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FCA News & Analysis
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FCA news & analysis
565 FCA publications, newest first, 16 of them priority (score 90+). Our own commentary is in Our analysis Showing 361–400 of 411.
- News & SpeechesMulti-firm review of customer outcomes delivered by smaller mutual life insurersOur findings on how smaller mutual life insurers meet Consumer Duty requirements and deliver good customer outcomes, sharing good practice and our expectations.Insurance16 January 2026
- News & SpeechesUK and EU regulators sign Memorandum of Understanding to strengthen oversight of critical third partiesThe 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 sharing information on the oversight of CTPs under the UK regime and critical third party providers (CTPPs) under the EU’s Digital Operational Resilience Act (DORA), including during incidents such as power outages or cyber-attacks.The MoU aims to manage potential risks to financial stability and market confidence, as well as strengthen international cooperation. It will also help reduce duplication and regulatory burden on CTPs and CTPPs.The UK’s CTP regime complements similar international standards and is designed to be compatible with DORA. The agreement demonstrates UK regulators’ commitment to cross-border cooperation and strengthening operational resilience to support growth and promote market stability.BackgroundIn 2024, UK regulators introduced...Banking14 January 2026
- News & SpeechesComplex exchange traded products – good practice and areas for improvementFind out about our key findings, good practice and areas for improvement. ... In July 2025, we launched our multi-firm review into the distribution of complex exchange traded products (complex ETPs), such as those using leveraged and inverse positions, which reset daily.Find more details on the features of complex ETPs in section 5.These products are a small but growing segment of the wider ETP market. Of the firms we surveyed, the number of consumers trading complex ETPs between July 2024 and July 2025 increased by 23% compared to the previous year, reflecting broader trends in retail investing. In particular, 3× leveraged ETPs are popular on UK exchanges, including the London Stock Exchange (LSE). For example, in December 2025, 3 of the top 10 most traded ETPs on the LSE – including both complex and non-complex products – featured 3× leverage strategies, illustrating the demand for these instruments.Our aim was to...12 January 2026
- News & SpeechesFCA highlights good practice and risks in complex ETPs for retail investorsWe reviewed how firms sell complex exchange traded products (ETPs) to retail consumers. Complex ETPs are a subset of the wider ETP market and include high-risk investment strategies that can be difficult for retail consumers to understand.We assessed how firms of different sizes and business models evaluate these products, communicate key risks and monitor outcomes under the Consumer Duty.Given the complexity and risk profile of ETPs, it is essential firms make sure investors have the knowledge they need to make informed investment decisions.We found some firms demonstrated detailed processes for:Defining target markets.Assessing customer knowledge.Monitoring outcomes.Others had weaker controls or limited assessments of a customer’s investment experience and knowledge. We also saw unclear disclosures, making it harder for consumers to understand risks.We want firms to put consumers first by making sure products and services meet their needs, and communications are clear to support understanding.What firms should doFirms should review their processes...12 January 2026
- News & SpeechesFCA obtains £265,523.96 confiscation order against Collateral fraudster Andrew CurrieThe FCA has secured a confiscation order of £265,523.96 against Andrew Currie. Mr Currie was convicted in 2023 and sentenced to 2 years 6 months imprisonment for defrauding investors through the collapsed peer-to-peer lending platform Collateral (UK) Ltd.He diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain.At a hearing at Southwark Crown Court on 9 January 2026, Mr Currie was ordered to pay £265,523.96. This amount represents the total value of assets the court determined were still available to be recovered. The funds will be redistributed to the victims of his crimes.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Mr Currie sought to profit by defrauding unwitting investors. Today’s decision is a clear warning to fraudsters and scam artists that we will pursue them and ensure they don’t benefit from their criminal activity.'If Mr Currie does...Consumer Credit9 January 2026
- News & SpeechesPension value to be put under the spotlightPension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to better schemes or driving improvements.The proposals aim to make it clearer how pensions perform, what they cost and the quality of service. So that people can get good value, and so that poor performing schemes are pushed to improve. Over 16 million workers have defined contribution (DC) pensions. Value for money makes a real difference for pension savers: over 5 years, a £10,000 pot could grow to £10,400 in a poor...Banking8 January 2026
- News & SpeechesFCA review finds CFD providers may be failing to deliver fair value to consumersContracts for Difference (CFD) providers have been warned by the FCA to provide fair value, after its review found some firms had not risen to the Consumer Duty. Introduced in July 2023, the duty set a higher standard for consumer protection in financial services.Some good practice was in evidence, including firms simplifying fee structures and stopping investors who might not be able to shoulder losses from buying CFDs in the first place. However, the FCA’s review found room for improvement, including where firms were:not adequately considering consumer complaints or customer satisfaction as part of their fair value assessmentsmaking little or no changes to their products or services in response to the Consumer Dutyapplying varying levels of overnight funding charges without providing clear justification – the potentially significant charges often were not adequately disclosedcharging overnight funding separately on matched long and short positions, incurring potentially significant ongoing charges with little benefit...13 November 2025
- News & SpeechesMulti-firm review of contracts for difference providers’ provision of price and valueWe reviewed a sample of contracts for difference (CFD) providers to understand how they comply with their obligations under the Consumer Duty 'Price and Value’ outcome. ... CFD providers manufacture over-the-counter (OTC) derivatives and sell them directly to investors. This means CFD providers have many opportunities to decide the overall price paid by retail clients trading CFDs.This review, as highlighted to the CFD sector, looked at how CFD firms’ deliver fair value in areas including bid/offer spread pricing, commissions and overnight funding charges. It also assessed how well CFD firms are using their Consumer Duty ('the Duty') fair value assessments to deliver the price and value outcome, including a focus on target market and vulnerable consumers.Fair value is about more than just price. The Duty addresses other factors that can result in products or services providing poor value, such as unsuitable features that lead to foreseeable harm or frustrate a...13 November 2025
- News & SpeechesFCA partners with Singapore to drive growth and AI innovationThe FCA is strengthening its international footprint with a strategic partnership on artificial intelligence (AI) with the Monetary Authority of Singapore (MAS) and will establish a new presence in the country. Announced at the Singapore Fintech Festival, the new partnership will support safe and responsible AI innovation. This will enable innovative firms in the UK and Singapore to scale and operate across markets more effectively.For the first time, the FCA will also establish a presence in Singapore with the appointment of an FCA Financial Services Attaché based at the British High Commission. This forms part of a wider plan to establish a presence other priority markets next year.Jessica Rusu, chief data, information and intelligence officer at the FCA, said:'Through our partnership with the Monetary Authority of Singapore, we'll be championing safe and responsible AI innovation across UK and Singapore markets. I’m looking forward to seeing how it enables firms in...12 November 2025
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- News & SpeechesRaising standards in transition finance: clarity, coherence, collaborationSpeech by Alicia Kedzierski, head of department, sustainable finance division, at the Loan Market Association's Sustainable Finance Conference. IntroductionThank you for inviting the FCA to speak at this conference. It is a delight to see so many people, and I think this demonstrates that sustainability has not taken a back seat and is still an important part of your strategies. Both in terms of developing resilience to climate risks, as well as capitalising on opportunities.Today I would like to reflect on raising standards in sustainable lending. What I have seen as a regulator gives me hope that there is plenty of opportunity for both innovation and growth in sustainable finance.Consumer Credit11 November 2025
- News & SpeechesBuilding the mortgage market of tomorrowSpeech by Nikhil Rathi, FCA chief executive at the L&G Mortgage Club's 30th Anniversary Conference. IntroductionIt’s a pleasure to be here celebrating the Mortgage Club’s 30th anniversary. In truth, I came here today with a little trepidation.Not because I might have had to go through a rigorous affordability assessment just to get through the door!But rather because it is fair to say that, as we started our Mortgage Rule Review this year, some reforms have not been met with universal approval among brokers.This is, after all, a market which is serving millions of customers well.Lenders and brokers rose to the challenge through the pandemic, rising costs of living, and rapid increases in interest rates.Arrears and repossessions remain historically low.Thousands of consumers receive mortgage advice daily.Despite elevated housing prices, first time buyer numbers have held up.With over 7,000 products on the market – a near record – the market looks healthy....PaymentsConsumer CreditMortgages11 November 2025
- News & SpeechesRisk assessment processes and controls in firms: our findingsWe share findings and highlight good and poor practice to help firms reflect on how they are meeting the existing risk assessment requirements. ... In 2025, we carried out a multi-firm review focusing on business-wide risk assessment (BWRA) and customer risk assessment (CRA) processes.Our key findings centre around how firms: Identify, understand and assess risk.Appropriately mitigate risk.Effectively manage risk.This review is part of our wider financial crime supervisory work in support of our 2025–30 strategy.11 November 2025
- News & SpeechesCredit builder products: what you need to knowOur review of certain types of credit builder products found little evidence that they are effective for most consumers. We want consumers to be able to make informed decisions so that they can navigate their financial lives.That’s why we carried out work to understand how some credit builder products operate and have been working with firms and credit reference agencies (CRAs) to drive improvements in the market.Here we explain the work we’ve done, and where consumers can access useful information on improving credit profiles, such as via MoneyHelper.Consumer Credit10 November 2025
- News & SpeechesPayments Vision Delivery Committee sets out new payments strategyThe Payments Vision Delivery Committee has published its strategy for the next generation of UK retail payments infrastructure. Read the Strategy on GOV.UK.The committee comprises the:TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems Regulator This is an important step in delivering the government’s National Payments Vision and its ambitions for the UK payments sector to better serve people and businesses while supporting economic growth.The strategy is anchored around 5 strategic outcomes that build on innovation, competition and security and its delivery will benefit consumers and businesses that rely on this vital infrastructure. Expanding payment choices, promoting inclusion, combating financial crime and ensuring resilience will help the UK to deliver a world-class payments experience.This will be followed by the Payments Forward Plan, which will be a sequenced plan of future payments initiatives.Banking7 November 2025
- News & SpeechesFCA opens applications for 3 key statutory panelsWe're welcoming applications for positions on 3 of our statutory panels. The FCA has 6 panels which play a vital role in our decision-making process. They provide us with independent advice and challenge, bringing a depth of experience and expertise to our work and identifying costs, benefits, and risks to markets, firms and consumers.We’re looking for experienced professionals who can help shape our work and bring valuable insight from across the financial services sector.7 November 2025
- News & SpeechesRebalancing risk for growth, the role of the Chief Risk OfficerSpeech by Sarah Pritchard, deputy chief executive, at the launch of the Chief Risk Officer Network. In March, we launched a new 5-year strategy. We want to deepen trust, rebalance risk, support growth and improve lives.It has 4 key priorities: we want to be a smarter regulator, support growth, fight financial crime and help consumers navigate their financial lives. That’s down from the 13 we had in our previous strategy – a prime example of how we’re reducing red tape.The strategy puts growth at the heart of what we do. It's mentioned 30 times in a 22-page document. Innovation, a driver of growth, is mentioned 15 times. That's deliberate.Although it’s at the heart of our new strategy, growth has always been part of our work as a regulator. Our job – in legislation – is to make sure that markets work well. A fair and thriving financial services sector that...5 November 2025
- News & SpeechesMotor finance compensation scheme consultation progress and timingWe’ve moved at pace since the Supreme Court judgment in August 2025, which, along with a previous High Court judgment, confirmed that motor finance lenders have liabilities to their customers. On 7 October 2025 we began consulting on an industry-wide compensation scheme as the most efficient way to address the liabilities for those motor finance customers treated unfairly between 2007 and 2024 and to provide certainty for all affected.We’ve been undertaking extensive engagement with consumer groups, lenders, investors, motor manufacturers, trade bodies and professional representatives. We’re grateful for the feedback already received and the speed with which many parties are working to engage constructively with us. As well as feedback on the methodology for calculating redress, issues raised so far include the time period for the scheme; the rate of compensatory interest; how independent mechanisms will ensure confidence (including the role of the Financial Ombudsman Service and ideas for alternative...Consumer Credit5 November 2025
- News & SpeechesResilient futures: strengthening financial capability and inclusion for allSpeech by Nikhil Rathi, FCA chief executive, at the Fair4All Finance Delivering Financial Inclusion Together Conference. IntroductionThis is a pivotal moment for financial inclusion and capability.When they are mismatched, it creates points of vulnerability when small decisions carry big consequences.Ones you can see in the realities people face every day: in the choices they make, the help they look for, and the support they can or cannot find.Listening to a call with Citizens Advice in Caerphilly, I heard from someone with multiple debts, caring responsibilities and health issues.Overwhelmed by the complexity of the system, she felt unable to act. She had no clear, trusted way of understanding how to get out of debt.Similarly in Bournemouth, I met a volunteer for Christians Against Poverty who was once a client. They explained the lack of confidence to even pick up the phone and speak with creditors in the midst of personal crises...Consumer CreditInsuranceBanking4 November 2025
- News & SpeechesFCA publishes review of consolidation in financial advice and wealth management sectorThe review focused on groups acquiring financial advisers and wealth management firms. It examined how these groups manage risks, debt, governance and integration during and after acquisitions.The review found consolidation can support efficiency and sustainable growth. But, if not effectively managed, consolidation could lead to poor outcomes for consumers, employees and the wider financial system.Good practice identified in the review included clear group structures, strong governance, effective monitoring of group debt and comprehensive risk management across all entities.Firms that demonstrated well-planned acquisition strategies and thorough integration planning were also more likely to deliver positive outcomes for customers.The review also highlighted areas with greater potential for harm. These included how groups were structured and how group debt was guaranteed.In addition, the review highlights the importance of the effective management of group-wide risks and due diligence in the acquisition process.We encourage firms to consider the findings of the review, assess their own...Investment31 October 2025
- News & SpeechesMulti-firm review of consolidation in the financial advice and wealth management sectorFind out about our observations, good practice and identified areas of increased risk.31 October 2025
- News & SpeechesFCA warns investors in CFDs risk losing out on protectionsPeople who invest in Contracts for Difference (CFDs) are being urged not to give up vital consumer protections by the FCA. CFDs are a way to bet on the price of a share or asset moving up or down without owning it. The FCA is concerned that firms are using high-pressure techniques to encourage investors to claim they are professional clients, putting them at risk of losing more money than they can afford.The retail client protections, including leverage limits and client loss protections, prevent nearly 400,000 people a year from risking more than their original stake in CFDs and provide between £267m and £451m worth of protection.The FCA has also found investors are being targeted by finfluencers, who may not make it clear that they are promoting unregulated firms operating offshore. Some of these finfluencers promise consumers unrealistic returns if they copy trades, invest in managed accounts or pay for...Consumer Credit30 October 2025
- News & SpeechesFCA seeks views on new short selling regimeWe’re asking for feedback on proposals for a new short selling regime. Short selling can play an important role by supporting price formation, providing liquidity, and facilitating risk management.Our consultation aims to support growth by removing unnecessary barriers which might inhibit or discourage short selling while retaining sufficient visibility and controls over short selling to manage any risks to support orderly and effective financial markets.Together with the government’s legislative framework set out in January 2025, our proposals include:Aggregated net short position disclosures: a new model will combine, anonymise, and disclose, all the individual positions reported above the 0.2% reporting threshold.Position reporting: extend the deadline for firms submitting position reports by reducing the time required for the regulator to process and provide guidance on how firms determine the issued share capital of companies to calculate their positions.Market maker notifications: streamline and automate our systems for receiving position reporting and market maker...28 October 2025
- News & SpeechesFCA welcomes legislation to bring ESG ratings providers into regulationWe welcome the government’s legislation to bring Environmental, Social and Governance (ESG) ratings providers into our remit. This marks a significant milestone in the UK’s commitment to enhancing transparency and trust in this market. ESG ratings continue to play a critical role in influencing investment and capital allocation decisions. The legislation, which was broadly supported by the industry, will provide us with the necessary powers to regulate ESG ratings providers – an important step towards ensuring that there are transparent, reliable and comparable ESG ratings.In parallel with the Government finalising its legislation, we have been developing our regime for ESG ratings. Now that the legislation has been laid before Parliament, we intend to consult on our proposed rules before the end of the year.We are committed to working with industry, government and wider stakeholders to ensure our approach to regulation is practical, proportionate and supports innovation. This is an opportunity...Payments27 October 2025
- News & SpeechesInformation for firms looking to offer crypto exchange traded notesConsumers can now access crypto exchange trade notes (cETNs), with several products available. We lifted the ban on retail access to certain cETNs on 8 October. Retail consumers can now access cETNs when they are listed on our Official List and admitted to trading on a UK Recognised Investment Exchange.Prospectuses must be reviewed and approved before the products are available. We had already been reviewing retail crypto ETN prospectuses in preparation for the 8 October lifting of the ban.Crypto ETNs are complex products, and firms should ensure they have the correct permissions to offer them to consumers. Where they are planning to offer them, we ask firms to inform their FCA supervisory contact. These products are categorised as Restricted Mass Market Investments (RMMIs). Firms who offer them will need to comply with the financial promotion rules. This means firms must:Not offer any incentives to invest.Have robust appropriateness assessments, client categorisation...Corporate Finance27 October 2025
- News & SpeechesChancellor launches Scale-up Unit in Leeds to help firms growOn 24 October 2025, the Chancellor of the Exchequer, Rachel Reeves MP, announced the launch of the FCA and Prudential Regulation Authority’s (PRA) Scale-up Unit. The Chancellor announced the Scale-Up Unit at the FCA Forum in Leeds.The Scale-up Unit will provide growing financial sector regulated firms across the country with tailored support and guidance to help them test ideas, grow and succeed in the UK. It will also help firms by connecting them with a dedicated point of contact to support with challenges they face as they grow.By helping firms to scale, the FCA and PRA are supporting competitiveness, growth and innovation across the country.The Scale-up Unit will initially support firms who are regulated by both the PRA and FCA. The FCA will continue to work closely with industry to develop the Scale-Up Unit so that it can support firms who are only regulated by the FCA.The Scale-up Unit complements...24 October 2025
- News & SpeechesUnlocking green growth: Why the UK is the smart bet for sustainable financeSpeech by Ashley Alder, FCA chair, at Climate Financial Risk Forum's Symposium, London. This is a unique gathering, bringing together financial institutions, climate scientists, academics, regulators and innovators to tackle one of the most pressing challenges of our time: climate change and its impact on financial systems.It has long been clear that climate change is not just an environmental issue, but a financial one too. It is almost exactly 10 years since Mark Carney, in his role as Governor of the Bank of England and Chair of the Financial Stability Board, gave his ‘tragedy of the horizon’ speech.The risks are real, and they are growing. From rising insurance costs due to extreme weather events, to shifts in asset valuations and lending criteria, the effects of climate change are now being felt in real time across the financial sector.Yet amongst all the challenges lies the chance to innovate, to lead, and...PaymentsConsumer CreditInsurance23 October 2025
- News & SpeechesOpened complaintsWhat changed – The FCA has published a new RSS feed showing the latest “opened complaints” data, broken down by product, product group and firm type. For the five product groups the feed also provides the volume of complaints by cause and contextual figures (complaints per 1,000 policies, balances, accounts or agreements in force). The underlying Tableau dashboards and downloadable Excel data files are now publicly accessible. Who is affected – All FCA‑regulated firms (banks, insurers, investment firms, etc.) and their compliance, consumer‑complaints and risk‑management teams that monitor complaint trends and report to the FCA. Actions to consider (process steps only) 1. Access the RSS feed and download the Excel data set and Tableau dashboard links. 2. Import the data into your internal complaints‑tracking system or BI tool. 3. Compare the new figures with your own complaint volumes to identify any product‑group or cause‑specific spikes. 4. Update internal monitoring dashboards and, if required, adjust complaint‑handling procedures or escalation thresholds. 5. Document the source and date of the data for audit‑trail purposes. Deadline – No regulatory deadline attached; data is available immediately and should be reviewed as part of your next regular complaint‑performance reporting cycle. Source – https://www.fca.org.uk/news/opened‑complaints (RSS feed) – FCA RSS document.23 October 2025
- News & SpeechesComplaints upheldWhat changed – The FCA now publishes a new Tableau‑based dashboard showing the number of complaints that have been upheld (i.e., the firm was found to have acted incorrectly) broken down by product group and firm type. The underlying data and explanatory notes are available for download as an Excel file. Who is affected – All FCA‑regulated firms (banks, insurers, investment firms, consumer credit firms, etc.) that receive customer complaints, as well as the compliance teams that monitor complaint handling performance. Actions to consider (process steps only) 1. Access the dashboard – Visit the FCA’s “Complaints upheld” RSS page and open the Tableau visualisation. 2. Download the data – Click the link to the XLSX file and save the dataset and notes. 3. Benchmark your firm – Compare your firm’s upheld‑complaint rates against the relevant product‑group and firm‑type averages. 4. Identify gaps – Highlight any areas where your firm’s rate exceeds the industry average. 5. Update internal reporting – Incorporate the latest FCA data into your monthly/quarter‑end complaint‑handling reports. 6. Review remediation procedures – If your firm’s upheld‑complaint rate is high, trigger a review of complaint investigation and resolution processes. Deadline – The dashboard is live now and will be refreshed regularly; firms should review the latest data at least once per quarter to stay current. Source – FCA RSS feed: “Complaints upheld” – Tableau public dashboard (downloadable XLSX).23 October 2025
- News & SpeechesClosed complaintsWhat changed – The FCA has published a new RSS feed showing a detailed snapshot of closed complaints by product group and firm type, together with the timeframes in which they were resolved. The feed also provides links to the underlying Tableau dashboards and an Excel file (XLSX) containing the raw data and notes. Who’s affected – All FCA‑regulated firms (banks, insurers, investment firms, etc.) and their compliance, consumer‑complaints and reporting teams that monitor complaint handling performance. Actions to consider (process steps only) 1. Access the RSS feed and download the Excel data file. 2. Review the Tableau dashboards to understand closure rates and resolution times by product and firm type. 3. Benchmark your firm’s complaint‑closure performance against the published figures. 4. If gaps are identified, update internal complaint‑handling procedures and reporting templates. 5. Document any changes in your FCA‑required complaints‑handling KPI reports for the next supervisory review. Deadline – No formal deadline is attached; the data is published on an ongoing basis. Firms should incorporate the latest snapshot into their next quarterly compliance review. Source – https://www.fca.org.uk/news/closed‑complaints (RSS feed) FCA document type – RSS.23 October 2025
- News & SpeechesRedress paidWhat changed – The FCA has published a new Tableau‑based dashboard showing the total redress paid for complaints that were either upheld or not upheld, broken down by product group. The release also includes an Excel file (XLSX) with the underlying data and accompanying notes. Who’s affected – All FCA‑regulated firms that handle consumer complaints (e.g., banks, insurers, investment firms) and their compliance teams, as well as consumers who may wish to benchmark redress outcomes across product categories. Actions to consider (process steps only) 1. Download the data – Access the XLSX file from the dashboard page. 2. Validate internal records – Compare your firm’s redress payments against the published figures for the relevant product groups. 3. Update internal reporting – Adjust any internal KPI or regulatory reporting templates to reflect the latest FCA redress statistics. 4. Identify gaps – Highlight any discrepancies or trends (e.g., higher redress per complaint in a specific product) for further investigation. 5. Document findings – Record the analysis in your compliance risk register and flag any required remedial actions. Deadline – No formal deadline is attached to the data release, but firms should review the information as soon as practicable to ensure ongoing compliance with FCA reporting expectations. Source – FCA website (RSS feed). FCA document type – RSS.23 October 2025
- News & SpeechesHardwiring finance into national securitySpeech by Nikhil Rathi, FCA chief executive at the Corporation of the City of London’s annual City Dinner. Lord Mayor, this evening I want to discuss the role finance must play in our national security.Few have done more than you to put security and defence at the heart of the City’s conversation. You are, after all, the decorated chair of the Square Mile reservists – in which the Lady Mayoress herself serves. I can see what you’re thinking: Goodness, Nikhil, couldn’t you go for something a little lighter? Something less contentious, like how to define high commission on motor finance?You may rather I take up your call on risk warnings or talk about our supervisory approach and the need for more consistency and pace all the way through our organisation. Feedback we have heard and are responding to. You perhaps think I have nothing to offer but blood, toil, guidance...22 October 2025
- News & SpeechesDo the right thing: Part IISpeech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at the City & Financial Global FCA Investigations and Enforcement Summit. Speaker: Therese Chambers, joint executive director of enforcement and market oversightEvent: City & Financial Global FCA Investigations and Enforcement SummitDelivered: 20 October 2025Note: this is the speech as drafted and may differ from the delivered versionReading time: 14 minutesKey messages:We expect firms to do the right thing, and where they do, we will work with them.We are pragmatic in our approach, but dig in when necessary.We want to play our part in creating an environment in which consumers and firms thrive.21 October 2025
- News & SpeechesGovernment’s decision on reforming anti-money laundering and counter-terrorism financing supervisionResponding to the Government’s decision on reforming anti-money laundering and counter-terrorism financing supervision, Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'We recognise the benefits of an improved regime for anti-money laundering supervision. These changes will simplify the supervision of professional services, ensure more consistent oversight and help us identify and disrupt crime.'The FCA will work closely with the Government, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Professional Body Supervisors, HMRC, the firms we will be supervising and others, as we work together to equip the UK to better fight financial crime. We can draw on our extensive expertise in this area to facilitate a smooth transition and ensure effective regulation.'The new regime will create enhanced opportunities for collaboration with key partners, including law enforcement, to tackle money laundering.'The FCA operates nationwide and we anticipate having a significant presence for this new regime...21 October 2025
- News & SpeechesCheshire Neighbours Credit Union Limited declared in default by FSCSOn 21 October 2025, the Financial Services Compensation Scheme (FSCS) declared Cheshire Neighbours Credit Union Limited in default, and it has stopped trading. Cheshire Neighbours Credit Union is a financial co-operative owned by its members. It is regulated by the Prudential Regulation Authority and the Financial Conduct Authority (FCA) as a deposit-taker under Firm Reference Number (FRN) 215692.Cheshire Neighbours Credit Union was in the process of winding down before being declared in default, and has attempted to contact all its members. Many members of Cheshire Neighbours Credit Union have already had their funds returned to them.The FSCS is stepping in to protect any members who've not already had their money returned by Cheshire Neighbours Credit Union. The FSCS will attempt to contact and return members’ money. Find out more on the FSCS website.Members who've not already received their funds from Cheshire Neighbours Credit Union and do not receive a payment...Consumer CreditBanking21 October 2025 · deadline 30 Oct
- News & SpeechesMulti-firm review of client categorisation in corporate finance firms: high-level observationsWe reviewed firms’ compliance with COBS3 client categorisation rules and COBS4 certification requirements. We found gaps in firms’ assessments and records.Investment20 October 2025
- News & SpeechesFinancial crime oversight in corporate finance firms shows gaps, says FCAA recent survey found that two-thirds of corporate finance firms not required to submit financial crime returns may be falling short of money laundering rules. Corporate finance firms help businesses raise money by connecting them with investors or lenders and are vital to the growth and success of the UK economy – making effective financial crime controls essential.11% of responding firms reported having no documented business-wide risk assessment, which is a requirement under the Money Laundering Regulations. Without a business-wide risk assessment, firms are leaving themselves and the wider market vulnerable to money laundering, fraud and other forms of financial crime.Other findings from the survey that highlighted areas for improvement included:10% of firms stated they did not retain documented evidence of customer due diligence.29% of principal firms said they did not conduct financial crime risk assessments for their appointed representatives.6% of principal firms reported not monitoring their appointed representatives’ compliance...Consumer CreditCorporate Finance20 October 2025
- News & SpeechesFinancial crime controls in corporate finance firms: survey findingsExplore the findings from our survey on financial crime controls in corporate finance firms (CFFs), including areas for improvement and good practice.Corporate Finance20 October 2025
- News & SpeechesJapan and the UK: Shared growth, shared futureSpeech by Nikhil Rathi, FCA chief executive, at Japan Weeks in Tokyo. While most people might expect Japan and the UK to be quite different, I have found that we have quite a bit in common.Our countries share a love of timeliness, preparedness, queueing – and, apparently, Paddington Bear.The UK has loved seeing His Excellency Hiroshi Suzuki, Japanese Ambassador to the UK, bringing Paddington everywhere from London to Nagoya – via Shinkansen, no less.These are recent links.The relationship between the UK and Japan spans centuries.In 1858, we signed the Treaty of Amity and Commerce. I find that name fitting, as the spirit of friendship has endured.In the nineties, both countries held festivals showcasing the other’s culture.And during a recent visit to Japan, the Duchess of Edinburgh and Crown Princess Akishino planted an English oak tree at the State Guest House – one grown from a tree planted by Queen Elizabeth...Consumer CreditBanking19 October 2025
- News & SpeechesBanks need to help 'break the spell' of romance scamsThe FCA found examples of banks going to significant lengths to protect those at risk of romance fraud, but also uncovered missed opportunities to prevent these scams, which cost victims £106m last year. One of the cases the FCA reviewed involved a victim losing more than £428,000.Romance fraud is a growing financial crime, with cases rising by 9% last year. Victims are deceived into sending money to fraudsters who engineer false romantic relationships or friendships. Over 8 in 10 cases (85%) start online, particularly through social media and dating websites, suggesting platforms have a critical role to play in preventing fraud and reducing harm.In its romance fraud review, the FCA has set out measures banks and other payment firms can take to protect their customers. These include better detection and monitoring systems, staff training, early identification of signs of vulnerability, and compassionate aftercare.Key findingsIntervention and prevention are made difficult for...PaymentsBanking17 October 2025
- News & SpeechesCombating romance fraud – prevention, detection and supporting victimsFighting financial crime, including Authorised Push Payment (APP) fraud continues to be one of our strategic priorities. This is in line with the national system priorities, which include frauds that cause high levels of harm, such as romance fraud. We set out key findings from our review of how firms detect and prevent romance fraud, and the measures they take to protect their customers against it. ... Who this review applies toThis multi-firm review will be of interest to UK Payment Service Providers (PSPs), including banks, building societies, and other businesses that provide payment accounts.PaymentsBanking17 October 2025