificial intelligence (AI) in UK financial services.
Provisional dates for Monetary Policy Committee (MPC) announcements on Bank Rate and publication of MPC meeting minutes and the quarterly Monetary Policy Report.
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...
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...
Given at the 20th High-level meeting on financial stability and regulatory and supervisory priorities (jointly organised by the Arab Monetary Fund, the Basel Committee on Banking Supervision and the Financial Stability Institute of the Bank of International Settlements).
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...
A raft of new measures designed to support the growth of the mutuals sector have been announced today by the financial regulators. They include a review of credit union regulations and the launch of a Mutual Societies Development Unit by the Financial Conduct Authority (FCA).
This report has been informed by the PRA and FCA’s ongoing regulation and supervision of mutuals and by direct engagement with mutuals and their trade associations in sessions around the country throughout 2025.
The Bank of England (the Bank) has today launched its second system-wide exploratory scenario (SWES) exercise. This will focus on how the private markets ecosystem operates under stress and the potential implications for UK financial stability and the UK real economy.
Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
From the start of December, UK bank customers will benefit from an increase to the maximum amount they would be reimbursed for if their bank were to fail
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
The PRA and FCA have today confirmed plans to increase flexibility around senior banker pay, alongside changes to create better links between bonus awards and responsible risk-taking.
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.
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.