Speech by Nikhil Rathi, FCA chief executive at TheCityUK dinner, sponsored by Nasdaq. Thank you to TheCityUK and Nasdaq for bringing us together this evening.It’s a fitting venue for us to discuss market transitions: the former HQ of Midland Bank, which of course became part of HSBC.And now HSBC Orion has become the…
Why this matters
This is a substantive policy speech from FCA leadership outlining strategic regulatory approach to emerging technologies (tokenisation, AI, stablecoins, digital assets) in wholesale markets.
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 FCA warning identifies 27Lytes as an unauthorised financial services firm operating without permission and potentially targeting UK consumers. While the content addresses consumer protection and authorisation/licensing, it is a standard clone-firm alert rather than a binding obligation, policy change, or...
Financial firms are shutting down hundreds of thousands of suspected money mule accounts, but organised criminal groups are still shifting dirty money through multiple bank accounts before cashing out. An FCA survey found firms have closed an increasing number of suspected mule accounts over the last 3 years: 238,396…
Why this matters
This is an FCA enforcement update based on a multi-firm survey of 35 institutions covering retail banks, building societies, challenger banks, payment institutions and e-money institutions.
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 standard FCA Warning List entry identifying an unauthorised entity (Athena Acquisition Corporation) operating without permission in the UK. It provides consumer protection guidance and contact details for reporting, but contains no new rules, policy changes, or enforcement precedent.
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 FCA warning notice against a specific unauthorised entity (@GoldCircleypur) operating via social media and Telegram. It contains standard consumer protection guidance about dealing only with authorised firms and the lack of FSCS/ombudsman coverage for unauthorised operators.
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 FCA Warning List entry for an unauthorised firm (@ElliottGrowth1) operating on X and Telegram. It contains standard protective guidance for consumers and directs them to use the FCA Firm Checker.
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 content is a standard FCA clone-firm warning listing an unauthorised entity (@TradeWithArshh) operating on X and Telegram. It provides consumer protection guidance and directs users to verify authorisation via FCA Firm Checker.
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 FCA has published a standard warning against an unauthorised entity (@Meersahabgq) operating via social media and messaging platforms. The content is administrative in nature—a clone-firm alert directing consumers to avoid an unregistered operator and explaining protections available only through authorised firms.
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 an FCA Warning List entry for an unauthorised firm operating via social media (X/Twitter and Telegram) without FCA permission. The content is templated consumer protection guidance emphasizing lack of Ombudsman/FSCS coverage and directing users to the FCA Firm Checker.
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 standard FCA unauthorised firm warning listing @RtanX7 as an entity providing financial services without permission. It contains boilerplate consumer protection guidance (FSCS/ombudsman coverage, scam protection steps) and directs users to the FCA Firm Checker.
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 FCA has issued a standard warning against an unauthorised entity operating via social media and messaging platforms. The content is administrative in nature—identifying a specific fraudulent actor and directing consumers to existing protections (FCA Firm Checker, Financial Ombudsman Service, FSCS).
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 FCA warning notice against a specific unauthorised entity (@Super_King62012) operating via social media and Telegram. It contains standard consumer protection guidance about dealing only with authorised firms and accessing the FCA Firm Checker.
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 FCA warning against a specific unauthorised entity (@Bitoni1Audrey) operating via social media and messaging platforms, likely engaged in fraudulent trading or investment promotion. The content supports Authorisation & Licensing (firm lacks FCA permission) and AML / Financial Crime (scam warning).
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 FCA warning against a specific unauthorised entity (@TradeWitJames) operating on social media and Telegram. It contains no new rules, guidance, or policy changes—only a consumer alert advising avoidance of an unlicensed operator and directing users to existing protections (FCA Firm Checker, Financial...
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 (@FXMasterySchool) operating via social media and Telegram, promoting forex services without FCA permission.
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 against @cocopokep, an unauthorised entity operating via X and Telegram. It contains standard consumer protection guidance (use Firm Checker, avoid unauthorised firms, report scams) but no new rules, obligations, or enforcement precedent.
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 an FCA Warning List entry for an unauthorised firm (@capital_ictone) operating without permission, targeting UK consumers via social media and messaging platforms. The content supports Capital Markets & Trading (forex signals referenced in Telegram handle) and Payments & E-Money (money transfer 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 FCA has issued a standard warning against an unauthorised entity (@FxGhost3199) operating via social media and messaging platforms. The content is informational and protective in nature, alerting consumers to avoid an unregistered firm and directing them to use the FCA Firm Checker.
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 standard FCA Warning List entry identifying an unauthorised entity (@IrshadAhme77836) operating forex/trading services via X and Telegram. It contains no new rules, policy changes, or enforcement precedent.
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 FCA warning targets @ForexFreeSMC, an unauthorised forex trading firm operating via social media (X, Telegram) without FCA permission. The content is a standard clone-firm alert advising consumers to avoid the entity and explaining lack of FSCS/ombudsman protections.
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 unauthorised firm warning targeting @TradeWithNick0, an unregistered entity operating on X and Telegram. 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 coverage).
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 content is a standard FCA warning notice against an unauthorised firm (www.approvedcarclaim.com) operating in the car claims sector without permission. It informs consumers of the lack of Financial Ombudsman Service and FSCS protections and directs them to use the FCA Firm Checker.
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 listing an unauthorised entity (www.pcp.ashley-howard.co.uk / www.ppi.ashley-howard.co.uk) operating without FCA permission. It contains standard protective messaging about the Financial Ombudsman Service and FSCS exclusions, and directs consumers to use the FCA Firm Checker.
People seeking debt advice are being urged to watch out for red flags. Free debt advice is available to everyone. However, the FCA is concerned that some consumers are being steered towards fee-paying debt solutions that may not be suitable for their needs, sometimes through high pressure sales tactics, misleading…
Why this matters
This is a consumer protection alert from the FCA targeting debt advice firms engaging in pressure sales, misleading information, and steering consumers toward unsuitable fee-paying solutions.
The FCA has begun High Court proceedings against Osborne Baldwin Limited, which trades as Hunter Jones and Hunter Jones Group. The FCA alleges that Hunter Jones, which sells loan notes, carries out regulated activity without authorisation. The FCA is asking the court to stop Hunter Jones carrying out regulated…
Why this matters
This is an active enforcement case (High Court proceedings) against an unauthorised firm selling loan notes. The FCA is seeking injunctive relief and restitution, which affects investor protection and the broader compliance landscape for firms operating in investment/lending space.
The FCA is partnering across sectors to expand protection insurance coverage for millions of unprotected people. While the market is working well for consumers who have protection insurance, millions of people remain unprotected.Around 58% of adults have no life insurance, critical illness cover or income protection …
Why this matters
This is an informational speech announcing the FCA's partnership strategy to address low protection insurance uptake. It references the Pure Protection Market Study findings and outlines collaborative actions (awareness campaigns, adviser training, TechSprint) rather than imposing new binding rules.
The RSS summary provides only a title ('Video'), source (FCA), and content type (news) with an explicit note that no description is available. Without any substantive information about the video's subject matter, regulatory obligations, or policy signals, no specific sector, topic, or firm type can be supported.
This is an RSS summary-only entry with only a title ('Infographics') and no descriptive content. Without access to the actual infographic or accompanying text, no specific sectors, topics, or obligations can be identified. This is classified as administrative/trivial informational content.
This is an RSS feed entry with no description or body text available. The title 'Images' provides no regulatory substance. Without content, no specific sector, topic, or firm type can be identified. This is administrative/trivial information.
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 standard FCA Warning List entry for an unauthorised firm (Morizon Ltd) operating without permission. It contains no new rules, policy changes, or enforcement precedent.
Speech by Lucy Castledine, director of consumer investments, at the 2026 Investor Summit. Speaker: Lucy Castledine, director, consumer investmentsEvent: Investor Summit 2026, LondonDelivered: 18 September 2026Note: This is the speech as drafted and may differ from the delivered versionReading time: 7 minutesKey…
Why this matters
This is an FCA director's speech outlining the regulator's strategic direction on retail investments. It references several live or imminent regulatory changes: the Targeted Support regime (already live in April 2026 with 9 authorised firms), simplified advice framework (consultation completed, policy statement...
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 FCA has issued a standard warning against an unauthorised firm (HUOWEALTH) operating without permission. The content is informational and protective in nature, alerting consumers to avoid the firm and explaining the lack of FSCS/ombudsman coverage.
Speech by Steve Smart, executive director of enforcement and market oversight, at the Law Society Economic Crime Conference 2026. IntroductionA few weeks ago, I visited the Bank of England Museum to see a new exhibition on financial crime. I had expected banknotes and gold bars – not bees.Rather than bullion, I saw a…
Why this matters
This is an informational speech by FCA leadership outlining regulatory strategy and future supervisory intentions. It provides noteworthy policy signals regarding AML supervision expansion, intelligence-led approaches, and partnership frameworks, but does not impose immediate binding obligations.
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 operating without permission. The content is primarily informational and protective in nature, advising consumers to avoid the firm and directing them to use the FCA Firm Checker.
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 update is an FCA warning about a specific fraudulent clone firm impersonating an authorised entity. It provides details to help consumers identify and avoid the scam, and directs them to report suspected fraud.
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 standard unauthorised firm warning issued by the FCA identifying Athena Acquisition Corp as operating without permission in the UK. It provides consumer protection guidance and contact details for reporting, but contains no new rules, policy changes, or enforcement precedent.
The FCA and partners have taken further action against illegal peer-to-peer crypto trading in London. The FCA has carried out further operations with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations.Working with HM Revenue & Customs (HMRC) and the Metropolitan Police Service…
Why this matters
The FCA announcement describes a coordinated multi-agency enforcement operation (FCA, HMRC, Metropolitan Police) against illegal peer-to-peer crypto trading, with cease-and-desist letters issued to 3 premises.
Small and medium-sized enterprises (SMEs) could access finance more easily after the FCA sets out practical steps to help. An FCA review found no evidence that its regulation is a major barrier for SME access to finance. Many of the challenges identified relate to wider market, information and capability…
Why this matters
This is an informational speech outlining the FCA's review findings and next steps to support SME access to finance. The content signals regulatory direction on three specific areas: proportionate regulation via Consumer Credit Act reform, open finance development with SME lending as a use case, and monitoring of...
We are investigating potential offences by Euro Exchange Securities UK Ltd (EES). The reason for opening the investigation is that it appears to us that, between 1 February 2020 and 4 June 2026, EES may have committed offences under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the…
Why this matters
This is an active FCA investigation into Euro Exchange Securities UK Ltd for potential Money Laundering Regulations violations spanning over 6 years. The enforcement action is substantive: the firm has been shut down, interim managers appointed, special administrators installed, and assets frozen.
During our review of consumer vulnerability, we saw how relatively simple changes can make a real difference. One payments provider serving small business customers found that some customers were struggling to set up and manage their accounts because of limited IT literacy.The firm responded by arranging callback…
Why this matters
This is an FCA news/guidance piece explaining findings from a consumer vulnerability review and providing practical guidance on Consumer Duty compliance for payments and e-money firms.
We are investigating potential offences by Euro Exchange Securities UK Ltd (EES). The reason for opening the investigation is that it appears to us that, between 1 February 2020 and 4 June 2026, EES may have committed offences under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the…
Why this matters
This is an FCA announcement of an active investigation into Euro Exchange Securities UK Ltd for potential Money Laundering Regulations violations spanning over six years. The firm has already been required to cease regulated activities and is under special administration.
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 update is a standard FCA warning about fraudsters impersonating an authorised payment services firm (Money Compass Limited). It contains no new rules, guidance, or enforcement precedent.
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 a fraudulent clone of an authorised firm (Money Compass Limited) operating under the domain themoneycompass.net. The content is informational and protective in nature, advising consumers to verify firm authorisation via the FCA Firm Checker and report suspected scams.
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 FCA has issued a standard warning against an unauthorised financial services firm (www.thinkingmega.com) operating without permission in the UK. The content is administrative in nature—a clone-firm alert designed to protect consumers from potential fraud.
New FCA guidance will help firms understand how the law underpinning the UK's future cryptoasset regime applies to their business. It also sets out which activities may require FCA authorisation. The regime comes into force on 25 October 2027. With applications for authorisation opening from 30 September 2026, firms…
Why this matters
This is a policy statement and guidance document from the FCA clarifying how the new UK cryptoasset regime applies to firms. It covers multiple regulated activities (stablecoin issuance, trading platforms, dealing, safeguarding, staking) and sets out authorisation requirements.
The FCA has banned Nurul Miah, also known as Neil Mia and Neil Miah, from working in financial services. The FCA acted after the Solicitors Regulation Authority (SRA) found that Mr Miah, who was a non-legal manager at Kingly Solicitors Limited, dishonestly caused or allowed more than £28m of client money to be taken…
Why this matters
This is a final enforcement action (Final Notice) by the FCA banning an individual from financial services. The case involves serious financial crime (theft of client money exceeding £28m) and governance failure by a senior manager.
On 10 September 2026, Premier Payment Solutions Ltd, which traded as PPS Money and MTBS (together, 'PPS Money'), entered liquidation. Bai Cham and Gary Shankland of BTG Begbies Traynor were appointed joint liquidators. PPS Money is registered as a small payment institution under the Payment Services Regulations 2017…
Why this matters
This is an FCA news update announcing the voluntary liquidation of Premier Payment Solutions Ltd, a small payment institution. The content is factual and informational, providing guidance to customers on the liquidation process, contact details for liquidators, and clarification that FSCS protection does not apply.
Crispin Odey’s ban from the financial services industry has been upheld by the Upper Tribunal, which found he lacked integrity. Mr Odey was the founder and majority owner of Odey Asset Management (OAM). He faced an internal disciplinary process for breaching a final written warning relating to repeated and persistent…
Why this matters
This is a final enforcement decision by the Upper Tribunal (appellate body) that upholds the FCA's action against Crispin Odey, founder of Odey Asset Management. The case demonstrates regulatory enforcement of senior manager conduct standards, particularly around integrity, governance, and accountability.
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 a fraudulent clone of FXPRO UK Limited (a forex/CFD broker) impersonating an authorised firm. The content is administrative in nature—a standard scam alert—but warrants high urgency because it alerts firms and consumers to active fraud.
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 unauthorised firm warning targeting Hale Wealthwick, a wealth management entity operating without permission. The content is primarily consumer-protective guidance advising avoidance of the firm and directing users to verify authorisation via FCA Firm Checker.
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 operating without permission. The content is informational and defensive in nature—warning UK consumers to avoid the firm and directing them to use the FCA Firm Checker.
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 FCA warning identifies TradeWell as an unauthorised firm operating without permission in the UK. While the content addresses authorisation and consumer protection (lack of FCA oversight, no FSCS/ombudsman access), this is a standard clone-firm alert with administrative significance.
Christopher Woolcott has pleaded guilty to 4 counts of fraud and forgery after creating a fake takeover bid for Touchstone Exploration Inc. Mr Woolcott held shares in Touchstone Exploration Inc and stood to benefit financially from any upward movement in the share price had the fake takeover bid been announced to the…
Why this matters
This is a criminal enforcement case involving fraud and forgery related to a fake takeover bid designed to manipulate share prices. The case demonstrates FCA's commitment to tackling market abuse and financial crime as stated in their 5-year strategy.
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 payment/banking services provider operating without permission. The content is informational and protective in nature, warning UK consumers to avoid the firm and directing them to use the FCA Firm Checker.
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 standard FCA warning against an unauthorised firm (Secure Beacon Finances) operating without permission. It covers multiple financial services sectors and emphasises consumer protection, authorisation requirements, and fraud prevention.
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 FCA warning identifies Velomarkets as an unauthorised firm operating without permission in the UK. The content is a standard consumer protection alert directing users to avoid the firm and use the FCA Firm Checker for verification.
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 content is an administrative warning notice listing an unauthorised firm (PROFIT VENTURES LIMITED) and advising consumers to avoid it. It provides standard protective guidance and contact details 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
The update is a clone-firm warning issued by the FCA identifying an unauthorised entity (RUDIMENTAL24 INVESTITION) operating without permission. It provides standard protective guidance to consumers and directs them to use the FCA Firm Checker.
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 (Finsbury Markets) operating without permission. The content alerts consumers to avoid the firm and explains lack of regulatory protections (FSCS, FOS).
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 FCA warning identifies Novatrust-asset as an unauthorised firm operating without permission and potentially targeting UK consumers. While the content addresses authorisation and consumer protection, this is a standard clone-firm alert rather than a policy change, enforcement precedent, or binding obligation...
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 alerts consumers to an unauthorized clone firm impersonating a genuine recognized fund. The content is administrative in nature—identifying fraudulent contact details and advising protective measures—with no binding obligations on regulated firms.
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 an unauthorised clone firm impersonating Zodiac Partners Ltd to defraud consumers. While the content addresses financial crime and consumer protection through fraud alerts, it is a standard administrative warning rather than a binding regulatory update, policy statement, or enforcement...
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 alerts consumers to an unauthorized clone firm impersonating NEST Invest Limited. The content is administrative in nature—a specific fraud alert rather than a binding rule or policy change—placing it at significance level 1.
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 alerts the public to an unauthorized clone firm impersonating Allenby Capital Limited. The content is administrative in nature (a specific fraud alert) but carries high urgency due to active scam 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
This is an FCA warning against an unauthorised firm (VenturoFX) operating without permission. The content directly supports Authorisation & Licensing (core issue: firm lacks FCA authorisation) and Consumer Protection / Conduct (scam warning, consumer safeguards).
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 (FALCONSTOCKSMARKETS) operating without permission. The content is primarily consumer-facing guidance on avoiding scams and verifying firm authorisation via FCA Firm Checker.
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 FCA warning identifies EXOTICINVEST TRADING AND INVESTMENT FIRM as an unauthorised entity operating without FCA permission. The content is a standard consumer alert advising avoidance of the firm and explaining loss of ombudsman and FSCS protections.
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 operating without permission. The content is informational and protective in nature, warning consumers to avoid dealing with 'The FBA Investor' and directing them to use FCA Firm Checker for verification.
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 standard FCA Warning List entry for an unauthorised firm (Bridge Marks Limited) engaging in financial services without permission. It contains contact details, consumer protection advice, and reporting mechanisms.
The FCA has decided to ban Daniel Thomas from working in financial services and fine him £742,700 after finding he recklessly gave defined benefit pension transfer advice he was neither qualified nor allowed to give.
Why this matters
This is a final enforcement decision (Decision Notice) imposing a ban and £742,700 fine on an individual adviser for recklessly providing unqualified pension transfer advice to 53 clients over 5 years, including vulnerable British Steel Pension Scheme members.
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 alerts the public to a fraudulent clone of Aptus Capital Ltd (FRN 1035231) operating under aptcapital.live. The content is administrative in nature—identifying a specific scam and directing consumers to verification tools—rather than establishing new rules or enforcement precedent.
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 has issued a warning about an unauthorised clone firm impersonating Flagstone Investment Management Limited. The content is informational and protective in nature, alerting consumers to fraud and directing them to verify firm authorisation.
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 about a single unauthorised firm (claimsureltd.co.uk) falsely claiming the identity of a genuine UK registered company. It provides standard consumer protection guidance on avoiding unauthorised firms and accessing FCA Firm Checker.
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 an FCA Warning List entry for an unauthorised firm (Swift TradeX) operating without permission. The content is primarily informational and protective, advising consumers to avoid the firm and directing them to use FCA Firm Checker for verification.
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 FCA has issued a standard warning against an unauthorised entity (Polaris Capital Consulting Group) operating without FCA permission. The content is informational and protective in nature, alerting consumers to avoid the firm and explaining the lack of Ombudsman and FSCS protections.
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 standard FCA warning notice against an unauthorised financial services firm (Alpha-Flow.ai). It contains no new rules, guidance, or enforcement precedent.
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 FCA warning identifies Red Matter Capital Ltd as an unauthorised firm operating without permission and potentially targeting UK consumers. While the content emphasizes consumer protection and the importance of authorisation, it is a standard warning notice about a single firm rather than a policy change,...
Thousands of young adults could be sitting on a forgotten pot of savings as they head back to college and university. As students return to college and university this month, the FCA is urging young adults and parents to check whether they have a forgotten Child Trust Fund waiting to be claimed – potentially worth…
Why this matters
The FCA alert addresses consumer protection concerns around Child Trust Fund claims management fees and unregulated intermediaries, coupled with an announced review examining fair value under Consumer Duty and barriers for vulnerable young adults.
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 alerts consumers to a fraudulent clone impersonating an authorised firm (Reclaim Experts Ltd). The content is administrative in nature—identifying fraudulent contact details and directing consumers to verify firm authorisation—with no binding obligations on regulated firms.
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 a fraudulent clone of Master Trading Limited (FRN 990287) operating under mastertrdlmt.com. The content is primarily informational and protective in nature, alerting consumers to an unauthorised firm impersonating an authorised entity.
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 standard FCA unauthorised firm warning targeting a specific bad actor (@DanielRobe4uoo) operating on X and Telegram, likely engaged in forex/gold trading fraud.
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 content is a standard FCA warning notice against an unauthorised analytics firm (@BubbleAnalytics). It contains no new rules, guidance, or enforcement precedent. The warning is informational and protective in nature, alerting consumers to avoid an unregistered entity.
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 FCA has published a standard warning against an unauthorised entity (@markets_fb41245) operating via social media and messaging platforms. The content is administrative in nature—a clone-firm alert directing consumers to avoid the entity and use the FCA Firm Checker for verification.
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 operating via social media (X/Telegram) without FCA permission. The content is informational and protective in nature, alerting consumers to a scam operation.
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 FCA warning targets @Elitetrading0, an unauthorised entity operating via X and Telegram, likely offering trading or forex services without permission. The content is a standard consumer alert advising avoidance and directing users to the FCA Firm Checker.
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 unauthorised firm warning targeting @NexatradexGold1, a social media-based entity offering trading signals without FCA permission. The content addresses authorisation breaches and consumer protection risks (no FSCS/ombudsman coverage).
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 FCA warning against a specific unauthorised entity (@MrGoldman_CJ) operating via social media and Telegram, targeting UK consumers. It contains no new rules, guidance, or policy changes—only a consumer alert about an unregistered operator.
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 content is a standard FCA Warning List entry identifying an unauthorised firm (@jessicafxgold) operating via X and Telegram. It provides consumer protection guidance and directs users to verify authorisation via FCA Firm Checker.
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 FCA has issued a standard warning against an unauthorised entity (@Goldtraderhakah) operating via social media and messaging platforms, claiming to offer gold trading services without FCA permission.
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 standard FCA Warning List entry identifying an unauthorised entity (@ScarlettJoha3y0) operating on X and Telegram. It contains boilerplate consumer protection guidance about dealing only with authorised firms and accessing the FCA Firm Checker.
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 FCA has issued a standard warning against an unauthorised entity (@mallaxua) operating via social media and messaging platforms. The content is administrative in nature—identifying a specific fraudulent actor and directing consumers to existing protections (FCA Firm Checker, Financial Ombudsman Service, FSCS).
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 (@AiJokerFX) operating via social media and messaging platforms, likely offering forex or trading services without permission.
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 FCA warning identifies @LilDaisyDuke55 as an unauthorised firm operating forex/trading signals services via X and Telegram, targeting UK consumers. While the content addresses authorisation requirements and consumer protection, it is a standard clone-firm/scam alert rather than a policy change or enforcement...
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 FCA has issued a standard warning against YieldVertex, an unauthorised firm operating without FCA permission. The content is administrative in nature—a clone-firm alert designed to protect consumers from a specific fraudulent entity.
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 content is an FCA warning notice against an unauthorised cryptocurrency/fintech firm operating without permission. It alerts consumers to avoid the firm and explains protections they lack.
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 an FCA Warning List entry for an unauthorised firm (SMART SELECT ONLINE TRADE) operating without permission. The content is primarily consumer-facing guidance on how to identify and avoid unauthorised firms, with emphasis on lack of FCA authorisation, absence of Ombudsman/FSCS protections, and 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
This is an FCA Warning List entry for an unauthorised firm (PAIRSMARKET) operating without permission. The content supports Capital Markets & Trading and Payments sectors based on the firm's apparent provision of financial services.
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 FCA has issued a standard warning against an unauthorised financial services firm (GLEAM-CAPEX) operating without permission in the UK. The content is informational and protective in nature, alerting consumers to avoid the firm and explaining the lack of Ombudsman and FSCS coverage.
Four in 5 less experienced investors have used AI for help with investing – and around two-thirds report doing so occasionally or regularly. New research focused on 18- to 40-year-olds who own or are considering investments showed that 56% trust AI tools, more than TV and radio (47%), press (46%) or social media…
AI Analysis
The FCA published research on 2026-08-27 showing that 56% of surveyed UK investors aged 18 to 40 trust AI tools for investment-related information, while 44% incorrectly believe AI-generated financial information is regulated. The publication does not introduce new rules or deadlines, but it signals heightened FCA concern about consumer misunderstanding, the boundary between general-purpose chatbots and regulated financial advice, and the absence of FSCS or Financial Ombudsman Service protection for unregulated AI outputs.
Key dates
2026-07-24
The FCA conducted the Attest quantitative survey of 666 UK adults aged 18 to 40 who owned investments or were considering buying investments within 12 months.
2026-08-27
The FCA published the press release and research findings on young investors' trust in AI.
Suggested considerations
Compliance teams may wish to map all AI use cases across investment research, recommendations, suitability, appropriateness assessments, client communications, and financial promotions, distinguishing general-purpose tools from systems specifically configured to provide financial advice.
Firms should consider assessing whether any AI-generated output amounts to a personal recommendation, regulated advice, or a financial promotion under the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, rather than relying on the technology's general-purpose label.
Firms using AI in regulated activities should consider applying the same suitability, appropriateness, customer understanding, disclosure, record-keeping, oversight, and accountability standards that apply to equivalent human-led processes.
Customer-facing communications may warrant clear explanation that general-purpose chatbot outputs are not FCA-regulated advice and do not themselves create entitlement to FSCS compensation or access to the Financial Ombudsman Service.
Compliance teams may wish to test AI outputs for hallucinations, stale or unsupported sources, misleading performance claims, inappropriate personalisation, bias, and inadequate risk warnings, with escalation and human-review controls for higher-risk outputs.
Firms should consider reviewing whether AI-generated content used in promotions complies with the FCA financial promotion restriction in section 21 of the Financial Services and Markets Act 2000 and applicable FCA financial-promotion rules.
Governance reviews may include vendor due diligence, approved-use restrictions, audit trails, model-change monitoring, incident reporting, staff training, and controls preventing customers or staff from treating AI output as a substitute for regulated advice.
Firms may wish to monitor the FCA's expected late-2026 publication on good and poor AI practice and any subsequent FCA, HM Treasury, or industry measures addressing advice-like outputs from general-purpose AI.
What changed
No binding regulatory requirement, rule, prohibition, or implementation deadline was introduced. The FCA clarified its current supervisory position that general-purpose AI chatbots are not regulated by the FCA where they respond to varied prompts and are not specifically established to provide financial advice, research, or decision-making support. By contrast, an AI tool specifically deployed to provide financial advice would be likely to fall within the FCA's remit and could engage the existing UK regulatory framework for regulated advice and financial promotions.
Compliance impact
The immediate impact is supervisory and conduct-related rather than a new legal obligation: firms should expect greater scrutiny of AI-enabled advice, investment communications, consumer understanding, and the distinction between regulated and unregulated services. Poor controls could contribute to unsuitable recommendations, misleading financial promotions, consumer harm, complaints, enforcement under existing FCA rules, and disputes in circumstances where FSCS or Financial Ombudsman Service protection does not apply.
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 FCA warning identifies Ledgerholm as an unauthorised firm operating without permission in the UK. While the content emphasizes consumer protection and the importance of dealing only with authorised firms, it is a standard administrative warning notice rather than a binding obligation, policy change, or enforcement...
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 FCA warning against a specific unauthorised firm (trustcapitalinv.ltd) operating without permission. It contains standard consumer protection guidance about dealing only with authorised firms and accessing the FCA Firm Checker.
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 standard FCA warning against an unauthorised financial services firm (EliteTopsMove). It contains no new rules, guidance, or enforcement precedent. The content is informational and protective in nature, alerting consumers to avoid an unregistered entity and directing them to use the FCA Firm Checker.
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 FCA warning notice against a specific unauthorised firm (Passionvest/Cryptoslite) operating without permission. It alerts consumers to avoid the firm and explains the lack of regulatory protections (ombudsman, FSCS coverage).
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 ExquisitenessDef as an unauthorised entity operating without FCA permission. It provides standard protective guidance (use Firm Checker, avoid unauthorised firms, report suspected scams) and compensation scheme disclaimers.
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 content is a standard FCA Warning List entry identifying an unauthorised firm (chesterronlimited.com) operating without permission. It provides consumer protection guidance and contact details for reporting, but contains no new rules, policy changes, or enforcement precedent.
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 FCA warning identifies an unauthorised trading firm operating without permission. The content is primarily informational and protective in nature, alerting consumers to avoid the firm and explaining the lack of FSCS/ombudsman coverage.
The FCA has decided to ban 3 former senior figures at Dolfin Financial (UK) Limited (Dolfin) after finding they ran a scheme that helped clients bypass UK visa rules. Former chief executive Denisz Nagy has been fined £324,800 and former finance director Sanjay Maraj £122,000 for their roles in the scheme. Both have…
AI Analysis
The FCA has prohibited three former senior figures at Dolfin Financial (UK) Limited after finding that they operated a scheme which enabled at least 99 people to obtain Tier 1 investor visas while contributing about £400,000 rather than the required £2 million investment. Denisz Nagy and Sanjay Maraj accepted fines of £324,800 and £122,000 respectively, while Roman Joukovski’s prohibition remains provisional because he has referred the Decision Notice to the Upper Tribunal. The enforcement action highlights the FCA’s willingness to treat dishonesty, concealment from regulators and immigration-related misconduct as evidence of a lack of integrity and fitness and propriety, with potential consequences extending beyond conventional financial-services conduct.
Key dates
2016-01-01
The period began during which the FCA found that the investor-visa scheme operated; the exact start date is not specified in the publication.
2019-01-01
The period ended during which the FCA found that the scheme operated; the exact end date is not specified in the publication.
2021-03-12
The FCA imposed restrictions preventing Dolfin from carrying on regulated activities, following concerns including its operation of the investor-visa funding scheme.
2021-06-01
Dolfin entered special administration; the exact date in June is not specified in the publication.
2022-02-17
The Home Office closed the Tier 1 investor visa route of entry to the UK.
2026-08-26
The FCA published the enforcement announcement concerning the bans, fines and Joukovski Decision Notice.
Suggested considerations
Compliance teams may wish to review whether any product or client arrangement could create a misleading impression that a regulatory, immigration or other statutory investment threshold has been met when the client’s own qualifying capital is materially lower.
Firms should consider testing the end-to-end governance of immigration-linked investment business, including approval of the business model, ownership and control disclosures, conflicts management, introducer due diligence, fee flows and oversight of connected or offshore entities.
Firms may wish to reassess source-of-funds and source-of-wealth controls where client investments are supported by loans, circular funding, guarantees or funds provided by affiliated entities, and document why the resulting structure is consistent with the relevant immigration and financial-services requirements.
Senior managers and boards should consider whether regulatory submissions, notifications and attestations fully disclose shadow directorships, controllers, beneficial ownership, related-party involvement and the true commercial purpose of client arrangements.
Firms should consider conducting targeted reviews of historical investor-visa or residence-by-investment clients, including communications and files supplied to regulators or other public authorities, and escalating any potentially misleading statement or omission through the appropriate remediation and notification processes.
Training and surveillance may be reviewed to ensure staff understand that conduct outside the core regulated service, including assistance with immigration-rule circumvention, can affect the firm’s and individuals’ integrity, fitness and propriety.
Where third-party immigration agents or introducers are used, firms may wish to assess their incentives, remuneration, representations to clients, due-diligence records and ongoing monitoring, particularly where fees are unusually high or linked to visa approval.
What changed
This is a final enforcement outcome for Nagy and Maraj, not a new generally applicable rule or supervisory requirement. Both were prohibited from performing any function in relation to regulated activities; Nagy’s discounted penalty was £324,800, compared with an undiscounted £464,000, and Maraj’s discounted penalty was £122,000, compared with an undiscounted £174,300. Joukovski was issued a Decision Notice proposing a prohibition order, but the proposed action has no effect pending the Upper Tribunal’s determination.
Compliance impact
The action is severe for the individuals involved: two received industry-wide prohibitions and substantial personal fines, while the third faces a prohibition that remains subject to Tribunal proceedings. Although it does not create new obligations for all firms, it is a strong enforcement signal that deliberate circumvention of another authority’s rules, misleading communications, undisclosed control and weak oversight of high-risk business can support findings that individuals lack integrity and are not fit and proper, and can contribute to firm-wide restrictions or failure.
On 24 August 2026, EGR Wealth Limited (EGR Wealth) entered administration. Robert Goodhew and Geoff Bouchier of Kroll Advisory Limited were appointed joint administrators. The joint administrators are responsible for managing the affairs of the firm during the administration process. They are officers of the court and…
Why this matters
This is an FCA news announcement of EGR Wealth Limited's entry into administration. It provides factual information about the appointment of joint administrators, contact details, and consumer guidance on complaints, FSCS coverage, and asset 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 identifies a fraudulent clone impersonating Choice Finance Mortgages & Financial Solutions Limited. The content is administrative in nature (a specific scam alert) rather than establishing new rules or policy, placing it at significance level 1.
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 content is a standard FCA Warning List entry identifying an unauthorised firm (ACRUXE GLOBAL LIMITED) operating without permission. It provides contact details, explains consumer protections that do not apply, and directs people to verify firm authorisation.
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 standard FCA Warning List entry identifying an unauthorised firm (MINTVERSE FINANCE GROUP) operating without permission. It contains no new rules, policy changes, or enforcement precedent.
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 content is a standard FCA Warning List entry alerting consumers to an unauthorised firm operating without permission. It provides protective guidance (use Firm Checker, report to FCA) and explains consequences of dealing with unauthorised entities (no FSCS/ombudsman access).
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 a fraudulent clone impersonating DB UK Bank Limited (FRN 140848). The content is administrative in nature—a public alert about an unauthorised firm—but carries high urgency because it addresses active financial crime and consumer protection.
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 an FCA warning notice against a specific unauthorised entity (www.keylinefinance.com). The content is primarily informational and protective in nature, advising consumers to avoid the firm and directing them to use FCA Firm Checker for verification.
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 (Sygnum Global) operating without permission. The content is primarily informational and protective in nature, alerting consumers to avoid the firm and explaining consequences of dealing with unauthorised entities.
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 standard FCA Warning List entry identifying an unauthorised firm (Surecover Group Ltd) operating without permission in the UK. It provides consumer protection guidance and contact details 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
The content is an FCA warning notice against a specific unauthorised firm (Cover Your Bubble Limited). It contains no new rules, guidance, or policy changes—only a public alert to consumers about an unregistered entity and advice to use the FCA Firm Checker.
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 FCA has published a standard warning against an unauthorised financial services firm operating without permission. The content is informational and protective in nature, alerting consumers to avoid dealing with Huron Financial Group LLC and directing them to use the FCA Firm Checker.
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 alerts consumers to fraudsters impersonating Bondsmith Savings Ltd (FRN 955601 and 1021751). The clone uses similar branding and contact details to deceive victims.
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 a fraudulent clone of Zenith Investment Management Ltd impersonating an authorised asset manager. The content is administrative in nature—a standard consumer alert about an unauthorised firm—but carries high urgency due to active scam activity targeting 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 operating without permission. The content is administrative in nature—identifying a specific entity (ADM-GROUP / ADM Group Ltd) and advising consumers to avoid it.
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 a specific fraudulent clone firm impersonating an authorised entity (MSF Easy Solutions Limited). It provides detection details, explains consumer protection gaps when dealing with unauthorised firms, and directs users to verification tools and reporting mechanisms.
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 a fraudulent clone firm impersonating an authorised entity. The content is informational and protective in nature, advising consumers on verification procedures and reporting mechanisms.
The FCA is warning consumers about the risks of investing in loan notes and mini-bonds issued by unregulated companies, after continuing to see people lose money in these high-risk investments. The recent failure of Woodville Consultants Ltd, a litigation funder that raised capital from retail investors through…
AI Analysis
The FCA has issued a consumer-investment warning following the 16 July 2026 administration of Woodville Consultants Ltd, which raised retail capital through unregulated loan notes and left investors exposed to potentially substantial losses without normal FCA, Financial Ombudsman Service or Financial Services Compensation Scheme protection. The publication is not a new rule or enforcement decision against a named distributor, but it signals intensified scrutiny of unlawful financial promotions, introducers, misleading investor-status certifications, hidden commissions and structures designed to avoid the regulatory perimeter.
Key dates
2021-01-01
The FCA’s permanent restriction on marketing speculative illiquid securities, including relevant mini-bonds and loan notes, to retail investors took effect under COBS 4.14.
2026-01-01
The UK regime regulating offers of securities to the public came into force under the Public Offers and Admissions to Trading Regulations 2024.
2026-07-16
Robert Goodhew and Andrew Stoneman of Kroll Advisory were appointed joint administrators of Woodville Consultants Ltd.
2026-08-20
The FCA publication was updated and warned consumers and market participants about risky mini-bonds, loan notes and related financial promotions.
Suggested considerations
Compliance teams should inventory current and proposed promotions, introducer arrangements and distribution channels involving loan notes, mini-bonds, litigation funding, private credit or other potentially speculative illiquid securities.
Firms should document the classification analysis under FCA COBS 4.14, including whether the security is speculative and illiquid, whether it is excluded from the restriction, and the precise exemption relied upon for any retail communication.
Authorised firms should verify that every financial promotion is made or approved within the firm’s permission and competence, is fair, clear and not misleading under FCA Principle 7 and COBS 4, and contains sufficiently prominent explanations of capital-loss, liquidity, issuer-default and compensation-scheme risks.
Firms should not rely solely on an investor’s self-certification as a high-net-worth or sophisticated investor; compliance teams may wish to test the basis, timing, wording and evidence for each investor-status declaration against the applicable Financial Promotion Order exemptions.
Banks, payment firms and professional intermediaries should consider enhanced onboarding and transaction-monitoring controls for unusual high-yield investment flows, unexplained introducer commissions, overseas exchange references, trust structures and claims of FCA-regulated involvement that may create a misleading halo effect.
Distribution agreements should clearly identify fees, commissions, conflicts and the party responsible for the promotion, with controls to prevent unauthorised introducers from soliciting UK retail investors or passing them to unauthorised issuers.
Firms should assess whether a proposed public offer engages the Public Offers and Admissions to Trading Regulations 2024 and related FCA requirements, while treating that assessment as separate from financial-promotion, authorisation, conduct and investor-protection analysis.
Relevant firms and professional intermediaries should retain evidence of due diligence, approvals, investor categorisation, risk disclosures, payment flows and complaints handling, and consider reporting suspicious activity or unlawful promotions to the FCA.
What changed
The FCA has reiterated that speculative illiquid securities, including most mini-bonds and loan notes, have been subject to a permanent restriction on their marketing to retail investors since 1 January 2021 under FCA COBS 4.14. The restriction does not make every loan note unlawful or bring every issuer within FCA authorisation; firms must separately assess whether the instrument falls within the restricted category, whether an exemption applies, and whether the promotion is made or approved by an authorised person in accordance with the Financial Services and Markets Act 2000 and the...
Compliance impact
The immediate impact is principally supervisory and conduct-related rather than a new binding obligation: firms that communicate, approve, facilitate or fund these promotions may face FCA intervention, demands to stop unlawful promotions, enforcement referral and potential regulatory or reputational consequences. Investors may lose all invested capital and are generally unlikely to have FOS or FSCS recourse where the issuer and activity are unauthorised or unregulated; the Woodville administration demonstrates that recovery may depend on insolvency proceedings.
These high-risk investments should not usually be advertised widely to the public. We banned the marketing of speculative mini-bonds and loan notes to ordinary retail investors from 1 January 2021.We did this because these are complicated investments, not suitable for most people. The ban means these high-risk…
AI Analysis
The FCA published an enforcement-oriented consumer warning on 19 August 2026, updated 20 August 2026, highlighting continued retail marketing of unregulated loan notes and mini-bonds through exemptions and unauthorised intermediaries. It does not introduce a new rule, but reinforces that the permanent prohibition on mass-marketing speculative illiquid securities to ordinary retail investors has applied since 1 January 2021 and that investors may lack Financial Ombudsman Service and Financial Services Compensation Scheme protection.
Key dates
2020-01-01
The FCA's temporary product intervention restricting mass-marketing of speculative illiquid securities to retail investors took effect.
2020-12-10
The FCA published PS20/15, confirming permanent rules for marketing speculative illiquid securities, including speculative mini-bonds, to retail investors.
2021-01-01
The permanent FCA restrictions on mass-marketing speculative illiquid securities to ordinary retail investors came into force.
2026-08-19
The FCA published the consumer warning following continuing losses and concerns about unregulated loan notes and mini-bonds, including the collapse of Woodville Consultants Limited.
2026-08-20
The FCA page was updated; the publication continues to operate as a warning and supervisory or enforcement signal rather than a new rule.
Suggested considerations
Compliance teams may wish to inventory all loan notes, mini-bonds, debentures, preference shares, and comparable securities promoted, approved, advised on, arranged, or distributed by the firm.
Firms should consider testing each product against the FCA definition of a speculative illiquid security, including the denomination threshold of less than £100,000, the use of proceeds, transferability, listing, and the applicable exemptions.
Authorised firms should consider blocking mass-market communications, including websites, social-media advertising, broad email campaigns, affiliate content, and introducer activity, where the promotion is likely to reach ordinary retail clients.
Where an exemption is relied on, firms should consider evidencing investor eligibility, the basis for any high-net-worth or sophisticated-investor status, the timing and validity of the investor declaration, and controls preventing onward dissemination to ineligible persons.
Firms approving or communicating relevant promotions should consider verifying that required risk warnings, loss-of-capital disclosures, liquidity and default information, and third-party fee or commission disclosures are accurate, prominent, and consistent across all distribution channels.
Due diligence should consider whether claims such as asset-backed, secured, FCA-authorised security trustee, listed, or fixed return accurately describe the legal and economic position of investors.
Compliance teams may wish to review introducer agreements, commission arrangements, marketing costs, investor-money flows, and the proportion of subscriptions actually applied to the underlying investment.
Firms should consider checking that communications do not use artificial deadlines, pressure tactics, unrealistic return comparisons, or performance claims unsupported by a credible explanation of repayment capacity.
What changed
No new binding requirement or prohibition was introduced by this publication. The FCA restated that its permanent rules prohibit authorised firms from approving or communicating financial promotions for speculative illiquid securities in a manner likely to be received by retail clients, subject to defined exemptions.
Compliance impact
The immediate legal impact is limited because the publication restates existing requirements, but the supervisory and enforcement signal is material: the FCA is scrutinising authorised firms, approvers, introducers, and distribution channels that may allow prohibited retail reach or misleading credibility cues. Breaches may expose authorised firms to FCA intervention, financial-promotion remediation, supervisory investigation, and potential enforcement, while investors using unauthorised firms may lose some or all capital without access to the Financial Ombudsman Service or FSCS.
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 against Dufourbit Pty Ltd for operating without authorisation. It contains standard protective messaging about the Financial Ombudsman Service and FSCS coverage gaps, along with guidance on how to verify firm authorisation.
The FCA has banned Demetrios Hadjigeorgiou from working in senior management positions in financial services and fined him £56,400. Mr Hadjigeorgiou was the former director and chief executive officer (CEO) of SVS Securities Plc (SVS), a discretionary fund manager.The FCA found that Mr Hadjigeorgiou failed to properly…
AI Analysis
The FCA fined Demetrios Hadjigeorgiou £56,400 and prohibited him from performing senior management functions in financial services after finding that, as SVS Securities Plc’s CEO, he failed to exercise due skill, care and diligence and failed to protect customers’ interests. The case matters because independent legal and industry commentary characterises the SVS model as involving systematic conflicts, high-risk and illiquid bond exposure for pension customers, and a 10% value reduction that generated £359,800 for SVS without clear customer disclosure.
Key dates
2018-05-01
Demetrios Hadjigeorgiou became CEO of SVS Securities Plc.
2019-08-02
The FCA required SVS to cease regulated activities, safeguard assets and notify affected third parties.
2019-08-05
SVS Securities Plc entered special administration.
2023-08-10
SVS Securities Plc was dissolved.
2024-04-25
The FCA issued its initial Decision Notice proposing an £84,600 penalty and prohibition order against Mr Hadjigeorgiou.
2026-08-19
The FCA published the settled enforcement outcome: a £56,400 fine and prohibition from senior management positions in financial services.
Suggested considerations
Compliance teams may wish to review whether senior managers have documented challenge and escalation responsibilities for investments involving issuer payments, commissions, related parties or other conflicts of interest.
Firms should consider testing whether investment due diligence appropriately assesses product risk, liquidity, valuation methodology, concentration and suitability for pension and retail customers.
Firms should consider reconciling all fees, commissions, retained spreads and exit-value adjustments against customer disclosures, ensuring that any reduction in redemption or sale value is prominent, timely and understandable.
Boards and senior managers may wish to evidence periodic review of model portfolios against customers’ stated objectives, risk appetite, liquidity needs and pension-transfer circumstances.
Compliance teams may wish to assess whether management information would have identified customer detriment, unusually high issuer-related income or investment decisions that prioritised firm revenue over customer interests.
Firms should consider retaining clear records showing how conflicts were identified, mitigated, disclosed and challenged, including the rationale for approving high-risk or illiquid products for retail and pension-related portfolios.
Authorised firms may wish to review the FCA’s SVS enforcement materials alongside their own senior-manager accountability maps and Statements of Responsibilities, while recognising that this case does not itself create a new universal obligation.
What changed
This is a concluded enforcement action against an individual, not a new general rule or threshold applicable to firms. The FCA imposed a financial penalty under section 66 of the Financial Services and Markets Act 2000 and a prohibition order under section 56 of that Act, following settlement and withdrawal of the Upper Tribunal referral. The FCA found a breach of Statement of Principle 6, requiring an approved person to exercise due skill, care and diligence in managing the business of the firm.
Compliance impact
The action demonstrates significant personal exposure for senior managers where governance failures contribute to conflicted investment activity and undisclosed customer detriment, even though the firm itself has subsequently entered administration and been dissolved. The FCA’s findings, reinforced by independent commentary from Sidley, Citywire and industry reporting, indicate that pension and retail investment businesses should treat issuer remuneration, illiquidity, valuation and disclosure controls as senior-management accountability issues rather than purely operational matters.
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 standard FCA Warning List entry identifying an unauthorised firm impersonating a legitimate UK company. It contains no new rules, policy changes, or enforcement precedent.
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 (VrenKapstead) operating multiple domains and targeting UK consumers. The content emphasizes lack of authorisation, absence of FSCS/ombudsman protections, and scam risk.
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 a fraudulent clone of an authorised PCP claims firm (Jigsaw Claims Ltd). The content is administrative in nature—a specific scam alert—but carries high urgency because it warns of active fraud targeting consumers.
The FCA has banned Howard Roland Duckett from working in financial services due to a serious lack of honesty and integrity. Mr Duckett was a senior manager at Beauforce Corporation Limited, a debt management firm. The High Court has disqualified Mr Duckett from acting as a company director for 10 years. It found that…
AI Analysis
The FCA has prohibited Howard Roland Duckett from performing any function in relation to regulated activities after finding a serious lack of honesty and integrity, including concealing a 10-year company-director disqualification and failing to disclose it to the FCA. The case reinforces that firms must verify senior managers’ fitness and propriety, maintain accurate regulatory records, and escalate material changes promptly; independent industry coverage presents the action as part of the broader supervisory failure at Beauforce, where the FCA also stopped regulated debt-management activity and required client-money remediation.
Key dates
2020-11-13
The High Court disqualified Howard Roland Duckett from acting as a company director for 10 years under section 6 of the Company Directors Disqualification Act 1986.
2020-12-04
The 10-year company-director disqualification took effect and is stated to run until 2030-12-04.
2025-11-20
The FCA identified this date in consumer communications as the point after which payments requested by Beauforce should be reported; the firm was restricted from regulated activities and ordered to stop accepting consumer money.
2026-08-18
The FCA announced the prohibition of Howard Roland Duckett from performing functions in relation to regulated activities.
Suggested considerations
Compliance teams may wish to review fitness-and-propriety checks for current and prospective senior managers, including searches for director disqualifications, litigation findings, insolvency events, and other adverse information.
Firms should consider confirming that senior managers have disclosed all matters relevant to their approval and that changes affecting their fitness, propriety, or ability to perform an SMF are escalated and notified to the FCA where required.
Firms should consider testing compliance with FCA Principle 11, COCON 2.2.4R, and SUP 10C.14.18R in relation to open, cooperative, and timely dealings with the FCA and notification of disqualifications or other relevant changes.
Boards and compliance functions may wish to assess whether regulatory records, management-accountability maps, company-director registers, and evidence supporting senior-manager attestations are complete, consistent, and independently verifiable.
Consumer-credit firms should consider reviewing controls over debt-management client payments, client-money safeguarding, communications, and contingency arrangements for transferring customers if permissions are restricted or withdrawn.
Firms should consider screening current staff and approved persons against the FCA Financial Services Register and relevant Companies House director-disqualification information before appointment and periodically thereafter.
Compliance teams may wish to use the case in senior-manager and conduct-risk training to reinforce that misleading the FCA or relying on fabricated information can independently support prohibition, even where the underlying misconduct occurred at an unrelated company.
What changed
The FCA made an individual prohibition order under section 56 of the Financial Services and Markets Act 2000 and withdrew Duckett’s approval to perform the SMF3 Executive Director and SMF16 Compliance Oversight functions under section 63 of that Act. This is an enforcement outcome against a specific individual rather than a new generally applicable rule. The underlying conduct included inadequate company records, repeated lies and reliance on fabricated evidence in High Court proceedings, and failure to notify the FCA of a director disqualification.
Compliance impact
The case demonstrates that dishonesty, fabricated evidence, and non-disclosure of a director disqualification can result in a prohibition from the entire UK regulated financial-services sector and withdrawal of senior-management approvals. For firms, the connected Beauforce action illustrates potential consequences of weak senior-manager oversight and regulatory non-disclosure, including restrictions on business, cessation of customer payments, and client-money return obligations.
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 an unauthorised clone firm (gsbcapital.pro) impersonating the authorised GSB Capital Ltd. The content is primarily informational and protective in nature, advising consumers on verification procedures and reporting mechanisms.
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 a fraudulent clone of Fortrade Limited (an authorised broker-dealer). The content is primarily administrative and consumer-protective in nature—alerting the public to an unauthorised firm impersonating a regulated entity.
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 standard FCA Warning List entry identifying an unauthorised firm (Pinnacle Crest Investment) operating without permission in the UK. It provides consumer protection guidance and contact details 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
The update is a standard FCA warning against an unauthorised financial services firm (Warven Wealthvale). It contains no new rules, guidance, or enforcement precedent.
The FCA has announced Sabina Saini and Darine Obeid as the financial services attachés for India and the UAE. Sabina will be based at the British Deputy High Commission in Mumbai and Darine will be based at the British Embassy in Abu Dhabi.These appointments expand the FCA's global presence, joining a global network…
Why this matters
The update is purely administrative, announcing the appointment of two financial services attachés to expand the FCA's international presence. It contains no new rules, guidance, consultation, enforcement action, or regulatory obligations.
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 FCA has published a standard warning against an unauthorised firm (SABITCIFT HISSE) operating without permission and potentially targeting UK consumers. The content is informational and protective in nature, directing consumers to verify firm authorisation and report suspected scams.
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 FCA warning identifies SPARKASSETSINVEST as an unauthorised firm operating without permission in the UK. The content is a standard consumer protection notice alerting the public to avoid the firm and explaining the lack of Ombudsman/FSCS protections.
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 a fraudulent clone of an authorised firm (hanfcl.com impersonating Hanley Financial Consultants Limited). The content is informational and protective in nature, advising consumers to verify firm authorisation via FCA Firm Checker and report suspected scams.
Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM) has been fined £489,000 and banned from working in financial services by the FCA. The former managing director of the firm, Esmeralda Toni, has also been fined £121,200 for serious misconduct and banned by the FCA.During his time at BHAM, Mr Taylor made…
AI Analysis
The FCA has fined Paul Taylor £489,000 and Esmeralda Toni £121,200 and imposed full prohibitions on both individuals for dishonest conduct involving falsified documents and misleading statements in attempted acquisitions of a UK bank and Reading Football Club. The FCA concluded they breached Individual Conduct Rule 1 (Integrity) and are not fit and proper under the Financial Services and Markets Act 2000, reinforcing the regulator’s zero‑tolerance stance on dishonesty towards counterparties and regulators.
Suggested considerations
Compliance teams may wish to review application of Individual Conduct Rule 1 (Integrity) and related training for senior managers and certified staff, using this case as a concrete example of prohibited behaviours such as falsification of documents and misleading regulators during transaction processes.
Firms should consider revisiting governance and controls around change-in-control, acquisition and due diligence processes, ensuring that any representations to counterparties, the FCA or the PRA about ownership of assets, funding sources or balance sheet strength are independently verified and properly documented.
Senior Managers and Certification Regime (SMCR) frameworks may need to be assessed to confirm that integrity risks are captured within fit-and-proper assessments under FIT, including checks on honesty in communications with regulators and counterparties and escalation processes where concerns arise.
Legal and compliance functions may wish to review internal investigation procedures, including how interviews are conducted and recorded, to ensure that employees understand the expectation of candour and the potential regulatory consequences of providing false or misleading statements during internal investigations.
Boards and risk committees at FCA-authorised firms should consider whether their culture and conduct risk programmes sufficiently stress the expectation of honesty in all regulatory engagement, and whether additional monitoring or attestations from senior executives involved in M&A or capital-raising transactions are warranted.
HR and compliance teams may wish to update disciplinary and regulatory notification policies to reflect that dishonesty in external deal negotiations or in internal investigations can trigger regulatory reporting obligations and potential fitness and propriety concerns.
Firms involved in potential acquisitions of regulated entities should consider implementing pre-clearance and compliance review steps for all documentation and representations provided to target firms, regulators, and advisers, focusing on verification of asset ownership and financial claims.
Compliance monitoring plans may be enhanced to include thematic reviews of communications with regulators and key counterparties in high-risk transactions, assessing whether there is adequate oversight and evidence of accuracy and integrity.
What changed
This publication does not introduce new rules but illustrates the FCA’s application of existing powers under section 66 FSMA 2000 (financial penalties for misconduct) and section 56 FSMA 2000 (prohibition orders) to serious integrity breaches by senior managers. It reinforces the practical interpretation of Individual Conduct Rule 1 (Integrity) in the Conduct Rules sourcebook (COCON), showing that dishonest statements and falsified documents directed at counterparties and regulators in the context of acquisitions are treated as egregious misconduct.
Compliance impact
The compliance impact is significant, as the FCA imposed substantial personal fines and lifetime prohibitions on two senior individuals for sustained dishonest conduct, underscoring that integrity failures in regulatory and transactional contexts can lead to career-ending sanctions. The case raises the expectation that firms will have robust controls, investigations and SMCR frameworks to detect and prevent similar misconduct.
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 FCA has issued a standard warning against an unauthorised financial services firm operating without permission. The content is informational and protective in nature, alerting consumers to avoid dealing with Asset Avenue Advisors LLC and explaining the lack of regulatory protections (ombudsman access, FSCS...
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 standard unauthorised firm warning issued by the FCA identifying Crestwood Corporate Group LLP as operating without permission. It provides consumer protection guidance and contact details for reporting.
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 an unauthorized clone firm impersonating House Trading Financial Services Ltd to defraud consumers. The content is administrative in nature—a standard fraud alert—but carries high urgency due to active scam activity targeting UK consumers.
Why T+1 matters and what we’ve been doing so farThe UK’s move to a T+1 securities settlement cycle on 11 October 2027 is a fundamental shift in how securities transactions are settled.To prepare, market participants will have to rapidly speed up their post-trade processes, including automating their operations as…
AI Analysis
The FCA published an update on market readiness for the UK’s move to a T+1 securities settlement cycle on 11 October 2027, based on ongoing engagement with buy-side and sell-side firms, market infrastructures, trade associations and third-party providers. The message is clear: many firms are on track, but some are materially behind, and the FCA said it may take action and will supervise more intrusively as the deadline approaches.
Key dates
2026-12-31 Deadline
AST critical recommendations expected to be implemented, including same-day trade allocation/confirmation and adoption of the FMSB SSI standard
2027-10-11 Deadline
UK T+1 securities settlement cycle begins; transferables securities traded on a UK venue and settled on a UK CSD are expected to settle on T+1 basis
Suggested considerations
Review whether the firm has completed a T+1 project plan, secured budget and governance, and mapped all required system and process changes.
Check that trade allocation and confirmation processes can operate by end of trade date, or identify remediation needed to reach that standard.
Confirm adoption of the FMSB standard for sharing standard settlement instructions and align client outreach to ensure clients use the same standard where relevant.
Assess whether current settlement performance can be measured clearly, including failure rates and root causes, and whether management information is sufficient to track progress.
Validate dependencies on custodians, counterparties, clients and third-party providers, and obtain their implementation timelines and testing plans.
Prepare testing strategy and evidence for testing readiness, including alignment with the UK/EU joint testing plan.
Consider whether the firm’s fund settlement cycle should move to T+2 before 11 October 2027 to reduce cycle mismatch risk.
Increase automation where manual processes remain material, particularly in matching, confirmation and settlement instruction workflows.
What changed
This is not a new rule notice, but it is a supervisory signal about expectations for the 11 October 2027 T+1 transition. The FCA expects firms to have completed T+1 project planning, secured budget and governance, and be well into implementation, with system and process changes underway and testing plans finalised by the time the market moves closer to 2027.
The FCA highlighted specific implementation priorities drawn from the Accelerated Settlement Taskforce framework, including allocating and confirming trades by the end of trade date, adopting the Financial Markets Standards Board...
Compliance impact
The FCA made clear that lack of readiness is a systemic risk, not just a firm-specific issue, and said it may take action where firms are not prepared. It also warned that supervision will become increasingly intrusive as October 2027 approaches, with expectations for clear evidence of implementation and testing progress.
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 FCA warning against a specific unauthorised firm (CTI Capital) operating without permission. It provides contact details, explains consumer protections that do not apply, and directs users to verify firm authorisation.
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 FCA warning notice against a specific unauthorised firm (Neu Finances) operating without permission in the UK. It alerts consumers to avoid the firm and explains protections they lack (FSCS, FOS coverage).
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 an FCA warning list entry for an unauthorised firm (UKX Capital) operating without permission. The content is administrative in nature—a standard scam alert—but carries high urgency because it directly warns consumers against an active fraudulent entity.
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 a fraudulent clone impersonating Trinity Street Asset Management LLP (an authorised asset manager). The content is administrative in nature—a standard consumer alert about an unauthorised firm—but carries high urgency because it warns of active scams and directs consumers to verify firm...
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 administrative in nature—a public alert to consumers—rather than a new rule, guidance, or enforcement precedent.
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 a fraudulent clone of CapitalRise Finance Limited (FRN 816789) operating under capitalrisefinancelimited.com. The content is primarily informational and protective in nature, alerting consumers to an unauthorised firm impersonating an authorised entity.
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 update is an FCA warning about an unauthorised clone firm impersonating legitimate lending firms. It provides fraud alert details (fake contact information, website) and directs consumers to verify authorisation via FCA Firm Checker.
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 update is an administrative warning about fraudulent clone firms impersonating FCA-authorised lenders (Cairn Loan Investments). It provides contact details of scammers, genuine firm information, and consumer protection guidance.
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 content is an FCA warning notice against a specific unauthorised firm (GRAND CORE INVEST). It contains no new rules, guidance, or enforcement precedent. The warning is informational and protective in nature, alerting consumers to avoid an unregistered entity.
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 FCA warning identifies TRUSTS ASSET MANAGEMENT as an unauthorised firm operating without permission. The content is administrative in nature (a clone-firm alert) but carries high urgency because it alerts consumers to an active scam targeting the UK market.
Five fast-growing firms have joined the FCA’s Scale-up Unit, receiving tailored support to help them innovate, navigate regulation and grow sustainably. ClearScore, Modulr, Teya, Urban Jungle and Zilch, spanning payments, consumer finance, credit information and insurtech, are the first firms regulated solely by the…
Why this matters
Informational announcement about FCA's Scale-up Unit program supporting high-growth firms across multiple sectors. Covers regulatory support, governance frameworks, and risk management for scaling businesses. No immediate compliance deadline or critical requirement indicated.
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 content is a standard FCA Warning List entry identifying an unauthorised firm (Market-Analysis / market-analysis.net) operating without permission in the UK. It provides contact details, explains consumer protections that do not apply, and directs users to verify firm authorisation.
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 content is an FCA warning notice against a specific unauthorised cryptocurrency/fintech firm operating without permission. It contains no new rules, guidance, or policy signals—only a standard alert to consumers about an unregistered entity. The firm appears to be a scam targeting UK 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
The update is an FCA warning notice against an unauthorised firm (Asset Swap FX) operating without permission. It contains no new rules, guidance, or policy changes—only a public alert to consumers about an unregistered entity. The firm appears to operate in FX/derivatives trading (Capital Markets & Trading).
We are concerned about a number of risks among unregulated lenders, safe custody providers, money brokers and financial leasing companies (Annex 1 firms). Firms including unregulated lenders, safe custody providers, money brokers and financial leasing companies, need to be registered with us for anti-money laundering…
AI Analysis
The FCA has announced that it is increasing scrutiny of **Annex 1 firms**—including unregulated lenders, safe custody providers, money brokers, and financial leasing companies—because of perceived financial crime and consumer-risk vulnerabilities. The key compliance message is that these firms must be **registered with the FCA for AML purposes**, must show they can comply with the Money Laundering Regulations, and should expect **longer registration timelines** and more intrusive supervisory information requests.
Key dates
20 March 2026
- The FCA published the statement announcing increased scrutiny of Annex 1 firms and warning that registration applications should be expected to take longer
TBD (ongoing, from the date of publication)
- Annex 1 firms that are not registered should submit a registration application before continuing Annex 1 activity, because the FCA states such firms need to be registered for AML purposes
TBD (ongoing supervisory cycle)
- Around 900 Annex 1 firms are subject to FCA information requests to support supervisory risk assessment and intelligence gathering
Suggested considerations
Confirm whether any UK business line falls within Annex 1 scope and, if so, verify that the entity is registered with the FCA for AML purposes before continuing the activity.
Submit a registration application immediately if the firm carries on Annex 1 activity without being registered.
Reassess the firm’s AML framework at entity level, rather than relying on group-level policies or parent-company controls, and document why the controls are appropriate for the firm’s own risks and operations.
Replace any generic or off-the-shelf procedures with policies, controls, and procedures tailored to the firm’s actual products, customers, geographies, and delivery model.
Prepare evidence of MLR compliance for FCA review, including risk assessment logic, governance arrangements, customer due diligence processes, and monitoring controls.
What changed
- The FCA is closely scrutinising applications to register as an Annex 1 firm, indicating a tougher gateway for new registrations and potentially more refusals or delay where evidence is weak.
Annex 1 firms must demonstrate compliance with the Money Laundering Regulations, rather than merely assert that controls exist.
The FCA is warning firms that registration applications will take longer, which affects launch plans, transaction timing, and group structuring decisions.
The FCA has sent an information request to around 900 Annex 1 firms to better understand their activities, business models, and risks.
The FCA says it will use this information, together with other intelligence, to identify and disrupt financial crime risks in the sector.
Compliance impact
Non-compliance creates material regulatory and financial crime risk, including exposure to FCA supervisory action, delays in registration, and potential disruption to business operations. For regulated firms that transact with Annex 1 entities, weak due diligence may also create conduct and AML control failures if counterparties are misclassified or unregistered.
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 an FCA warning notice against an unauthorised firm (GBP Markets) operating without permission. The content is primarily informational and protective in nature, alerting consumers to avoid the firm and explaining consequences of dealing with unauthorised entities.
Firms tell us that complying with our requirements can be a burden. They have to keep up with changes, understand what we expect and embed new practices across multiple systems and teams. All of this takes time and resources.Of course, firms must meet their regulatory responsibilities – but we want to make it as…
AI Analysis
The FCA is making Handbook data accessible through an API so firms can more easily access current rules, guidance, and updates in a machine-readable format. This matters because compliance teams can now automate rule mapping, change tracking, and regulatory-content ingestion into existing systems, which may reduce manual effort and improve timeliness of regulatory change management.
Key dates
TBD
- The Handbook API is launched and made available for use by registered Handbook website users
TBD
- Firms may choose to adopt the API directly, through third-party providers, or continue using the Handbook website and its refreshed search and tracking features
Suggested considerations
Review whether current regulatory-change monitoring processes would benefit from ingesting FCA Handbook data through the new API.
Confirm that your firm has a free Handbook website account and that internal users or vendors accessing the API are covered by the FCA’s terms and conditions.
Assess whether the firm should connect the API directly to internal compliance systems or route access through a RegTech provider.
Update internal governance for change management so that teams can use the API’s current-version content as the authoritative source for Handbook analysis.
Rework rule-mapping, obligations registers, and control libraries to take advantage of structured Handbook content where this improves efficiency and accuracy.
What changed
- The FCA has introduced the Handbook API to provide Handbook content in a structured, machine-readable format that systems can consume directly.
The API is free to use for registered users with a free account on the FCA Handbook website, but use is subject to the FCA’s terms and conditions.
The API is designed to support compliance monitoring, regulatory and policy change management, and other RegTech use cases.
The API returns the latest version of Handbook content and does not provide historic Handbook versions.
The API can be accessed only through compatible external applications such as Postman or RapidAPI, rather than directly through the website interface.
Compliance impact
The direct compliance risk is low to medium, because the publication does not impose new substantive regulatory obligations, but it can materially improve firms’ ability to identify and implement existing obligations faster. Firms that fail to adapt may face higher operational risk in regulatory-change management, including delayed implementation of Handbook updates and weaker evidence of effective oversight.
Companies will benefit from easier initial public offering (IPO) listings thanks to changes to the rules from the FCA. This will allow the UK listings market to compete more effectively with global markets.The reforms will reduce execution risk for issuers, lower compliance costs and make it easier for companies to…
Why this matters
FCA announcement of IPO rule simplifications effective August 5, 2026. Primarily impacts capital markets infrastructure and listing requirements. Affects firms involved in equity IPOs and issuers accessing public markets. Informational regulatory update with no immediate compliance urgency.
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…
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 an FCA warning notice against an unauthorised firm (Smart-ISA) operating without permission. The content supports investment/savings products (ISA context) and payment-related fraud concerns. The warning is informational and protective in nature, directed at consumers and firms generally.
Transaction reporting requirements become smarter, simpler and more proportionate under new rules from the FCA. Transaction reports are critical to the FCA’s ability to detect and investigate market abuse, monitor market functioning and supervise firms effectively.The new rules are designed to ensure the FCA continues…
Why this matters
FCA announcement finalizing transaction reporting rule changes effective April 2028. Reduces reporting burden by £100m+ annually through streamlined requirements (65 to 52 fields, removal of certain instruments/FX derivatives). Informational content with implementation deadline providing adequate preparation time.
The FCA has published a package of reforms designed to improve transparency, strengthen access to market-wide information and support confidence in UK equity markets. The package confirms the framework for a future equity consolidated tape, consults on targeted market structure reforms and introduces an interim market…
Why this matters
FCA announcement on equity market transparency reforms including consolidated tape framework and interim reporting tool. Affects market participants through new data access requirements and market structure changes.
On 30 July 2026, Lucy Beck attended Southwark Crown Court for a hearing in relation to unauthorised promotions on social media. Ms Beck entered a not guilty plea and the date of her trial has been set as 12 June 2028.It is alleged that Ms Beck promoted buying and selling Foreign Exchange Contracts for Difference…
Why this matters
FCA enforcement action against individual promoting unauthorised FX CFD trading on social media. Classified as informational news update on criminal proceedings. Relevant to all firms regarding compliance with FSMA 2000 authorisation requirements and social media promotion restrictions.
On 30 July 2026, Blue Motor Finance Limited (BMFL) was placed into administration. Simon Edel, Richard Barker and Alan Michael Hudson of Ernst & Young LLP were appointed as joint administrators. BMFL (firm reference number 737682) operated as a motor finance lender.The firm had been running at a loss for a number of…
Why this matters
Blue Motor Finance Limited administration announcement is informational regulatory news. Primary sector is Consumer Credit (motor finance lender). Key topics are consumer protection (compensation scheme, customer communications) and licensing (FCA authorization status during administration).
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 a specific fraudulent clone firm impersonating an authorised entity. While the content addresses financial crime and consumer protection, it is a standard administrative alert rather than a binding obligation, policy statement, or enforcement precedent.
The FCA has censured Equity for Growth (Securities) Limited (EFG) for approving financial promotions relating to minibonds that were unfair, unclear and misleading. EFG approved financial promotions which failed to disclose very high commission fees charged by its appointed representatives and other introducers for…
Why this matters
FCA enforcement action against securities firm for approving misleading financial promotions regarding minibonds with undisclosed high commissions. Primary issues are consumer protection violations and inadequate disclosure practices. Informational news update on completed enforcement action and firm winding-up.
Think of the last time you made a payment, transferred money, used a banking app or logged on to online financial services. Did you give much thought to the infrastructure that makes those essential everyday transactions possible?Let’s be honest, you probably didn’t. Most people don’t – until something goes…
Why this matters
FCA speech announcing the live Critical Third Parties (CTP) oversight regime. Addresses system-wide operational resilience risks from common third-party service providers (cloud, technology, data providers). Informational content explaining new regulatory framework and expectations for firms and CTPs.
Victims of convicted fraudster John Burford are set to recover the majority of the money they invested after the FCA obtained a confiscation order against him. In September 2025 Mr Burford, 86, was sentenced to 2 years in prison for defrauding over 100 investors out of £1m.He offered trade alerts and investment…
The FCA and Bank of England (Bank) have appointed members to their Transaction and Post-trade Reporting Harmonisation Taskforce. The taskforce will inform our long-term approach to harmonising transaction and post-trade reporting requirements across UK Markets in Financial Instruments Regulation (UK MiFIR), UK…
Why this matters
FCA and Bank of England announcement regarding establishment of a taskforce to harmonise transaction and post-trade reporting requirements across UK MiFIR, UK EMIR, and UK SFTR.
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…
AI Analysis
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 2024 Deadline
- 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
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.
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.
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.
Millions of car finance customers who may be owed compensation can get help making a complaint for free, as the FCA launches a national advertising campaign. Research by the FCA found that 27% of car finance customers lack confidence to make a complaint without using a claims management company (CMC) or law firm…
Why this matters
FCA awareness campaign regarding car finance complaints and compensation claims. Informational content about consumer rights and free complaint tools. Relevant to consumer credit providers and lenders managing motor finance arrangements. No immediate compliance deadline or critical action required.
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
This is an FCA warning about fraudsters impersonating an authorised firm (SHF Compliance Limited). The content is informational and defensive in nature—alerting consumers to a specific scam rather than imposing new obligations or enforcement action.
Having just joined as the FCA’s new insurance director, it’s been great getting to know the team and see the variety of work they’re doing – whether that’s working with the industry to improve claims experiences for customers, consulting on simplifying our rules or supporting growth with a new regime for captive…
AI Analysis
The FCA has issued a supervisory blog, from its new Insurance Director, setting out strengthened expectations on how insurance firms must identify, manage and evidence conflicts of interest arising from vertically integrated and complex ownership/financing structures. It signals heightened supervisory and enforcement focus on business models that span multiple parts of the insurance chain, with clear emphasis that disclosure alone is insufficient and that firms must be able to demonstrate fair value and good customer outcomes at every link in the chain.
Suggested considerations
Conduct a board-level review of the firm’s business model, focusing on vertical integration, ownership and financing relationships to identify where commercial incentives may misalign with customer interests and create conflicts of interest.
Map the full insurance value chain (underwriting, distribution, premium finance, ancillary services) within the group or related parties, and document actual and potential conflicts of interest at each link and interaction point.
Review and, where necessary, update the firm’s conflicts-of-interest policy and SYSC 10 framework to explicitly cover vertically integrated structures, premium finance arrangements, delegated authorities and any intra-group referrals.
Establish or strengthen governance arrangements to ensure clear senior management accountability for conflicts-of-interest management, including allocation of responsibilities in Statements of Responsibilities and the Management Responsibilities Map.
Assess product design, panel construction and distribution strategies to ensure they are not unduly influenced by internal group relationships or remuneration structures that could lead to poor customer outcomes or unfair value.
What changed
- The FCA explicitly highlights vertically integrated insurance business models (combining underwriting, distribution, premium finance and related services within one group) as a source of heightened...
Ownership and financing relationships, including private and non-transparent arrangements within groups or between firms, are now clearly framed as potential conflicts drivers that must be assessed...
The FCA reiterates that having conflicts of interest is not inherently unacceptable, but firms must actively identify, manage and evidence those conflicts through effective governance, senior...
The FCA states that disclosure on its own is not sufficient; firms remain obligated to properly manage conflicts, and cannot rely solely on informing customers to discharge their duties.
Firms are expected to review how they design products and panels, structure remuneration, and communicate with customers to ensure that commercial relationships and incentives do not distort customer...
Compliance impact
The impact is high: the FCA has explicitly linked vertically integrated and complex insurance business models to enforcement risk where conflicts of interest are not effectively managed, evidenced and governed. Failure to comply may result in supervisory intervention, product or business model restrictions, and formal enforcement action, including fines and potential senior management accountability.
The FCA has decided to ban a father and son from UK financial services after the High Court found that they had engaged in fraud and misused client money.
Why this matters
FCA enforcement action against insurance brokers for fraud and misuse of client money. This is informational news content regarding a completed High Court judgment and regulatory decision, not requiring immediate action from other firms.
Anthropic will support the second group of firms in the FCA's Supercharged Sandbox. The Sandbox is a controlled environment where firms can safely experiment with advanced AI.Anthropic will provide access to Claude for participants – including Claude Code and Claude Cowork – to help speed up their development work.The…
Why this matters
Informational announcement about FCA's Supercharged Sandbox program supporting AI experimentation across multiple financial services use cases including payments, fraud detection, and compliance automation.
Four people have been arrested and search warrants executed in Hackney, Beckenham and Slough as part of a FCA and police investigation into fraud and money laundering. The arrests and searcheswere carried out by the police’s Eastern Region Special Operations Unit and South East Regional Organised Crime Unit with the…
Why this matters
FCA enforcement action against fraud and money laundering involving arrests and searches. This is informational news content about ongoing investigation with no immediate regulatory requirement changes. Affects all financial services firms subject to AML obligations.
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 an unauthorised clone firm impersonating Gate Insurance Brokers Limited to defraud consumers. The content is administrative in nature (a specific fraud alert) but carries high urgency due to active scam activity and direct consumer risk.
On 1 June 2026, Prosper Capital LLP (Prosper) went into creditors’ voluntary liquidation. Jeremy Karr and Simon Killick of BTG Begbies Traynor (Central) LLP were appointed as joint liquidators. Prosper, an FCA-authorised firm (firm reference number (FRN): 453007), was an alternative investment fund manager and…
Why this matters
Prosper Capital LLP, an FCA-authorised alternative investment fund manager, has entered creditors' voluntary liquidation following upheld FOS complaints about property investments. This is informational content for consumers regarding firm failure, compensation eligibility through FSCS, and complaint procedures.
The insurance broker has agreed to stop carrying out any regulated activity. This means it can't provide any services on behalf of an insurer. From 9 July 2026, the insurance broker Anthony Jones (UK) Limited (AJL) agreed to stop carrying out any regulated activity.This means that AJL cannot provide any services on…
Why this matters
FCA notice regarding Anthony Jones (UK) Limited ceasing regulated activities as an insurance intermediary. This is informational content advising customers to verify policy validity with their insurers directly.
The FCA, Advertising Standards Authority, Solicitors Regulation Authority and Information Commissioner's Office are tackling the poor handling of motor finance claims by some claims companies and law firms. As part of the joint taskforce's continued crackdown, in June the FCA had 170 misleading car finance claims…
Why this matters
FCA joint taskforce enforcement action against misleading motor finance claims adverts. Primary focus on consumer protection through removal of deceptive marketing, unauthorized firm alerts, and voluntary requirements. Covers claims management companies and law firms engaging in regulated activities.
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 (MA-Management / Mercer Advisor Management) operating without permission. The content emphasizes consumer protection (lack of FSCS/ombudsman coverage) and directs users to verify authorisation via FCA Firm Checker.
The FCA Board has appointed Dan Lavender as a new member of its Regulatory Decisions Committee (RDC). The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement action. Committee members bring a broad range of professional experience to support fair…
Why this matters
Informational announcement regarding FCA governance structure and appointment of new RDC committee member. No immediate compliance obligations or regulatory changes. Relevant to all regulated firms as the RDC handles contested enforcement decisions affecting the broader regulated population.
The FCA has proposed a package of reforms that would tailor requirements proportionately for asset managers, cut costs for firms and give better data to supervise the sector more effectively. A large share of the £128m-a-year savings are expected to come from simpler Fund Reporting for Asset Management Entities…
Why this matters
FCA consultation on streamlined rulebook for asset managers covering FRAME reporting requirements, AIFMD modernization, and remuneration rules. Informational announcement of proposed reforms with consultation deadlines. Affects asset managers and alternative investment fund managers specifically.
On 1 July 2026, Logbook Lending Limited (trading as AFPremier.co.uk, pawnmy.co.uk, LBL Asset Finance, Log Book Loans 247) entered administration. Paul Appleton, Adam Shama and Robert Ferne of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators. Logbook Lending Limited provided lending secured on…
Why this matters
FCA announcement of logbook lending firm entering administration. Focuses on customer protections, ongoing regulatory supervision, and guidance for affected borrowers. Informational content regarding insolvency proceedings and FSCS coverage clarification for consumer credit sector.
The Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the FCA will start overseeing the first critical third parties (CTPs) on Monday 13 July 2026, following designation by the Treasury. CTPs are technology and other service providers whose services underpin the UK financial system. Today, the…
AI Analysis
The Bank of England, PRA and FCA will begin **direct, joint oversight of the first designated Critical Third Parties (CTPs) from 13 July 2026**, covering four major cloud and technology providers whose services underpin UK financial markets. This materially changes the operational resilience landscape: while regulated firms remain fully responsible for their own outsourcing and third‑party risk management, critical dependencies on AWS, Google Cloud, Microsoft and Oracle will now sit within a separate supervisory regime focused on system‑level resilience and incident management.
Key dates
12 November 2024
- UK regulators publish final policy and supervisory materials setting out the CTP oversight regime, including Fundamental Rules and operational risk and resilience requirements
01 January 2025
- CTP rules and oversight regime take legal effect, but only apply once a provider is designated as a CTP
13 July 2026
- Regulations for CTP oversight come into effect for the first designated CTPs; Bank of England, PRA and FCA formally start supervising AWS EMEA, Google Cloud EMEA, Microsoft Ireland Operations and Oracle UK as CTPs
Suggested considerations
Review and update the firm’s operational resilience framework, including impact tolerances and scenario testing, to explicitly incorporate systemic risk arising from reliance on the designated CTPs and potential correlated failures affecting multiple services or regions.
Re‑assess outsourcing and third‑party risk management policies to ensure they clearly distinguish between obligations placed on regulated firms and those placed directly on CTPs, while maintaining robust due diligence, ongoing monitoring and exit strategies for all CTP‑hosted services.
Engage with designated CTPs (through account management, risk and security channels) to understand their approach to compliance with the CTP regime, including incident reporting arrangements, resilience testing, communication protocols and any new assurance artifacts they plan to provide.
Update board and senior management reporting so that reliance on designated CTPs, associated systemic risk and regulatory developments under the CTP regime are regularly monitored and discussed at appropriate governance forums (e.g. risk committee, operational resilience committee).
Review major incident management and crisis communication playbooks to ensure they include specific escalation paths, contact points and joint incident handling procedures with designated CTPs and relevant regulators.
What changed
- A new CTP oversight regime becomes operational on 13 July 2026, under which the Bank of England, PRA and FCA will jointly supervise certain technology and service providers whose failure could...
HM Treasury has made the first formal CTP designations: Amazon Web Services EMEA SARL, Google Cloud EMEA Limited, Microsoft Ireland Operations Ltd and Oracle Corporation UK Limited.
Designated CTPs must identify and manage risks to their critical services effectively, including governance, risk management and operational resilience arrangements specifically focused on services...
CTPs are required to maintain open, timely communication with regulators and with firms that rely on them, particularly during major incidents, implying strengthened incident reporting,...
The three regulators will jointly oversee CTPs under a proportionate regime focused on resilience of “critical services”, including assessing and mitigating system‑level risks and reducing the risk...
Compliance impact
Non‑compliance primarily affects regulated firms through weaknesses in operational resilience and third‑party risk management, rather than direct CTP rule breaches, but could result in supervisory findings, remediation programmes, restrictions on business growth and, in serious cases, enforcement action. For designated CTPs, failure to meet the regime’s requirements may trigger direct regulatory intervention, including directions on how services are provided, which can materially impact firms that rely on those services.
Financial products and services shape some of the most important decisions we all make – from saving and borrowing, to protecting ourselves and our families when things go wrong.Consumer needs vary widely, and there’s no such thing as a standard consumer. Our Financial Lives data shows a huge spread of needs…
AI Analysis
The FCA blog “Why getting product design right really matters to consumers” is a supervisory communication reinforcing how firms must design, monitor and distribute products under the Consumer Duty, with a particular focus on product governance, target markets, and ongoing outcomes monitoring. It matters for compliance teams because it sets out FCA expectations beyond the black‑letter rules, highlighting good and poor practices that will inform future supervision, interventions, and potential enforcement.
Key dates
31 July 2023
– Consumer Duty (Principle 12 and PRIN 2A) applies to all new and existing in‑scope products and services open to new business for retail customers
31 July 2024
– Consumer Duty applies to closed products and services (legacy books), extending the expectations on product design, monitoring and fair value to those products
Suggested considerations
Review and update product governance frameworks to ensure they explicitly incorporate Consumer Duty outcomes, including structured consideration of customer needs, characteristics and objectives at every stage of product design and lifecycle.
Define and document granular target markets for each retail product and service, clearly articulating which customer segments the product is designed for, and excluding groups for whom the product could cause foreseeable harm.
Map products and services against vulnerable‑customer characteristics and update design, features, pricing and servicing models to mitigate risks and support good outcomes for vulnerable groups.
Implement or enhance processes to collect comprehensive management information on consumer outcomes (complaints, customer feedback, usage patterns, lapse and cancellation data, arrears and forbearance metrics) for each product.
Establish governance mechanisms to ensure that insights from monitoring and MI lead to timely, documented actions to improve products, pricing, communications or customer journeys where emerging risks or poor outcomes are identified.
What changed
- FCA reinforces that product design must be explicitly based on evidenced consumer needs, characteristics and behaviours, rather than generic assumptions or internal commercial priorities.
Firms are expected to define target markets at a granular level, avoiding broad or generic categories that mask differing needs or risks (especially for vulnerable customers).
Product governance must be embedded into business‑as‑usual decision‑making with clear ownership, challenge and accountability, not treated as a one‑off Consumer Duty implementation project.
Manufacturers and distributors must maintain robust, ongoing monitoring of consumer outcomes using a wide range of management information, including complaints, usage patterns, early cancellations...
There must be a clear, demonstrable link between monitoring and remedial action; collecting data without acting on emerging risks is characterised as weak practice.
Compliance impact
Non‑compliance with these product‑design and governance expectations under Consumer Duty exposes firms to significant supervisory challenge, enforcement risk, potential redress exercises and reputational damage. FCA is signalling that weak product governance and failure to act on outcomes data will be treated as systemic conduct failings rather than isolated issues.
The FCA led an international crackdown on illegal finfluencer promotions – resulting in 3 arrests and 650 social media takedown requests. It also secured a combined 11 years in prison for 2 cases of insider dealing in the first year of its 5-year strategy, according to its Annual report and accounts published today…
Why this matters
FCA annual report announcing enforcement actions against market abuse, finfluencer fraud, and insider dealing; consumer protection initiatives including Firm Checker and BNPL rules; and pro-growth measures. Content is informational/strategic rather than requiring immediate compliance action.
Richard Bloomfield has been charged by the FCA with 5 counts of insider dealing. The FCA alleges that in his role as a solicitor at a law firm, Mr Bloomfield worked on an acquisition of Seraphine Group PLC and used inside information obtained through his role to deal in securities of Seraphine Group PLC on 5 occasions…
Why this matters
FCA enforcement action against individual for insider dealing involving securities trading. Classified as informational news update regarding market abuse prosecution. Relevant to all firms given the general nature of insider dealing compliance obligations.
Speech by Sarah Pritchard, deputy chief executive, at a Breakfast Briefing at The Whitehall Industry Group. As everyone who has wrestled with a problem knows, getting to the right answer is about more than just understanding the question.It’s about having a firm grasp on your constants.We’re working with 2. And they…
Why this matters
This is an informational speech by FCA deputy chief executive outlining regulatory strategy and operational achievements. It covers broad regulatory priorities including growth, consumer protection, and innovation across multiple sectors.
The FCA has appointed members to its advisory committee on secondary markets for the period July 2026 to July 2028. The committee will increase from 25 to 27 members. The Secondary Markets Advisory Committee supports the FCA’s work in wholesale secondary markets in equities, fixed income, foreign exchange, and…
Why this matters
Informational announcement regarding FCA's Secondary Markets Advisory Committee appointments for 2026-2028 term. Relevant to capital markets participants including exchanges, brokers, asset managers, and trading venues. No immediate compliance action required; serves as governance and stakeholder engagement update.
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 an unauthorised clone firm impersonating Algebris (UK) Limited, a legitimate investment manager. The content is administrative in nature—a standard fraud alert—but carries high urgency due to active scam activity targeting consumers.
People struggling should find it easier to access basic bank accounts, after nine banks committed to improving widespread poor practice identified by the FCA. Nine of the biggest UK banks and building societies are legally mandated to offer basic bank accounts. They exist to serve people who may not otherwise be able…
Why this matters
FCA regulatory update on basic bank account access standards. Nine major UK banks have committed to improvement plans following mystery shopping findings that revealed poor customer experiences (34% rated poor/very poor).
On Monday 6 July 2026, Eldens Finance Limited (Eldens) was placed into administration. Antony Batty and Hugh Jesseman of Antony Batty & Company Ltd were appointed as Joint Administrators. Eldens provided pawnbroking loans, primarily secured against high-value and luxury assets.The Joint Administrators are responsible…
Why this matters
FCA announcement of pawnbroking firm administration. Primary focus is consumer protection (pledged assets, loan agreements, surplus proceeds) and licensing/regulatory oversight during insolvency. Informational content for affected customers and stakeholders, not requiring urgent action from other firms.
The review sets out how AI could reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond. Led by FCA executive director Sheldon Mills and commissioned by the Board, The Mills Review is the first work of its kind initiated by a regulator globally.Drawing on views from across…
Why this matters
FCA's landmark Mills Review on AI impact in retail financial services is informational/strategic guidance. Addresses AI-driven operational transformation, consumer protection concerns, fraud/cyber risks, and regulatory framework adaptation across the financial services sector. Applies broadly to all regulated firms.
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 about an unauthorised firm (Lambestone Holding Limited clone) targeting UK consumers. It contains no new regulatory obligations, policy changes, or enforcement precedent.
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
IC Unity is listed as an unauthorised firm operating without FCA permission. The warning is administrative in nature—a clone-firm alert designed to protect consumers from a specific bad actor.
The FCA has found that peopleholding legacy pension products,now closed to newsavers, could be receiving poorer value than those in newer ones. The regulatoridentifiedsome good practices,butcomplexcharging structures,older product design andweakness infirms'datameantsome pension savers are not getting as much value as…
Why this matters
FCA guidance on pension provider practices regarding legacy products and customer value. Informational update highlighting good practices and regulatory expectations for unit-linked pension providers. No immediate compliance deadline indicated, making this news/guidance rather than urgent directive.
The Upper Tribunal has made an order suspending parts of the scheme. We set out what the partial suspension means for firms and consumers. The Upper Tribunal has confirmed it will hear the legal challenges to our motor finance scheme on 14 to 18 December 2026 or 16 to 26 February 2027. The final dates depend on…
AI Analysis
The Upper Tribunal has ordered a **partial suspension** of the FCA’s motor finance consumer redress scheme rules, primarily pausing redress calculation, payment and compensation communications while legal challenges are heard. Compliance teams at motor finance lenders and brokers must now operate under a split regime: preparatory and data‑gathering obligations under PS26/3 remain in force, but scheme‑timetable obligations on paying and notifying compensation are paused until the Tribunal process concludes.
Key dates
18 November 2025
– Consultation on the proposed motor finance redress scheme closes (CP25/27), feeding into the final PS26/3 rules
5 December 2025 Deadline
– Firms must start sending final responses to any motor leasing complaint in line with normal complaint‑handling rules (outside the scheme‑specific pause)
1 May 2026
– FCA confirms its motor finance compensation scheme has been legally challenged, triggering the Upper Tribunal process
31 May 2026
– FCA lifts the general pause on handling certain motor finance complaints, returning many complaints to standard DISP timeframes, alongside the emerging scheme
30 June 2026
– Original end of the implementation period for loans taken out from 1 April 2014 under PS26/3 (now effectively paused for redress calculation/payment/communications)
Suggested considerations
Identify and maintain a complete inventory of motor finance complaints and agreements that fall within the scheme scope (regulated motor finance with relevant commission arrangements between April 2007 and 2024).
Continue to gather, centralise and validate data on commission structures, commission levels, and disclosure practices for all in‑scope agreements, including by issuing targeted information requests to brokers and dealers.
Implement internal workflows to ensure brokers respond to lenders’ information requests within one month, or formally confirm where requested documents or data are not held.
Review and classify complaints to determine which consumers are not owed compensation under the scheme, including cases outside scope and those lacking discretionary, high or tied commission arrangements, and prepare appropriate communications.
Assess complaints for time‑bar issues and apply the scheme’s limitation and out‑of‑time principles consistently, documenting rationale for any reliance on time‑bar to decline redress.
What changed
- Parts of the FCA motor finance consumer redress scheme under PS26/3 are formally suspended by order of the Upper Tribunal, on terms agreed between the FCA and four challengers (Consumer...
During the suspension, firms are not required to calculate redress, pay compensation, or send communications about compensation owed under the scheme according to the original timetable.
All non‑suspended rules remain fully applicable, including duties to identify in‑scope complaints and agreements, gather commission and disclosure data (including from brokers), and maintain records.
Lenders must continue to identify relevant complaints and agreements falling within scheme scope (motor finance agreements between 2007 and 2024 with potentially unfair commission arrangements).
Firms must continue to gather data on commission arrangements and disclosure practices, including obtaining information from brokers and confirming where such information is not held.
Compliance impact
Non‑compliance with the remaining live scheme rules and complaint‑handling requirements exposes firms to supervisory intervention, possible enforcement action and heightened FOS risk, even during the suspension. Failures in data gathering, record‑keeping or timely communications to non‑compensated complainants will also materially increase operational, litigation and reputational risk once the Tribunal clarifies the scheme’s future.
The Retail Payments Infrastructure Board (RPIB), led by the Bank of England, recently published a consultation on the future retail payments infrastructure.To support the consultation, the Payment Vision Delivery Committee (PVDC) which comprises representatives of HM Treasury, the FCA, Bank of England and the PSR, has…
AI Analysis
The FCA statement confirms that the Retail Payments Infrastructure Board (RPIB), led by the Bank of England, has launched a major consultation on the **design of the future UK retail payments infrastructure**, supported by contextual material from the Payments Vision Delivery Committee (PVDC). This marks a key implementation step in the UK National Payments Vision, with significant implications for commercial models, access, consumer protection and financial crime controls across all retail payment schemes and providers.
Key dates
Autumn 2026
(TBD) - PVDC expected to publish its detailed **strategy for retail payments infrastructure**, setting key priorities for next‑generation infrastructure and aligning with the National Payments Vision
Q2 2026
(already in train) - HM Treasury consultation on retained EU payments law and FCA engagement paper (Payments Forward Plan context; relevant for alignment with infrastructure changes)
25 June 2026
- Retail Payments Infrastructure Board consultation on the design of the Future Retail Payments Infrastructure is launched
11 September 2026 Deadline
- Deadline for submission of responses to the RPIB consultation on the future retail payments infrastructure
Suggested considerations
Assess and document your firm’s current and projected use of UK retail interbank payments (including Faster Payments, account‑to‑account, and cross‑border flows) to inform your response to the RPIB consultation.
Prepare and submit a coordinated consultation response to the RPIB by 11 September 2026, covering your views on payment journeys, design choices, consumer protection needs and financial crime controls.
Review your firm’s commercial and pricing models for interbank payments to understand how potential changes to the future infrastructure’s commercial model could affect revenue, costs and access.
Map dependencies between your operational resilience framework and the existing UK retail payments infrastructure, and identify key risks and mitigants under a transition to the next‑generation infrastructure.
Engage with industry bodies, Pay.UK and relevant trade associations to align positions on access, interoperability, fraud management, and technical standards for next‑generation retail payments.
What changed
- A new governance and delivery model for UK retail payments infrastructure is being operationalised, with strategy set by the PVDC, design work led by the RPIB, and implementation by a new...
The RPIB has launched a formal consultation on the design of the future retail payments infrastructure, seeking views on payment journeys, key design choices and priorities.
The PVDC has published additional context to support stakeholders’ reading of the consultation, including expectations for the commercial model, consumer protection outcomes and financial crime...
Responsibilities across the ecosystem are being reset, with clearer roles for public authorities (HM Treasury, Bank of England, FCA, PSR), Pay.UK, and industry participants in designing and...
Next‑generation infrastructure is expected to support account‑to‑account payments at point of sale, enhanced cross‑border payments, and interoperability with new forms of digital money (including...
Compliance impact
Non‑engagement with this consultation and subsequent strategy may leave firms exposed to future infrastructure, access and fraud‑control requirements that they have not planned or invested for, with potential operational disruption, competitive disadvantage and heightened regulatory scrutiny. In the medium term, failure to adapt to the new infrastructure model could impair compliance with payment systems regulation, operational resilience expectations and Consumer Duty outcomes.
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…
Why this matters
FCA consultation on simplifying investment cost disclosure rules affecting platforms, advisers and wealth managers. Focuses on consumer protection through clearer plain English communications and standardized cost presentation under new CCI framework. Consultation deadline 21 August with implementation from June 2027.
The FCA has announced Kirsty Cooper will take up the role as Chair of the Listing Authority Advisory Panel (LAAP). Clare Woodman and Matt Hammerstein have been reappointed as Chair of the FCA Markets Practitioner Panel and Chair of the FCA Practitioner Panel. The panels play an important role helping the FCA develop…
Why this matters
Announcement of statutory panel chair appointments for FCA advisory bodies. Informational content regarding governance and stakeholder engagement structures. Affects all regulated firms through policy consultation mechanisms. No immediate compliance action required.
Firms supporting people to buy, trade and hold crypto will need to meet clear standards under landmark rules set out by the FCA. All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules covering areas such as insider trading and…
Why this matters
FCA announces final crypto regulatory framework with mandatory authorisation requirements effective October 2027. Covers financial resilience, market integrity, stablecoin standards, and consumer protections. Informational announcement of completed policy statements rather than urgent enforcement action.
The Bank of England and the FCA have published a joint approach setting out how they and where relevant other authorities will work together to regulate systemic stablecoin issuers in the UK.It explains how responsibilities will be split between the authorities, and how UK stablecoin issuers may move from FCA…
AI Analysis
The FCA and Bank of England have set out a joint supervisory model for **systemic stablecoin issuers**, clarifying how firms will move from FCA-only oversight to joint regulation once HM Treasury designates them as systemic. This matters because UK‑based and non‑UK stablecoin issuers used for payments will face distinct prudential, conduct and structural requirements depending on whether they are non‑systemic (FCA only) or systemic (Bank of England plus FCA), with a managed transition between regimes.
Key dates
10 November 2025
- Bank of England consultation paper issued on the proposed regulatory framework for sterling‑denominated systemic stablecoins and systemic payment system operators
Late 2026
- Bank of England intends to finalise the Code of Practice and supporting materials by the end of 2026, confirming the prudential and structural regime for systemic stablecoins
From 2026
- UK introduces new regulatory authorisation requirements for stablecoin issuers, including FCA authorisation for qualifying issuance and custody activities
10 February 2026
- Consultation period closes for the Bank of England’s systemic stablecoin regime proposals
June 2026
- Bank of England publishes its policy statement and draft Code of Practice for systemic stablecoin issuers, setting out detailed prudential and backing‑asset rules and confirming joint work with the FCA on an end‑to‑end regime
Suggested considerations
Map all existing and planned sterling‑denominated stablecoin products against the UK’s systemic and non‑systemic regimes and assess whether their intended use in UK payments could trigger HM Treasury systemic recognition.
Initiate or update FCA authorisation applications for stablecoin issuance and cryptoasset custody activities, ensuring business models, governance and safeguarding arrangements align with CP25/14 and the forthcoming stablecoin regime.
Design and implement reserve‑management frameworks capable of maintaining backing assets equal to outstanding coins, in the proposed 70/30 mix between short‑term UK government debt and Bank of England deposits, with appropriate stress testing and liquidity risk oversight.
Establish statutory trust and segregation structures for backing assets and liquid‑asset reserves, including appointing UK‑authorised third‑party custodians and aligning documentation with FCA client‑asset‑style protections and coinholder proprietary claims.
Develop capital planning processes and ICAAP‑style assessments to meet the Bank of England’s requirements for capital against general business risk and dedicated reserves for financial risk and wind‑down costs.
What changed
- UK stablecoin issuance will be subject to a dual regulatory regime: non‑systemic stablecoins will be supervised solely by the FCA, while systemic stablecoins used for payments will be jointly...
Issuing a qualifying sterling‑denominated stablecoin in the UK will become a regulated activity, requiring FCA authorisation for non‑bank issuers and bringing them within the FCA’s prudential,...
HM Treasury will apply statutory systemic tests under the Banking Act (e.g. scale, interconnectedness, substitutability, impact on confidence in sterling) to decide whether a stablecoin payment...
Once recognised as systemic, stablecoin issuers and systemic payment system providers will fall under the Bank of England’s remit under the Banking Act 2009, including powers to obtain information,...
Systemic sterling‑denominated stablecoin issuers will be required to maintain backing reserves equal to all outstanding coins, with backing assets held on statutory trust in the UK and ring‑fenced...
Compliance impact
Non‑compliance with the emerging stablecoin regime may result in refusal of authorisation, enforcement directions, restrictions on issuance volumes, and potential wind‑down of stablecoin products, with significant balance‑sheet, reputational and operational consequences. Systemic issuers face heightened supervisory scrutiny and Banking Act enforcement powers, making early alignment with prudential, safeguarding and governance expectations critical.
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…
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.
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
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.
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...
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.
Wholesale financial businesses involved in retail markets will find it easier to comply with the Consumer Duty, following proposals from the FCA. The changes are part of the FCA's plans to give wholesale firms the confidence to apply the Duty proportionately. Under the proposals, firms will benefit from:Removing…
Why this matters
FCA announcement clarifying Consumer Duty scope exclusions for non-UK wholesale businesses. Reduces compliance burden by removing genuinely non-UK customer business from scope. Informational update on regulatory guidance refinement affecting wholesale market participants and firms operating across distribution chains.
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 Rock Point Partners as an unauthorised entity operating without FCA permission. It provides standard protective guidance (use FCA Firm Checker, avoid the firm, report suspected scams) and explains the absence of Ombudsman and FSCS protections.
The FCA has published a consultation paper on proposed changes to its UK Listing Rules for closed‑ended investment funds, focused on the management of conflicts of interest. Closed‑ended investment funds have a distinct structure, operating as both listed companies and investment vehicles. Shareholders appoint a…
Why this matters
FCA consultation on listing rules for closed-ended investment funds focusing on conflict of interest management and shareholder protections. This is informational regulatory guidance with a consultation deadline of August 2026, affecting investment managers and listed fund structures. No immediate compliance urgency.
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…
Why this matters
FCA enforcement action against CACEIS UK for weak financial crime controls and failure to monitor WealthTek client accounts. Involves asset servicing/custody failures, AML/KYC deficiencies, and consumer protection breaches. Informational regulatory update on completed enforcement case with voluntary settlement.
BNPL can help people to manage their cash flow. It can allow them to spread the cost of purchases and smooth their finances. But, as with any borrowing, BNPL also carries risks. Let me clear about this: BNPL has an important role to play. We don’t want to reduce or remove access to credit, but to ensure it is offered…
Why this matters
FCA announcement introducing regulatory framework for Buy Now Pay Later providers. Establishes consumer protections including affordability checks, clearer information requirements, and access to Financial Ombudsman Service.
Speech by Alison Walters, director of consumer finance at the Credit Week: Powering the Future of Finance event. We all recognise that consumer credit plays a vital role in the real economy and in people’s everyday lives, supporting households, enabling opportunity, and helping people manage financial pressures. But…
Why this matters
FCA speech outlining regulatory vision for consumer credit market evolution. Covers Consumer Duty implementation, Buy Now Pay Later regulation, AI/technology adoption, open finance, and data-driven supervision. Informational/strategic guidance rather than urgent enforcement action.
Speech by Nikhil Rathi, FCA chief executive at techUK's Agents of Change: Generative and Agentic AI in Financial Services 2026. On joining the FCA over five years ago, I said we would become as much a data and tech regulator as financial services regulator.Being invited to speak here today reflects that.We’re building…
Why this matters
This is a regulatory speech outlining FCA's strategic approach to AI regulation rather than a binding directive. It addresses cross-sector implications of AI adoption (agentic systems, tokenisation), emphasizes operational resilience risks from third-party dependencies and frontier AI, and discusses market...
The FCA is concerned 11 traders may have shared sensitive information or coordinated trades, potentially restricting competition. Following an investigation, the FCA is concerned 11 traders may have hindered competition in commodity futures markets and infringed competition law by exchanging potentially sensitive…
Why this matters
FCA investigation into commodity futures traders regarding potential information sharing and trade coordination. Involves competition law concerns in capital markets. Informational news update on proposed commitments and consultation process rather than urgent enforcement action.
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 content is a standard FCA warning notice against an unauthorised financial services firm (UK Claims). It provides consumer protection guidance and directs users to check authorisation status via the FCA Firm Checker.
On 18 June 2026, Monevium Ltd (Monevium) entered special administration. Adam Henry Stephens and Christopher Allen of S&W Partners LLP (S&W) were appointed as special administrators. Monevium is authorised by the FCA to provide payment services. On 28 February 2024, Monevium agreed to a voluntary undertaking, which…
Why this matters
FCA announcement of special administration for Monevium Ltd, a payment services provider. Informational content regarding insolvency proceedings, customer fund protection, and safeguarding requirements. No immediate action required from other firms, but relevant for payment service providers and customers.
The FCA has set out plans to drive greater consistency of standards in self-invested pensions (SIPPs), while maintaining the flexibility and broad investment choice they offer. Most SIPP providers are already doing the right thing and providing a good service to their customers. However, the FCA has historically found…
For the first time, investors and market participants can access a single, real-time source of prices and trading activity across the UK bond market, following the launch of its bond consolidated tape, operated by ETS Connect UK. Until now, data on bond trades was scattered across multiple sources, making it difficult…
Why this matters
This is an informational announcement about the launch of the UK bond consolidated tape, a market infrastructure initiative improving post-trade transparency. It affects capital markets participants through enhanced real-time reporting and data access requirements.
Drax Group PLC (Drax) has announced the FCA has closed its investigation into the company.We undertook an extensive investigation following concerns raised regarding disclosures to the market about the sustainability of Drax’s Canadian biomass. We did not find evidence that justified any further action.Thousands of…
AI Analysis
The FCA concluded its investigation into Drax without taking action after an extensive review of “thousands of pages” and interviews with company personnel, focused on whether Drax’s annual reports and accounts from 2021 to 2023 contained misleading statements or material omissions about biomass sustainability. This matters because it shows the FCA continues to scrutinize **listed-company disclosures** on ESG and sustainability claims, especially where prior regulatory findings or public controversies may indicate potential market disclosure risk.
Key dates
2021
- Period covered by the FCA’s review of Drax’s annual reports and accounts
2022
- Period covered by the FCA’s review of Drax’s annual reports and accounts
2023
- Period covered by the FCA’s review of Drax’s annual reports and accounts
28 August 2024
- Ofgem announced conclusions on Drax’s reporting of biomass profiling data, which later formed the background to the FCA’s interest
2025
- The FCA closed the investigation and confirmed that no further action would be taken
Suggested considerations
Review annual report drafting controls to ensure sustainability statements are supported by underlying source data and governance evidence before publication.
Map ESG and environmental claims to the exact disclosure obligations that apply to listed issuers, including continuing disclosure and annual report requirements.
Test whether statements about biomass sourcing, carbon impact, or sustainability performance could be viewed as misleading without full context or qualifying information.
Maintain a defensible audit trail showing how disputed environmental data, third-party evidence, and management judgments were validated before disclosure.
Escalate any controversy involving regulator findings, whistleblower allegations, or media investigations to disclosure committees and legal counsel early in the reporting cycle.
What changed
- The FCA has closed its investigation into Drax Group PLC and will take no further action.
The FCA confirmed that it reviewed whether Drax’s 2021, 2022 and 2023 annual reports and accounts contained misleading statements or omitted important information for investors.
The FCA stated that its focus was limited to matters within its remit as a listed-company regulator, not a general review of Drax’s broader operations.
The FCA’s approach confirms that sustainability-related market disclosures can be assessed under listed-company continuing disclosure obligations where they affect investor understanding.
The FCA indicated that it will close cases where evidence does not support proportionate action, even after a substantial investigation.
Compliance impact
The practical severity is moderate to high for listed issuers because the FCA’s review shows it will investigate potentially misleading sustainability disclosures and expects accurate, investor-relevant reporting. Non-compliance can lead to enforcement exposure, remediation costs, reputational damage, and intensified scrutiny of future ESG statements even where no action is ultimately taken.
Speech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at the International Bar Association (IBA) Anti-Corruption Conference. I’ve been practising law for over 3 decades now.Starting out, I thought every case would be like the ones on US television: dramatic, with a big…
Why this matters
This is an informational speech by FCA leadership outlining enforcement strategy and financial crime prevention approaches. It covers multiple sectors through examples (life sciences fundraising, electronic money services, cryptoasset firms, motor finance) and emphasizes proactive supervision, market oversight, and...
Speech by Emad Aladhal, director of retail banking at the Later Life Lending Summit. IntroductionIn the years ahead, housing wealth will become an increasing part of how many people provide for their retirement. But it continues to be seen as an option of last resort, if thought about at all.Knowing I had this speech…
Why this matters
FCA speech outlining regulatory priorities for later life lending market development. Addresses consumer trust, product design, holistic advice frameworks, and market readiness. Informational content announcing upcoming consultations and market study on retirement interest-only products and later life mortgages.
The High Court today confirmed the appointment of special administrators for Euro Exchange Securities UK Limited (EES). EES did not seek to overturn the court’s initial decision, which saw the firm cease trading with immediate effect last week.EES agreed it is not in the company’s interests to seek to return to normal…
Why this matters
FCA announcement of court-ordered special administration for Euro Exchange Securities UK Limited due to serious financial crime risks and safeguarding failures. Informational content regarding firm closure, customer fund protection, and administration process.
On 9 June 2026, Amplifi Capital (U.K.) Limited (Amplifi) entered administration. Robert Spence and Gareth Slater of Interpath Advisory were appointed joint administrators. Amplifi is authorised by the FCA. Amplifi trades under the names Reevo Money and My Community Finance. Reevo Money provided personal loans to…
Why this matters
FCA announcement regarding Amplifi Capital's entry into administration. Covers consumer credit lending and credit brokerage operations. Primary focus is consumer protection (loan continuity, payment obligations, complaint handling) and regulatory oversight during administration.
Buying a home is different now to even a decade ago.People are living longer, the way they work has changed and, for many, how much they earn can vary month-to-month. People will also carry mortgage debt for longer and use it more flexibly across their lives.That’s why we’re proposing changes to help more people to…
Why this matters
FCA speech announcing proposed mortgage market reforms to improve access for underserved borrowers (first-time buyers, self-employed, older borrowers) while managing lending risks. Consultation open until July 2026. Informational/consultative in nature with no immediate compliance deadline, hence null urgency.
First-time buyers, older borrowers and the self-employed could find it easier to get a mortgage, as the FCA sets out next steps to help reform the market. Its proposed mortgage rule changes would give lenders more flexibility to consider individual circumstances and develop products that better meet people's needs …
Why this matters
FCA consultation on mortgage rule reforms to improve market access for underserved consumers (first-time buyers, self-employed, older borrowers). Proposes flexibility in affordability assessments and product offerings while maintaining consumer protections.
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…
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.
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.
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.
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.
We set out next steps on issuing new rules and guidance on Money Market Funds (MMFs), following Government plans to replace the current rules. On 15 May, the Government set out its expectation that it will lay legislation that will replace the UK Money Market Funds Regulation. Read the Government statement.Money…
AI Analysis
The FCA has confirmed its *updated approach* to UK money market fund (MMF) reforms, signalling that most detailed MMF requirements will move from retained EU law into FCA rules and guidance, with a new overarching “adequate resilience” liquidity rule and revised expectations for weekly liquid assets (WLA). The key compliance implication is a shift from hard, uniform liquidity minima to a combination of existing regulatory minima plus *supervisory expectations* of 40% WLA for stable NAV MMFs and 20% WLA for variable NAV MMFs, alongside confirmation that “delinking” and enhanced KYC measures will proceed.
Key dates
06 December 2023
– FCA publishes CP23/28 “Updating the regime for Money Market Funds,” consulting on higher liquidity minima (15% DLA and 50% WLA), delinking, enhanced KYC, and broader resilience measures
14 May 2026
– HM Treasury and the FCA publish the joint policy statement “Reforms to Money Market Fund Regulations,” confirming the Government’s intention to replace the UK MMFR with a new framework and that most MMF requirements will be set in FCA rules and guidance, including higher liquidity expectations
15 May 2026
– FCA issues its statement “FCA update on reforms to the UK Money Market Fund Regulation,” setting out updated proposals, including retention of current minimum WLA in rules, the new “adequate resilience” liquidity rule, and supervisory expectations of 40% WLA for stable NAV and 20% WLA for variable NAV MMFs, and indicating that CP23/28 measures such as delinking and enhanced KYC will largely be taken forward
Q4 2026
– The UK’s new MMF regime is expected to be in place, subject to Parliamentary approval of the enabling legislation, after which the detailed FCA rules and guidance (including the new resilience rule and WLA expectations) will apply
TBD (as soon as Parliamentary time allows)
– HM Treasury will lay the statutory instrument replacing the UK MMFR with the new legislative framework under which FCA rules and guidance for MMFs will be made
Suggested considerations
Conduct a comprehensive gap analysis comparing current MMF liquidity management frameworks (DLA, WLA, and stress‑testing assumptions) against the forthcoming FCA “adequate resilience” rule and the 40% (stable NAV) / 20% (variable NAV) WLA supervisory expectations.
Update MMF liquidity policies, board‑approved risk appetites, and internal limits to reflect the new WLA expectations, including documentation of when and how funds may temporarily operate below 40%/20% WLA and the governance required to approve such deviations.
Implement enhancements to liquidity monitoring and MI reporting so that portfolio managers, risk, and compliance have near‑real‑time visibility of DLA and WLA levels, breaches of internal and supervisory thresholds, and redemption‑driven use of liquidity buffers.
Review and update fund prospectuses, KIIDs/KIDs, and investor disclosures to ensure that descriptions of MMF liquidity management, the availability of liquidity management tools, and the operation of stable NAV structures are accurate under the new FCA regime.
Revise and strengthen investor KYC procedures for MMFs to capture concentration risks and potential correlated outflows, including segmentation of investor types, monitoring of large holders, and scenario analysis around key client redemption behaviour.
What changed
- The FCA will introduce a new overarching rule requiring that all UK‑domiciled MMFs must hold sufficient liquidity for “adequate resilience”, explicitly linking fund liquidity to financial stability...
The FCA will retain the current minimum WLA requirements from the existing UK Money Market Fund Regulation (UK MMFR) in its rules, instead of the previously consulted increases to 50% WLA for all...
The FCA will issue guidance setting out strong supervisory expectations that stable NAV MMFs should hold 40% WLA and variable NAV MMFs should hold 20% WLA to meet the new resilience requirement,...
The FCA makes clear that falling below the 40%/20% WLA supervisory expectations should only occur to meet redemption requests or due to factors beyond the manager’s control, and should be rare, with...
The FCA will retain existing minimum daily liquid asset (DLA) requirements from UK MMFR in rules and does not plan to issue new guidance on DLA levels, but expects DLA and WLA together to be...
Compliance impact
Non‑compliance with the new FCA MMF rules and supervisory expectations is likely to be treated as a significant prudential and conduct issue, exposing firms to supervisory intervention, potential restrictions on MMF operations, and enforcement action where governance or disclosure failures are identified. Given the explicit financial stability focus of these reforms, regulators can be expected to scrutinise outlier funds and firms that do not align internal practice with the 40%/20% WLA expectations or that cannot evidence robust liquidity and KYC frameworks.
The FCA has secured a confiscation order of £452,286.80 against convicted fraudster Daniel Pugh. Mr Pugh, 36, is serving a 7 years and 6 months prison sentence for defrauding investors out of £1.3m.Run from his bedroom in Devon, Pugh used Facebook adverts to target investors and promised them wholly unrealistic…
Firms are using AI to drive efficiency, support decision-making and deliver better outcomes for consumers and markets. We want to support that innovation. But it must be safe, responsible and well governed.We have been clear that we are not going to introduce new regulations for AI. Instead, we’ll rely on existing…
Why this matters
FCA speech outlining regulatory approach to AI in financial services. Announces no new AI-specific regulations, reliance on existing frameworks (Consumer Duty, SM&CR), and industry engagement initiatives (AI Input Zone, AI Lab). Informational content setting expectations and inviting stakeholder participation.
Consumers are being warned to be wary of misleading car finance 'money tips' adverts issued by claims management companies (CMCs) and law firms on social media. As part of the joint regulatory taskforce, the FCA has identified a growing number of adverts that appear to offer independent advice from an individual but…
Why this matters
FCA consumer warning about misleading motor finance claims management company advertising practices. Addresses conduct violations, deceptive marketing, and poor CMC/law firm practices. Informational guidance for consumers and regulatory expectations for firms. No time-sensitive enforcement deadline indicated.
On 4 June 2026, the FCA required Euro Exchange Securities UK Limited (EES) to cease carrying out any regulated electronic money or payment services and, on the FCA’s application, interim managers were appointed by the Court over EES. Serious concerns around the way EES operated its business indicated there were…
Why this matters
FCA enforcement action against electronic money and payment services firm for serious financial crime risks, including AML framework weaknesses and governance failures. Interim managers appointed under insolvency regulations. Informational regulatory update rather than time-sensitive directive.
On 28 April 2026, Solvenza Limited (Solvenza) entered administration. Louise Longley and Julian Pitts of BTG Begbies Traynor (Central) LLP (Begbies) were appointed joint administrators. Solvenza (Firm Reference Number: 718517) is regulated by the FCA, authorised to carry out debt purchasing and debt collection…
Why this matters
FCA announcement of Solvenza Limited's administration - a debt purchasing and collection firm. This is informational content regarding firm insolvency, consumer protection measures, and regulatory oversight. No immediate action required for other firms, making urgency null.
On 21 May 2026, Silicon Marketing Limited (Silicon) entered administration. Carrie James and Nick Parsk of Oury Clark were appointed as joint administrators. Silicon (Firm Reference Number: 674008) is regulated by the FCA, authorised to carry out debt purchasing and debt collection activities, which provide debt…
Why this matters
Silicon Marketing Limited, a debt purchasing and collection firm regulated by the FCA, has entered administration. This is informational content notifying consumers about the firm's status, their rights, and ongoing obligations.
Investment firms could save around £20m a year under new proposals from the FCA to simplify climate reporting for investment products. The FCA estimates it could deliver these savings by replacing detailed product-level reports based on the Task Force on Climate-related Financial Disclosures (TCFD) with simpler, more…
Why this matters
FCA consultation on simplifying climate reporting requirements for investment products. Proposes replacing detailed TCFD product-level reports with simpler disclosures aligned with Consumer Duty. Primarily impacts asset managers and asset owners.
The Bank of England has published a joint review with the FCA on how the Memorandum of Understanding (MoU) for financial market infrastructure (FMI) is working. The Bank of England and the FCA (the authorities) cooperate on the supervision of FMIs.The authorities consulted with FMIs to assess the effectiveness of…
AI Analysis
The Bank of England and FCA have completed their 2025/26 joint review of the Memorandum of Understanding (MoU) governing cooperation on the supervision of UK financial market infrastructures (FMIs) and have concluded that current arrangements remain effective, well‑coordinated and free from material duplication. For compliance teams at FMIs and connected firms, this confirms regulatory expectations around information‑sharing, supervisory engagement and coordinated oversight by the two authorities, but does not introduce new rules or materially change existing supervisory practice.
Key dates
2024
– The Bank of England and FCA wrote to CCPs, RIEs and RCSDs to request feedback on the effectiveness of cooperation under the MoU based on firms’ interactions during 2024
2025/26
– The authorities conducted the annual joint review of the MoU for FMIs, considering the responses received from supervised entities over the preceding 12 months and assessing the effectiveness of coordination and duplication
Annually (ongoing)
– The Bank of England and FCA will continue to review the MoU each year, including soliciting feedback from FMIs, to confirm that supervisory cooperation remains effective and to identify potential enhancements
Suggested considerations
Confirm internally that your firm’s regulatory engagement framework recognises the Bank of England–FCA MoU and clearly allocates responsibilities for managing relationships with both authorities in line with their respective roles.
Review and, where necessary, update internal regulatory communications and escalation procedures to ensure that information relevant to both the Bank of England and FCA can be shared consistently, accurately and on a timely basis, in anticipation of coordinated supervisory expectations.
Prepare to continue providing structured, constructive feedback during the annual MoU review process by maintaining records of supervisory interactions with each authority, including instances of overlap, gaps, or divergent expectations.
Align incident management, operational resilience and major change approval processes with the expectation that both authorities may need to be informed and coordinated, and verify that notification playbooks and contact trees reflect this dual‑regulator structure.
For groups operating multiple FMIs or cross‑border infrastructures, map where other regulators rely on the Bank of England/FCA supervisory cooperation (for example, via substituted compliance or recognition regimes) and integrate this into your global regulatory engagement strategy.
What changed
- The Bank of England and FCA confirm, following consultation with FMIs over the last 12 months, that the existing MoU framework for supervisory cooperation on financial market infrastructures...
The authorities explicitly reaffirm their commitment to efficient coordination to enhance the effectiveness of supervision, signalling continued emphasis on timely, accurate and proactive information...
The statement maintains, rather than revises, the current allocation of responsibilities between the Bank of England (as primary prudential and systemic supervisor for FMIs) and the FCA (as conduct,...
The authorities confirm the continuation of an annual review process of the MoU, including consultation with supervised FMIs to obtain feedback on how coordination is working in practice, embedding...
The publication sits alongside the underlying 2025 MoU text (and the broader multi‑regulator MoU framework with FCA, PRA and PSR), reinforcing that FMIs should align their governance, reporting and...
Compliance impact
Non‑compliance would not typically arise directly from the MoU review outcome itself, but FMIs that fail to align with the coordinated expectations and information‑sharing practices of the Bank and FCA risk fragmented supervisory relationships, increased scrutiny, and potential enforcement where underlying prudential, conduct, or operational resilience requirements are not met. Effective engagement with both regulators remains critical to maintaining authorisation, recognition status and continued operation of systemically important market infrastructure.
The FCA has opened an enforcement investigation into Consultation Claims Limited (CCL) following concerns about its conduct in the period April 2025 to December 2025 in relation to motor finance claims. The FCA is investigating concerns that consumers may have been signed up during the period April 2025 to December…
Why this matters
FCA enforcement investigation into claims management company (CCL) for alleged unauthorized customer sign-ups and forged signatures in motor finance claims. This is informational content announcing an investigation into conduct violations and consumer protection breaches.
Football clubs have been warned not to put their fans’ cash at risk by signing sponsorship deals with financial firms that aren't allowed to operate in the UK. According to the FCA, a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football…
Why this matters
FCA warning to football clubs about unauthorised financial services firms (including crypto and trading platforms) using sponsorship deals to target consumers. Addresses regulatory compliance, consumer protection risks, and AML concerns. Informational/advisory content rather than enforcement action, hence null urgency.
The UK Payments Initiative (UKPI) announcement signals a major step forward for open banking and commercial variable recurring payments (cVRP). The launch of UKPI paves the way for greater payments competition, innovation and economic growth.Read the announcement.The industry-led scheme will give people more choice…
AI Analysis
The FCA has published a short policy statement signalling regulatory support for the industry‑led **UK Payments Initiative (UKPI)**, an open banking scheme to deliver commercial variable recurring payments (cVRP) and broader payments innovation. For compliance teams, this marks an early but clear indication that the FCA expects firms to prepare for a future **formal regulatory framework for open banking/open finance and commercial schemes**, with consultation to follow once enabling legislation grants the FCA expanded powers by the end of 2026.
Key dates
End of 2026
– FCA intends to consult on a **long‑term regulatory framework for open banking** (and related commercial schemes such as UKPI), subject to the granting of new powers in legislation
TBD (dependent on primary legislation)
– UK legislation is expected to give the FCA new powers over open banking/open finance, which is a precondition for FCA consultation on a long‑term framework
Suggested considerations
Conduct an internal assessment of how your firm currently uses or plans to use open banking and cVRP (e.g., recurring payments, subscription billing, merchant acquiring) and document potential exposure to UKPI or similar schemes.
Establish or update a regulatory horizon‑scanning process to track: (i) UKPI scheme documentation and rulebooks, (ii) FCA’s forthcoming open finance regulatory roadmap outputs, and (iii) the enabling legislation that will grant the FCA new powers.
Engage product, legal and compliance teams to map existing recurring payment processes and consumer consent flows against anticipated expectations for open banking cVRP, including clarity of consent, cancellation rights, transparency of variable amounts, and dispute handling.
Review and, where necessary, update data protection, API security, and customer authentication controls to ensure they can support commercial open banking schemes and more granular data‑sharing under an open finance regime.
For firms intending to participate in UKPI, proactively review and align internal policies with emerging industry standards and scheme rules, including technical standards, liability allocation, service‑level requirements, and complaints/chargeback processes.
What changed
- The FCA publicly endorses the launch of the UK Payments Initiative (UKPI) as an industry‑led open banking payments scheme focused on commercial variable recurring payments (cVRP), signalling...
The statement confirms the FCA wants competition between commercial open banking schemes, indicating a shift from a single mandated model (under PSD2/open banking implementation) towards multiple...
The FCA signals support for the creation of an independent standards‑setting body for open banking payments, moving standard‑setting away from transitional arrangements towards a more permanent,...
The FCA announces its intention, subject to future legislation granting new powers, to consult on a long‑term regulatory framework for open banking (and, by extension, commercial open banking schemes...
The FCA links this announcement to its regulatory roadmap for open finance, confirming that open banking data‑sharing will be extended to broader financial data, providing a strategic direction of...
Compliance impact
In the immediate term, compliance impact is medium: no new binding rules are introduced, but the FCA’s direction of travel is clear and requires strategic planning. Over the medium term (to and beyond 2026), failure to anticipate the formal open banking/open finance framework, or to adapt recurring payment practices and controls to emerging standards, is likely to create material conduct, operational and supervisory risk.
On 29 May 2026, Halo Financial Limited (Halo) entered special administration. Louise Longley and Bai Cham of BTG Begbies Traynor (Central) LLP (Begbies) were appointed as joint special administrators. Halo is authorised by the FCA to provide payment services under the Payment Services Regulations 2017 (the PSRs). On…
Why this matters
FCA announcement regarding Halo Financial Limited's entry into special administration under the Payment Services Regulations 2017. This is informational content notifying customers and stakeholders about the administration process, safeguarding of funds, and contact procedures.
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…
Why this matters
FCA announcement regarding court-approved distribution of recovered funds from unauthorized Argento Wealth Limited to eligible investors. This is informational content with a specific deadline (1 August 2026) for investor action.
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 alerts consumers and firms to an unauthorised entity (capital-bltd.com/net) impersonating the authorised firm Capital-B Ltd (FRN 763815). The content is informational and protective in nature, advising use of FCA Firm Checker and reporting procedures.
Financial firms have made progress in preventing sanctions breaches – with £37bn worth of assets frozen in the UK as of last year – but gaps remain, warns the FCA. The Office of Financial Sanctions Implementation (OFSI) and the Office of Trade Sanctions Implementation (OTSI) implement financial and trade sanctions…
On 22 May 2026, Sukate & Bezeboh Ltd (SB Remit) entered administration. Charles Turner and Frank Ofonagoro were appointed as joint administrators. SB Remit is a small payment institution authorised by the FCA to provide payment services.On 13 May 2026, SB Remit agreed to a voluntary undertaking, which restricted the…
Why this matters
FCA announcement regarding administration of SB Remit, a small authorized payment institution. Primary focus is consumer protection (fund recovery, FSCS clarification, scam warnings) and licensing status. Informational content about insolvency proceedings and customer claims management.
Firms that approve financial promotions should be doing more to protect consumers, an FCA review has found. The FCA found that the strongest firms were applying the Consumer Duty from the start of their processes. They were able to make sure that every promotion approved was accurate, clear and reached the right…
Why this matters
FCA review of Section 21 approvers (authorised firms approving promotions for unauthorised firms) across BNPL, crowdfunding, and corporate finance sectors. Findings highlight compliance gaps in financial promotion approval processes and Consumer Duty implementation.
We’re inviting applications from senior practitioners at smaller regulated firms in the general insurance and consumer credit sectors to join the panel. The Smaller Business Practitioner Panel provides independent advice and challenge from the perspective of smaller firms, helping to shape our work at a time of…
Why this matters
FCA recruitment announcement for Smaller Business Practitioner Panel targeting senior practitioners in general insurance and consumer credit sectors. This is informational content about panel membership applications with June 2026 deadline, relevant to governance and regulatory engagement rather than substantive...
We’re pleased to announce that our Annual Public Meeting (APM) will be held in Edinburgh for the first time on 6 October 2026, marking an important milestone for us a UK-wide regulator. The announcement coincides with a visit to Edinburgh on 26 May by our chair Ashley Alder, who was there to open a new office space…
Why this matters
Informational announcement about FCA's Annual Public Meeting location and expansion in Scotland. Demonstrates regulatory commitment to UK-wide presence and consumer engagement rather than introducing new requirements or policy changes. No immediate compliance action required.
Fast‑growing and innovative financial services businesses can now apply for more support to help them grow. The FCA’s Scale-up Unit provides tailored support to firms, helping them navigate regulation so they can scale sustainably. The unit is now open to solo-regulated firms to apply.The unit offers a dedicated point…
Why this matters
FCA announcement of expanded Scale-up Unit support for solo-regulated firms. Informational content about regulatory support programs and application process (May-June 2026). Relevant to multiple financial services sectors seeking growth support and regulatory navigation assistance.
Half (49%) of young drivers have bought insurance through social media or messaging apps, new research reveals. With 4 in 10 (39%) unconfident in spotting the signs of a fake policy, thousands could be paying for cover that doesn’t exist. The FCA is warning 17-to 25-year-old drivers about 'ghost broking' scams where…
Why this matters
FCA consumer warning about ghost broking scams targeting young drivers through social media. Addresses insurance fraud, unauthorized sellers, and consumer protection risks. Informational guidance rather than regulatory requirement, hence null urgency.
When consumers are wronged, many rightly seek fair compensation. Some complain directly, without paying a penny using free Ombudsman services. Others turn to claims management companies (CMCs) or law firms.They can provide a valuable service and support access to justice.However, we’ve seen firsthand from the way some…
Why this matters
FCA announces comprehensive market study of claims management companies (CMCs) and law firms handling financial services and housing disrepair claims. Addresses poor conduct including misleading advertising, unfair fees, and lack of consumer consent.
The Treasury has published its policy statement today on reform of the Consumer Credit Act 1974 (CCA). Reform of the CCA is an important step towards a more flexible regime that supports effective competition and innovation, while maintaining appropriate consumer protection both now and in the future. The proposals…
AI Analysis
HM Treasury has issued a policy statement on reform of the Consumer Credit Act 1974 (CCA), signalling a strategic shift from prescriptive, statute-based requirements towards an FCA rulebook-led regime for consumer credit. The FCA’s response confirms it will consult on moving key CCA elements into FCA rules and guidance, anchored in the Consumer Duty, which will materially reshape documentation, processes and conduct standards across the consumer credit lifecycle.
Key dates
TBD
– HM Treasury’s policy statement has been published, but no specific implementation dates for CCA reform or FCA rule changes are given in the FCA response
TBD
– FCA consultation(s) on key elements of the consumer credit framework are announced as forthcoming; exact dates are not yet specified
TBD
– Future milestones such as FCA Policy Statements, Handbook changes and statutory amendments will follow, but no indicative timetable is provided in the FCA response
Suggested considerations
Establish an internal CCA reform working group (legal, compliance, product, operations) to track HM Treasury and FCA publications on Consumer Credit Act reform and prepare coordinated responses.
Map all existing product lines and customer journeys against current CCA and CONC requirements to identify areas most likely to be affected if obligations move from legislation into FCA rules (e.g. pre‑contract disclosure, notices of sums in arrears, default notices, early settlement calculations).
Review your Consumer Duty implementation for consumer credit products (especially outcomes testing, fair value assessments and customer support processes) to ensure it can absorb additional or re‑framed requirements that may migrate from the CCA into the FCA Handbook.
Compile an inventory of CCA‑dependent documentation (agreements, pre‑contract information, statutory notices, arrears and default letters, early settlement communications) and assess the effort required to update them if the form or content requirements are recast in FCA rules.
Enhance regulatory horizon‑scanning processes to include systematic monitoring of HM Treasury CCA reform material and FCA consultations, ensuring early awareness of consultation questions and proposed Handbook text.
What changed
- The UK Government has confirmed a programme to reform the Consumer Credit Act 1974, moving away from detailed prescriptive legislative requirements towards a more flexible framework based on FCA...
The FCA has stated its intention to consult on “key elements” of the consumer credit framework that are currently in primary or secondary legislation, where it has the power to do so, covering the...
The Consumer Duty (Principle 12, PRIN 2A) is explicitly confirmed as the overarching framework for the future consumer credit regime, meaning consumer credit firms will be expected to demonstrate...
The FCA has signalled that existing consumer rights and protections under the CCA (including cancellation and withdrawal rights, termination, and early settlement rights) will be reviewed and...
Any new FCA rules arising from CCA reform will be supported by a formal cost–benefit analysis and shaped through stakeholder engagement, implying a structured consultation process (likely one or more...
Compliance impact
Non‑compliance with the eventual FCA rules replacing or supplementing CCA provisions will expose firms to supervisory intervention, enforcement action, consumer redress and potentially large remediation exercises under the Consumer Duty. Given the centrality of consumer credit to many business models and the likely breadth of changes, firms that do not prepare early may face significant operational, conduct and litigation risk.
UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital…
Why this matters
FCA and Bank of England announcement on tokenisation framework for UK wholesale markets. Informational guidance setting out shared vision, principles, and consultation on regulatory approach to DLT and tokenised assets. Affects multiple market participants across capital markets, payments, and digital assets sectors.
Why frontier AI matters for firmsArtificial intelligence (AI) continues to evolve rapidly. Frontier AI models represent a step-change in capability, with significant implications for cyber security and operational resilience.The cyber capabilities of current frontier AI models are already exceeding what a skilled…
The conflict in the Middle East means cost of living pressures remain top of mind – with people facing increased costs for utility bills, food and fuel. We want to remind you about our clear expectations on the support you should offer consumers in challenging times, through the Consumer Duty and our rules on…
Speech by Nikhil Rathi, FCA chief executive at the FCA's financial crime conference. A new threat landscapeFinancial crime is changing – fast.It’s more technologically enabled. More organised than ever before. And moving at speed.Which is why the fight against financial crime sits at the heart of our 5-year…
The FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets. Simon Walls appointed executive director, marketsSimon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis…
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…
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…
Speech by Sarah Pritchard, deputy chief executive, at the Investment Association's Private Markets Summit 2026. Headlines are always a tough read when funds run into difficulty.And lately, the language has been stark.Some have even asked if private credit has a canary in the coal mine.That’ll make you sit up a bit…
Kingscrown Finance Limited (Kingscrown) has stopped onboarding new customers or undertaking new business with existing customers – including extending existing credit. Kingscrown, which was incorporated in 2014, provides lending for business and investment purposes, including property investment, buy-to-let and house…
A convicted money launderer has been sentenced to an additional 499 daysin prison for failing to fully pay the money owed under a Confiscation Order. In 2021,RichardFaithfull,now36,wassentenced to5 years and 10 monthsin prisonfor laundering £2.5 million, following a prosecution brought by the Financial Conduct…
Following the legal challenges to our motor finance compensation scheme, we are setting out further advice for firms and consumers. Our priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance market.Our industry-wide scheme is the quickest, fairest and most…
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…
Following the publication of financial reporting by PayPal Holdings Inc, we can confirm we are investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anti-competitive conduct linked to thefunding and…
We are launching a review of the claims management market, following concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and unfair exit fees…
Three people have been arrested as part of a crackdown on suspected illegal financial promotions. Two homes in the Chelmsford and Romford areas were searched, as part of an operation led by the FCA and the Eastern Regional Special Operations Unit (ERSOU), a specialist policing unit that tackles serious and organised…
Our objective has been, and remains, to ensure consumers receive fair compensation as quickly as possible and to maintain a healthy motor finance market. An industry-wide scheme is the fastest, simplest route for consumers and the most efficient way for firms to put things right and give certainty to their investors…
The FCA has charged Shaun Lawrence for operating as a mortgage broker without authorisation. Mr Lawrence, who also goes by the names Shaun Lawrence-Bright and Shaun Bright, was previously authorised to give mortgage advice.However, in 2008 he had his permissions revoked and was fined. He was also banned from working…
From 11 May 2026, cryptoasset firms preparing for the new FSMA regime will be able to request a pre-application meeting with us via our Pre-Application Support Service (PASS). Pre-application meetings are free of charge and give firms the opportunity to discuss their plans with us and ask questions before submitting…
Speech by Nikhil Rathi, FCA chief executive, at the Association of Foreign Banks (AFB) luncheon. When I saw that a boxing ring had been temporarily installed in this room last autumn, I wasn’t quite sure whether it was a warning to us regulators…Or some kind of art installation commenting on the past few years in…
Asset managers will find it easier to unlock the benefits of fund tokenisation, following the publication of new guidance by the FCA. The guidance sets out how firms can use distributed ledger technology (DLT) within the regulator’s existing rules.New rules will also make fund dealing more efficient, including an…
We have written to people who complained about how we handled Wellesley & Co Ltd (WCL). Complainants raised concerns about our actions in relation to the wider Wellesley Group. WCL was the only FCA-regulated company in the Group and was responsible for approving financial promotions marketed to investors.We carefully…
The FCA is reviewing whether Annual Percentage Rates (APRs) help consumers understand borrowing costs andis seeking views on whetherit should changehow these are communicated in credit advertising. APRsindicatethe yearly cost of borrowing, including interest and fees. A representative APR means at least half of…
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…
Speech by Sarah Pritchard, FCA deputy chief executive, at the BSA Annual Conference, Edinburgh. As a history lover, it’s thrilling to be in a city like Edinburgh – called a ‘hot-bed of genius’ during the Scottish Enlightenment.What defined the Enlightenment spirit was the refusal to settle, and a determination to make…
Help us develop a proportionate reporting regime for ESG ratings. Register your interest by 13 May 2026. We're inviting ESG rating providers to join a pilot to inform future regulatory reporting once the regime is live.Our aim is to avoid unnecessary reporting burden for firms over time.The pilot aims to help us…
Open finance has vast potential. It promises to transform financial services for millions of people through firms using customers’ data in bigger and better ways. But to make that promise a reality, we need to look at how it works in practice. How does sharing data solve real problems for people and businesses?That’s…
Our scheme is the quickest, fairest and most efficient way to compensate consumers. It is disappointing that some have decided to challenge it and delay consumers getting their money back, when for many the payouts would be very welcome this year as they face rising household bills. This also prolongs the uncertainty…
The FCA is seeking views on proposals to change rules that govern the publication of research during the initial public offering (IPO) process. The FCA is consulting on removing the requirement for a 7-day delay before connected research on an IPO can be published. It also consults on removing rules that require firms…
The FCA Board appoints new members to decision-making committee. The Board of the FCA has appointed Jonathan Peddie and Raymond Cox KC as new members of the FCA’s Regulatory Decisions Committee (RDC).The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement…
The FCA has led international action to stop illegal finfluencers putting consumers' money at risk. Seventeen regulators worldwide took part in the 'week of action' which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly. Activity…
Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from…
We’ve no vested interest in setting up a motor finance redress scheme. What matters to us is getting fair compensation for consumers as quickly as possible and supporting a healthy motor finance market for the future.That's what our scheme will do, and it's free for consumers to use.Learn more about our motor finance…
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…
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…
Speech by Sheree Howard at the APCC Spring Conference 2026. This weekend, tens of thousands of runners will line up in Greenwich Park for the start of the London Marathon.Well done to them – a Netflix marathon is much more my speed.Unlike what’s needed to prepare for a Netflix marathon – opening a bag of sweet and…
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 unauthorised firm warning listing Pro X Markets / ProXMarkets as operating without permission. The content identifies contact details, websites, and explains consumer protections (FSCS, FOS) that do not apply.
Firms willbenefitfromreduced costs andgreater flexibility, andfind it easier tocomply with the Senior Managers and Certification Regime (SM&CR),following reformsset outon 22 April by theFCA and Prudential Regulation Authority (PRA). The changes, which come as the first phase of a multi-stage package of reform from the…
The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations. Working with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted 8 premises suspected of illegal peer-to-peer crypto trading…
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 investment firm (Bluefield Investments) operating without permission. The content is informational and protective in nature, alerting consumers to avoid the firm and explaining the lack of FSCS/ombudsman coverage.
Speaking at UK FinTech Week, Jessica Rusu, chief data, information and intelligence officer at the FCA, has confirmed the second group of firms selected to join AI Live Testing. Eight new firms, including Barclays, Experian, Lloyds Banking Group (Scottish Widows), and UBS, have been chosen by the FCA to live test AI…
Speech by Jessica Rusu, FCA chief data, information and intelligence officer at IFGS. Key pointsAgentic commerce will change how financial decisions and transactions are made, demanding a fundamentally new approach.We are expanding practical support for firms through the next phase of our AI Lab.Open Finance will…
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…
Why this matters
This regulatory update is informational in nature, announcing vacancies on the Financial Services Consumer Panel which represents consumer interests to the FCA. It is relevant to a wide range of financial services firms, particularly those focused on retail consumers such as banks, wealth managers, and asset managers.
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…
Why this matters
This regulatory update from the FCA announces that HDH Investment Services Limited, an investment advisory firm, has entered into creditors' voluntary liquidation.
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…
Why this matters
This regulatory update from the FCA focuses on the Consumer Duty, which applies across the banking, investment, and wealth management sectors. It discusses progress on firms' annual reporting requirements under the Duty, including improvements in governance, action plans, and data analysis.
The FCA has finalised a simpler UK short selling regime that reduces reporting burdens for firms, while maintaining regulatory oversight. Short selling plays an important role in financial markets by supporting price formation, providing liquidity, and facilitating risk management.The new rules follow legislative…
Why this matters
This regulatory update from the FCA introduces changes to the UK short selling regime, including simplified reporting requirements for firms. This impacts capital markets participants and is of medium urgency as it reduces administrative burdens while maintaining regulatory oversight.
Crypto will be regulated in the UK from October 2027. The FCA is finalising the wider cryptoasset regime, with rules to be published this summer. Parliament has now confirmed which cryptoasset activities will fall within the scope of regulation. Building on that, the FCA is consulting on new guidance to help firms…
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…
Adverts which used edited, unauthorised clips of Martin Lewis to make misleading claims about average motor finance compensation and used the FCA logo without permission, have been banned by the FCA. Conclusive Financial Ltd (Conclusive), a claims management company (CMC), which also trades as PCP Refunds, was…
Why this matters
This regulatory update from the FCA bans misleading adverts from a claims management company, which is relevant for consumer credit firms and all firms more broadly in terms of conduct and authorization requirements.
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…
Why this matters
This regulatory update from the FCA outlines a vision for open finance, which has the potential to transform how consumers and businesses interact with financial services. It covers key areas such as data sharing, personalized services, and innovation - impacting a range of financial firms.
How we're investing in data and analytics in consumer financeOur goal is regulation that is evidence-based, targeted, and achieves good outcomes for consumers. That’s why we’ve been using richer datasets and sharper data science to drive better outcomes in the consumer finance market, widen financial inclusion, and…
Why this matters
This regulatory update from the FCA focuses on using data and analytics to better identify and address consumer credit risks, particularly for vulnerable consumers. It discusses the FCA's use of credit file data and novel statistical methods to track consumer credit journeys and spot emerging distress.
On 21 November 2025, we imposed restrictions on Bazar Money Transfer Limited (BMTL), preventing it from providing regulated payment services. BMTL is registered with the FCA to provide money remittance services to retail and corporate customers.As BMTL was no longer meeting the conditions for registration as a small…
Why this matters
This regulatory update from the FCA imposes restrictions on a money transfer firm, Bazar Money Transfer Limited (BMTL), preventing it from providing regulated payment services. This is due to BMTL no longer meeting the conditions for registration as a small payment institution.
The FCA and Bank of England (Bank) invite expressions of interest from market participants to join a new taskforce. The purpose of this taskforce is to inform the design of our long-term approach to harmonising transaction and post-trade reporting requirements.The taskforce will be comprised of three separate working…
Why this matters
This regulatory update from the FCA and Bank of England establishes a new taskforce to harmonize transaction and post-trade reporting requirements across different regulatory regimes. This is relevant for firms involved in wholesale market activities, including banks, broker-dealers, fintechs, and payment providers.
We are going ahead with a scheme to compensate motor finance customers who were treated unfairly. Courts have found that firms broke the law by failing to disclose important information to customers. An industry-wide scheme is the quickest and most cost effective way to deliver fair compensation.We had over 1,000…
AI Analysis
The FCA has confirmed an industry-wide redress scheme to compensate motor finance customers for unfair treatment due to inadequate disclosure of commissions and ties between 6 April 2007 and 1 November 2024, following court rulings on law-breaking practices. This matters as it imposes up to £9.1 billion in costs on lenders, mandates proactive customer identification and payouts, and aims for rapid resolution while providing finality for firms and market stability.
Key dates
6 April 2007
1 November 2024; Scope of agreements eligible for compensation
26 March 2020 Deadline
Cut-off for excluding high commission cases if clearly disclosed (firms must explain and allow FOS challenge)
2026 (this year)
Millions compensated
30 June 2026
End of implementation for 1 April 2014+ loans; lenders then have 3 months to notify complainants of redress
31 August 2026
End of implementation for 6 April 2007-31 March 2014 loans; lenders then have 3 months to notify complainants and 6 months for eligible non-complainants
Suggested considerations
Identify all in-scope agreements (2007-2024 with broker commissions); assess eligibility against tightened criteria (e.g., undisclosed DCA/high commission/tie).
Contact complainants within 3 months post-implementation; eligible non-complainants within 6 months; invite scheme participation (6-month consumer response window).
Calculate redress per formula (commission-based, capped, with interest); pay promptly, allowing set-off against customer debts where applicable.
Gather records now (FCA expectation pre-rules); handle exclusions/exceptions with explanations; prepare for FOS challenges on time-bars.
Brokers: Respond to lender information requests.
What changed
- Tightened eligibility: Excludes minimal commission agreements (£120 or less pre-1 April 2014; £150 or less post), zero APRs, unused DCAs, and contractual ties where lenders prove visible...
Two schemes: Separate for 6 April 2007-31 March 2014 and 1 April 2014-1 November 2024 to mitigate legal challenges on pre-2014 powers.
Compensation adjustments: Reflects higher 2007-2014 losses; capped in ~1/3 cases to avoid over-compensation.
Streamlined operations: Lenders contact only complainants or eligible non-complainants; no recorded delivery required, cutting delivery costs >40%.
Scope expansion: Covers DCAs, high commissions, and contractual ties under Consumer Credit Act 1974 ss.140A-C; includes deceased consumers.
Compliance impact
Urgency: Critical – Firms face immediate preparation needs (e.g., data gathering) ahead of mid-2026 implementation, with £9.1bn costs, mass customer outreach, and legal risks from dual schemes/challenges. Non-compliance risks enforcement, as FCA expects prompt action for market finality; delays could exceed £6bn in alternative complaint/court costs.
Millions of motor finance customers will receive compensation this year under an FCA scheme for those treated unfairly by firms who broke the law by failing to disclose important information. Consumers were denied the chance to seek a better deal and, in some instances, paid more for their loan.The FCA has made…
Why this matters
This regulatory update from the FCA outlines a compensation scheme for millions of motor finance customers who were treated unfairly by firms that failed to disclose important information.
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…
Why this matters
This regulatory update is relevant to crowdfunding platforms, wealth managers, and fintech firms that provide investment services. It covers consumer protection, prudential requirements, and authorization issues related to the administration of Shojin Financial Services Limited, a regulated crowdfunding platform.
A new taskforce will tackle poor handling of motor finance claims by some claims management companies (CMCs) and law firms, after the FCA, Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) agreed to join up their efforts. The announcement comes as…
Why this matters
This regulatory update is focused on addressing poor practices in the motor finance claims industry, involving claims management companies (CMCs) and law firms. It involves multiple regulators collaborating to tackle issues such as misleading advertising, meritless claims, and unfair fees.
On 3 March 2026, we said we’d bring forward our planned review of the UK Listing Rules for Investment entities, including how they apply to board independence and related party provisions.Since then, there has been substantial debate over our role in relation to investment trusts, including calls for us to ‘get to…
AI Analysis
This FCA blog post announces an accelerated review of UK Listing Rules for investment entities, focusing on board independence, related party provisions, conflicts of interest, and shareholder rights amid debates over activist minority shareholders targeting investment trusts. It matters because it clarifies the FCA's limited role (rules apply to issuers, not shareholders), reinforces Companies Act protections, and signals upcoming proposals to ensure rules fit novel scenarios like concentrated ownership, potentially impacting governance and listing compliance for investment trusts.[FCA blog]
Key dates
End of 2026
- FCA to complete review and publish consultation paper with proposals.[FCA blog]
3 March 2026
- FCA announces acceleration of planned Listing Rules review for investment entities.[FCA blog]
Suggested considerations
Monitor and engage: Investment trust boards/managers should track the upcoming consultation (expected end-2026) and consider submitting responses on board independence, conflicts, and shareholder protections.[FCA blog]
Review governance: Assess articles of association for voting enhancements (e.g., electronic voting, opt-ins) and ensure boards understand powers to challenge vexatious requisitions under Companies Act.[FCA blog]
Enhance shareholder engagement: Platforms and intermediaries to digitize voting processes; firms to promote high turnout (recently >80%) and clear information on director nominations.[FCA blog]
Conflict checks: Proactively manage related party issues and concentrated ownership risks in line with current Listing Rules, anticipating review focus.
What changed
No immediate regulatory changes or new requirements are introduced; this is a consultation precursor outlining a planned review. The review will assess:
Application of Listing Rules to board independence and related party transactions for investment entities.
How rules, alongside company law, support shareholder rights, engagement, and conflict management (e.g., protecting against "back door takeovers" by minority activists like Saba).
Proposals will be...
Compliance impact
Urgency: Medium. This signals future changes via consultation but imposes no immediate obligations; however, it heightens scrutiny on investment trust governance amid activist pressures, risking enforcement if conflicts or independence lapses occur pre-review. Matters for compliance teams to audit current setups against Listing Rules and Companies Act, avoiding missteps in high-profile cases like Saba campaigns, while preparing for end-2026 proposals that could tighten related party and board rules.[FCA blog]
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…
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…
Why this matters
This regulatory update from the FCA announces improvements to the My FCA platform, including a streamlined sign-in process for all firms. It is informational in nature and impacts a broad range of financial services firms.
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…
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.
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
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
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
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…
Why this matters
This regulatory update from the FCA indicates that Equity for Growth (Securities) Limited, a corporate finance firm and principal for several appointed representatives, has been ordered to be wound up due to insolvency and inability to pay compensation claims.
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…
Why this matters
This regulatory update from the FCA outlines plans to leverage AI and digital tools to streamline authorization processes, enhance supervision, and improve firms' experience with regulation.
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…
Why this matters
This regulatory update from the FCA focuses on proposals to make it easier for firms to provide simplified forms of financial advice to consumers, which could impact investment managers, wealth managers, and banks that offer advisory services.
We will set out our approach on motor finance redress shortly after markets close on Monday 30 March, having consulted on a compensation scheme in October 2025.
AI Analysis
The FCA is scheduling its announcement on a proposed motor finance redress scheme—addressing historical commission disclosure failures in car loans—for shortly after markets close on Monday, 30 March 2026, following a consultation launched in October 2025. This matters because it signals imminent final rules that could impose up to GBP11 billion in costs on lenders, affecting millions of consumers and requiring urgent operational preparations to ensure timely payouts in 2026.
Key dates
October 2025
Consultation on compensation scheme launched
~June 2026 (3 months post
announcement) - End of standard implementation period; lenders notify consumers of redress
~August 2026 (5 months for older agreements) Deadline
Extended implementation deadline
~September 2026 (3 months post
implementation) - Consumers informed of compensation amounts
30 March 2026 (shortly after markets close)
FCA to publish final rules/approach on motor finance redress
Suggested considerations
Review and prepare systems: Firms must gear up for redress calculations, notifications, and payouts within the 3-5 month implementation window; voluntary early processing encouraged.
Monitor complaints: Advise customers to complain directly (avoiding CMCs to prevent 30%+ fee losses); process pre-scheme complaints under forthcoming rules.
Assess provisions: Quantify exposure (e.g., GBP11 billion industry-wide estimate) and update financial reserves, as done by Santander/Lloyds.
Compliance checks: Ensure communication channels meet fraud safeguards; cease non-compliant practices per FCA interventions.
Stakeholder engagement: Track the 30 March announcement (confirmed date forthcoming) and respond to any residual consultation feedback.
What changed
- Introduction of a 3-month implementation period for most firms, extendable to 5 months for older motor finance agreements, to handle the scheme's scale and complexity.
Streamlined consumer journey: Pre-scheme complainants no longer need to opt out; lenders must notify them of owed compensation within 3 months post-implementation, with immediate acceptance options...
Removal of mandatory recorded delivery for customer communications, allowing flexible channels with fraud safeguards.
No final decision yet on proceeding, but likely modifications based on over 1,000 consultation responses, including backlash from lenders.
Compliance impact
Urgency: High – With the announcement just 6 days away (as of 24 March 2026), firms have minimal time to finalize preparations amid GBP11 billion cost risks, market disruption warnings, and lender pushback; delays could amplify redress delays, fines, or consumer harm claims.
We are reminding regulated firms they need to undertake proper checks when dealing with unregulated lenders, safe custody providers, money brokers and financial leasing companies – also known as 'Annex 1' firms. There are around 1,200 of these firms registered with us for solely anti-money laundering purposes. Our…
AI Analysis
The FCA statement reminds regulated firms to perform robust due diligence on 'Annex 1' firms—unregulated lenders, safe custody providers, money brokers, and financial leasing companies registered solely for AML purposes—due to their limited oversight and heightened financial crime risks. This matters because Annex 1 firms (approx. 1,200) are not subject to FCA's full rulebook, conduct rules, or protections like the Financial Ombudsman Service, exposing regulated firms to contagion risks if they fail to manage interactions properly. Non-compliance could lead to regulatory scrutiny, enforcement, or reputational damage amid FCA's ongoing AML focus.
Key dates
2024
FCA letter to CEOs of Annex 1 firms raising AML concerns.; - **Late 2025 - FCA follow-up engagement with 300 Annex 1 firms.**
Suggested considerations
Verify Annex 1 registration status directly from the firm and via independent checks (e.g., FCA Register).
Understand the Annex 1 firm's business model, products, and risks, aligning with MLRs and 2025 NRA.
Manage identified risks, such as AML deficiencies or consumer encouragement into limited company structures for unregulated lending.
Document due diligence to demonstrate compliance, integrating into broader financial crime frameworks (e.g., BWRA/CRA per FCA findings).
What changed
No new rules or legislative changes are introduced; this is a supervisory reminder reinforcing existing obligations under the Money Laundering Regulations 2017 (MLRs). It emphasizes enhanced due diligence on Annex 1 firms, referencing the 2025 National Risk Assessment (NRA) for risk management. The FCA highlights proactive engagement, including a 2024 letter to CEOs and follow-up with 300 firms in late 2025, signaling intensified supervision without altering the registration-only regime under the Financial Services and Markets Act.
Compliance impact
Urgency: High – This amplifies existing AML due diligence requirements amid FCA's 2025-30 financial crime strategy, with evidence of supervisory action (2024 letter, 2025 follow-ups). Failure risks enforcement, as Annex 1 interactions could facilitate financial crime or consumer harm without FOS protections; firms should audit exposures immediately to align with BWRA/CRA expectations and avoid findings like those in FCA's risk assessment review.
We have opened an enforcement investigation into Market Financial Solutions Limited (MFS). MFS is an Annex 1 business, which is solely registered with and supervised by us for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.Annex 1…
AI Analysis
The FCA has opened an enforcement investigation into Market Financial Solutions Limited (MFS) following the firm's entry into administration on 25 February 2026, amid allegations of serious financial irregularities, fraud, and double-pledging of collateral. This investigation is significant because it represents regulatory scrutiny of an Annex 1 business—a firm with limited FCA oversight—whose collapse exposed structural weaknesses in private credit markets and raised questions about due diligence practices across the financial sector.
Key dates
25 February 2026
- MFS entered administration
20 March 2026
- FCA enforcement investigation opened (current date context)
No specific deadline provided Deadline
for investigation completion or enforcement action
Suggested considerations
*For MFS and its Administrators:
Cooperate fully with the FCA enforcement investigation
Preserve all documentation related to AML/CTF compliance, customer due diligence, and transaction monitoring
Provide access to bank accounts, transaction records, and compliance files to investigators
Respond to FCA information requests within specified timeframes
What changed
The FCA's enforcement investigation does not introduce new regulatory requirements but rather represents the regulator's response to alleged breaches of existing obligations.
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017: MFS's primary regulatory obligation as an Annex 1 registered firm.
Speech by Nikhil Rathi, FCA chief executive, at the JP Morgan Pensions and Savings Symposium 2026. Last year, I spoke about the importance of getting on the right track.That if we want better consumer outcomes – as well as stronger capital markets to support growth – we need to think beyond individual products and…
Why this matters
This speech covers how technology is impacting the pensions industry, including the implications of pension dashboards, consumer engagement and behavior, risk management, and the need for a more holistic approach to retirement planning.
We have restricted Beauforce Corporation Limited from carrying out any regulated activities. This means it cannot provide regulated debt advice or debt management services to consumers. We have also ordered the firm to return money held in its bank accounts to its clients.We’ve taken this action following concerns…
Why this matters
This regulatory update from the FCA orders Beauforce Corporation to stop operating and return client money due to concerns about the suitability of the firm's senior management and its conduct. This impacts consumer credit firms and involves issues around consumer protection, authorization, and governance.
We’ve confirmed new rules to make existing incident and third party reporting clearer, more consistent, and easier for firms to follow. These new rules will help us respond quickly to disruption such as a cyber attack or power outage, give firms greater certainty on what to report and when and strengthen firm…
Why this matters
This regulatory update from the FCA introduces new incident and third-party reporting requirements to bolster operational resilience in the financial sector, particularly in response to growing cyber threats and reliance on third-party providers.
We’ve reached a significant milestone in our joint work with the Financial Ombudsman Service and the Government to modernise the redress systemso that consumers get fair outcomes quicker and firms have greater clarity about how issues will be handled.We’re delivering change at speed by acting now within our current…
AI Analysis
The FCA, in collaboration with the Financial Ombudsman Service (FOS) and the Government, has announced modernization of the UK's financial redress system to accelerate consumer compensation and provide firms with greater regulatory clarity. This initiative represents a fundamental shift in how complaints are registered, assessed, and resolved, with immediate implementation underway within existing FCA powers and broader legislative reforms planned.
Key dates
Before end of 2026
- Consumers expected to begin receiving compensation under motor finance scheme
End of March 2026
- FCA expected to publish final rules and guidance for motor finance redress scheme, confirming scope, calculation methodologies, and timescales
31 May 2026 Deadline
- Complaints pause lifts for DCA-related motor finance complaints; standard 8-week response deadline resumes
Mid
2026 onwards; - Motor finance compensation payments anticipated to commence
Suggested considerations
*Immediate Operational Priorities (Pre-May 2026):
*Governance and Accountability
Appoint senior managers with explicit accountability for complaints handling and redress programmes
Establish board-level oversight structures with regular reporting on complaints volumes, redress calculations, and regulatory compliance
Document decision-making frameworks for complaint eligibility and dismissal grounds
What changed
The redress system modernization introduces several structural and procedural reforms:
Registration Stage for Complaints
A new formal registration stage has been introduced to standardize how complaints enter the system, improving tracking and early identification of systemic issues across firms and markets.
Updated Dismissal Grounds
The FCA has revised the criteria for dismissing complaints, providing clearer standards that should reduce disputes about complaint admissibility and improve consistency in decision-making.
Enhanced Fair and Reasonable Test Guidance
Clearer guidance on how the...
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…
Why this matters
This regulatory update from the FCA bans an individual, Kasim Garipoglu, from working in UK financial services due to lack of honesty and integrity. It covers misconduct related to anti-money laundering controls, providing false information to regulators, and other serious compliance failures.
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…
Why this matters
This regulatory update is relevant for investment management and wealth management firms, as it involves an alleged unauthorized investment scheme promoted by Concept Capital Group.
Lenders and brokers in thesecond charge mortgagemarket need toconsiderhow theyadvise customers, assess affordability and charge fees. An FCA review has found that weaknesses in some firms’ practices could put borrowers, particularly those consolidating debt, at increased risk of financial harm.Second charge mortgages…
Why this matters
This regulatory update from the FCA focuses on issues in the second charge mortgage market, which is relied upon by consumers with high existing debt levels. The FCA has identified weaknesses in firms' practices around affordability assessments, advice, record-keeping, and fee transparency, which could put vulnerable...
On 23 January 2026, the FCA imposed requirements on Sendsii Ltd which prevent them from carrying out any regulated activity. The FCA has issued a First Supervisory Notice to Sendsii Ltd after HM Revenue and Customs (HMRC) suspended the firm’s registration on 9 October 2025. The suspension means that Sendsii Ltd no…
Why this matters
This regulatory update from the FCA imposes restrictions on Sendsii Ltd, a payment services firm, preventing it from carrying out any regulated activity. This is a high-urgency matter as it directly impacts the firm's ability to operate and serve customers.
Rajinder Gill and accomplices have been sentenced for their involvement in a sale-and-rent-back scheme. Mr Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages. As accomplices in the scheme…
Why this matters
This regulatory update covers an illegal sale-and-rent-back scheme that targeted vulnerable homeowners, which falls under the banking, consumer credit, and mortgage lending sectors. The key topics include consumer protection, authorization requirements, and reporting obligations.
Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we…
Why this matters
This speech covers regulatory updates and changes across the payments and digital finance ecosystem, including the consolidation of the PSR into the FCA, simplification of rules, and new approaches to regulating emerging areas like cryptocurrencies and stablecoins.
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 FCA warning identifies an unauthorised financial services firm (Halal-Earnners/Halal-Ernners) operating without permission in the UK. The content is a standard cautionary notice advising consumers to avoid the firm and explaining the lack of Ombudsman and FSCS protections.
We have appointed 2 new senior leaders, further strengthening our capability across key areas of our remit. Chris Knight will join us in July 2026 as director of insurance within our Supervision, Policy and Competition (SPC) division. He joins the FCA from Legal & General, where he has been the group chief risk…
Why this matters
This regulatory update announces senior leadership appointments at the FCA, which is relevant for banks, insurers, and other financial services firms under the FCA's remit.
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…
Why this matters
This regulatory update from the FCA warns customers of potential unsuitable financial advice from HDH Investment Services Limited, a wealth management firm. The FCA has placed restrictions on HDH, preventing it from carrying out regulated activities.
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…
Why this matters
This speech covers the FCA's priorities for the consumer investments sector, including building a stronger investment culture, strengthening trust, securing good customer outcomes, and strengthening financial crime controls.
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…
We'd also streamline the scheme, so millions get compensation in 2026. We're considering over 1,000 responses to our proposals for a compensation scheme for motor finance customers who were treated unfairly.If we proceed with a scheme, we are likely to make several changes. If we do go ahead, we expect to publish…
AI Analysis
The FCA is implementing a **streamlined motor finance compensation scheme** to address unfair commission disclosure practices, with final rules expected in late March 2026 and scheme launch in early 2026. This represents a major regulatory intervention affecting approximately 14 million motor finance agreements with estimated total redress costs of £8.2 billion, requiring immediate operational preparation by all lenders and finance providers.
Key dates
Early 2026
– Scheme implementation begins (exact date dependent on final rules publication)
Late March 2026
– FCA to publish final scheme rules (timing to be confirmed in advance, outside market hours)
31 May 2026 Deadline
– Motor finance complaints handling pause lifts; firms must be ready to respond to complaints outside the scheme
11 April 2031 Deadline
– Record retention deadline for all relevant scheme documentation
Three months from scheme launch
– Standard implementation period for lenders to contact prior complainants and provide compensation notifications
Suggested considerations
*Immediate Priorities (Q1 2026):
*Data Integrity Assessment: Conduct comprehensive audit of historic motor finance agreements to identify eligible customers and validate transactional data completeness, particularly for older agreements.
Calculating compensatory interest at BoE base rate + 1%
What changed
The FCA's streamlined approach introduces several material modifications to the original compensation scheme proposal:
Process Streamlining
Automatic opt-in for prior complainants: Customers who complained before scheme launch will no longer be asked to opt out.
Immediate acceptance of offers: Consumers can accept redress offers immediately rather than waiting for final determinations.
Flexible communication channels: Firms are no longer required to use recorded delivery; alternative channels with fraud safeguards are permitted.
Implementation Timeline
Three-month standard implementation period from scheme launch, with up to five months for older agreements to allow adequate data review and calculation accuracy.
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…
Why this matters
This regulatory update from the FCA's Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is relevant for banks, wealth managers, and all firms in the financial services industry.
We are bringing forward a review of some aspects of the UK Listing Rules to consider how they apply to specific types of investment entities. As part of the Primary Markets EffectivenessReviewwe explored which types of investment entities could be eligible to be listed. Since introducing the new listingruleswe have…
AI Analysis
The FCA is conducting a targeted review of UK Listing Rules applicable to investment entities, with particular focus on whether current risk-spreading eligibility criteria are unduly restrictive and how rules support shareholder rights and conflict management. This review represents a potential material shift in listing accessibility for alternative investment funds and closed-ended investment vehicles, with final proposals expected by end-2026.
Key dates
End of 2026
- FCA to complete review and issue final rules
Q2 2026 (estimated)
- Consultation paper publication (FCA indicates "proposals in a consultation paper" without specific date, but typical FCA consultation windows are 8-12 weeks)
H2 2026
- Final rules expected following consultation period
Suggested considerations
*Immediate (Q1 2026):
*Monitor FCA consultation announcements for publication of the consultation paper on listing rules modifications
*Assess current compliance posture against existing risk-spreading criteria to identify potential gaps or restrictive elements
*Document shareholder engagement frameworks and conflict-of-interest management procedures to prepare for governance review
*During consultation period:
What changed
The FCA's review addresses three primary areas:
Risk-Spreading Eligibility Criteria
Stakeholders have flagged that current risk-spreading requirements in the new listing rules may be overly restrictive for certain investment entity types. The FCA will assess whether modifications are warranted to broaden eligibility for investment entities seeking primary market access.
Shareholder Rights and Board Governance
The review will examine how listing rules, in conjunction with company law, ensure boards adequately support shareholder rights, facilitate shareholder engagement, and manage conflicts...
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…
Why this matters
This regulatory update from the FCA opens a new authorization gateway for firms to provide 'targeted support' services to consumers, which is a new regulated activity.
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…
Why this matters
This speech covers key regulatory updates and priorities for the UK wholesale finance sector, including actions on market integrity, operational resilience, and embracing technological innovation like AI and crypto.
The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKThe Committee comprises:HM TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems RegulatorThe Plan sets out upcoming initiatives across retail and wholesale payments, including…
AI Analysis
The Payments Vision Delivery Committee—comprising HM Treasury, Bank of England, FCA, and Payment Systems Regulator—has published the **Payments Forward Plan**, a three-year regulatory roadmap for retail, wholesale payments, and digital assets, aligning with the UK's National Payments Vision for a trusted, innovative ecosystem. This matters for compliance teams as it provides sequencing and milestones for multiple initiatives, enabling proactive planning amid high regulatory activity, including PSR consolidation into FCA and infrastructure upgrades. It signals coordinated efforts to boost competition, resilience, and innovation while minimizing sector capacity strain.[FCA publication]
Key dates
Q1 2026
HMT consultation response on PSR consolidation into FCA
Spring 2026
HMT update on Consumer Credit Act reform
18 January 2026 Deadline
Deadline for stablecoin issuers to apply to FCA regulatory sandbox; (related push for innovation)
May 2026
FCA Supplementary Regime for safeguarding comes into force
H1 2026
Bank/FCA exploration of regulated stablecoins for on-chain settlement
Suggested considerations
Review the full Plan on GOV.UK (https://assets.publishing.service.gov.uk/media/699f2bc6c497bac082bc76bc/Payments_Forward_Plan_.pdf) and map initiatives to your firm's operations, prioritizing safeguarding, infrastructure, and stablecoins.
Engage proactively: Provide FCA views on standards body (by Feb 2026); participate in Jan-Apr 2026 safeguarding engagement; prepare for VRP rollout (live payments expected Q1 2026).
Stablecoin firms: Submit sandbox applications by 18 Jan 2026.
Monitor and plan: Track Regulatory Initiatives Grid for 2027; assess capacity for sequenced initiatives; ensure compliance readiness for May 2026 safeguarding rules and end-2026 infrastructure changes.
Internal audit: Evaluate current adherence to PSRs/EMRs, especially safeguarding, ahead of consolidation.
What changed
No immediate binding regulatory changes are imposed by the Plan itself; it is a forward-looking roadmap outlining planned initiatives rather than new rules. Key elements include:
Modernisation of payments framework: Consolidation of PSR into FCA, with HMT consultation response in Q1 2026; data/operational enhancements to Faster Payments and Bacs by end-2026.
Infrastructure upgrades: Short-term resilience improvements to Faster Payments and Bacs (end-2026); exploration of regulated stablecoins for on-chain settlement (H1 2026).
Safeguarding enhancements: FCA Supplementary Regime effective May 2026, with engagement Jan-Apr 2026.
Standards and open banking: Industry input on standards body (Feb-Mar 2026 assessment); HMT Data (Use and Access) Act SI in Q4 2026.
Compliance impact
Urgency: Medium. This is a planning document, not enforceable rules, but its milestones trigger near-term actions (e.g., Q1 2026 engagements, May 2026 safeguarding). It matters because it coordinates high-activity areas like PSR-FCA merger and stablecoins, reducing surprises but demanding resource allocation for innovation/resilience amid sector capacity constraints. Firms delaying review risk missing input opportunities or readiness gaps, especially with VRP/stablecoin momentum.
The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:Monee…
Why this matters
This regulatory update from the FCA focuses on the testing of stablecoin services in the UK Regulatory Sandbox, which involves firms operating in the crypto and digital assets, as well as payments sectors.
Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the FCA. The FCA is consulting on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them…
Why this matters
This regulatory update from the FCA proposes measures to improve the credit information market, including requiring lenders to share consumer credit information with all designated credit reference agencies.
We've launched our new Regulatory Priorities reports, starting with the insurance sector. This marks a new approach that will help to transform our supervision and streamline regulation.We expect regulated firms to follow the rules and stay informed about any changes. This is important for maintaining a safe and…
Why this matters
This regulatory update from the FCA announces a new approach to communicating regulatory priorities, with the launch of streamlined Regulatory Priorities reports for each sector. This is aimed at reducing burden and improving transparency for regulated firms.
We have signed a Memorandum of Understanding (MoU) with the Independent Football Regulator (IFR). The MoU establishes how the 2 organisations will work together and support effective regulation where football and financial services intersect.It also sets out a high-level framework for principles for cooperation…
AI Analysis
The FCA has signed a Memorandum of Understanding (MoU) with the newly established Independent Football Regulator (IFR) to define cooperation on regulating intersections between football clubs and financial services, such as ownership suitability, licensing, and financial sustainability. This matters for compliance professionals as it formalizes information sharing and joint oversight, potentially impacting firms involved in football-related financing, investments, or consumer credit products tied to sports. It supports the Football Governance Act 2025 framework, enhancing regulatory alignment where financial misconduct could affect club operations.[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca]
Key dates
2025
Football Governance Act 2025 enactment; Establishes IFR statutory powers, including provisional/full club licensing from this date onward
Ongoing
IFR licensing rollout; Clubs transition from provisional to full licenses once threshold conditions (e.g., financial resources, owner suitability) met; no fixed end-date
Suggested considerations
Review and map exposures: Firms should assess football-related client portfolios for IFR overlap (e.g., loans to clubs, owner financing) and prepare for dual FCA-IFR scrutiny.
Enhance information sharing protocols: Update compliance policies to respond promptly to IFR requests for data on regulated activities (e.g., under IFR's clause 65 powers), mirroring FCA's existing MoU frameworks.[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca]
Incorporate IFR factors in due diligence: For owner suitability, align with IFR tests (fit/proper custodians, resource adequacy); flag potential divestment risks in advisory services.
Monitor joint enforcement: Participate in escalation procedures if disputes arise, ensuring internal records of regulatory remit discussions.
What changed
- Establishes a high-level framework of principles for cooperation between FCA and IFR, focusing on effective regulation at the football-financial services nexus.
Outlines how the organizations will work together, including information sharing on matters like club owners' financial dealings, licensing compliance, and enforcement where financial services...
Builds on prior MoUs (e.g., FCA-UKGC models) by addressing regulatory overlaps, with IFR gaining powers for investigations, enforcement sanctions, and revenue distribution resolutions under the...
Compliance impact
Urgency: Medium – This MoU does not impose new binding rules or deadlines but signals heightened cross-regulator focus on football finances post-Football Governance Act 2025, risking enforcement overlaps or info requests. It matters for firms with niche exposures (e.g., sports financing) to avoid gaps in owner due diligence or financial promotions, potentially amplifying AML/conduct risks amid IFR's divestment powers.
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…
Our clarification about forbearance following the introduction of the new Public Offers and Admissions to Trading Regulations (POATRs) regime. On 19 January 2026, the Public Offers and Admissions to Trading Regulations (POATRs) regime and associated changes to our listing processes in the UK Listing Rules (UKLR) came…
AI Analysis
The FCA's statement clarifies forbearance on overlapping notification requirements for admissions to trading under the new POATRs regime effective 19 January 2026, addressing confusion from removed block listing exemptions in UKLR. It matters because it provides temporary relief from duplicative RIS notifications for frequent issuers, preventing unintended supervisory burdens while the FCA consults on rule amendments.
Key dates
19 January 2026
- POATRs regime and UKLR changes effective, including PRM 1.6.4R (60-day RIS notification) and deletion of UKLR 20.6 block listings
19 January 2026 Deadline
- Cut-off for securities under former block listings to qualify for forbearance (must not have been issued/offered prior)
Shortly after February 2026
- FCA consultation on removing UKLR 6.4.4R(4) and equivalents (no exact date specified)
Suggested considerations
Review ongoing/future issuances against former block listing criteria: confirm securities unissued pre-19 January 2026 and same purpose to rely on forbearance.
Implement PRM 1.6.4R: Notify RIS within 60 days of any admission to trading, grouping where possible.
Monitor FCA announcements for consultation launch and updates; prepare responses if issuing frequently.
Document reliance on forbearance (e.g., internal memos linking to original block listing) for audit trails.
No immediate "as soon as possible" notifications needed under forbearance for qualifying cases.
What changed
- POATRs and UKLR Updates: Effective 19 January 2026, PRM 1.6.4R requires issuers to notify a Regulatory Information Service (RIS) of any admission to trading within 60 days, allowing grouping of...
Overlapping UKLR Rules: Provisions in UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4), and 22.2.17R(4) require "as soon as possible" RIS notifications for new equity issues or public offers,...
Forbearance Policy: FCA will not take enforcement action for non-compliance with the "as soon as possible" rules for securities under prior block listings (unissued/offered before 19 January 2026,...
Upcoming Consultation: FCA intends to consult "shortly" on removing the conflicting UKLR provisions, aligning solely with PRM 1.6.4R's 60-day requirement.
Compliance impact
Urgency: Medium - Forbearance reduces immediate risk of enforcement for qualifying issuers, but ongoing POATRs compliance (60-day notifications) is mandatory. Matters for operational efficiency, as misalignment could lead to duplicative reporting costs; non-qualifying issuances risk breaches until consultation resolves.
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…
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…
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 clone-firm warning listing an unauthorised entity operating under multiple domain names. The content is informational and protective in nature, warning consumers to avoid the firm and directing them to use FCA Firm Checker for verification.
We have signed an Exchange of Letters with the International Financial Services Centres Authority (IFSCA). IFSCA is the unified regulator for financial institutions operating in Gujarat International Finance Tec-City (GIFT City), India’s first international financial services centre.This agreement affirms both…
AI Analysis
The FCA has signed an Exchange of Letters with India's IFSCA, the regulator for GIFT City, to foster regulatory cooperation, knowledge sharing, and stronger links between UK financial markets and GIFT City. This matters for compliance professionals as it signals expanding cross-border ties, potentially easing market access and harmonizing standards for firms operating between the UK and India, amid the FCA's broader global outreach strategy. No binding rules are imposed, but it sets the stage for future alignment in areas like fintech and financial services.
Key dates
Later in 2026
- Posting of FCA Financial Services Attaché to British Deputy High Commission in Mumbai to support regulatory relationship development [FCA publication]
Suggested considerations
binding nature. Recommended proactive steps for compliance teams:
Review and download the full Exchange of Letters (PDF available via FCA site) to understand shared priorities.
Assess current India/GIFT City exposures and prepare for potential future information-sharing requests or aligned standards.
Monitor FCA news for follow-up developments, such as joint guidance on fintech or market access https://www.fca.org.uk/news.
Engage with FCA international teams if planning cross-border activities in GIFT City.
What changed
There are no direct regulatory changes or new requirements imposed by this Exchange of Letters. It is a non-binding agreement focused on:
Sharing regulatory knowledge and best practices.
Supporting financial services development in both jurisdictions.
Promoting links between GIFT City and UK markets.
The letters affirm commitment to developing the regulatory relationship, with an additional step of posting an FCA Financial Services Attaché to the...
Compliance impact
Urgency: Low - This is a cooperative MoU-style letter exchange without immediate rules, penalties, or obligations, posing minimal disruption risk. It matters strategically for long-term planning, as it could lead to simplified compliance for UK-India activities (e.g., reduced dual-regulation friction) and aligns with FCA's pattern of global pacts that indirectly shape supervisory expectations. Firms with India exposure should note it for horizon scanning, but no urgent resourcing is needed.
Buy Now Pay Later (BNPL) borrowers will benefit from stronger protections from 15 July 2026, following the Government's decision to bring the sector under the FCA's regulation. BNPL will be subject to the Consumer Duty and consumers will benefit from:Clear information: Consumers will get clear, upfront details about…
Why this matters
This regulatory update introduces new protections for Buy Now Pay Later (BNPL) borrowers, which will impact consumer credit and banking firms offering these services. The new rules cover areas like affordability checks, customer support, and complaints handling, requiring firms to be authorized by the FCA.
The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Access documents on this claim on the FCA websiteFirms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and…
Why this matters
This regulatory update from the FCA indicates enforcement action against a crypto exchange, HTX, for illegally promoting crypto services to UK consumers. This is a high priority issue as it involves consumer protection and compliance with FCA authorization and marketing rules for crypto firms.
FCA v Huobi Global S.A. and Others. On 21 October 2025, the FCA commenced proceedings in the Chancery Division of the High Court against the following parties:HUOBI GLOBAL S.A.(a company incorporated in Panama)PERSONS UNKNOWN (who are the owner of, controller and/or the persons currently in control of all or part of…
AI Analysis
The FCA has initiated civil proceedings in the High Court against Huobi Global S.A. (HTX, formerly Huobi) and multiple categories of "Persons Unknown" for unlawfully promoting cryptoasset services to UK consumers without authorisation, breaching the financial promotions regime. This action underscores the FCA's aggressive enforcement against unauthorised crypto entities targeting UK retail investors, signaling heightened scrutiny on overseas platforms. Compliance teams must note this as evidence of the regulator's willingness to pursue novel legal strategies like "Persons Unknown" claims to enforce compliance extraterritorially.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
- FCA commences proceedings via Claim Form in Chancery Division, High Court
22 October 2025
- Application Notice for service out of jurisdiction/alternative means
4 February 2026
- High Court (Deputy Master Dovar) grants permission to serve proceedings out of jurisdiction and by alternative means
31 October 2028
- Cut-off for "Persons Unknown" category covering new owners/controllers/promoters.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
Suggested considerations
Immediate audit: Review all crypto-related promotions, websites, apps, and social media for UK targeting (e.g., IP geo-fencing, language, consumer references); cease any unauthorised activity.
Self-identification: If potentially a "Person Unknown," contact FCA at [email protected] for documents (Claim Form, Particulars, etc.).
Compliance checks: Ensure AML registration and promotions regime adherence; authorised firms must verify third-party partnerships.
Social media monitoring: Halt or geoblock UK access for listed platforms; document controls.
Reporting: Disclose to FCA if operating in UK; apply for authorisation via FCA team if intending regulated activities.
What changed
This is not a policy change but an enforcement action highlighting existing requirements under the UK's financial promotions regime (effective October 2023 for cryptoassets), which mandates FCA registration under anti-money laundering (AML) rules and compliance with promotion standards for all firms—domestic or foreign—marketing to UK consumers. Key elements include prohibitions on unauthorised promotions, with the FCA now using High Court proceedings to target operators, owners, controllers, and even future controllers up to 31 October 2028.
Compliance impact
Urgency: High - This sets a precedent for extraterritorial enforcement via "Persons Unknown" claims, extending liability to unidentified/future actors, which amplifies risks for non-UK crypto firms. It matters because post-October 2023 rules have seen positive compliance from most, but FCA vows action against outliers, potentially leading to injunctions, fines, or asset freezes; authorised firms face contagion risks via associations.[https://www.fca.org.uk/news/statements/htx-huobi-legal-proceedings]
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…
We have published a letter to trade associations to provide an update in the development of a Future Entity (FE) for open banking. The letter confirms the appointment of KPMG to provide an independent assessment of proposals to establish a standards-setting body for UK open banking APIs that is capable of becoming the…
AI Analysis
The FCA has appointed KPMG to conduct an independent assessment of proposals for establishing a **Future Entity** – a standards-setting body for UK open banking APIs that will replace Open Banking Limited. This initiative is critical because it establishes the governance framework for open banking ahead of new legislative powers the FCA will receive under the Data (Use and Access) Act 2025, with a statutory instrument expected by end-2026.
Key dates
Q1 2026
– Final design of Future Entity expected; live transactions expected through VRP scheme
End of 2026
– FCA expected to consult on Long-Term Regulatory Framework; statutory instrument for Open Banking expected to be laid by HM Treasury
February 2026
– Independent assessment process begins; KPMG commences evaluation of proposals
Before March 2026 Deadline
– FCA's Open Finance roadmap due for publication
Early April 2026
– KPMG delivers final assessment report; FCA publishes on its website
Suggested considerations
*For industry participants and trade associations:
*Engage with the assessment process: Participate in the independent assessment by submitting proposals or supporting existing proposals for Future Entity leadership
*Arrange FCA Q&A sessions: Organizations interested in leading Future Entity establishment should contact the FCA directly to schedule one-hour Q&A sessions ahead of the independent consultancy process launch
*Coalesce behind proposals: Industry should decide which proposal option should lead the next phase of work, with the FCA commissioning assessment of either multiple proposals or a single industry-supported proposal
*Prepare for VRP implementation: Ensure systems and processes are ready for live Variable Recurring Payments transactions expected in Q1 2026
What changed
The regulatory landscape for UK open banking is undergoing fundamental restructuring:
Transition of regulatory authority: The FCA is becoming the primary regulator for open banking, replacing the Joint Regulatory Oversight Committee (JROC).
Future Entity establishment: A new standards-setting body will become the primary UK standard-setting organization for open banking APIs, responsible for setting and maintaining common standards for...
Independent assessment process: KPMG will evaluate competing proposals from industry participants to determine which organization should lead the Future Entity establishment.
Legislative framework: HM Treasury will introduce legislation granting the FCA new rulemaking powers for open banking under the Data (Use and Access) Act 2025.
From 6 April 2026, Gemini is closing all customer accounts in the UK. Gemini Payments UK, Ltd (GPUK) is authorised by the FCA to issue electronic money (e-money) and provide payment services.Gemini Intergalactic UK, Ltd (GIUK) offers cryptoasset products. These activities are not regulated by the FCA, although we…
Why this matters
This regulatory update is relevant to payment providers and crypto exchanges operating in the UK market, as it announces the exit of two firms - Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd - from the UK market.
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…
Why this matters
This regulatory update from the FCA imposes restrictions on an independent financial adviser, Advantage Wealth Management Ltd, due to concerns about its treatment of customers, financial resources, and lack of cooperation.
The FCA and Solicitors Regulation Authority (SRA) have today issued a joint warning to claims management companies (CMCs) and law firms involved in motor finance commission claims to make sure consumers don’t have multiple representatives for the same claim and are not charged excessive termination fees. The…
Why this matters
This regulatory update from the FCA and SRA is focused on claims management companies and law firms involved in motor finance commission claims. It highlights the regulators' expectations around robust checks, termination fees, and consumer protection.
The FCA and Solicitors Regulation Authority (SRA) are warning claims management companies and law firms (representatives) involved in motor finance claims to make sure clients don’t have multiple representatives for the same claim and are not charged excessive termination fees We have seen some clients with up to 4…
AI Analysis
The FCA and SRA have issued a joint warning to claims management companies (CMCs) and law firms handling motor finance commission claims, addressing multiple client representations (up to 4 per claim observed) and excessive termination fees, which risk unfair consumer treatment. This matters because regulators are intensifying scrutiny amid a paused complaints-handling period (ending May 2026) and a forthcoming redress scheme, with enforcement actions already underway against non-compliant firms.
- Snapshot of SRA's 89 open HVCC investigations and 7 firm closures
5 February 2026
- FCA launches consumer advertising campaign warning of scammers (post-dated relative to publication)
End of March 2026
- FCA to publish final rules on proposed Motor Finance Consumer Redress Scheme (CRS)
Suggested considerations
Engaging clients and other representatives to confirm client wishes and establish single representative.
Notifying respondent firms promptly of the sole representative.
Supporting file transfers with client consent and considering no-charge resolutions if onboarding was poor.
Robust onboarding checks (e.g., confirm no prior representation).
Entering new agreements only after prior termination and informed consent.
What changed
This is a non-binding joint message reinforcing existing obligations under FCA's Consumer Duty, Claims Management Conduct of Business Sourcebook, Consumer Rights Act 2015 (CRA), and SRA standards, rather than introducing new rules. Key emphases include mandatory robust onboarding due diligence to prevent multiple representations, clear upfront disclosure of termination fees, and justification of any fees charged (especially if onboarding was inadequate).
Compliance impact
Urgency: High - Immediate risk of enforcement; FCA/SRA using CRA/DMCA 2024 powers (e.g., info requests from 9 law firms), 5 CMCs paused onboarding, 1 under investigation, SRA closed 7 firms. Matters due to paused complaints (ending soon), impending CRS, consumer harm from fees/delays, and proactive monitoring signaling broader crackdown on HVCC misconduct like excessive fees or poor due diligence.
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…
Why this matters
This regulatory update from the FCA involves misconduct by a bank (Banque Havilland) and its employees in attempting to manipulate the Qatari currency and economy, which has implications for financial crime, prudential requirements, and market abuse.
Speech by Sarah Pritchard, FCA deputy chief executive, at the ABI Annual Conference. IntroductionIt’s hard to think of a more symbolic venue to discuss driving change in the insurance sector than the QEII Centre.Step outside, and you’re in the shadow of both the Houses of Parliament, and Westminster Abbey. Scrutiny…
Why this matters
This speech by the FCA deputy chief executive covers key regulatory priorities for the insurance sector, including supporting innovation, improving consumer trust and outcomes, and balancing oversight between retail and wholesale markets.
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…
Why this matters
This regulatory update announces the first cohort of firms to join the Scale-up Unit, a joint initiative by the PRA and FCA to provide tailored support for fast-growing and innovative financial firms.
People who pay monthly for their insurance are saving around £157m a year, with over half the firms the FCA reviewed as part of a market study lowering the cost of premium finance. Interest rates for premium finance have fallen by an average 4.1 percentage points since 2022, saving consumers £8 on a typical motor…
Why this matters
This regulatory update from the FCA focuses on the premium finance market for insurance products, particularly the falling costs and improved value for consumers. It is relevant for insurance firms as well as all firms involved in consumer credit and insurance distribution.
What does 'fair value' mean in financial services? It might sound like dry regulator speak, but it’s really asking a simple question – are customers paying a reasonable price for a product, compared to the benefits they get in return?This is not us setting a particular price or level of profit which firms can make…
AI Analysis
This FCA blog post clarifies the 'fair value' concept under Consumer Duty, emphasizing that firms must evidence a reasonable price-to-benefits relationship without the FCA dictating prices or profits. It matters because it signals ongoing FCA scrutiny and enforcement in sectors like cash savings, investment platforms, and premium finance, with demonstrated consumer savings of £167m annually from interventions. Compliance professionals must prioritize robust fair value assessments to avoid challenges, remedial actions, or enforcement.
Suggested considerations
Conduct and evidence fair value assessments: Use frameworks considering product nature/benefits, limitations, total lifetime costs (fees/charges), relative to benefits; benchmark internally/externally; segment by consumer groups including vulnerables.
Review and act on failures: If no fair value, implement mitigations (e.g., price adjustments, process improvements, product withdrawal); evidence processes and implementation.[FCA blog]
Monitor markets/products ongoing: Assess at firm/market level, including intangible benefits (e.g., scam protection, support channels); prepare for FCA challenges/enforcement.
Premium finance specific: All firms review offerings; outliers demonstrate workings or improve (e.g., APR reductions).[FCA blog]
What changed
No new rules are introduced; this reinforces existing Consumer Duty requirements (effective July 2023 for new products, July 2024 for closed books) on fair value as one of four outcomes...
Firms must demonstrate evidence of fair value, assessing price against benefits, costs, and services delivered.
Ongoing reviews required throughout product lifecycle, with actions if fair value fails (e.g., improve, withdraw).
FCA rejects prescriptive interventions like 0% APR in premium finance to avoid market harm, favoring firm-led assessments.[FCA blog]
Compliance impact
Urgency: High – FCA is actively intervening (e.g., £157m savings in premium finance, £10m in platforms), with threats of enforcement for poor processes/evidence. Matters due to cultural shift under Consumer Duty; weak assessments risk fines, remediation, or product halts, especially in high-complaint areas like savings/insurance. Firms without frameworks face immediate exposure in supervisory reviews.
Speech by David Geale, executive director, payments and digital finance and Payment Systems Regulator (PSR) managing director, at the Payments Regulation and Innovation Summit 2026. A payments system that works for everyoneJust before Christmas I was in Billericay for the opening of the 200th banking hub.I got to chat…
Why this matters
This speech covers the role of the FCA and PSR in delivering the National Payments Vision, which aims to ensure the UK payments system is safe, accessible, delivers good value, and meets user needs.
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…
Why this matters
This speech by the FCA discusses a long-term review into the impact of AI on retail financial services, covering opportunities, risks, and implications for regulation.
AI Live Testing now open for applicationsAt the FCA, we’re providing a structured but flexible space where firms can test AI-driven services in real-world conditions, all with our regulatory support and oversight and help from our technical partner, Advai. Collaboration and communication is at the heart of what we are…
AI Analysis
The FCA's AI Live Testing initiative provides a voluntary, structured program for firms with mature AI proofs-of-concept (POCs) to test AI-driven services in controlled real-world environments under regulatory oversight and support from technical partner Advai. This matters because it enables safe progression from 'POC paralysis' to deployment, while helping the FCA gather insights on translating AI principles into consumer and market protections, informing future regulation. Participation enhances firms' governance, risk management, and evaluation frameworks for responsible AI use in financial services.
Key dates
October 2025
- First cohort began testing (historical reference)
19 January 2026
- Second application window opens
2 March 2026 Deadline
- Application deadline for second cohort
April 2026
- Testing starts for second cohort
Mid
March 2026; - Notification of successful applicants
Suggested considerations
Review FCA's Terms of Reference (PDF) for eligibility, focusing on mature POCs and enterprise-level AI systems.
Submit application form via FCA portal by 2 March 2026 if ready for live testing; contact suptech@ fca.org.uk for queries.
Prepare documentation on AI system components (model, context/risks, governance, human oversight, evaluation, controls) for three-phase process.
Assess internal governance, data, risk frameworks, and monitoring for AI readiness; consider non-participation but monitor for future FCA expectations.
Firms not selected should use insights from first cohort (e.g., evaluation frameworks) to strengthen internal AI practices.
What changed
This is not a mandatory regulatory change but a voluntary testing service launched by the FCA; no new enforceable requirements are imposed. Key elements include a holistic focus on the AI system (model + deployment context, risks, governance, human-in-the-loop, evaluation, input/output controls) rather than isolated foundation models. The program features three phases: Discovery, Framework validation, and AI system testing (quantitative/qualitative), emphasizing live monitoring, governance, and risk management. It complements the FCA's Supercharged Sandbox for earlier-stage AI exploration.
Compliance impact
Urgency: Medium - Voluntary program, but signals FCA's proactive stance on AI oversight; non-participation risks lagging in best practices for Consumer Protection / Conduct and Operational Resilience / Outsourcing as regulator builds evidence for potential rules. Matters for competitive edge in AI deployment and demonstrating alignment with principles-based regulation amid 'POC paralysis'. Early movers gain tailored support, intelligence-sharing on risks, and influence on FCA's evolving AI approach.
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…
The FCA has called on the insurance industry to help more consumers access products that support them and their families if they become critically ill or die. The interim findings of its competition review of pure protection products found that, for those consumers that have taken out protection insurance, the market…
We’re working closely with the Office of Financial Sanctions Implementation (OFSI), UK law enforcement, and our regulatory partners to tackle the abuse of cryptoassets and associated money‑laundering activities. Read the full blog on the OFSI’s website.
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…
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…
On 21 January 2026, Guavapay Limited entered compulsory liquidation. The Official Receiver, an officer of the Insolvency Service, is its liquidator. Guavapay is authorised by the FCA to issue E-money and provide payment services to its customers.On 17 September 2025, Guavapay agreed to a voluntary requirement with the…
The latest Accelerated Settlement Taskforce (AST) report updates on the significant progress made towards the move to T+1. Read the AST report.Jamie Bell, head of capital markets at the FCA, said:'T+1 marks a major milestone in our drive to support growth and innovation. Faster settlement cycles will reduce risk, free…
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.
Suggested considerations
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.g., enhanced notification under Listing Principle 2, ESEF taxonomy for DTR 4.1 reporting) once published by July 2025.
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.
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,...
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 closed-ended funds) from prior...
Changes are non-substantive, focusing on updating references to UKLR (PS24/6), removing outdated content, and maintaining guidance status under UK Listing Rules, Prospectus Regulation Rules, and...
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.
The FCA's guidance outlines good and poor practices in communicating costs for international money remittance and cross-border payments involving currency conversion, emphasizing transparency under the Consumer Duty to enable informed consumer decisions. It matters because non-compliance risks supervisory action, as the FCA plans future reviews to assess improvements, raising the bar on pricing clarity amid ongoing Duty enforcement.
Key dates
31 July 2023
- Consumer Duty effective date for new and existing products/services
1 May 2025
- FCA publication date of this good/poor practice guidance
Suggested considerations
Review and update pre-transaction communications (e.g., websites) to prominently display all required pricing elements before commitment: GBP amount, exchange rate/markup, recipient amount, fees (fixed/variable/total), and intermediary warnings.
Ensure markups are framed as consumer costs, not obscured (e.g., avoid "zero cost" claims despite markups).
Monitor communication effectiveness regularly under Consumer Duty to confirm good outcomes, enabling cost comparisons and informed choices.
Apply principles to all channels; proactively disclose fee variability and third-party impacts.
What changed
This is not new rulemaking but illustrative guidance applying existing Consumer Duty rules from FG 22/5 and PRIN 2A.5.3R, which mandate communications that are clear, fair, not misleading, meet retail customers' information needs, are understandable, and support effective decisions. Key emphases include pre-transaction disclosure of: amount remitted (GBP), applied exchange rate (explaining markups as consumer costs), recipient amount (local currency), variable/fixed fees, total fees, and intermediary/recipient bank fees where applicable.
Compliance impact
Urgency: High – Consumer Duty is live since 2023, but this 2025 guidance signals intensified FCA scrutiny on payments transparency, with planned follow-up work and engagement to enforce improvements. Firms risk remediation demands or enforcement if disclosures remain inadequate, especially as it targets common weaknesses like hidden fees amid broader Duty portfolio reviews.
FCA PS25/19 finalizes rules to streamline complaints reporting by replacing multiple existing returns with a single consolidated return, enhancing data quality, consistency, and vulnerability identification while reducing burdens. This matters for compliance teams as it mandates system and process updates to improve regulatory oversight and consumer protection, with implementation required within 12 months.
Suggested considerations
Review and update internal complaints recording, categorization, and reporting systems to align with new consolidated return, taxonomy, permission-based sections, and vulnerability data points.
Permission-based reporting: Firms report only sections relevant to their regulated permissions, targeting reporting to specific activities.
Simplified nil returns: Proportionate approach allows upfront selection for firms with no complaints.
Removal of group reporting: Shifts to individual legal entity-level reporting for greater transparency and oversight.
Updated complaints taxonomy: Revised categories reflect modern products/services, reducing use of 'Other' and improving categorization.
Compliance impact
Urgency: High – With publication on 3 Dec 2025 and a 12-month implementation window (to ~Dec 2026), firms must prioritize system changes now, as the first period starts 1 Jan 2027; non-compliance risks enforcement, especially on vulnerability reporting and transparency, amid FCA's focus on consumer protection data quality.
CP25/15 proposes prudential rules and guidance for UK firms issuing **qualifying stablecoins** and safeguarding **qualifying cryptoassets**, aiming to foster a safe, competitive crypto sector while prioritizing consumer protection and market integrity. This matters for compliance professionals as it introduces tailored prudential sourcebooks (COREPRU and CRYPTOPRU) to mitigate firm failure risks, aligning with the FCA's crypto roadmap and Treasury's statutory plans.
Key dates
28/05/2025
- Consultation opens and CP first published
31/07/2025
- Consultation closes; submit feedback via online form, email ([email protected]), or post
Q3 2025
- Upcoming Conduct and Firm Standards CP affecting all cryptoasset firms, including QS issuers and custodians
Post
31/07/2025; - FCA considers feedback and publishes final rules (no specific date given)
Future (CP2 per Roadmap)
- Consultation on remaining prudential sourcebook requirements
Suggested considerations
Respond to Consultation: Firms, advisers, and stakeholders must submit comments by 31/07/2025 using the online form, email, or post to influence final rules.
Assess Applicability: Crypto firms evaluate if they qualify as CRYPTOPRU firms; conduct gap analyses against proposed COREPRU/CRYPTOPRU rules on own funds, capital adequacy, and stress testing.
Prepare Prudential Frameworks: Develop internal capital adequacy processes reflecting stress events, valuation adjustments, and ongoing prudential assessments; review threshold conditions and business principles.
Engage on Related CPs: Monitor and respond to CP25/14 (stablecoin issuance/custody) and future CPs (e.g., CP2, Q3 2025 Conduct Standards).
Data and Reporting Readiness: Prepare to provide firm/market data for FCA evaluations on adherence and outcomes.
What changed
- Prudential Sourcebooks: Introduces COREPRU (core requirements across sectors) and CRYPTOPRU (crypto-specific calibrations) for "CRYPTOPRU firms" handling regulated crypto activities, covering own...
Own Funds and Capital Rules: Firms must hold financial resources adequate in amount and quality, including adjustments for valuation uncertainty, stress realizable values, and interim profits in CET1...
Risk Management and Outcomes: Targets prevention of firm failures, disorderly wind-downs, and consumer harm; measures success via reduced failure rates, market confidence, and prudential assessments.
Sector-Specific Rules: Calibrated for stablecoin issuance and cryptoasset safeguarding, with future consultations on broader applications (e.g., trading venues, staking).
Compliance impact
Urgency: High – As of January 2026, the consultation closed over five months ago, signaling imminent final rules that could reshape prudential requirements for crypto firms; non-compliance risks authorization barriers, enforcement, or market exclusion in a regime prioritizing stability amid global crypto growth. This elevates risks for firm failures and consumer harm, demanding immediate gap assessments to align with proportionate standards supporting innovation.
The FCA's GC25/2: Primary Market Bulletin No. 57 (PMB 57), published 25 July 2025, consults on amendments to Technical Note 710.1 ('Sponsor Services: Principles for Sponsors') and a new Technical Note 638.1 on complex financial history and significant financial commitment rules for prospectuses. This matters as it updates the Knowledge Base to align with the new UK Listing Regime (UKLR) and Prospectus Rules, providing clarity for sponsors and issuers ahead of the PRM sourcebook effective January 2026, reducing compliance risks in primary markets.
Suggested considerations
Review and respond: Analyse draft TN 710.1 and TN 638.1; submit feedback by 12/09/2025, focusing on sponsor obligations, complex history scenarios, and examples (e.g., AFME suggested clarifying 'significant acquisition' thresholds).
Update policies/processes: Sponsors to align with clarified UKLR 4 principles; issuers to incorporate TN 638.1 guidance into prospectus preparation, especially for acquisitive businesses.
Monitor finalisation: Track FG25/5 or subsequent PMBs for final notes; interpret existing Listing Rules in light of UKLR until all updates complete.
Implement NSM changes: By 03/11/2025 for relevant disclosures.
What changed
- Amendments to TN 710.1 (Sponsor Services: Principles for Sponsors): Revisions clarify the scope of 'preparatory work' and sponsor obligations under UKLR 4, building on feedback from PMB 48, 53, and...
New TN 638.1 (Guidance on complex financial history and significant financial commitment rules): Updated draft provides detailed guidance for prospectus applications by companies with complex...
Other updates: Finalises five technical notes from PMB 55 (e.g., TN 506.3 on periodic financial information, TN 521.4 on inside information); National Storage Mechanism changes effective 3 November...
Compliance impact
Urgency: Medium – Consultation closed 12/09/2025 (past deadline as of January 2026), but final notes (e.g., TN 710 by end-2025) and PRM effective 19/01/2026 require immediate policy reviews to avoid prospectus rejections or sponsor breaches. Matters for primary market competitiveness and investor protection under evolving UKLR/PRM, with no material CBA changes from CP23/31/CP24/12.
The FCA's updated Statement of Policy outlines its approach to statutory investigations into possible regulatory failures under Part 5 of the Financial Services Act 2012, including criteria for triggering investigations and producing reports for HM Treasury. It matters because it clarifies when the FCA must self-scrutinize serious lapses in regulation, helping firms anticipate rare but high-profile probes into systemic issues affecting consumer protection, market integrity, or competition. The primary update adjusts inflation-linked monetary thresholds for assessing "significant" consumer detriment, ensuring the policy remains relevant.
Key dates
14 November 2025
- Publication date of updated Statement of Policy
Suggested considerations
Monitor for triggering events: Firms should self-assess operations against the two-part test, particularly potential consumer detriment exceeding £45m/£210m thresholds or impacts on FCA objectives.
Enhance internal reviews: Conduct "lessons learned" exercises post-incident to align with FCA's non-statutory approach, reducing escalation risk to formal probes.
No direct firm obligations: This is FCA policy on self-investigation; firms face no new reporting or compliance mandates but should prepare for FCA enquiries if events suggest regulatory system failures.
Document qualitative factors (e.g., vulnerability) in risk assessments to contextualize detriment.
What changed
- Inflation-adjusted monetary thresholds for consumer detriment: Detriment exceeding £210 million is more likely deemed "significant," while below £45 million is unlikely to meet the threshold unless...
No other substantive changes from the 2013 policy; refinements emphasize internal "lessons learned" reviews for non-statutory cases to avoid resource duplication in formal probes.
Clarified two-part statutory test: (1) Events indicating significant failure in consumer protection or adverse effects on integrity/competition objectives; (2) Events might not have occurred (or...
Compliance impact
Urgency: Medium. This update signals FCA's commitment to accountability without imposing new firm-level rules, but it heightens focus on significant failures (£45m+ detriment), potentially leading to public reports exposing industry-wide gaps. Firms with high consumer exposure (e.g., retail-facing) should prioritize as probes, though rare, amplify reputational and remedial risks via Treasury publication.
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.
Suggested considerations
Respond to Consultation: Submit feedback by 13/02/2026 via FCA online form, email ([email protected]), post, or phone (020 7066 9758); focus on design trade-offs like pre-trade data, CTP numbers, revenue sharing, resiliency.
Data Readiness: Trading venues/APAs assess internal systems for mandatory data provision to CTP (e.g., trade prices/volumes); prepare for authorisation/procurement processes if pursuing CTP status.
Monitor Updates: Review full CP PDF (https://www.fca.org.uk/publication/consultation/cp25/31.pdf), January 2026 CBA methodology note, and linked docs like CP23/15, Europe Economics report, CP25/20.
Engage Stakeholders: Potential CTPs express interest via FCA opportunities; data users provide input on accessibility/pricing.
Compliance Mapping: Map proposals to existing DRSP/venue rules under FSMA 2023 and repealed DRSRs.
What changed
- CTP Obligations: Proposed rules establish core regulatory requirements for CTPs, including governance, operational resiliency, data collation/distribution, competitive pricing, and simple licensing...
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...
Scope and Outcomes: CT focuses on post-trade data initially (with trade-offs on pre-trade inclusion); seeks to increase UK equity data usage, improve liquidity visibility, support innovation, and...
Authorisation and Procurement: Streamlined process for CTP authorisation; FCA to run procurement for operator selection, balancing speed with robustness.
Evidence-Based Design: Addresses complexities like number of CTPs, revenue sharing, resiliency standards; follows prior feedback from CP23/15 and Europe Economics report.
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.
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.
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)
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
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...
The FCA's PS25/23 finalizes guidance on tackling **non-financial misconduct (NFM)** in financial services, amending the COCON sourcebook to clarify how serious NFM breaches conduct rules and integrating it into FIT assessments for fitness and propriety. This matters because it aligns rules across banks and non-banks, enhances accountability, deters harmful workplace cultures, and supports FCA objectives like consumer protection and market integrity by ensuring consistent handling of issues like bullying or harassment.
Key dates
1 September 2026
- New COCON rules and guidance come into force (non-retrospective)
Suggested considerations
Review and update policies/handbooks to incorporate COCON/FIT guidance on NFM assessment, including flowcharts and factors for breaches/fitness.
Train HR, compliance, and managers on applying rules consistently, emphasizing seriousness thresholds, case-by-case judgement, and alignment with employment law/privacy.
Enhance regulatory reference processes to disclose past NFM; ensure reporting of serious breaches to FCA.
Assess current NFM handling for gaps (e.g., non-bank alignment); document decision-making to demonstrate fairness/decisiveness.
Firms not to investigate trivial/improbable allegations or overstep privacy laws.
What changed
- COCON amendments: Expands scope to non-banks for work-related serious NFM involving financial services personnel; provides flowcharts, examples, and factors (e.g., seriousness, pattern, dishonesty,...
FIT sourcebook updates: Integrates NFM into fit and proper tests for employees/senior personnel; firms assess case-by-case without investigating implausible claims or breaching privacy; removes...
Managerial accountability: Relative to knowledge/authority under ICR2; no expansion into purely private life.
Minor tweaks from CP25/18 feedback: New diagrams, employment law alignment, withdrawn burdensome factors.
Compliance impact
Urgency: High – With rules effective 1 September 2026 (9+ months from today), firms have preparation time, but PS25/23 closes FCA's NFM policy work, shifting to supervision/enforcement focus; non-compliance risks enforcement, FIT failures, and reputational damage amid trust-building priorities in FCA Strategy 2025-2030.
The FCA and PRA are consulting on setting the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) at £113 million for 2026/27, comprising a £108 million management expenses budget (up £4.4 million from 2025/26, broadly in line with inflation) and a £5 million unlevied reserve. This matters because it caps the operating costs (e.g., IT, staff, legal, claims handling) that FCA- and PRA-authorised firms must fund via levies, excluding separate compensation payments, ensuring FSCS efficiency while controlling firm burdens.
Key dates
13 January 2026
- Consultation opens (CP26/2 FCA; CP1/26 PRA)
10 February 2026
- Consultation closes; submit comments via email or post to PRA (accepted on behalf of both regulators, shared anonymously with FSCS)
1 April 2026
- Final rules effective (start of FSCS financial year); PRA Policy Statement and FCA Handbook Notice expected post-consultation
31 March 2027
- MELL period ends
Suggested considerations
Review CP26/2 (FCA) and CP1/26 (PRA) alongside FSCS January 2026 Budget Update for allocation details.
Submit feedback on proposed MELL by 10 February 2026 to PRA (email or 20 Moorgate, London EC2R 6DA).
Budget for potential levy payments starting 1 April 2026, based on firm's share of PRA/FCA classes (see Appendix 4 in CP).
Monitor post-consultation Policy Statement/Handbook Notice for final MELL confirmation.
What changed
- Proposed MELL of £113 million for 2026/27: £108 million budget + £5 million unlevied reserve.
Budget increase of £4.4 million (4%) from 2025/26, aligned with inflation; excluding new revolving credit facility (RCF) enhancement costs, it reflects a £6.6 million nominal and £11 million...
Budget allocated across PRA and FCA fee blocks based on firms' regulated business volume, with smaller firms contributing less.
No changes to compensation levies, which remain separate and forecast at £342 million total levy including compensation.
Compliance impact
Urgency: Medium - Firms face predictable levy increases aligned with inflation, with levies allocated by business volume (minimal for small firms), but must act on consultation feedback by 10 February 2026 (today is 25 January 2026, leaving ~2 weeks). Matters for financial planning and budgeting, as MELL ensures FSCS operational funding without covering volatile compensation costs; failure to engage risks unaddressed cost concerns in final rules.
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…
Why this matters
This regulatory update from the FCA focuses on high-risk securities like mini-bonds and loan notes, which are of concern for consumer protection. It provides guidance for investors on what to look out for, including checking if firms are authorized.
We are seeking views on further rules for cryptoasset firms as the final step in our consultations on our crypto rules. We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.We have set out our proposals…
Why this matters
This regulatory update from the FCA outlines proposed new rules for cryptoasset firms, covering consumer protection, conduct standards, redress, safeguarding, and other key areas.
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…
Why this matters
This speech from the FCA discusses updates to the authorization process, including efforts to streamline and digitize the application review, as well as new initiatives to support firms through the authorization journey.
We have issued a joint statement with the Payment Systems Regulator (PSR) giving clarity on open banking pricing models. We and the PSR have issued the following statement (PDF).This confirms we will not, at this stage, prioritise a Competition Act 1998 (CA98) investigation into the centralised ‘access fee’ pricing…
AI Analysis
The FCA and PSR have jointly confirmed they will not prioritize a Competition Act 1998 investigation into the UK Payments Initiative's (UKPI) centralized access fee pricing model for commercial Variable Recurring Payments (cVRPs), with the CMA's concurrent agreement. This regulatory clarity provides temporary certainty for cVRP development ahead of anticipated legislation by end-2026, creating a critical window for firms to develop compliant commercial models in this emerging open banking technology.
Key dates
Q1 2026
- Expected first live UKPI cVRP payments
End of 2026
- Government anticipated to introduce legislative framework granting FCA new open banking powers
15 January 2026
- FCA and PSR wrote to CMA setting out their non-prioritization position
16 January 2026
- CMA confirmed alignment with FCA/PSR position on CA98 prioritization
20 January 2026
- Joint FCA/PSR statement issued on open banking pricing models
Suggested considerations
*For UKPI and participating firms:
*Governance documentation: Submit finalized governance documents to FCA/PSR as required during the interim period
*Pricing methodology transparency: Maintain detailed records of access fee pricing methodology and be prepared to demonstrate compliance with the agreed model; notify regulators of any material changes
*Phase 1/Wave 1 compliance: Ensure all cVRP offerings remain within the defined scope of lower-risk use cases during Phase 1/Wave 1
*Market engagement: Participate in FCA industry consultations throughout 2026 regarding progress, service delivery, and identified blockers
What changed
The regulatory statement establishes the following key positions:
Non-prioritization of CA98 investigation: The FCA, PSR, and CMA have jointly confirmed they will not prioritize competition law enforcement against UKPI's centralized access fee model for Phase...
Scope limitation: The regulatory clarity applies only to Phase 1/Wave 1 of UKPI's cVRP scheme, specifically addressing lower-risk payment use cases including regulated financial services, utilities,...
Temporary framework: This is explicitly a temporary measure pending legislative implementation under the Data (Use and Access) Act 2025 or other relevant legislation.
Regulatory monitoring obligations: During the interim period, the FCA and PSR will monitor market developments, review pricing methodology changes, and require UKPI to submit finalized governance...
The FCA and PSR have issued a joint statement providing clarity on open banking pricing models, specifically regarding the centralised 'access fee' pricing model for commercial Variable Recurring Payments (cVRPs). This statement confirms that they will not prioritize a Competition Act 1998 investigation into this model at this stage. The goal is to support the development of cVRPs, giving consumers more control over their payments and lowering processing fees for businesses.
What Changed
The FCA and PSR have clarified their enforcement position on the UKPI's proposal for a commercial model for cVRPs, indicating they will not prioritize a Competition Act 1998 investigation at this stage.
Suggested Considerations
Monitor market developments and updates on the legislative framework for open banking
Review and understand the implications of the centralised 'access fee' pricing model for cVRPs on your business operations
Ensure compliance with existing competition laws and regulations
Key Dates
31 Dec 2026DEADLINE
Expected implementation of the government's legislative framework for open banking
1 Jul 2027DEADLINE
End of the temporary measure if the legislative framework is not implemented
Potential Consequences
Enforcement action, fines, or other regulatory penalties for non-compliance with competition laws and regulations
We have opened applications for the second cohort of our AI Live Testing service. AI Live Testing is the first of its kind in the financial sector to help firms who are ready to use AI in UK financial markets. Participating firms receive tailored support from our regulatory team and our technical partner Advai to…
Why this matters
This regulatory update from the FCA announces the opening of applications for the second cohort of the AI Live Testing service, which is designed to help financial firms develop and deploy AI responsibly.
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…
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…
Why this matters
This regulatory update from the FCA announces that Logic Investments Ltd, an FCA-authorized wealth management firm, has entered special administration due to concerns over its financial position.
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…
Why this matters
This regulatory update from the FCA relates to the distribution of funds to investors in the Asset Land schemes, which falls under the Investment Management and Wealth & Private Banking sectors. The key topics covered are consumer protection and reporting/disclosure requirements.
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…
The FCA, Bank of England and Prudential Regulation Authority have together signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to enhance cooperation and oversight of critical third parties (CTPs) that fall under the UK’s CTP regime.The MoU establishes a framework for coordinating and…
AI Analysis
The FCA, Bank of England (BoE), and Prudential Regulation Authority (PRA) have signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities (ESAs) to coordinate oversight of critical third parties (CTPs) under the UK's CTP regime and critical third party providers (CTPPs) under the EU's Digital Operational Resilience Act (DORA). This matters because it enhances cross-border information sharing and cooperation during incidents like cyber-attacks, reducing regulatory duplication while bolstering financial stability and operational resilience for firms reliant on these providers.
Key dates
1 January 2025
UK CTP rules came into effect, applying to CTPs designated by HMT
Ongoing (process begun pre
2025); HMT designation process for CTPs, with regulators recommending based on concentration and materiality criteria; no fixed end date specified
DORA effective date (prior context)
EU CTPPs oversight under DORA aligns with UK regime; MoU signed to ensure compatibility (exact DORA timeline not in publication but supports post-2024 implementation)
Suggested considerations
For CTPs/CTPPs: Once designated, implement regular assurance reporting to regulators, conduct resilience testing (e.g., scenario testing), and report major incidents promptly; prepare for cross-border information requests under the MoU.
For financial firms/FMIs: Continue managing operational resilience and third-party risks per existing outsourcing rules (e.g., identify dependencies on potential CTPs); monitor HMT designations and enhance incident response coordination with regulators.
Regulators' internal actions: Use CCF for coordination; notify counterparts of investigations or material developments per MoU Article 3 and 12.
Firms should review contracts with third parties for compliance alignment and conduct gap analyses against CTP requirements.
What changed
- Establishes a framework for timely information sharing, coordination of oversight activities, and joint responses to incidents affecting CTPs/CTPPs, including power outages or cyber-attacks.
Defines principles for cooperation on mutually designated CTPs/CTPPs, including notifications of investigations and best endeavors to share material information where legally and operationally...
Complements the UK's CTP regime (effective 1 January 2025), which requires designated CTPs to provide regular assurance, conduct resilience testing, and report major incidents, without altering...
Supported by a tripartite MoU among UK regulators for coordinated oversight via a joint CTP Consultation and Coordination Forum (CCF).
Compliance impact
Urgency: High – The MoU operationalizes the live UK CTP regime (effective January 2025), with designations underway, amplifying risks of non-compliance for firms using critical ICT providers amid rising cyber and resilience threats. It matters for cross-border firms as it enables regulator-to-regulator data sharing, potentially exposing gaps in outsourcing arrangements and increasing enforcement scrutiny without fines on CTPs yet possible future powers.
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…
Why this matters
This regulatory update from the FCA focuses on the sale of complex exchange traded products (ETPs) to retail investors. It highlights the need for firms to ensure investors understand the risks and that they are meeting their obligations under the Consumer Duty.
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…
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…
Why this matters
This regulatory update is focused on new requirements for pension schemes to publish transparent data on their performance, costs, and service quality. This impacts investment managers, wealth managers, and insurance firms that offer pension products.
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…
Why this matters
This regulatory update covers fines imposed by the FCA in 2026, which relate to breaches of market abuse regulations, listing rules, and governance requirements. This impacts a range of financial firms including banks, broker-dealers, and asset managers.
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…
The FCA has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were…
Why this matters
The FCA has opened an enforcement investigation into a claims management company regarding potential misconduct in its advertising and sales tactics related to motor finance claims. This is a high priority issue as it involves consumer protection concerns and potential breaches of regulatory requirements.