FCA Regulatory Intelligence
Beyond the headlines: Impact analysis, sector insights, and actionable intelligence from ex-FCA regulators. Monitor consultations, enforcement, and policy changes affecting your firm.
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High-impact regulatory changes affecting your business
CP26/1: The Value for Money Framework: Response to consultation, further consultation and discussion paper
The Value for Money (VFM) Framework is intended to support a significant shift in the way the workplace pensions industry operates and competes. This document contains our updated proposals, reflecting feedback from the previous FCA consultation (CP24/16). ... Read CP26/1 (PDF)Why we are consulting We are proposing revisions to make the way arrangements are assessed and compared more objective and robust. We are also responding to feedback and refining the data required. The main changes proposed since consultation CP24/16 are:The introduction of forward-looking metrics to be considered alongside backward-looking metrics in assessments.Fewer cost and backward-looking investment performance metrics, focused on key metrics.Streamlined service quality metrics to allow further engagement with industry on others.Comparisons of value against a commercial market comparator group rather than 3 other arrangements.A four-point rating system rather than three, to allow identification of top performers.Who this is forWe encourage firms operating contract-based workplace pensions, their IGCs and...
CP25/30: Streamlining the UK EMIR Intragroup Regime
Read our proposals to make the UK EMIR Intragroup Regime clearer for counterparties seeking intragroup exemptions from clearing and margin requirements. ... Read CP25/30Why we are consultingThe Temporary Intragroup Exemption Regime (TIGER) allows UK counterparties to apply for intragroup exemptions under the UK version of the European Market Infrastructure Regulation (UK EMIR) when trading over-the-counter (OTC) derivatives with group entities in non-equivalent jurisdictions. The TIGER expires on 31 December 2026. Industry feedback suggests that the exemption process could be streamlined. To address this, we aim to create a permanent, more proportionate regime for UK firms. A more streamlined intragroup regime:Supports UK firms to manage risk.Reduces unnecessary costs.This will support market integrity as well as our wider strategic objective to support growth.The Treasury plans to amend the UK EMIR and make additional changes to simplify the Intragroup Regime.To support the Treasury’s changes, we are consulting on proposals to:Further streamline the Intragroup...
CP25/2: Proposed changes to MiFID conduct of business rules for retail investors
The FCA is consulting on amendments to COBS to strengthen protections for retail investors accessing complex investment products. The proposals include enhanced disclosure requirements for ESG-labeled funds and stricter appropriateness assessments. The consultation closes on 15 April 2025. Investment firms, wealth managers, and platforms should review the proposals and consider responding. This follows recent enforcement action against firms with inadequate suitability processes.
CP26/5: Aligning listed issuers’ sustainability disclosures with international standards
Discover our proposals to evolve our rules for listed companies' sustainability disclosures. ... Read CP26/5 (PDF)Why we are consultingSustainability risks, including climate risks, have financial impacts on the long-term value and resilience of listed companies.We’re consulting on replacing our current rules for listed companies’ climate disclosures, with proportionate rules to:Align reporting with current international standards, with an implementation approach that reflects the readiness of listed companies.Make sure investors can access clear, consistent and robust information about sustainability risks and opportunities.Support overseas companies to be more transparent about their sustainability reporting, while removing duplication.Our proposals support the Government’s Leeds Reforms as well as the UK’s position as a global financial centre, by boosting comparability across markets and reducing duplicative rules. ... Who this is for The proposed rules to align sustainability reporting to the UK Sustainability Reporting Standards (SRS) apply to companies in the following listing categories, with some variation depending...
CP26/4: Application of FCA Handbook for regulated cryptoasset activities – part 2
We are consulting on our proposed rules and guidance for firms conducting regulated cryptoasset activities. ... Read CP26/4 (PDF)These include requirements for:Consumer Duty (read guidance on applying the Duty)Redress and Dispute Resolution (DISP)Conduct of Business Standards (COBS)Credit for Crypto PurchasesTraining and CompetenceSenior Managers and Certification Regime (SM&CR)Regulatory Reporting (SUP 16)Cryptoasset SafeguardingRetail Collateral Treatment in Cryptoasset BorrowingLocation Policy GuidanceWhy we are consultingWe want to develop a competitive and sustainable cryptoasset sector. Our proposed rules and guidance aim to:Promote market integrityProtect consumersSupport innovation and competition in the UK cryptoasset marketThis consultation focuses on how these requirements apply to cryptoasset firms and reflects feedback from previous consultations, including:CP25/14 – Stablecoin Issuance and Cryptoasset CustodyCP25/15 – Prudential Regime for Cryptoasset FirmsCP25/25 – Application of FCA Handbook for Regulated Cryptoasset ActivitiesCP25/40 - Regulating Cryptoasset ActivitiesCP25/41 - Admissions & Disclosures and Market Abuse Regime for CryptoassetsCP25/42 - Prudential Regime for Cryptoassets Part IIWe plan to open...
CP26/3: Retail Banking Business Models data
We’re consulting on transforming a previously ad hoc series of Retail Banking Business Models (R2B2) data collections into an annual regulatory return. ... Read CP26/3 (PDF) ... Why we're consultingWe’ve collected R2B2 data from firms on an ad hoc basis 4 times. Collecting this data infrequently leads to challenges for us in maintaining an up-to-date understanding of the retail banking market. Ad hoc requests are also burdensome for firms, making it difficult to plan, allocate resources, and automate reporting processes. By moving to an annual return, the data will be readily available so we can make effective and timely decisions and reduce operational disruption to firms.We are seeking feedback on the:proposed approachthresholdsimplementation timeline ... Who this is forThis consultation paper (CP) will be of interest to:retail banks and building societiesindustry trade bodies other regulators ... Next stepsSend us your views by 4 March 2026 using our online response form or...
CP25/29: Changes to the UK Short Selling Regime
We are consulting on our proposed rules and guidance for short selling activity. ... Read CP25/29 (PDF) Why we are consultingOur proposals are based on feedback from the Treasury’s Short Selling Regulation: Call for Evidence. This concluded that it was not necessary to fundamentally change the current short selling regime, although it should be modified to alleviate disproportionate burdens, on firms, that may inhibit or discourage short selling and its associated benefits.As a result, our proposals intend to create a more efficient, effective, and coherent short selling regime that retains sufficient visibility and controls over short selling activity to manage any risks and maintain the orderly and effective functioning of UK markets, while removing disproportionate costs. This supports the FCA’s market integrity objective, bolsters the competitiveness of UK financial markets, and contributes to the UK’s wider economic growth while providing appropriate safeguards.Who this is forThis consultation will be of interest...
CP26/2: Financial Services Compensation Scheme – Management Expenses Levy Limit 2026/27
We and the Prudential Regulation Authority (PRA) are consulting on proposals for the annual Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for the financial year 2026/27. ... Read CP26/2Why we are consultingThe FCA and PRA are required to set a limit on the total management expenses that the FSCS can levy financial services firms. The MELL covers the FSCS’s ongoing operating costs and includes the FSCS’s IT, staff, legal and outsourced and internal claims’ handling costs. It does not include compensation costs, which are levied separately and decided by the FSCS.Who this is forFCA authorised firmsPRA authorised firms Next stepsThis consultation closes on 10 February 2026.Please send any comments on the proposed MELL by email, or alternatively in writing to: David Lamb, Prudential Regulation Authority, 20 Moorgate, London, EC2R 6DA.The PRA is accepting responses on behalf of both the FCA and the PRA. Any responses...
GC26/1: Primary Market Bulletin No. 61
We are consulting on the following changes we propose to make to the Knowledge Base. ... Why we are consultingOn 15 July 2025 we published Policy Statement PS25/9, setting out the new Public Offers and Admissions to Trading Regulations (POATRs) regime which consists of:Our new Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook. Amendments to the Market Conduct sourcebook for firms operating primary multilateral trading facilities. We are also making amendments to the UK Listing Rules (UKLRs) as well as other consequential changes to the Handbook. These new rules and amendments will all come into force on 19 January 2026.In PS25/9 we explained that we planned to consult on Technical Notes to provide guidance for the POATRs regime. We are now consulting on a change that we are proposing to make to the Knowledge Base in relation to the POATRs regime.Summary of our proposalsWe are consulting on...
Final Notice: FCA fines consumer credit firm £450,000 for forbearance failures
The FCA has issued a Final Notice imposing a £450,000 financial penalty on a consumer credit firm for failing to treat customers in arrears fairly. The firm did not properly assess forbearance requests and continued collection activities without adequate consideration of customer circumstances. This breaches CONC 7 requirements. The case highlights the FCA's focus on fair treatment of vulnerable customers in arrears. Credit firms should review their arrears and forbearance policies immediately.
GC26/2: Application of the Consumer Duty to cryptoasset firms
We are consulting on our proposed guidance on the Consumer Duty for cryptoasset firms. ... Read GC26/2 (PDF)Why we are consultingWe want to develop a competitive and sustainable cryptoasset sector. Our proposed rules and guidance aim to:Promote market integrityProtect consumersSupport innovation and competition in the UK cryptoasset marketThe guidance we are consulting on aims to help cryptoasset firms to effectively apply the Consumer Duty to their regulated activities.We plan to open our gateway for firms to apply for cryptoasset permissions in September 2026.Who this is forFirms planning to undertake regulated cryptoasset activities as set out in the Treasury’s Statutory Instrument.Industry groups, law firms, and trade bodies representing cryptoasset firms.Auditors and professional advisers in the cryptoasset sector.Consumer interest groups.It may also interest:Policy makers and other regulatory bodies.Academics and think tanks.Industry experts and commentators.Next stepsWe want your comments on our proposals by 12 March 2026. The questions we are consulting on are...
FCA bans and fines advisor £100,281 for insider dealing
The FCA has fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from working for UK financial services. In 2022, Mr Dwane worked as an advisor for ITM Power Plc (ITM). Because of his role, Mr Dwane knew the details of an announcement ITM planned to make to the market on 27 October. Following that announcement, ITM’s share price fell by around 37%.The day before the announcement, Mr Dwane used the inside information and sold his own and a family member’s 125,000 shares worth £124,287. He took advantage of the subsequent fall in ITM’s share price to purchase 180,000 shares worth £140,700, gaining £26,575 from the price difference.Mr Dwane is an experienced financial professional and knew his conduct amounted to insider dealing, abusing his position of trust.Mr Dwane was required to obtain ITM’s permission before dealing in its shares, but he failed to do so.Steve Smart, executive director...
GC25/3: Primary Market Bulletin No. 58
We are consulting on the following changes we propose to make to the Knowledge Base. ... October 2025 updatePlease note that this webpage was updated on 31 October 2025 as we identified clerical errors in some of the guidance notes we propose to amend, as follows:(a) Draft Procedural Notes 903 and 908, and Technical Notes 305, 321, 522, 623, 626, 629 and 635 displayed blackline deletions which did not relate to any proposed deletions of text from the existing notes. Whilst the initially published draft notes ultimately showed how we propose the finalised text of the notes to appear, updated versions correcting the blackline errors were published on 31 October 2025 and are available via the relevant weblinks below. Please use these versions for the consultation ending on 21 November 2025; and(b) Errors in the draft Technical Note 602.5 were found, details of which are set out in the 'Amendments...
Additional Updates & Intelligence
Recent regulatory developments for monitoring
Tribunal upholds ban and fines for corrupt and dishonest adviser
FCA fines former finance directors of Carillion plc (in liquidation)
FCA fines oil rig consultant £309,843 for insider dealing
Advice Guidance Boundary Review (AGBR) – Targeted Support Policy Sprint
GC25/1: Guidance on treating vulnerable customers fairly across financial services
FCA Handbook: Updates to SYSC (Systems and Controls) effective 1 February 2025
FG26/1: Primary Market Bulletin No. 61
FCA obtains £265,523.96 confiscation order against Collateral fraudster Andrew Currie
FCA warns investors in CFDs risk losing out on protections
Banks need to help 'break the spell' of romance scams
14m unfair motor loans due compensation under FCA-proposed scheme
Regulators give clarity in relation to open banking pricing models
Building the mortgage market of tomorrow
Government’s decision on reforming anti-money laundering and counter-terrorism financing supervision
Japan and the UK: Shared growth, shared future
FCA secures US$101m redress for BlueCrest investors
FCA supports tokenisation to boost efficiency and innovation in asset management
Financial crime oversight in corporate finance firms shows gaps, says FCA
FCA seeks views on how to help close the protection gap
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