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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 481–520 of 561.

DecisionFCA fines oil rig consultant £309,843 for insider dealingThe 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 to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price. On another occasion, he used inside information to avoid a loss. He sold shares that he already owned ahead of an announcement that no oil or gas had been found, which then resulted in a price fall. The FCA was initially notified of some of Mr Gerrity’s trading through Suspicious Transaction and Order Reports (STORs) submitted by a firm, showing the vital role of industry in uncovering market abuse. During its subsequent investigation, the FCA’s...Investment16 January 2026
Handbook UpdateStablecoin SprintWe’re bringing together innovators, consumer groups, regulators, government and industry leaders to help shape the future of stablecoin payments in the UK. ... AgendaSprint: March 2026Help to shape policy and set standards for the future of payments.The event will focus on:Retail payments.Cross-border payments.E-commerce and business-to-business (B2B) transactions.Remittance.Trade payments roundtable: May 2026We’re also running a roundtable in May, focusing on trade payments, including:B2B and trade finance applications.Related payment flows (domestic and international). ... Who is this forThis sprint is open to:Fintech firms.Payment institutions, including electronic money firms and merchant acquirers.Banks and other traditional regulated financial institutions.Technology providers.Large corporate enterprise users of stablecoins.Stablecoin issuers.Consultants.Trade bodies.Law firms.Consumer representative groups.Merchant representative groups.Those with experience as:Product managers.Proposition and strategy managers.Digital asset consultants.Fintech founders or executives.Distributed ledger technology or stablecoin infrastructure and software managers. ... How to registerIf you’re interested in taking part, please complete an application form by midnight, Wednesday 4 February 2026.Apply nowWe'll let...PaymentsBanking15 January 2026 · deadline 13 Feb
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
ConsultationHigh impactCP26/3: Retail Banking Business Models dataWe’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...Banking14 January 2026 · deadline 4 Mar
ConsultationCP26/2: Financial Services Compensation Scheme – Management Expenses Levy Limit 2026/27We 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...13 January 2026
Market BulletinPrimary Market Bulletin 61Newsletter for primary market participants.January 2026 / No. 61.Corporate Finance12 January 2026
Market BulletinFG26/1: Primary Market Bulletin No. 61The Knowledge Base will be updated on 19 January 2026 with the guidance set out in Primary Market Bulletin No. 61. ... Date of consultation17 October 2025Summary of changes to the Knowledge BaseThe Knowledge Base is our repository of non-Handbook commentary that has the status of formal FCA guidance. It is a series of short procedural and technical notes ordered by topic. The notes cover aspects of, among others, the UK Listing Rules, Prospectus Regulation Rules (until 18 January 2026) the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook (from 19 January 2026) and Disclosure Guidance and Transparency Rules. The information aims to help issuers, sponsors and practitioners interpret these rules. We will make the following changes to the Knowledge Base on 19 January 2026, following our consultation in Primary Market Bulletin No. 58:Adding the following new technical notes: Content of the prospectus exemption document for takeovers,...BankingCorporate Finance12 January 2026
GuidanceGC26/1: Primary Market Bulletin No. 61We 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...Corporate Finance12 January 2026 · deadline 16 Feb
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

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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
Handbook UpdateAdvice Guidance Boundary Review (AGBR) – Targeted Support Policy SprintIn February 2025, we launched the Advice Guidance Boundary Review (AGBR) Targeted Support Policy Sprint. ... AgendaThe Sprint was part of our work to bridge the gap between information and guidance, and more comprehensive forms of investment advice.It tested our proposals for targeted support, where firms provide suggestions for groups of consumers with common characteristics, to help them make important decisions.Read more about targeted supportParticipants included:retail banksinvestment platformswealth managersWhile we regularly run TechSprints to address industry challenges, this was the first time we used this method to gather evidence and insight from industry stakeholders, including trade bodies and members of the regulatory family, to help develop a policy framework that is data driven and effective. ... OutcomesOver 6 weeks, 12 FCA-authorised firms designed, built and tested digital consumer journeys.We wanted to explore how well consumers:Engaged with and understood targeted support.Knew they weren't receiving a personal recommendation.Participants created the customer-facing elements...InvestmentBanking9 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
ConsultationPriorityCP26/1: The Value for Money Framework: Response to consultation, further consultation and discussion paperThe 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...Corporate Finance8 January 2026
Decision2026 finesThis 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 Principle 1 and Premium Listing Principle 2.Zafar Khan07/01/2026£138,900The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.PaymentsConsumer CreditInvestment8 January 2026
DecisionFCA fines former finance directors of Carillion plc (in liquidation)The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision.As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.Steve Smart, joint executive director of enforcement and...PaymentsConsumer CreditInvestment7 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
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
ConsultationPriorityCP25/30: Streamlining the UK EMIR Intragroup RegimeRead 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...Payments5 November 2025 · deadline 16 Jan
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
DecisionIndividual convicted and fined for data protection breachTaunton-based Luke Coleman, aged 30, has pleaded guilty to unlawfully obtaining and the subsequent disclosure of personal data in breach of the Data Protection Act, following a prosecution by the FCA. Coleman, who was employed by Virgin Media O2, sold confidential customer data to family friend Nicholas Harper for use in a boiler room fraud.Raymondip Bedi and Patrick Mavanga were subsequently sentenced to a combined 12 years of imprisonment for their role in a crypto scam which defrauded at least 65 investors out of £1,541,799.Harper had earlier pleaded guilty to assisting an offence to be committed in breach of the Data Protection Act but was subsequently acquitted of conspiracy to defraud by a jury.Coleman was suspended by his employer, pending the outcome of the criminal investigation.A fine is the maximum penalty for this type of offence. Coleman was fined £384. He was ordered to pay a £38 surcharge and prosecution...29 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
ConsultationHigh impactCP25/29: Changes to the UK Short Selling RegimeWe 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...Consumer Credit28 October 2025 · deadline 16 Dec
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
Data ReleaseWhistleblowing quarterly data 2025 Q3Our data shows the number of new whistleblowing reports we received between July and September 2025, and existing reports closed during this period. ... The data shows: how we received the reportwhat the report was aboutwhat level of action we have takenWe assess every whistleblowing report we receive that falls within our remit, to inform our work and help us identify actual or potential harm. This could be harm to consumers, to markets, to the UK economy or to wider society.What we can shareWe know that greater transparency about the whistleblowing reports we receive is important, and we are constantly trying to improve the information we make public.However, our reviews will usually involve confidential information restricted by the Financial Services and Markets Act 2000 (FSMA), including that relating to our supervision and enforcement work. This restriction may limit the information we can share with whistleblowers.Find out what we can shareWhistleblowing...PaymentsConsumer Credit24 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