Explainers
Practical, plain-English guides to FCA requirements. Each explainer covers what the regulation means, what firms get wrong, and what evidence the FCA expects - with links to our free tools and services.
Start here
- Start hereReference
What Are the 4 Consumer Duty Outcomes?
The 4 Consumer Duty outcomes: products and services, price and value, consumer understanding, consumer support (PRIN 2A.3-2A.6), with evidence firms need.
15 min read
- Start hereReference
SM&CR Regime Overview: Structure, Tiers, and Regulatory Expectations
A high-level guide to the Senior Managers and Certification Regime covering its background, three-tier structure (enhanced, core, limited scope), interaction with SYSC and FIT, and practical implementation expectations for UK-regulated firms.
11 min read
- Reference
What Is PERG? FCA Perimeter Guidance
PERG is the FCA's Perimeter Guidance manual: what counts as a regulated activity, which exclusions apply, and where firms get the perimeter wrong.
18 min read
- Reference
MCOB Explained: Mortgage Conduct Controls
A practical MCOB guide for mortgage firms covering advice, disclosure, lender affordability, payment difficulty, records and Consumer Duty evidence.
7 min read
- Reference
SM&CR Responsibilities: What Senior Managers and Certified Staff Must Know
A practical guide to the Senior Managers and Certification Regime for UK-regulated firms, covering prescribed responsibilities, the certification regime, conduct rules, and responsibilities mapping.
18 min read
- Reference
ICOBS Explained: FCA Insurance Conduct of Business Rules
ICOBS explained for insurance brokers and insurers: the client's best interests rule, demands and needs (ICOBS 5), product disclosure (ICOBS 6), fair value and pricing (ICOBS 6A), claims handling (ICOBS 8), and the Consumer Duty overlap.
11 min read
- Reference
CASS Client Assets: Protecting Client Money and Custody Assets
A comprehensive guide to the Client Assets sourcebook (CASS) covering client money rules, custody requirements, reconciliation obligations, and CASS resolution pack preparation for UK-regulated firms.
9 min read
- Reference
COBS: Conduct of Business Sourcebook for Investment Firms
A practical guide to the FCA's Conduct of Business Sourcebook (COBS), covering investment advice suitability, financial promotions, best execution, client categorisation, and the conduct standards that apply to investment business.
11 min read
- Reference
CONC: Consumer Credit Sourcebook Requirements for UK Firms
A practical guide to the FCA's Consumer Credit sourcebook (CONC), covering affordability assessments, creditworthiness checks, arrears handling, and the regulatory expectations that trip firms up most often.
9 min read
- Reference
DISP Complaints Handling: What the FCA Expects From Your Firm
A practical guide to DISP (Dispute Resolution: Complaints) requirements for UK-regulated firms, covering root cause analysis, FOS referrals, and the intersection with Consumer Duty.
15 min read
- Reference
FCA Authorisation Evidence: What the Gateway Team Expects
A practical guide to the evidence requirements for FCA authorisation applications, covering what the Gateway team assesses, common application deficiencies, rejection patterns, and how to build a compelling regulatory business case.
11 min read
- Reference
Financial Promotions: Approval, Compliance & FCA Enforcement
A practical guide to the FCA's financial promotions regime under s21 FSMA and COBS 4, covering approval processes, social media risks, and the gateway for unauthorised firms.
7 min read
- Reference
PRIN: The FCA's 12 Principles for Businesses
A practical guide to the FCA's Principles for Businesses, from the original 11 Principles through to Principle 12 (Consumer Duty), explaining how the FCA uses them as supervisory and enforcement tools.
10 min read
- Reference
SUP Supervision Manual: Regulatory Reporting and FCA Oversight
A practical guide to the FCA Supervision Manual (SUP) covering regulatory reporting obligations, RMAR, RegData, REP-CRIM, notifications, waiver applications, and Section 166 skilled person reviews.
10 min read
- Reference
SYSC: Senior Management Arrangements, Systems and Controls
A practical guide to SYSC requirements for UK-regulated firms, covering governance structures, compliance monitoring, risk management frameworks, and the organisational standards the FCA expects firms to maintain.
10 min read
- Reference
FCA Vulnerability Assessment: How to Meet FG21/1 and Consumer Duty Requirements
How UK financial services firms must identify, record, and respond to customer vulnerability under FG21/1 and the Consumer Duty, with practical implementation steps.
7 min read
- Start hereHow-to
FCA Authorisation Preparation: A Step-by-Step Implementation Guide
A practical walkthrough of preparing an FCA authorisation application: Threshold Conditions, business plan, regulatory capital, key individuals, compliance arrangements, and common pitfalls that delay or derail applications.
22 min read
- How-to
Outsourced MLRO: What It Is and When to Use One
What an outsourced MLRO is, what the FCA allows, and when firms use outsourced MLRO support. Covers the SMF17 accountability limits, the nominated officer role, and what a provider actually delivers.
10 min read
- How-to
Variation of Permission (VoP): Changing Your FCA Permissions
How a Variation of Permission works: when authorised firms need a VoP to add regulated activities, remove limitations or cancel permissions, the FCA process and statutory timescales, and what the application must evidence.
11 min read
- How-to
Crypto Prudential Readiness: What the FCA Is Likely to Test
A practical guide to prudential readiness for cryptoasset firms, covering capital, liquidity, wind-down planning, group dependencies, financial resilience, and the evidence the FCA is likely to expect under the developing UK regime.
6 min read
- How-to
Stablecoin and Custody Readiness: The Operational Build Behind the Rules
A practical guide to stablecoin and custody readiness under the incoming UK crypto regime, covering safeguarding architecture, reserves, reconciliations, returnability, third-party oversight, and the operating evidence firms are likely to need.
6 min read
- How-to
Complaints Root Cause Analysis: From DISP Obligation to Operational Improvement
Root cause analysis is a DISP 1.3.3R obligation, not discretionary. Covers FCA-expected methodology, linking RCA findings to MI and board reporting, and the Consumer Duty alignment most firms are missing.
11 min read
- How-to
Consumer Duty Gap Assessment: How to Identify and Close Compliance Gaps
A practical guide to running a Consumer Duty gap assessment: identifying gaps across the four outcomes, prioritising remediation, building evidence, and embedding ongoing monitoring into business-as-usual.
11 min read
- How-to
Financial Crime Controls: Building an Effective AML/CTF Framework
A practical guide to implementing AML/CTF controls for UK-regulated firms: business-wide risk assessment, customer due diligence, transaction monitoring, SAR reporting, and training programmes.
20 min read
- How-to
Financial Promotions Approval Process: Getting It Right First Time
How to set up an effective financial promotions approval process: COBS 4 requirements, clear fair and not misleading standard, social media compliance, appointed representative promotions, and regulatory enforcement trends.
12 min read
- Start hereDecision guide
Do I Need FCA Authorisation?
General guidance for UK firms on when FCA authorisation applies: credit broking, BNPL, payments, investments, insurance and debt services, by RAO article.
11 min read
- Decision guide
Section 166 Skilled Person Reviews: Readiness Guide
A source-led guide to FCA section 166 skilled person reviews, including scope, appointment, firm duties, evidence control, governance and remediation.
7 min read
- Decision guide
Full vs Limited Permission: Choosing the Right FCA Authorisation Scope
A decision guide for firms choosing between full and limited permission FCA authorisation, covering cost implications, ongoing obligations, operational flexibility, and the circumstances in which each route is appropriate.
17 min read
- Decision guide
Crypto Permissions and Perimeter: How to Scope the UK Authorisation Route
A practical guide to permissions mapping for the incoming UK cryptoasset regime, covering perimeter questions, UK nexus, business-model scoping, group structures, and why the permissions memo is the first serious authorisation work product.
7 min read
- Decision guide
Appointed Representative vs Direct Authorisation: Making the Right Choice
A decision guide comparing appointed representative arrangements with direct FCA authorisation, covering cost trade-offs, control and independence, regulatory risk allocation, exit planning, and the circumstances in which each route is appropriate.
14 min read
- Governance
SM&CR Responsibilities Map: Governance Framework for Clear Accountability
How to create and maintain an effective SM&CR responsibilities map: prescribed responsibilities allocation, overlap avoidance, handoff management, and ongoing maintenance for UK-regulated firms.
13 min read
- Governance
Operational Resilience: FCA Rules, Impact Tolerances & IBS
Operational resilience explained: identifying important business services, setting impact tolerances, mapping and scenario testing under SYSC 15A / PS21/3, the board self-assessment, and the March 2025 compliance point.
10 min read
- Governance
Admissions, Disclosures and Market Abuse: Readiness for Trading Platform Models
A practical guide to admissions, disclosures and market abuse readiness under the incoming UK crypto regime, covering listing controls, disclosures, surveillance, conflicts, retail-facing conduct, and the evidence trading platform models are likely to need.
6 min read
- Governance
Complaints Trend Analysis and Escalation: From Data to Board Action
How to build effective complaints trend analysis and escalation frameworks: MI design, escalation triggers, board reporting, and linking complaints data to Consumer Duty outcomes monitoring.
13 min read
- Governance
Consumer Duty Board Pack: What Your Board Needs to See
Practical guidance on building an effective Consumer Duty board pack: outcomes data, management information, root cause analysis, action tracking, and annual assessment preparation for UK-regulated firms.
12 min read
- Governance
Regulatory Change Management: Keeping Pace With FCA Expectations
How to build and maintain an effective regulatory change management process: horizon scanning, impact assessment, implementation tracking, and embedding changes into business operations for UK-regulated firms.
14 min read
- Sector
Consumer Credit Affordability: CONC 5.2A Guide
A practical guide to FCA CONC 5.2A creditworthiness and affordability assessments, proportionality, evidence, governance and monitoring for lenders.
7 min read
- Sector
Payment Institution and EMI Authorisation: FCA Requirements
How FCA authorisation works for payment and e-money firms: the API, SPI, RAISP, AEMI and SEMI categories, initial capital and own funds, safeguarding, PSD2 obligations, and what the application must evidence.
10 min read
- Sector
Claims Management Compliance: FCA Regulatory Requirements
A comprehensive guide to the regulatory framework for FCA-regulated claims management companies, covering CMCOB, fee caps, pre-contract requirements, client money obligations, and Consumer Duty expectations.
15 min read
- Sector
Insurance Fair Value: Meeting Consumer Duty in Insurance Distribution
A detailed guide to fair value assessment requirements for insurance distributors, covering Consumer Duty Outcome 2, ICOBS, commission disclosure, value chain mapping, and the legacy of the general insurance pricing review.
14 min read
- Sector
Payments Safeguarding: Protecting Customer Funds Under PSR and EMR
A detailed guide to the safeguarding requirements for payment institutions and e-money issuers under the Payment Services Regulations 2017 and Electronic Money Regulations 2011, covering segregation, insurance, reconciliation, and FCA supervision approach.
13 min read
- Sector
Wealth Management Suitability: Oversight and Compliance Framework
A comprehensive guide to suitability requirements for wealth management firms under COBS 9A, covering ongoing advice, risk profiling, centralised investment propositions, file review programmes, and FCA supervisory expectations.
14 min read