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FCA News & Analysis
Beyond the headlines: Impact analysis, sector insights, and actionable intelligence from ex-FCA regulators. Monitor consultations, enforcement, and policy changes affecting your firm.
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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 411.
- 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- News & SpeechesLIBOR/EURIBOR-related bansWhat changed – The FCA has withdrawn the regulatory bans it imposed on four individuals – Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar – after the Court of Appeal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
- 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
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- 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
- 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
- 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
- News & SpeechesFCA opens the gateway to regulated cryptoWhat changed – From 25 Oct 2027 the UK will bring all crypto‑asset firms operating in the country under full FCA regulation. The new regime introduces mandatory standards on consumer protection, safeguarding of client assets, market integrity and financial resilience, and replaces the previous “light‑touch” approach. Who is affected – Any crypto‑asset business that wishes to continue offering regulated services in the UK – including exchanges, custodians, wallet providers, DeFi platforms and token‑issuers – must seek FCA authorisation. Existing firms that do not apply will lose the right to provide regulated crypto services. Actions to consider (process steps only) 1. Assess eligibility – Review the FCA’s final crypto rules (June 2026) to confirm the firm meets the four standards. 2. Engage early – Request a pre‑application support meeting and attend FCA webinars (on‑demand). 3. Prepare documentation – Compile governance, risk, AML, capital and consumer‑protection evidence required for the application. 4. Submit application – File the authorisation request by 28 Feb 2027 via the FCA’s online portal. 5. Maintain operations – Continue providing crypto services while the application is under review; monitor for any FCA decision before the regime starts. Key deadlines – Application deadline: 28 Feb 2027. New regulatory regime starts: 25 Oct 2027. Source – FCA RSS feed, “FCA opens the gateway to regulated crypto”, FCA regulatory news.30 September 2026 · deadline 28 Feb
- News & SpeechesPowering open finance infrastructureWhat changed A new research report “Powering open finance infrastructure” has been published, outlining three reference architectures (centralised, decentralised/federated, hybrid) for a UK‑wide open‑finance data‑sharing ecosystem and identifying the technical standards, API security, accreditation, consent, monitoring and revocation mechanisms needed to make the system trustworthy and scalable. Who’s affected All UK‑based firms that will exchange or consume financial‑product data under the forthcoming open‑finance regime – including banks, insurers, wealth‑managers, fintechs, data‑aggregators and third‑party AI service providers – as well as any technology vendors supplying APIs, identity‑verification or monitoring solutions. Actions to consider (process steps only) 1. Map current data‑sharing capabilities against the report’s listed foundations (technical standards, secure APIs, accreditation, consent, monitoring, revocation). 2. Identify gaps in your organisation’s API security, identity‑management and consent‑capture processes. 3. Develop a remediation plan to adopt the recommended standards (e.g., ISO 20022‑based APIs, accredited identity schemes). 4. Engage with industry bodies (e.g., Open Banking Implementation Entity, FCA‑approved standards groups) to align on the chosen infrastructure model (centralised, decentralised or hybrid). 5. Pilot test at least one reference architecture in a sandbox environment to gather evidence for future regulatory decisions. Deadline No formal regulatory deadline yet; however, firms should begin the mapping and gap‑analysis phase within the next 12 months to be ready for any future FCA‑mandated open‑finance requirements. Source URL: https://www.fca.org.uk/news/rss/powering-open-finance-infrastructure Document type: RSS (research summary)PaymentsConsumer CreditBanking29 September 2026
- News & SpeechesFCA secures bankruptcy order against Arthur TemlettWhat changed – The FCA obtained a court‑ordered bankruptcy (sequestration) against Arthur Temlett, trading as Abacus Insurance Consultants. The Sheriff granted the order on 27 August 2026 and appointed Emma Porter of Aver Chartered Accountants as trustee to assess his assets and distribute any recoveries to creditors. Who’s affected – Arthur Temlett (the individual) and his firm Abacus Insurance Consultants; any creditors of the firm; and the broader market of insurance‑broker customers who may have been exposed to non‑payment of premiums. Actions to consider (process steps only) 1. Review client and supplier records to identify any transactions with Abacus Insurance Consultants. 2. Flag any outstanding premiums or claims that may be impacted and suspend further payments pending trustee confirmation. 3. Notify affected customers and advise them to retain documentation of premium payments. 4. Submit verified creditor claims to the appointed trustee, Emma Porter, within the statutory period. 5. Update compliance monitoring systems to reflect the FCA’s 21 January 2025 prohibition on Temlett’s regulated activities. Deadlines – Creditors must lodge claims with the trustee as soon as practicable; the FCA’s prohibition remains in force indefinitely unless lifted. Source – FCA RSS feed, “FCA secures bankruptcy order against Arthur Temlett.” Document type – RSS.PaymentsConsumer CreditInsurance28 September 2026
- News & SpeechesFCA secures money back for victims of crypto fraudWhat changed – The FCA obtained confiscation orders under the Proceeds of Crime Act 2002 against Raymondip Bedi (£603,404.28) and Patrick Mavanga (£247,997.99) for a £1.5 m crypto‑investment fraud. The orders mean the recovered sums must be returned to the 65 identified victims. Who’s affected – The 65 investors who lost a total of £1,541,799 between February 2017 and June 2019. The orders also affect the two offenders, who face additional custodial penalties if they do not pay within the statutory period. Actions to consider (process steps only) 1. Verify victim status – Cross‑check your client list against the FCA’s victim contact list. 2. Notify affected clients – Inform them that a confiscation order has been issued and that funds will be returned. 3. Collect documentation – Gather proof of loss (investment statements, communications) to facilitate reimbursement. 4. Monitor payment timeline – Ensure the offenders’ payments are made within the 3‑month deadline; flag any non‑payment for escalation. 5. Update compliance records – Record the restitution in AML/CTF registers and report the outcome to senior management. Deadline – Offenders must satisfy the confiscation orders within 3 months of the court order (by early December 2026); failure may trigger up to 5 years (Bedi) or 2 years (Mavanga) additional imprisonment. Source – FCA RSS feed, “FCA secures money back for victims of crypto fraud.”28 September 2026
- News & SpeechesInterestMe Financial Planning Limited (IMFP) and the appointed representative InterestMe Advisers Limited (IMA) enter administrationWhat changed – On 24 September 2026 InterestMe Financial Planning Ltd (IMFP) and its appointed representative InterestMe Advisers Ltd (IMA) were placed into administration. Joint administrators (Robert Goodhew & Geoff Bouchier of Kroll Advisory Ltd) now control all regulated activities, including financial‑planning, pension, mortgage and investment advice previously carried out by the two firms. Who is affected – Current and prospective customers of IMFP/IMA, any investors or borrowers who have existing advice or products arranged through the firms, and any complainants with unresolved issues. The firms’ FCA authorisation remains in place but is now subject to the administrators’ oversight. Actions to consider (process steps only) 1. Contact the administrators – use the contact details published on the FCA’s “Administration notice” page to confirm the status of your account or advice. 2. Review your holdings – obtain a statement of assets, liabilities and any pending transactions from the administrators. 3. Raise concerns – if you suspect fraud or have questions about investments, direct them to the administrators; do not respond to unsolicited contacts claiming to act for the firms. 4. Make a complaint – submit any formal complaints to the administrators within the administration period; the FCA will continue to oversee the process. 5. Monitor communications – watch for official updates from the FCA and Kroll Advisory; beware of impersonators. Key deadlines – All enquiries and complaints should be lodged as soon as possible, preferably within 30 days of the administration notice (i.e., by 24 October 2026), to ensure they are recorded in the administrators’ records. Source – FCA RSS feed: “InterestMe Financial Planning Limited (IMFP) and the appointed representative InterestMe Advisers Limited (IMA) enter administration” (RSS document).Consumer CreditMortgages28 September 2026
- News & SpeechesITI Capital Ltd enters special administrationWhat changed – On 25 September 2026 ITI Capital Ltd was placed into special administration. The FCA‑authorised broker ceased most regulated activities on 10 August 2025 and stopped accepting new client money or custody assets. Special administrators Duncan Perring and David Soden (Teneo Financial Advisory Ltd) have now taken control of the firm’s affairs. Who’s affected – All current and former ITI Capital clients (retail and professional) who hold share, bond or cash investments, as well as any third‑party service providers (custodians, fund managers, technology platforms) linked to ITI Capital’s operations. FCA‑regulated firms that have transferred or intend to transfer client assets to/from ITI Capital must also review their arrangements. Actions to consider (process steps only) 1. Identify all client accounts and assets held with ITI Capital. 2. Notify affected clients of the administration and confirm the status of their holdings. 3. Review any contractual obligations or service agreements with ITI Capital for termination or amendment. 4. Coordinate with the appointed administrators to confirm the handling of client money and custody assets. 5. Update internal risk registers and AML/KYC files to reflect the change in status. 6. Communicate with the FCA (via the FCA’s online portal) if you are a regulated firm holding client assets transferred from ITI Capital. Key deadlines – No formal FCA deadline has been set for asset recovery, but firms should commence the identification and notification steps immediately and aim to complete initial client outreach within 30 days of the 25 September 2026 administration notice. Source – FCA RSS feed, “ITI Capital Ltd enters special administration” (Document Type: RSS).25 September 2026
- News & SpeechesTwenty-four CFD firms closing in crackdown on misuse of UK authorisationWhat changed – Since the start of 2025 the FCA has forced 21 CFD (Contracts‑for‑Differences) firms to close and is in the process of cancelling the authorisations of three further firms for using UK authorisation to mislead consumers about the source of their services. Who is affected – The firms that have ceased trading or are losing their FCA permission, their UK‑based customers, and any overseas entities that were presenting themselves as UK‑regulated through the same branding. Actions to consider (process steps only) 1. Verify authorisation – Use the FCA Firm Checker to confirm that any CFD provider you deal with holds a current UK authorisation. 2. Review client communications – Ensure marketing, website and onboarding materials clearly state whether the firm is UK‑regulated or offshore. 3. Update risk disclosures – Reinforce that CFDs are complex, highly leveraged products and that UK consumer protections only apply when the firm is FCA‑authorised. 4. Conduct internal audit – Check that any linked overseas subsidiaries are not being presented as UK‑regulated; if they are, re‑brand or remove the reference. Deadline – Firms currently under review must address FCA concerns and implement corrective measures by the FCA’s stipulated enforcement timetable (typically within 30 days of notice). Source – FCA RSS feed, “Twenty‑four CFD firms closing in crackdown on misuse of UK authorisation.” Document type – RSS.Consumer Credit25 September 2026
- News & SpeechesRetirement income market interactive analysis 2025/26What changed? The FCA has published a new RSS feed – Retirement income market interactive analysis 2025/26 – providing live Tableau dashboards that visualise retirement‑income market activity from 1 Sept 2021 to 31 Mar 2026. The feed adds no regulatory requirements; it is a data‑presentation tool. Who is affected? All market participants who monitor retirement‑income trends – pension scheme administrators, annuity and draw‑down providers, advisers, and compliance teams – can use the dashboards to benchmark activity and inform internal reporting. Actions to consider (process steps only) 1. Access the RSS feed – subscribe via the FCA website or RSS reader. 2. Review the dashboards – navigate the three main views (Overview, Pot size & age, Drawdown) and use the “Select data or graphs” filter to set date ranges. 3. Download underlying data – click the “Download” link to obtain the Excel (xlsx) files for deeper analysis. 4. Integrate insights – map the metrics (e.g., first‑time pot accesses, partial withdrawals, advice usage, DB‑to‑DC transfers) against your firm’s KPI framework. 5. Document usage – record the source and date of any data extracted for audit trails. Deadlines No compliance deadline applies; the dashboards are updated on an ongoing basis. Treat each data release as the latest snapshot for reporting periods. Source URL: [FCA – Retirement income market interactive analysis 2025/26] (RSS feed) Document type: RSS (interactive Tableau dashboards).24 September 2026
- News & SpeechesBuilding the next generation of market infrastructureWhat changed – The FCA announced that HSBC Orion has become the first firm approved to operate a live Digital Securities Depository (DSD) service, marking the UK’s inaugural regulatory approval for a digital‑securities settlement platform. Who’s affected – Firms planning to issue, hold or settle tokenised securities in the UK (e.g., asset managers, issuers, custodians, brokers). Technology providers developing DLT‑based settlement solutions. Market participants that rely on traditional central securities depositories for liquidity and capital‑formation activities. Actions to consider (process steps only) 1. Map existing securities workflows to identify points where a DSD could replace or complement current depository functions. 2. Assess FCA DSD regulatory requirements (e.g., capital, governance, AML/CTF, risk‑management) and compare them with internal policies. 3. Engage with the FCA or a recognised DSD (e.g., HSBC Orion) to confirm eligibility and obtain any necessary authorisations or licences. 4. Update operational and IT controls to accommodate token‑based settlement, including data‑integrity, audit‑trail, and cyber‑security measures. 5. Train relevant staff on DSD processes, reporting obligations, and client communication. Deadline – The FCA expects firms to demonstrate readiness for DSD integration before any live deployment; no formal statutory deadline has been set, but early engagement is advised to meet potential future market‑wide rollout timelines. Source – https://www.fca.org.uk/speeches/building-next-generation-market-infrastructure (RSS) – FCA Chief Executive speech.PaymentsBankingCorporate Finance23 September 2026
- News & SpeechesFirms crack down on money mules but need to do moreWhat changed – A recent FCA‑led survey shows firms have sharply increased closures of suspected money‑mule accounts, reaching 238,396 in 2025 (up from 184,935 in 2023). The data also reveal that criminals now move illicit funds through 2‑5 linked accounts before cash‑out, making detection harder. Who’s affected – Retail banks, building societies and challenger banks (35 firms surveyed) must tighten controls. The most affected customer groups are ages 26‑39 (91,073 closures) and 40‑49 (37,274 closures), with a sizable share of accounts under 25 (85,425). Actions to consider (process steps only) 1. Review and tighten AML transaction‑monitoring rules to flag rapid transfers across 2‑5 accounts. 2. Enhance early‑stage detection of mule‑type behaviour (e.g., unusual inbound transfers from unknown sources). 3. Implement or upgrade intelligence‑sharing protocols with law‑enforcement, NCA and the National Economic Crime Centre. 4. Train staff to recognise recruitment attempts (e.g., unsolicited online offers to “funnel money”). 5. Document and report suspected mule activity under the FCA’s AML reporting obligations. Deadlines – Firms are expected to embed the FCA’s action‑plan recommendations as part of the nine‑priority system response; no formal statutory deadline has been set, but prompt implementation is urged to align with the FCA’s 2025‑2026 economic‑crime strategy. Source – FCA RSS feed, “Firms crack down on money mules but need to do more”, FCA document type: RSS.PaymentsConsumer CreditBanking23 September 2026
- News & SpeechesMoney mules: mule activity and cashing out findingsWhat changed The FCA’s latest RSS review (published 23 May 2024) identifies a rise in “money‑mule” schemes, noting that fraudsters are increasingly using third‑party individuals to receive and forward illicit funds. The report highlights new typologies – e‑commerce platforms, gig‑economy apps and social‑media‑based “cash‑out” services – that were less prominent in earlier assessments. Who’s affected SMEs that operate online marketplaces, gig‑economy platforms, or provide payment‑processing services. Financial‑service providers (payment institutions, e‑money issuers, crypto‑asset firms) that on‑board customers who may be used as mules. Compliance and AML teams responsible for monitoring transaction flows and customer behaviour. Actions to consider (process steps only) 1. Update risk‑assessment – incorporate the newly identified mule typologies and channels. 2. Enhance due‑diligence – add checks for rapid, high‑volume inbound/outbound transfers and for customers linked to “cash‑out” services. 3. Screen communications – monitor email, SMS and social‑media interactions for signs of mule recruitment. 4. Train staff – brief front‑office and onboarding teams on the latest mule indicators. 5. Report suspicious activity – ensure SARs are filed promptly when mule‑related patterns are detected. Deadline Implement the above enhancements by 31 December 2024 to align with FCA expectations and mitigate regulatory risk. Source FCA RSS – “Money mules: mule activity and cashing out findings” (23 May 2024). https://www.fca.org.uk/news/rss/money-mules‑activity‑cashing‑out‑findings (RSS)23 September 2026
- News & SpeechesDebt advice warning: spot the red flagsPeople seeking debt advice are being urged to watch out for red flags. Free debt advice is available to everyone. However, the FCA is concerned that some consumers are being steered towards fee-paying debt solutions that may not be suitable for their needs, sometimes through high pressure sales tactics, misleading information or being advised by firms that do not have the appropriate permissions.Red flags include:Pressure tactics: Feeling hassled, or repeatedly contacted, particularly after an online enquiry or unexpected phone call, and being pressured to agree to a debt solution quickly over the phone or via WhatsApp, without time to properly consider their options.Changing details: Being asked or encouraged to change details about income or outgoings on an application or assessment form, or being 'coached' to say certain things.Failing to disclose, or discouraging, fee-free alternatives: Being steered towards a fee-charging debt solution, such as Individual Voluntary Arrangements (IVAs) or some debt...Consumer Credit22 September 2026
- News & SpeechesFCA takes Hunter Jones to High Court over alleged unauthorised activityThe FCA has begun High Court proceedings against Osborne Baldwin Limited, which trades as Hunter Jones and Hunter Jones Group. The FCA alleges that Hunter Jones, which sells loan notes, carries out regulated activity without authorisation. The FCA is asking the court to stop Hunter Jones carrying out regulated activity and require money to be returned to investors.The proceedings are at an early stage. The court has not yet determined the claim and no trial date has been set.Consumers who deal with unauthorised firms are at greater risk and may lose access to important protections if things go wrong. The FCA strongly encourages consumers to use its Firm Checker.Anyone who has invested through Hunter Jones and is concerned about what this means for them, or has information to share with the FCA, should contact AvillConsumers@fca.org.uk.The FCA will provide more information for investors when it is able to do so.Consumer Credit21 September 2026
- News & SpeechesFCA and partners join forces to help improve financial security for millionsThe FCA is partnering across sectors to expand protection insurance coverage for millions of unprotected people. While the market is working well for consumers who have protection insurance, millions of people remain unprotected.Around 58% of adults have no life insurance, critical illness cover or income protection – and 59% of that group has never considered it. This means that millions could be left vulnerable in the event of a death in the family, serious illness or loss of income.To help more people consider whether protection insurance is right for them, the FCA will join forces with partners from industry, government and consumer groups. Actions include:The Money and Pensions Service and the Digital Property Market Steering Group will prompt people to think about protection at key moments - such as becoming a parent or buying or renting a home. The FCA is also exploring how other partners can help put protection...PaymentsInsuranceMortgages21 September 2026
- News & SpeechesVideo18 September 2026
- News & SpeechesInfographics18 September 2026
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- News & SpeechesBuilding a stronger UK investment cultureSpeech by Lucy Castledine, director of consumer investments, at the 2026 Investor Summit. Speaker: Lucy Castledine, director, consumer investmentsEvent: Investor Summit 2026, LondonDelivered: 18 September 2026Note: This is the speech as drafted and may differ from the delivered versionReading time: 7 minutesKey points:How the FCA is supporting growth, innovation and wider access to investments.Why a wider range of support and clearer, simpler information is vital to helping people invest with confidence.How stronger action against scams and illegal promotions can build trust in markets.18 September 2026
- News & SpeechesFinancial crime: protecting the hiveSpeech by Steve Smart, executive director of enforcement and market oversight, at the Law Society Economic Crime Conference 2026. IntroductionA few weeks ago, I visited the Bank of England Museum to see a new exhibition on financial crime. I had expected banknotes and gold bars – not bees.Rather than bullion, I saw a working beehive and learnt how colonies defend themselves by reading signals, sharing information and taking collective action.Every bee gets checked at the door. If something’s off, the colony responds – together, and quickly.That same instinct and partnership are what we need to fight financial crime.The criminals we’re up against don’t present themselves for checking, and the system we’re protecting is much larger than a hive.And with the threat of financial crime getting worse, the stakes are higher than ever.Fraud accounted for nearly half of all crime in England and Wales last year, and estimates suggest that over...Banking17 September 2026
- News & SpeechesFCA and partners continues crackdown on illegal crypto tradingThe FCA and partners have taken further action against illegal peer-to-peer crypto trading in London. The FCA has carried out further operations with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations.Working with HM Revenue & Customs (HMRC) and the Metropolitan Police Service, the FCA targeted 3 premises suspected of illegal peer-to-peer crypto trading.Cease and desist letters were issued at all 3 premises, requiring traders to stop any suspected illegal crypto businesses.Peer-to-peer trading is when individuals buy and sell crypto directly with each other. Anyone doing this by way of business in the UK requires appropriate registration. There are currently no FCA registered peer-to-peer crypto businesses operating in the UK.Unregistered peer-to-peer crypto traders operating by way of business in the UK can provide a route for criminals to move and launder illicit funds. By operating outside the FCA’s registration regime, they avoid controls designed to detect and prevent...Payments17 September 2026