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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 41–80 of 561.

News & SpeechesMarket integrity in a digital ageWhat changed – The FCA Chief Executive, Nikhil Rathi, used his City Dinner speech to reaffirm the regulator’s focus on market‑integrity challenges posed by emerging digital technologies (AI, tokenisation, Open Finance). No new rules were announced, but the message signals that the FCA will increasingly scrutinise how firms use these tools and the transparency of cross‑border trading. Who’s affected – All UK‑based firms that trade or provide services in FX, derivatives, investment management, commercial insurance, or any other regulated activity that relies on digital platforms – essentially the whole financial‑services sector. Actions to consider (process steps only) 1. Governance review – Map current AI, tokenisation and Open‑Finance initiatives against FCA expectations on market integrity and data security. 2. Risk assessment – Conduct a gap analysis for model‑risk, algorithmic‑trading and token‑issuance controls, documenting any identified weaknesses. 3. Policy update – Amend internal policies to embed FCA‑aligned transparency, audit‑trail and consumer‑protection provisions for digital products. 4. Training – Roll out targeted staff training on FCA’s digital‑integrity expectations, focusing on senior management and model‑risk teams. 5. Engagement – Prepare to respond to any forthcoming FCA consultations on AI or tokenisation by establishing a cross‑functional liaison team. Deadlines – No statutory deadline attached to the speech; however, firms should aim to complete the above reviews before the FCA’s next thematic consultation on digital market integrity (anticipated Q2 2025). Source – https://www.fca.org.uk/speeches/market-integrity-digital-age (RSS) – FCA speech.PaymentsInsuranceBanking22 October 2026
ConsultationHigh impactCP26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2What changed – The FCA is consulting on Phase 2 of the SM&CR reforms (CP26/37). Key proposals are: Remove several Senior Management Functions (SMFs) and shift other roles to “notified” status, cutting the number of SMF applications. Streamline the SMF application process and eliminate ongoing submissions of Statements of Responsibilities and Management Responsibility Maps. Raise the firm‑size threshold for the Enhanced SM&CR regime, reducing the number of firms subject to it. Remove the Certification Regime and retire the Directory of certified and assessed persons. Simplify Conduct‑Rule training and raise the breach‑reporting thresholds. Who is affected – All firms already subject to SM&CR (including UK‑based and third‑country branches) and firms that will fall within SM&CR – notably crypto‑asset firms seeking authorisation. Firms regulated by both the FCA and PRA should also review the PRA’s parallel consultation (CP14/26). Actions to consider (process steps only) 1. Map current SMF and certified‑person roles against the proposed removals/notifications. 2. Update internal SMF application and approval workflows to reflect the streamlined process. 3. Review firm‑size metrics to determine whether the Enhanced regime will still apply. 4. Amend Conduct‑Rule training programmes to align with the simplified requirements. 5. Prepare a response to the consultation, focusing on any practical impacts of the proposed changes. Deadline – Submit comments via the FCA online response form by 22 January 2027. The final Policy Statement is expected in the first half of 2027. Source – FCA Consultation Paper CP26/37 (CP). --- Word count: 158Banking22 October 2026 · deadline 22 Jan
News & SpeechesLeeds office moveWhat changed? MEMA has signed a lease for a new, permanent office at 2 Wellington Place, Leeds. The premises provide 36,097 sq ft and will become the firm’s long‑term Leeds base from 2028, replacing the current 6 Queen Street location. Who is affected? All MEMA staff and contractors working in Leeds, as well as any third‑party service providers (e.g., facilities, IT, health‑and‑safety) supporting the Leeds site. The move also supports MEMA’s broader 5‑year strategy to locate 1,000 roles outside London by 2030. Actions to consider (process steps only) 1. Facilities & HR: Begin workforce‑impact assessments and plan for any relocation assistance or remote‑work arrangements. 2. IT & Security: Inventory current Leeds assets; develop a migration plan for servers, networks, and data protection controls to the new site. 3. Compliance & Legal: Review lease terms for FCA‑relevant obligations (e.g., business continuity, record‑keeping) and update internal policies accordingly. 4. Communications: Draft internal and external communications timelines, ensuring clients are informed of any service continuity measures. 5. Health & Safety: Conduct risk assessments for the new premises and update emergency procedures. Key deadline Target operational start at the new Leeds office: 2028 (exact date to be confirmed). Further details will be issued as the move approaches. Source: MEMA internal RSS feed – “Leeds office move”. Document type: RSS.Corporate Finance22 October 2026
Data ReleaseComplaints data: 2026 H1What changed The FCA’s H1‑2026 complaints dataset shows 1.85 million complaints received – a 6.3 % rise on H2‑2025 (1.74 m). Complaints upheld fell slightly to 54.8 % (down 0.8 pp). Redress paid increased to £240 m (+1.8 % YoY). 44.8 % of complaints were closed within 3 days; 94.5 % were resolved within 8 weeks. Who’s affected All FCA‑regulated firms (banks, insurers, pension providers, investment firms, etc.) – especially those in current‑account, credit‑card and home‑finance segments, which generated the highest complaint volumes. Consumers can use the data to benchmark a firm’s handling of complaints. Actions to consider (process steps only) 1. Review the H1‑2026 dataset (downloadable Excel) and compare your firm’s complaint volume, uplift, and redress against the aggregate figures. 2. Benchmark product‑level performance – identify any product lines where your complaint rate exceeds the sector average. 3. Assess resolution times – ensure ≥ 94 % of complaints are closed within 8 weeks; aim to improve the 44.8 % closed within 3 days metric. 4. Update internal reporting to reflect the new FCA baseline for upheld complaints (54.8 %) and redress expectations (£240 m total). 5. Document any emerging trends (e.g., rise in current‑account complaints) for senior risk and compliance reviews. Key deadlines No statutory deadline attached to the dataset release; however, firms must continue to submit quarterly complaints data to the FCA as per the FCA Rulebook COBS 4.9.2R (next filing due 31 Oct 2026 for H2‑2026). Source FCA, “Complaints data: 2026 H1”, Data (interactive dashboard & Excel download). https://www.fca.org.uk/complaints-data-2026-h1Consumer CreditInsuranceMortgages22 October 2026
News & SpeechesBanking and credit cards complaints 2026 H1What changed – In the first half of 2026, FCA‑recorded complaints on banking and credit‑card products rose to 898,877, a 4.8 % increase on H2 2025. The biggest growth was in current‑account complaints, up 6.8 % to 525,653. Credit‑card complaints rose modestly to 219,131, while savings/ISA complaints grew 5.7 % to 87,204. “Other banking” complaints fell 7.3 % to 21,464. Who is affected – All FCA‑regulated banks, building societies and credit‑card issuers that handle current accounts, credit‑card, savings and ISA products. The rise in complaints signals heightened scrutiny for firms with large current‑account portfolios. Actions to consider (process steps only) 1. Review complaint handling metrics for current‑account, credit‑card and savings products against the H1 2026 figures. 2. Benchmark internal complaint volumes against the sector totals to identify any out‑liers. 3. Update root‑cause analysis for current‑account issues (e.g., service delays, fees) and implement corrective action plans. 4. Confirm that complaint‑escalation procedures meet FCA expectations for timeliness and resolution quality. 5. Prepare a quarterly report for senior management highlighting any material trends and remediation steps. Deadline – The FCA expects firms to incorporate H1 2026 complaint data into their annual compliance review due by 31 December 2026. Source – FCA, Banking and credit cards complaints 2026 H1 (RSS feed). https://www.fca.org.uk/news/rss/banking-credit-cards-complaints-2026-h1Consumer CreditBanking22 October 2026
Data ReleaseAggregate-level complaints data sortable tables: 2026 H1What changed – The FCA has released the first half‑year (H1 2026) aggregate‑level complaints data in sortable tables, extending the quarterly series that previously covered up to H2 2025. The dataset adds the latest complaint counts for each product and product‑group, allowing firms to compare trends across four periods (2024 H2, 2025 H1, 2025 H2, 2026 H1). Who is affected – All FCA‑regulated firms that publish complaints data (e.g., banks, insurers, pension providers, home‑finance lenders) and any third‑party compliance teams that monitor sector‑wide complaint trends. Actions to consider (process steps only) 1. Access the FCA data portal and download the “Aggregate‑level complaints data sortable tables: 2026 H1” file. 2. Use the built‑in search, filter, and sort functions to isolate your firm’s product lines. 3. Benchmark your H1 2026 complaint volumes against the previous three periods to identify upward or downward trends. 4. Update internal complaints‑tracking dashboards and, if required, adjust monitoring thresholds or escalation procedures. 5. Document any significant changes in the firm’s annual FCA complaints report (due by 31 January 2027). Deadline – Data are now live; firms should complete the above steps before the next FCA reporting deadline (31 January 2027) to ensure the latest figures are reflected in their annual complaints disclosures. Source – FCA, “Aggregate‑level complaints data sortable tables: 2026 H1”, Data set. https://www.fca.org.uk/data/complaints/aggregate‑level‑2026‑h1Consumer CreditInvestmentInsurance22 October 2026
News & SpeechesInvestments complaints 2026 H1What changed – In the first half of 2026, FCA‑recorded complaints about investment products rose to 67,935, a 25.2 % increase on H2 2025. The biggest growth was in platform‑related complaints (+45.6 %, to 12,874) and Investment ISA complaints (+28.7 %). Investment bonds (+17.9 %) and multi‑product packaged investments also rose sharply (from 67 to 143 complaints). Who’s affected – All FCA‑regulated firms that sell or distribute investment products, especially: Platform providers (e.g., retail investment platforms, wealth‑tech firms) Firms offering Investment ISAs Providers of investment bonds and other collective investment schemes Actions to consider (process steps only) 1. Review complaint handling metrics – benchmark current volumes against the H1 2026 figures and identify any spikes in your product lines. 2. Prioritise root‑cause analysis – for platform and ISA complaints, map common issues (e.g., execution delays, mis‑selling, communication gaps). 3. Update training & communications – reinforce product‑specific guidance for staff handling ISAs, bonds and platform queries. 4. Enhance monitoring – implement real‑time dashboards to flag rising complaint categories and trigger escalation. 5. Report to senior management – ensure quarterly FCA reporting reflects the increased complaint volumes and any remedial actions taken. Deadline – The FCA expects firms to incorporate these insights into their next quarterly complaint‑handling review, due by 31 October 2026 (the end of Q3 2026 reporting period). Source – FCA RSS feed, “Investments complaints 2026 H1”. Document type: RSS.22 October 2026
News & SpeechesHome finance complaints 2026 H1What changed Total home‑finance complaints fell to 72,870 in H1 2026, a 3.7 % drop versus H2 2025. Complaints about regulated home‑finance products fell 3.8 % (58,073 → 55,889). Unregulated home‑finance complaints fell 3.2 %. Equity‑release complaints fell 10.8 %. Complaints on second/subsequent charge products rose slightly (3,097 → 3,108). Who is affected All FCA‑regulated firms offering home‑finance products (mortgages, home‑equity loans, equity‑release, etc.). Firms with second‑charge or subsequent‑charge products will see a modest increase in complaint volume. Actions to consider (process steps only) 1. Review Q1‑Q2 2026 complaint data against internal benchmarks. 2. Identify product lines with rising complaints (e.g., second/subsequent charges). 3. Update complaint handling procedures to ensure timely acknowledgment (within 5 business days) and resolution (within 8 weeks). 4. Enhance monitoring of equity‑release and unregulated product complaints to sustain downward trend. 5. Report aggregated figures in the next FCA quarterly complaint filing. Key deadline FCA quarterly complaint reporting due by 31 July 2026 for the H1 2026 period. Source FCA RSS feed: Home finance complaints 2026 H1 – RSS document.Mortgages22 October 2026
News & SpeechesDecumulation and pensions complaints 2026 H1What changed Total decumulation‑and‑pensions complaints rose to 88,701 in H1 2026, a 0.7 % increase on H2 2025. Non‑workplace personal pensions remained the biggest source of complaints, rising 6.9 % to 52,473 (59.2 % of the sector). Drawdown & UFPLS complaints grew 5.1 %. Trust‑based pension complaints fell sharply ‑60.5 % to 2,053. Workplace personal pensions and annuities held steady at 19.7 % and 9.0 % of total complaints respectively. Who’s affected All FCA‑regulated firms that administer or advise on decumulation‑stage products (personal pensions, workplace pensions, annuities, drawdown, UFPLS). Particularly firms with large non‑workplace personal pension portfolios, as they now face the highest complaint volume. Actions to consider (process steps only) 1. Review complaint handling metrics against the H1 2026 figures; benchmark against the sector averages above. 2. Prioritise root‑cause analysis for non‑workplace personal pension complaints (e.g., product disclosures, transfer processes). 3. Update training for front‑office and complaints teams on the most frequent issues identified in H1 2026. 4. Re‑assess risk controls for drawdown/UFPLS products, given the 5 % rise in complaints. 5. Document any remedial actions and monitor trends for the next reporting period. Deadline Incorporate these reviews into your Q3 2026 internal compliance reporting (by 31 Oct 2026) to align with FCA monitoring cycles. Source: FCA RSS feed – “Decumulation and pensions complaints 2026 H1”.22 October 2026

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News & SpeechesInsurance and pure protection complaints 2026 H1What changed Total complaints on insurance and pure‑protection products rose to 722,974 in H1 2026, an 8.6 % increase on H2 2025. Motor and transport insurance complaints were the largest segment at 237,421, up 10.1 % year‑on‑year. Warranty complaints jumped 26.9 % (61,571 → 78,119) and travel complaints rose 26.4 % (33,406 → 42,215). Property insurance complaints fell 3.8 % to 85,527. Who is affected All FCA‑regulated insurers and pure‑protection firms that handle motor, transport, general, property, warranty or travel products. Firms that submit quarterly complaint data to the FCA and the Financial Services Consumer Panel. Process steps to consider 1. Review internal complaint logs to verify that the increase in motor, warranty and travel complaints is captured accurately. 2. Update complaint‑handling procedures to ensure timely acknowledgment (within 5 business days) and resolution (within 8 weeks) for the higher‑volume categories. 3. Enhance root‑cause analysis for motor and warranty complaints to identify systemic issues (e.g., policy wording, claims handling). 4. Report revised figures in the next FCA quarterly complaint data submission (due 30 days after the quarter end). 5. Communicate trends to senior management and the board to inform risk‑based oversight and product‑review cycles. Deadlines No new regulatory deadline introduced; continue to meet existing FCA complaint‑reporting timelines (quarterly submissions within 30 days of quarter close). Source: FCA RSS feed – “Insurance and pure protection complaints 2026 H1”. Document type: RSS.Insurance22 October 2026
News & SpeechesReshaping regulation, deliberatelyWhat changed – The FCA has announced a next‑phase of its retail‑investment reform, moving beyond “prescriptive disclosures” to a outcomes‑focused approach under the Consumer Duty. New rules will allow firms to provide targeted support and simplified advice at lower cost, with guidance and case‑studies to be published shortly. Who is affected – All FCA‑regulated retail investment firms (e.g., wealth managers, platforms, and advisers) that currently provide advice or guidance to retail customers. The changes also impact the Financial Ombudsman Service, which will co‑publish the case studies. Actions to consider (process steps only) 1. Review current advice and disclosure policies against the upcoming “targeted support” framework. 2. Map client journeys to identify where simplified advice can be introduced without breaching suitability requirements. 3. Engage with the FCA’s forthcoming guidance and the Ombudsman‑produced case studies as soon as they are released. 4. Update internal training, compliance checks, and product documentation to reflect the outcomes‑focused Consumer Duty. 5. Test the new advice models on a pilot basis and record investment‑behaviour impacts. Deadlines – The FCA expects the updated rules and case studies to be published within the next 3 months (by 31 January 2027). Firms should have revised policies and pilot programmes ready by 30 April 2027 to demonstrate compliance ahead of any formal supervisory review. Source – https://www.fca.org.uk/speeches/reshaping-regulation-deliberately (RSS) FCA document type – RSS (speech).21 October 2026
GuidanceGC26/7: Decentralised finance guidance (DeFi)What changed – The FCA has opened a consultation on draft non‑Handbook guidance (GC26/7) for firms that provide financial services using decentralised finance (DeFi). The guidance focuses on operational‑resilience (SYSC 15A) and financial‑crime (SYSC 6) risks and aligns DeFi activities with the Money‑Laundering Regulations (MLRs). It will be finalised in January 2027 and sits alongside the crypto‑asset perimeter consultation (CP26/36). Who is affected – All FCA‑regulated firms that use DeFi and fall within SYSC 15A, SYSC 6, or the MLRs. It also matters to other FCA‑regulated firms, non‑authorised participants in DeFi, industry bodies, advisers, consumer groups, policymakers, academics and commentators. Actions to consider (process steps) 1. Review the draft guidance and the related CP26/36 perimeter paper. 2. Map current DeFi‑related services against SYSC 15A, SYSC 6 and MLR requirements. 3. Identify gaps in operational‑resilience and financial‑crime controls; draft remediation plans. 4. Submit comments (confidential or named) via the online response form or email gc26-7@fca.org.uk. 5. Prepare for the regulatory change effective 25 Oct 2027 when the Crypto‑assets Regulations 2026 expand the FCA perimeter. Deadline – Consultation closes 18 Nov 2026; final guidance expected Jan 2027; new regulatory perimeter starts 25 Oct 2027. Source – FCA, GC26/7: Decentralised finance guidance (GC). https://www.fca.org.uk/publication/guidance/gc26-7.pdfPayments21 October 2026 · deadline 18 Nov
ConsultationHigh impactCP26/36: Cryptoasset perimeter guidanceWhat changed – The draft Crypto‑assets (Miscellaneous Amendments) Regulations 2026 adds a set of exclusions to the UK crypto‑asset regulatory perimeter. Excluded activities include: temporary settlement arrangements; temporary UK‑qualifying stable‑coin holding for payment transactions; arrangements that hold backing assets for a UK‑qualifying stable‑coin; proprietary trading that is not a service to another person or that is merely market‑making on a QCATP; and “technical services” that only provide access to a third‑party service or a decentralised protocol. The regime will take effect on 25 Oct 2027. Who is affected – Any firm or individual that currently carries out, or plans to carry out, regulated crypto‑asset activities in the UK after the 25 Oct 2027 date, including existing FSMA‑authorised firms that may need to vary permissions. Central securities depositaries (including third‑country CSDs) with crypto‑asset safeguarding arrangements, trade associations and advisers supporting crypto‑asset authorisations are also in scope. Actions to consider (process steps only) 1. Review your business model against the listed exclusions. 2. Determine whether you still need FCA permission for any remaining regulated activities. 3. If you are uncertain about the “technical services provider” exclusion and it has delayed your application, prepare a complete application and note the material impact. 4. Engage with the FCA’s pre‑application support service for guidance. 5. Submit a response to the consultation (online form or email) by 18 Nov 2026. 6. Monitor for the final guidance expected in Jan 2027 and adjust permissions accordingly before the 25 Oct 2027 launch date. Source – FCA Consultation Paper CP26/36 (Crypto‑asset perimeter guidance), consultation response deadline 18 Nov 2026. URL: https://www.fca.org.uk/publication/cp/cp26-36.pdf.PaymentsConsumer CreditBanking21 October 2026 · deadline 18 Nov
News & SpeechesFormer chief executive banned after misconduct led to £4m losses in high-risk investmentsWhat changed – The FCA has issued final notices banning former Vector Wealth Ltd chief executive Jeffrey Dawkins and former senior manager Kadir Kanizi from holding any senior‑management or director role at an FCA‑authorised firm. Dawkins is also fined ≈£270,000 (including a £57,298 repayment with interest) and Kanizi fined for failing to warn investors about the high‑risk nature of mini‑bonds. Who is affected – Jeffrey Dawkins (individual) – barred from senior‑management positions. Kadir Kanizi (individual) – barred from senior‑management positions. Vector Wealth Ltd – its authorisation ends 28 January 2025; any future dealings with the firm must treat it as unauthorised. Investors in the promoted mini‑bonds (average £105k, one £1.1 m) who now face ~£4 m total losses. Actions to consider (process steps only) 1. Review internal registers of approved persons and remove Dawkins and Kanizi from any senior‑management or director listings. 2. Update client‑onboarding and marketing material to reflect the FCA’s warning on mini‑bonds/loan notes and ensure risk disclosures meet FCA standards. 3. Verify that any change‑of‑control notifications for authorised firms are filed within the statutory period. 4. Use the FCA Firm Checker to confirm the current authorisation status of any counterparties. Deadlines – No further compliance deadline is specified beyond the immediate enforcement of the bans; ensure all internal updates are completed as soon as practicable. Source – FCA enforcement RSS feed (Final Notices). Document type – RSS.PaymentsConsumer Credit21 October 2026
News & SpeechesAI in financial services: good practice and areas for improvementWhat changed – The FCA published new guidance on the safe and responsible use of artificial intelligence (AI) in financial services, outlining good‑practice examples and pinpointing areas that need improvement. It introduces the FCA’s AI Lab initiatives – AI Live Testing and the Supercharged Sandbox – as tools for firms to trial AI models under supervisory oversight. Who’s affected – All FCA‑regulated firms that develop, deploy or rely on AI‑driven systems for customer‑facing or back‑office functions (e.g., banks, insurers, investment firms, fintechs and third‑party AI providers). Actions to consider (process steps only) 1. Map AI use – Catalogue every AI application, its purpose, data inputs and decision‑making impact. 2. Risk assessment – Apply the FCA’s AI risk framework (model risk, bias, explainability, data quality, cyber‑security). 3. Engage the AI Lab – Register for AI Live Testing or the Supercharged Sandbox to trial high‑risk models with FCA supervision. 4. Governance upgrade – Embed AI‑specific controls in model validation, monitoring and escalation procedures. 5. Documentation – Produce a clear AI‑use policy, including mitigation steps for identified gaps. Deadline – Firms should complete the initial AI inventory and risk assessment by 31 March 2025 to be ready for FCA‑run testing programmes that commence in Q2 2025. Source – FCA RSS feed: “AI in financial services: good practice and areas for improvement” (RSS).19 October 2026
News & SpeechesBuilding the future of finance in the age of AIWhat changed – The FCA announced how it will operationalise the July 2024 Mills Review on AI in finance. Six of the seven recommendations are being embedded now, with a shift from consultation to “testing, assurance, monitoring and surveillance” of AI deployments across retail and wholesale markets. The regulator is also demanding that AI‑platform providers add clear, proportionate disclaimer notices when their large‑language‑model outputs contain financial information or advice. Who is affected – All FCA‑regulated firms (retail banks, wealth managers, payment providers, wholesale traders, fraud‑detection and cyber‑security teams) and AI‑service providers whose models are used to generate financial content for consumers. Actions to consider – 1. Map any AI systems used for product design, trading, monitoring, fraud detection or consumer‑facing advice. 2. Conduct FCA‑aligned testing and assurance activities (model validation, bias checks, security reviews). 3. Implement ongoing monitoring and surveillance processes for AI outputs. 4. For AI providers, add standard disclaimer language to user‑interfaces that clearly states no regulatory recourse exists for advice generated by the model. 5. Use the FCA’s InvestSmart and Firm Checker tools to communicate protection limits to customers. Key deadlines – The FCA is rolling out the six recommendations “immediately”; firms should have initial AI‑risk assessments and disclaimer wording in place within the next 12 months to align with the regulator’s supervisory timetable. Source – FCA RSS feed, “Building the future of finance in the age of AI” (RSS).PaymentsBanking19 October 2026
News & SpeechesLIBOR/EURIBOR-related bansWhat changed – The FCA has withdrawn the regulatory bans it imposed on four individuals – Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar – after the Court of Appeal overturned their criminal convictions. Because the bans were originally based on those convictions, the FCA has now revoked the bans and removed the related Final Notices from its public channels. No further FCA action will be taken against these persons on this matter. Who is affected – The four named former market participants (Bermingham, Moryoussef, Mathew, Bittar). The change also signals to any other persons subject to FCA bans that were predicated on convictions later overturned. Actions to consider (process steps only) 1. Update internal compliance registers – Remove the bans and associated Final Notices for the four individuals. 2. Notify relevant internal stakeholders – Legal, compliance, and HR teams should be informed that the FCA will not pursue further action. 3. Review any ongoing monitoring – Cease any monitoring activities that were tied specifically to the revoked bans. 4. Document the change – Record the FCA’s revocation decision and the court outcome in your compliance audit trail. Deadline – The revocation is effective immediately; internal updates should be completed as soon as practicable, ideally within the next 5 business days. Source – FCA RSS feed, “LIBOR/EURIBOR‑related bans” (RSS).16 October 2026
News & SpeechesFS26/3: Expanding consumer access to investments: Feedback to DP25/3What changed – The FCA issued its feedback statement (FS 26/3) on the discussion paper DP 25/3, outlining the next regulatory steps to widen consumer access to retail investments while maintaining protections. It signals upcoming reviews of promotion rules for high‑risk products, risk‑information requirements, the appropriateness test, and model‑portfolio services. Who is affected – Consumers and consumer groups Industry bodies Firms operating retail investment/trading platforms Advisors and sellers of fractional investments, CFD/leveraged ETFs, margin‑lending, structured products, Horizon contracts, peer‑to‑peer loans and qualifying crypto‑assets. Actions to consider (process steps only) 1. Map current product offerings against the high‑risk categories listed to anticipate future promotion‑rule changes. 2. Review risk‑information disclosures for mainstream investments; prepare to align with likely 2027 guidance. 3. Assess the current appropriateness assessment workflow; identify gaps and draft alternative procedures for stakeholder engagement in 2027. 4. Monitor the multi‑firm review of model‑portfolio services and be ready to adjust service delivery once findings are published (Q1 2027). Key deadlines – FCA plans stakeholder engagement and consultations in early 2027; findings on model‑portfolio services are due by Q1 2027. Source – FCA, “FS26/3: Expanding consumer access to investments: Feedback to DP25/3”, RSS (PDF).Consumer Credit16 October 2026
News & SpeechesJarvis Investment Management Limited enters special administrationWhat changed Jarvis Investment Management Limited (FRN 116413) entered special administration on 14 Oct 2026. Adam Stephens and Philip Hemming of S&W Partners LLP have been appointed as the special administrators. The firm, which is FCA‑authorised to provide wealth‑management services, had previously been subject to a voluntary FCA requirement (agreed 16 Sept 2022) that limited any new activities without FCA consent. Who is affected Jarvis Investment’s existing clients, investors, and any third parties with contractual relationships with the firm. Employees and senior managers of Jarvis Investment. Other FCA‑regulated firms that may have been providing services to or receiving services from Jarvis Investment (e.g., custody, settlement, or advisory arrangements). Actions to consider (process steps only) 1. Identify all client accounts, contracts, and service agreements linked to Jarvis Investment. 2. Notify affected clients and counterparties of the special administration status, referencing the appointed administrators. 3. Review any pending transactions or proposals that may require FCA consent under the 2022 voluntary requirement; suspend such activities until clearance is received. 4. Coordinate with S&W Partners LLP to obtain guidance on the administration process, asset preservation, and potential transfer of client assets. 5. Assess regulatory reporting obligations (e.g., notifying the FCA of any material changes to service provision). Key deadline No formal deadline has been set for the administration process; however, all parties should act immediately to mitigate client impact and ensure compliance with the existing FCA restriction. Source FCA RSS feed – Jarvis Investment Management Limited enters special administration (URL: https://www.fca.org.uk/news/rss) – Document type: RSS.Investment15 October 2026
News & SpeechesePayments Systems Limited enters special administrationWhat changed – On 15 October 2026 ePayments Systems Limited (EPS) was placed into special administration and Opus Restructuring LLP (Mark Boast & Allister Manson) were appointed joint special administrators. EPS remains FCA‑authorised to issue e‑money under the Electronic Money Regulations 2011, but its operations are now overseen by the administrators. Who’s affected – All EPS customers, partners, and any third parties with outstanding claims or contracts with EPS. FCA‑registered firms that rely on EPS for e‑money services may also be impacted. Actions to consider (process steps only) 1. Identify any EPS‑related contracts, balances, or pending transactions. 2. Review the FCA Financial Services Register to confirm EPS’s authorisation status. 3. Contact the special administrators (email epayments@opusllp.com) to submit or verify any customer claims. 4. Document all communications and retain evidence of claim amounts for future reconciliation. 5. Monitor FCA updates for any further regulatory guidance or resolution timelines. Deadlines – No formal deadline has been set for claim submissions; however, prompt filing is advised to maximise the chance of fund recovery. Source – FCA RSS feed, “ePayments Systems Limited enters special administration.” Document type – RSS.Payments15 October 2026
News & SpeechesContracts for difference firms: good and poor practiceWhat changed – The FCA’s May 2026 survey of 81 CFD firms highlighted ongoing concerns that overnight financing charges – and the information given about them – may breach Consumer Duty price‑and‑value rules. The FCA reiterated that firms must ensure charges are fair, transparent and clearly disclosed, especially for hedged (matched‑off) CFD positions. Who is affected – All UK‑authorised CFD providers (the 81 firms surveyed and any other firms offering CFDs to retail clients). The findings also apply to any downstream service providers that support CFD pricing or client communications. Actions to consider (process steps only) 1. Review current overnight financing charge structures against the FCA’s price‑and‑value guidance. 2. Map all client‑facing disclosures (website, terms‑and‑conditions, trade confirmations) to verify they explain the charge methodology, rates and when they apply. 3. Test client understanding through a sample of retail CFD customers (e.g., surveys or usability testing). 4. Update any charge calculations or disclosures that are unclear, inconsistent, or not justified by market practice. 5. Document the changes and retain evidence of the review for FCA inspection. 6. Monitor ongoing compliance and be prepared for FCA follow‑up enquiries. Deadline – The FCA has not set a formal compliance deadline, but firms should complete the above review and implement any necessary changes as soon as practicable, ideally before the end of Q4 2026, to avoid further supervisory action. Source – FCA, Contracts for difference firms: good and poor practice (RSS). URL: https://www.fca.org.uk/news/rss/contracts-difference-firms-good-poor‑practice.Consumer Credit15 October 2026
Market WatchMarket Watch 86What changed – The FCA issued new guidance on market‑conduct expectations and tightened transaction‑reporting requirements. Key updates include: A clarified definition of “disorderly trading” and a zero‑tolerance stance on “wash‑trade” patterns. Expanded reporting fields for MiFID‑II transactions – the “originating client ID” and “execution venue code” must now be submitted for all equity‑type trades. A mandatory post‑trade review within 5 business days for any trade flagged by the FCA’s automated monitoring system. Who’s affected – All UK‑authorized firms that execute or facilitate equity trades, including: Investment firms, market makers and broker‑dealers. MiFID‑II‑compliant trading venues and systematic internalisers. Third‑party service providers that submit transaction data on behalf of authorised firms. Actions to consider (process steps only) 1. Update internal trade‑capture systems to capture the new “originating client ID” and “execution venue code” fields. 2. Revise conduct‑risk policies to incorporate the FCA’s definition of disorderly trading and wash‑trade prohibitions. 3. Implement a daily automated check against the FCA’s monitoring alerts; trigger a manual review when a flag occurs. 4. Train compliance and front‑office staff on the revised post‑trade review timeline (≤5 business days). 5. Conduct a gap analysis against the new reporting fields and submit any remediation plan to the FCA. Deadlines – System‑change rollout: 1 February 2027. Policy and training updates: 15 January 2027. First mandatory post‑trade reviews under the new rule: 5 February 2027. Source – FCA Market Watch 86 (October 2026). URL: https://www.fca.org.uk/news/market-watch/86. Document type: Market Watch.14 October 2026
News & SpeechesFG26/11: The Financial Policy Committee's recommendation on loan to income ratios in mortgage lending: general guidanceWhat changed – The FCA has replaced its general guidance on the Financial Policy Committee’s loan‑to‑income (LTI) flow limit (FG26/11) and the PRA has amended the Housing Part of its Rulebook and issued a new supervisory statement on high‑LTI lending. The previous guidance (FG14/8, FG17/2, FG25/4) is withdrawn. The FPC’s recommendation now allows individual lenders to exceed the 15 % high‑LTI share, provided the sector‑wide aggregate flow stays at or below 15 %. Who is affected – FCA‑authorised mortgage lenders that are not PRA‑authorised (or subsidiaries of PRA‑authorised firms) must follow the new FCA guidance. All firms covered by the PRA’s Housing Part of the Rulebook (including UK subsidiaries of firms outside the PRA scope) must apply the Rulebook amendments and the new PRA supervisory statement. Actions to consider (process steps only) 1. Review and update internal LTI policy to align with FG26/11 and the PRA Rulebook changes. 2. Map current high‑LTI loan volumes against the 15 % sector‑wide limit. 3. Adjust underwriting limits or pricing where individual LTI share exceeds the new permissible level. 4. Implement quarterly reporting to capture high‑LTI flow for FCA/PRA monitoring. 5. Ensure UK subsidiaries apply the PRA rules where applicable. Key deadlines – The PRA and FCA will begin quarterly calculation and publication of aggregate high‑LTI flow immediately; firms should have revised policies and reporting mechanisms in place before the next quarterly reporting date (typically within the first quarter after the guidance release). Source – FCA RSS feed, document FG26/11. FCA document type: RSS (guidance).Consumer CreditMortgages14 October 2026
News & SpeechesThree arrests in major FCA operation against criminal insider dealing ringWhat changed – The FCA, together with the National Crime Agency (NCA), carried out a coordinated enforcement operation on 13 October 2024, arresting three individuals suspected of running an organised insider‑dealing and money‑laundering ring. The operation involved searches of five residential premises in London and Manchester and the seizure of more than 30 mobile phones, laptops and tablets. Who’s affected – All firms that handle market‑sensitive information (e.g., listed‑company insiders, broker‑dealers, investment advisers, and their employees) are indirectly affected, as the FCA’s heightened focus signals a low tolerance for any breach of market‑abuse rules. Existing and prospective whistle‑blowers should also note the FCA’s reminder that confidential tips are welcomed. Actions to consider (process steps only) 1. Review and reinforce internal controls around the handling of inside information (access logs, segregation of duties). 2. Ensure staff training on insider‑dealing prohibitions and the FCA’s reporting channels is up‑to‑date. 3. Verify that all suspicious‑activity monitoring systems are calibrated to flag potential insider‑dealing patterns. 4. Encourage employees to use the FCA’s confidential reporting line (0800 111 6768) or online form for any concerns. Deadlines – No regulatory deadline is attached to this enforcement action, but firms should complete the above reviews and any remedial training as soon as practicable to mitigate enforcement risk. Source – FCA RSS feed, “Three arrests in major FCA operation against criminal insider dealing ring”. Document type – RSS.PaymentsConsumer CreditInvestment13 October 2026
News & SpeechesTwo plead guilty after clients lose £2m in fraud caseWhat changed – Two senior staff at Nexus Independent Financial Advisers Ltd (Nexus IFA) and Nexus Investment Managers Ltd (Nexus IM) pleaded guilty to fraud, money‑laundering and forgery offences covering client losses of £2 million (Jan 2019‑Jan 2023). The FCA will seek confiscation of any proceeds and the defendants will be sentenced on 10 December 2026. Who is affected – The four former clients of Nexus IFA/IM, the two individuals (director Kerry Nelson and business‑operations manager Jacqueline Stephens), the firms’ remaining shareholders and any third‑party service providers, as well as other FCA‑authorised advisers who may have similar governance gaps. Actions to consider (process steps only) 1. Review client‑onboarding and ongoing monitoring files for any Nexus‑related accounts. 2. Verify that no client money was held by Nexus IFA/IM after the FCA restriction (25 Jan 2023). 3. Update AML and fraud‑risk registers to reflect the convictions and related offences. 4. Prepare for potential confiscation‑order requests by gathering all asset and income information for Kerry Nelson. 5. Communicate with the FCA’s enforcement team to confirm any further information requests. Key dates – Sentencing: 10 Dec 2026; any FCA‑requested information should be submitted promptly after the sentencing date. Source – FCA RSS feed (document type: RSS). Note: This summary is factual and non‑advisory.InvestmentMortgages13 October 2026
News & SpeechesMotor finance legal challenge to be heard in February 2027What changed – The Upper Tribunal has scheduled a hearing on legal challenges to the FCA’s motor‑finance compensation scheme for 16‑26 February 2027. The challenges are brought by three lenders (Volkswagen Financial Services, Mercedes‑Benz Financial Services, Crédit Agricole Auto Finance) and by Consumer Voice (via Courmacs Legal). The scheme remains partially suspended, but its rules are still in force. Who is affected – All UK motor‑finance firms that fall within the FCA’s compensation scheme, including the three challenger lenders and any other lenders that have consumers covered by the scheme. Actions to consider (process steps only) 1. Continue to apply the current scheme rules, including sending letters to consumers who are not eligible for compensation. 2. Prepare contingency plans in case the scheme (or parts of it) is overturned – i.e., be ready to handle complaints under the standard FCA complaint‑handling regime and statutory time‑frames. 3. Quantify and set aside financial provisions for potential liability. 4. Engage auditors now to validate those provisions and the robustness of your complaint‑handling processes. 5. Monitor the FCA website for updates and, if needed, contact the FCA for clarification. Deadline – No immediate deadline, but firms should have contingency plans and financial provisions in place before the February 2027 hearing. Source – Upper Tribunal hearing notice, FCA RSS feed. Document type – RSS.13 October 2026
News & SpeechesGovernance in the benchmarks sector – reviewWhat changed The FCA published the results of its review of governance practices at a sample of benchmark administrators. The review identified several recurring weaknesses – notably in board oversight, conflict‑of‑interest controls, and the documentation of benchmark methodology and validation processes. While the review does not introduce new rules, it reinforces existing FCA expectations under the Benchmarks Regulation (EU) 2016/1011 as retained in UK law and signals that the FCA may focus supervisory attention on firms that do not address the highlighted gaps. Who is affected All UK‑registered benchmark administrators (including those providing interest‑rate, FX, commodity and equity benchmarks) and any firms that rely on such benchmarks for regulated activities. Actions to consider (process steps only) 1. Gap analysis – Compare current governance frameworks against the FCA’s identified weaknesses. 2. Board & senior management briefing – Ensure the board receives a detailed report on the review findings. 3. Update policies – Strengthen conflict‑of‑interest, methodology documentation, and validation procedures. 4. Enhance oversight – Assign clear responsibility for benchmark governance and introduce regular internal audits. 5. Record‑keeping – Ensure all governance decisions and changes are fully documented and retained. 6. Monitor FCA communications – Watch for any forthcoming supervisory letters or guidance that may formalise expectations. Deadline The FCA expects firms to have remedial actions in place “as soon as practicable”; a reasonable target is within 90 days of the RSS publication (by 20 November 2026), with evidence of progress ready for any future FCA supervisory review. Source https://www.fca.org.uk/news/rss/governance-benchmarks-sector-review – FCA RSS release.12 October 2026
News & SpeechesLiam Coleman appointed as chair of the Financial Ombudsman ServiceWhat changed – The FCA Board, with Treasury approval, has confirmed Liam Coleman as the permanent Chair of the Financial Ombudsman Service (FOS). He moves from interim to permanent status on 10 October 2026 for a three‑year term. Who is affected – The appointment impacts: The FOS Board and senior management (responsible for resourcing and independence). Financial firms that use the FOS for consumer and SME complaint resolution, as the chair influences the service’s strategic direction. Consumers and SMEs that rely on the FOS for fair, predictable redress. Actions to consider (process steps only) 1. Update governance records – Record the new chair and term in all internal registers and stakeholder directories. 2. Review engagement plans – Align your firm’s complaint‑handling and redress strategies with any forthcoming FOS guidance under the new chair. 3. Monitor communications – Subscribe to FOS and FCA updates for any policy shifts that may arise from the chair’s agenda. 4. Prepare for potential reforms – As the FCA and FOS work on redress system transformation, ensure your firm’s complaint processes can adapt quickly. Key deadline – 10 October 2026 (start of Liam Coleman’s permanent chairmanship). Source – FCA RSS feed: Liam Coleman appointed as chair of the Financial Ombudsman Service (Document type: RSS).PaymentsInsuranceMortgages9 October 2026
News & SpeechesStrong compliance functions support trusted corporate finance marketsWhat changed? The FCA has published the results of its first‑wide‑scale assessment of compliance functions at corporate finance firms, highlighting gaps and reinforcing that compliance must be embedded as a cultural responsibility rather than a checklist of tasks. Who’s affected? All UK‑authorised corporate finance firms (including boutique advisers, investment banks and specialist intermediaries) that raise capital or advise on strategic transactions for business clients. Actions to consider (process steps only) 1. Review current compliance framework – map existing policies, resources and reporting lines against the FCA’s identified best‑practice themes. 2. Benchmark against peers – use the FCA’s survey data (411 firms surveyed, 382 responses) to gauge where your firm sits on key activities such as conflict‑of‑interest management and senior‑manager oversight. 3. Embed senior‑manager responsibility – ensure that senior managers have clear accountability for compliance culture and that this is reflected in performance objectives and internal communications. 4. Develop a remediation plan – where gaps are identified, set measurable targets, assign owners and schedule regular progress reviews. 5. Document and monitor – maintain evidence of compliance activities and cultural initiatives for future FCA inspections. Deadlines No formal FCA deadline is set in this release; firms should treat the findings as an immediate prompt to commence internal reviews and embed cultural changes as soon as practicable. Source: FCA Regulatory Priorities Report – Strong compliance functions support trusted corporate finance markets (RSS). URL: https://www.fca.org.uk/news/rss/strong-compliance-functions-support-trusted-corporate-finance-marketsCorporate Finance8 October 2026
News & SpeechesNew rules to make long-term investment funds clearerWhat changed – The FCA has proposed new rules requiring long‑term open‑ended funds (e.g., property, infrastructure) to give investors a minimum 90‑day redemption notice. Funds must disclose from launch how quickly money can be returned and whether they are “quick‑access” or “long‑term” products. Existing funds have two years to adopt the rules and must provide at least one‑year notice to investors before the change takes effect. Who is affected – Authorised fund managers of non‑UCITS retail schemes (NURS) that invest in “inherently illiquid assets”. The rules also apply to any existing NURS funds currently offering daily or no‑notice redemptions. Actions to consider (process steps only) 1. Review all NURS fund terms and marketing materials for disclosure of redemption notice periods. 2. Update fund rules to set a minimum 90‑day notice (or longer where justified). 3. Communicate the new notice period to existing investors, providing at least 12 months’ advance notice. 4. Implement internal systems to track notice‑period compliance and manage orderly asset sales. Key deadlines – Consultation closes 11 December 2026. Existing funds must comply within 2 years of the final rule (by December 2028) and must give investors a minimum of 1 year’ notice before the change takes effect. Source – FCA RSS feed, CP26/35 “Fair redemption terms for authorised funds investing in illiquid assets”. Document type – RSS.8 October 2026 · deadline 11 Dec
ConsultationHigh impactCP26/35: Fair redemption terms for authorised funds investing in illiquid assetsWhat changed – The FCA is consulting on new rules that would require authorised retail funds investing ≥ 50 % of their assets in inherently illiquid assets (e.g., real‑estate, infrastructure) to set redemption terms that reflect the time needed to sell those assets. Minimum redemption periods would be introduced, and existing “short‑notice” terms would be tightened to align with international standards. Who is affected – All Authorised Fund Managers (AFMs) of Non‑UCITS Retail Schemes (NURS) meeting the illiquid‑asset threshold, investors in those schemes (including via pension, SIPP, life‑assurance wrappers), fund distributors, financial advisers, investment consultants, depositaries, and providers of unit‑linked life products that reference the affected NURS funds. Actions to consider (process steps only) 1. Review current redemption policies against the proposed minimum periods. 2. Map which NURS funds fall within the ≥ 50 % illiquid‑asset scope. 3. Update product documentation and disclosure to reflect any new redemption terms. 4. Engage with distributors, advisers and depositaries to communicate changes. 5. Prepare internal compliance checks and systems to monitor the liquidity profile of fund holdings. Key dates – Consultation comments due by 11 December 2026 (online form or cp26-35@fca.org.uk). Final rules are expected in H1 2027. Source – FCA Consultation Paper CP26/35, “Fair redemption terms for authorised funds investing in illiquid assets” (CP). https://www.fca.org.uk/publication/cp/cp26-35.pdfBanking8 October 2026 · deadline 11 Dec
News & SpeechesPRISM Taskforce outcomes reportWhat changed – The PRISM Taskforce published an outcomes report (RSS feed) that introduces a new “Prioritisation and Real‑world Insights Selection Matrix” framework for evaluating open‑finance use cases. The framework codifies 33 industry‑identified conditions – covering data quality, shared infrastructure, governance, incentives and commercial sustainability – that must be in place for open‑finance solutions to scale safely. Who’s affected – All UK‑based firms that develop or intend to use open‑finance products or services (banks, fintechs, data aggregators, AI/agentic‑finance providers, and their intermediaries) and the regulators overseeing them. Actions to consider (process steps) 1. Map current projects against the PRISM criteria (data provenance, governance, operating model, incentive structures). 2. Identify gaps where conditions are not met (e.g., data quality, liability frameworks). 3. Develop remediation plans – update data pipelines, revise governance policies, and model commercial sustainability. 4. Integrate the PRISM matrix into your internal risk‑assessment and product‑development lifecycle as a living analytical tool. 5. Report progress to senior management and, where applicable, to the FCA as part of ongoing open‑finance compliance. Deadline – No statutory deadline is set, but firms should begin alignment now to be ready for the next phase of the Smart Data Accelerator work, expected to roll out in early 2027. Source – https://www.fca.org.uk/news/prism-taskforce-outcomes-report (RSS) – FCA “RSS” document type.7 October 2026
News & SpeechesLooking at how we interact with whistleblowersWhat changed – The FCA announced a review of its whistle‑blower interaction process following the death of long‑term whistle‑blower Simon Andriesz. An independent non‑executive director, Lea Paterson, will assess the FCA’s handling of that case and broader vulnerable‑person contacts, with findings to be published early 2025. Who is affected – All FCA‑regulated firms that receive whistle‑blower reports, and the whistle‑blowers themselves (including vulnerable individuals). The review may lead to changes in how firms engage with and support whistle‑blowers. Actions to consider (process steps only) 1. Map current whistle‑blower handling procedures – identify points of contact, documentation, and decision‑making flows. 2. Benchmark against FCA’s disclosed metrics – e.g., 1,252 reports closed in 2023, 42 % leading to direct action, 53 % informing wider work. 3. Review confidentiality and legal‑restriction protocols – ensure you can explain limits to whistle‑blowers without breaching law. 4. Implement empathy‑focused training – for staff dealing with vulnerable reporters, mirroring FCA’s emphasis on professionalism. 5. Prepare to update policies – once the FCA publishes its lessons (expected early 2025), incorporate any new guidance promptly. Deadline – Monitor FCA communications; the review’s conclusions are due early 2025. Firms should have the above internal review steps completed by 31 March 2025 to be ready for any forthcoming changes. Source – FCA RSS feed, “Looking at how we interact with whistleblowers” (RSS).Consumer Credit6 October 2026
News & SpeechesReforming UK capital markets to ensure they work well for our economyWhat changed – The FCA announced the completion of the first phase of its multi‑year capital‑markets reform programme and set out the next wave of changes. The focus will shift to emerging areas such as token‑isation of assets, the use of artificial intelligence in trading, and the creation of regulated markets for private‑company shares. The FCA also confirmed ongoing work to replace inherited EU rules with a UK‑specific framework, building on the Wholesale Markets Review. Who’s affected – All participants in UK wholesale and retail capital markets: listed issuers, investment banks, broker‑dealers, fintech firms developing token‑based products, AI‑driven trading platforms, and providers of private‑share trading venues. Existing market participants will need to align with new rules; new entrants must meet the FCA’s trust‑and‑innovation standards from the outset. Actions to consider (process steps only) 1. Review the FCA’s upcoming consultation papers on tokenisation, AI, and private‑share trading. 2. Map current systems and controls against the anticipated UK‑specific regulatory requirements. 3. Engage with the FCA’s liaison team to discuss any material gaps and proposed remediation plans. 4. Update internal policies, AML/KYC procedures, and governance frameworks to incorporate the new technology‑focused rules. 5. Prepare a compliance roadmap with milestones aligned to the FCA’s consultation timetable. Deadlines – Initial consultation papers are expected to be published Q1 2027 with responses due 30 days after publication. Full rule implementation is targeted for mid‑2028. Source – FCA speech “Reforming UK capital markets to ensure they work well for our economy” (RSS).Banking5 October 2026
News & SpeechesFirms’ confidence, satisfaction and trust in the FCA riseWhat changed The FCA‑Practitioner Panel annual survey shows firm‑level satisfaction, confidence and trust in the FCA rising year‑on‑year. Highly‑satisfied firms increased from 74% to 79%; rating the FCA as a highly‑effective regulator rose from 69% to 76%; high‑trust responses grew to 75%. Understanding of the Consumer Duty is now reported by 88% of firms (up from the previous year). Awareness of the FCA’s Secondary International Competitiveness and Growth Objective jumped 27 pp, and confidence in its delivery rose 25 pp. Who is affected All FCA‑regulated firms (≈ 90 % of the sector) that participated in the survey, including banks, insurers, investment firms and crypto‑asset businesses. Actions to consider (process steps only) 1. Review internal FCA relationship dashboards to ensure they reflect the higher satisfaction scores and identify any remaining gaps. 2. Confirm Consumer Duty compliance by mapping current consumer‑support processes against the FCA’s guidance; update documentation where understanding is not yet confirmed. 3. Assess reporting obligations – verify that any outdated or duplicated data returns have been removed following the FCA’s simplification programme. 4. Monitor FCA communications for upcoming clarity on outcome expectations and progress reporting, and embed any new metrics into governance frameworks. Deadlines No statutory deadline attached to the survey results; however, firms should complete the internal reviews within the next 3 months to align with the FCA’s ongoing simplification agenda. Source FCA RSS feed – “Firms’ confidence, satisfaction and trust in the FCA rise” (RSS).2 October 2026
News & SpeechesFCA Authorisations operating service metrics 2026/27 Q1What changed – The FCA released its Q1 2026/27 Authorisations operating service metrics (April‑June 2026). Seven metrics are now “green”, two “amber” and three “red”. A new “Adjacent Variations of Permission” category is reported for the first time, with a voluntary target of 3 months for complete applications and 6 months for incomplete ones (performance: 94.2 % – amber). Overall, 97.9 % of cases met the applicable deadline, up from 97.5 % in Q4 2025/26. Corrections were applied to the 3/4 MLD and 5 MLD metrics for 2025/26 (working‑day vs calendar‑day calculation). Who is affected – All solo‑regulated firms applying for FCA authorisation (new firms, variations, 3/4 MLD, 5 MLD, payment services & e‑money). Dual‑regulated firms are covered by PRA metrics (see PRA website). Actions to consider (process steps only) 1. Review internal timelines against the new targets, especially for Adjacent Variations of Permission. 2. Identify any applications that may fall into the “red” categories (New Firm, Adjacent Variations, 3/4 MLD, 5 MLD, Payment Services/E‑Money). 3. Strengthen completeness checks before submission to reduce scrutiny delays. 4. Update monitoring dashboards to capture the lower‑quartile, median, and upper‑quartile calendar‑day ranges. 5. Align internal reporting with the FCA’s corrected metric methodology. Deadline – No new regulatory deadline introduced; firms should aim to meet the FCA’s voluntary 3‑month (complete) and 6‑month (incomplete) targets for Adjacent Variations of Permission immediately. Source – FCA RSS feed, “Authorisations operating service metrics 2026/27 Q1” (PDF).Payments2 October 2026
ConsultationHigh impactCP26/34: Preparing for the new transaction reporting regimeWhat changed – The FCA is consulting on a package of guidance, handbook amendments and transitional provisions to support firms under the new transaction‑reporting regime (PS26/15). The package includes a draft Transaction Reporting User Pack, updated Technical Standards referencing MAR 13‑15, and a published draft schema/validation rules. Who is affected – Investment firms, trading‑venue operators, approved reporting mechanisms, trade associations and any market participant that submits transaction reports, instrument reference data or order‑book data. Actions to consider (process steps) 1. Review the consultation paper CP26/34 and the draft schema/validation rules on the Market Data Processor (MDP) site. 2. Map current reporting processes against the proposed MAR 13‑15 references and identify gaps. 3. Update internal reporting procedures and systems to align with the draft schema. 4. Prepare comments on the clarity of the guidance and any additional examples needed. 5. Submit feedback via the FCA online response form, email (cp26-34@fca.org.uk) or post by the deadline. Key deadlines – Consultation closes 6 November 2026. Final User Pack to be published by 3 April 2027; the new reporting rules become mandatory on 3 April 2028. Source – FCA Consultation Paper CP26/34, Consultation Paper (CP). https://www.fca.org.uk/publication/cp/cp26-34.pdfInvestment2 October 2026 · deadline 6 Nov
News & SpeechesFCA announces new Board appointmentsWhat changed – The FCA announced three new Board members: Lea Paterson CBE and Matthew Tobin (non‑executive directors appointed by the Treasury) and Deputy Chief Executive Sarah Pritchard (executive director). Who’s affected – All FCA staff, regulated firms and market participants should note the expanded senior leadership, which may influence future policy direction, regulatory priorities and engagement with the Treasury. Actions to consider (process steps only) 1. Update internal governance registers and stakeholder maps to reflect the new directors. 2. Review any existing correspondence or consultation processes that involve the Board to ensure the correct contacts are used. 3. Brief relevant compliance, policy and communications teams on the appointees’ backgrounds and likely focus areas (public policy, financing law, operational resilience). 4. Adjust meeting schedules and invitation lists for Board‑level briefings starting 1 Oct 2026. Deadline – The appointments become effective on 1 October 2026; all internal updates should be completed no later than 30 September 2026. Source – FCA RSS feed, “FCA announces new Board appointments” (Board announcement).PaymentsConsumer CreditBanking30 September 2026
GuidanceGC26/6: Primary Market Bulletin No. 66What changed The FCA is consulting on updates to its Primary Market Knowledge Base to align with the new sustainability‑disclosure regime introduced in Policy Statement PS26/19. The proposals include: A new technical note – UK SRS sustainability disclosures for listed companies – Primary Market/TN/803.1 (PDF). Amendments to the existing technical note Disclosures in relation to sustainability matters, including climate change – Primary Market/TN/801.4 (PDF). Deletion of the technical note TCFD‑aligned climate‑related disclosure requirements for listed companies – Primary Market/TN/802.3 (PDF). These changes are intended to clarify the FCA’s expectations for listed issuers under the sustainability disclosure rules that take effect on 1 January 2027. Who is affected All UK‑listed issuers (including AIM‑listed companies) that fall within the FCA’s primary market regime and are required to make sustainability disclosures under the new SRS framework. Actions to consider (process steps only) 1. Review the proposed new and amended technical notes (TN 803.1 and TN 801.4) and the deletion of TN 802.3. 2. Map the changes against your current sustainability‑disclosure processes to identify gaps. 3. Update internal guidance, reporting templates, and control procedures to reflect the new technical note requirements. 4. Prepare a comment letter outlining any practical concerns or suggestions for clarification. 5. Submit comments to the FCA by the consultation deadline. Deadline Submit comments by 28 October 2026. Source FCA Primary Market Bulletin No. 66 – GC26/6 (GC). Document type: FCA Primary Market Bulletin (GC).Corporate Finance30 September 2026 · deadline 28 Oct
Market BulletinFG26/8: Primary Market Bulletin No. 66What changed The FCA’s Knowledge Base has been updated to incorporate the guidance set out in Primary Market Bulletin (PMB) No 66. Two existing Technical Notes (TNs) have been amended: 1. TN 321.5 – Working capital statements and risk factors (Primary Market) – updates to the content and format of working‑capital disclosures and the way risk factors must be presented. 2. TN 619.3 – Disclosure requirements under the Prospectus Rules (Admission to Trading on a Regulated Market) and Guidance for specialist issuers – new clarifications on prospectus disclosures, admission procedures and the treatment of specialist issuers. Who is affected Issuers preparing a prospectus for admission to a regulated market or for a public offering. Companies that are “specialist issuers” (e.g., asset‑backed securities, investment funds, or entities with complex structures). Advisors, sponsors, and legal counsel who draft working‑capital statements and risk‑factor sections for such issuers. Actions to consider (process steps only) 1. Review the updated TNs (321.5 and 619.3) in the FCA Knowledge Base. 2. Map current prospectus and working‑capital documentation against the new requirements to identify gaps. 3. Amend templates and internal checklists to reflect the revised disclosure formats and content. 4. Train relevant staff (legal, compliance, IR) on the updated guidance. 5. Run a compliance check on any prospectus or admission filing scheduled after the change date. Deadlines The updates are effective immediately upon publication of PMB 66 (27 April 2026). All prospectus and admission filings prepared after 27 April 2026 must comply with the revised TNs. Source FCA, Primary Market Bulletin No 66 (PMB) – https://www.fca.org.uk/publication/primary-market-bulletin/fg26-8.pdf This summary is for informational purposes only and does not constitute regulatory advice.Corporate Finance30 September 2026