Expert Analysis • Updated Daily
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.
Intelligence Coverage
- • Impact assessment for every FCA publication
- • Sector-specific analysis and deadlines tracking
- • Consultation summaries with response guidance
- • Enforcement action insights and trends
FCA news & analysis
565 FCA publications, newest first, 16 of them priority (score 90+). Our own commentary is in Our analysis Showing 121–160 of 411.
- News & SpeechesOutcomes monitoring: why understanding the consumer experience matters and where firms should focusThe Consumer Duty was designed to ensure firms were focussed on the outcomes that matter to their customers. Understanding the actual experiences of people and identifying potential harm are essential to delivering these improvements. So outcomes monitoring is at the heart of helping consumers to better navigate their financial lives.Understanding these outcomes is about more than collecting data or producing reports. It helps firms identify where customers may be struggling, spot emerging risks and take action before harm occurs. Doing this well helps build consumer trust in the firms and products that they engage with. This is why, over the past year, we’ve looked closely at how firms are approaching outcomes monitoring.Monitoring customer outcomes: what good practice looks likeOur review found that the strongest approaches were structured, evidence-based and focused on using information to identify risks.Firms that were most effective did not simply collect management information; they used it to...27 July 2026
- News & SpeechesOutcomes monitoring: good practice and areas for improvementRead the findings of our review into firms’ approaches to monitoring consumer outcomes.27 July 2026
- News & SpeechesYou don't need to pay to claim: FCA launches nationwide car finance campaignMillions of car finance customers who may be owed compensation can get help making a complaint for free, as the FCA launches a national advertising campaign. Research by the FCA found that 27% of car finance customers lack confidence to make a complaint without using a claims management company (CMC) or law firm, despite free tools from the FCA being available.Sheree Howard, executive director at the FCA, said: 'Many people who may be owed compensation aren’t sure where to start or don’t realise they don’t have to pay someone to make a complaint. Our free tools are there to help people feel claim confident – so they can get any money owed back without it costing them a penny.'Many car finance customers are already acting – 59% have made or are considering a claim – but a significant group (23%) say they are unsure of their options.The campaign – running...Consumer Credit27 July 2026
- News & SpeechesRetail intermediary market interactive analysis 2025This page provides our interactive dashboard of the intermediary sector, based on the 2025 data drawn from the Retail Mediation Activities Return (RMAR). ... The interactive dashboards cover:Revenue from regulatory activities (RMA B)Capital requirements (RMA D)Adviser staff data (RMA G)Retail investment advice and adviser charges (RMA K) Download the underlying data for the Tableau dashboards (xlsx)Profit & Loss data ... var divElement = document.getElementById('viz1784802151235'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='1687px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='1687px';} else { vizElement.style.width='100%';vizElement.style.height='1377px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); View the dashboard in Tableau Capital requirement and surplus data ... var divElement = document.getElementById('viz1784801668383'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='1287px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='1287px';} else { vizElement.style.width='100%';vizElement.style.height='1077px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); View the dashboard in Tableau...23 July 2026
- News & SpeechesManaging conflicts of interest in insuranceHaving just joined as the FCA’s new insurance director, it’s been great getting to know the team and see the variety of work they’re doing – whether that’s working with the industry to improve claims experiences for customers, consulting on simplifying our rules or supporting growth with a new regime for captive insurers.One item that has crossed my desk is vertically integrated business models, which we’re publishing information for firms on today.When a consumer buys insurance, they need to trust that the firm they're dealing with is genuinely working toward the best outcome for them – and that they’re not losing out due to conflicts of interest.This can happen when a single group of companies span multiple parts of the insurance chain: underwriting the policy, distributing it to customers, arranging premium finance, and providing other related services.It can also happen when firms are connected through ownership or financing relationships that...PaymentsConsumer CreditInsurance23 July 2026
- News & SpeechesAccess to cash coverage in the UK 2025 H2This is an overview of geographical cash access coverage in the UK at the end of the second half-year (July to December) of 2025. This monitoring forms part of the FCA’s work on access to cash. ... While previous access to cash coverage publications reported on quarterly changes in data, this publication and future publications will report on 6-monthly changes in the UK’s cash access coverage. We will publish the outstanding data from H2 2024 and H1 2025 in due course.23 July 2026
- News & SpeechesFCA decides to ban father and son following fraud and misuse of client moneyThe FCA has decided to ban a father and son from UK financial services after the High Court found that they had engaged in fraud and misused client money.23 July 2026
- News & SpeechesAsset management and alternative firms’ financial crime controls: our findingsThese are our findings from our engagement with asset management and alternatives firms, highlighting examples of good and poor practice. ... Our findings are intended to help firms reflect on the financial crime risks inherent in their business models, and how well their control frameworks are designed to identify, manage and mitigate those risks.22 July 2026
- News & SpeechesAnthropic to support FCA’s Supercharged SandboxAnthropic will support the second group of firms in the FCA's Supercharged Sandbox. The Sandbox is a controlled environment where firms can safely experiment with advanced AI.Anthropic will provide access to Claude for participants – including Claude Code and Claude Cowork – to help speed up their development work.The second group of firms in the Supercharged Sandbox will explore a range of AI use cases. This includes testing solutions designed to:enable safer agent-led payments and commercedetect fraud and economic crime more effectivelystrengthen AI governance and accountabilitywiden access to financial services for vulnerable and underserved consumersstreamline compliance and business automation21 organisations, including Scottish Widows, Money Advice Trust and TrueLayer, will join the second group. The selection process followed strong demand, with a 51% increase in the number of applications compared to the first group.The Sandbox builds on existing support from NayaOne and NVIDIA.'The high level of interest in the Supercharged Sandbox...22 July 2026
Show 31 more on this page
- News & SpeechesArrests and searches made as part of a fraud and money laundering investigationFour people have been arrested and search warrants executed in Hackney, Beckenham and Slough as part of a FCA and police investigation into fraud and money laundering. The arrests and searcheswere carried out by the police’s Eastern Region Special Operations Unit and South East Regional Organised Crime Unit with the FCA.The suspects were interviewed under caution by the FCA and released on bail. The investigation is ongoing and further updates will be provided in due course.Notes to editorsThe FCA cannot comment further at this time.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.22 July 2026
- News & SpeechesProsper Capital LLP enters creditors’ voluntary liquidationOn 1 June 2026, Prosper Capital LLP (Prosper) went into creditors’ voluntary liquidation. Jeremy Karr and Simon Killick of BTG Begbies Traynor (Central) LLP were appointed as joint liquidators. Prosper, an FCA-authorised firm (firm reference number (FRN): 453007), was an alternative investment fund manager and arranged deals in investments. Prosper has applied to cancel its authorisation, which is subject to review by the FCA.Prosper was also responsible for the activities of its appointed representative, Crowd2Let Capital Limited (Crowd2Let) (FRN: 743371).Below we set out:What to do if you’re a customer who wishes to make a complaint or has an existing complaint against the firm.How to contact the joint liquidators.How to protect yourself from fraudsters claiming to act on behalf of the firm or the joint liquidators.If you believe you have a claim against Prosper, contact the joint liquidators using the details below.Consumer Credit20 July 2026
- News & SpeechesCustomers of Anthony Jones (UK) Limited urged to check their insurance policyThe insurance broker has agreed to stop carrying out any regulated activity. This means it can't provide any services on behalf of an insurer. From 9 July 2026, the insurance broker Anthony Jones (UK) Limited (AJL) agreed to stop carrying out any regulated activity.This means that AJL cannot provide any services on behalf of an insurer, including selling new insurance policies, offering renewals, or providing any advice to new or existing consumers.If you purchased an insurance policy through AJL, please contact the underwriter or insurer directly to check whether your policy is valid and your cover remains in place.These requirements remain in force while we continue engaging with the firm.Next steps for customersAnthony Jones (UK) Limited acts as an insurance intermediary and is not itself an insurer or underwriter.Please contact the insurer or underwriter named on your policy documentation to:Confirm whether your insurance policy is valid.Check that any payments you...Insurance17 July 2026
- News & SpeechesJoint taskforce continues crack down on misleading car finance claims advertsThe FCA, Advertising Standards Authority, Solicitors Regulation Authority and Information Commissioner's Office are tackling the poor handling of motor finance claims by some claims companies and law firms. As part of the joint taskforce's continued crackdown, in June the FCA had 170 misleading car finance claims adverts removed or amended by claims management companies (CMCs), bringing the total up to 1,200 since January 2024. Some of the misleading adverts seen by the FCA:Were disguised as a consumer posting on social media recommending a website to look up agreements. However, the advert failed to make clear it was a financial promotion for a CMC that was recommending its own website.Were using the FCA motor finance redress scheme in a misleading way to promote the firm’s own services, which could suggest an affiliation with the FCA.Failed to clearly highlight free claim options and the FCA's redress scheme.Promoted claims management services when not...Consumer CreditBanking16 July 2026
- News & SpeechesNew member appointed to the Regulatory Decisions CommitteeThe FCA Board has appointed Dan Lavender as a new member of its Regulatory Decisions Committee (RDC). The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement action. Committee members bring a broad range of professional experience to support fair, independent and evidence-based decision-making.Alison Potter, the Chair of the RDC, said: ‘I am delighted to welcome Dan to the committee. Dan has significant legal and leadership experience in relation to contentious financial services matters, so his skill set will complement existing committee members and enhance the overall capability and effectiveness of the RDC.’Notes to editorsMore detail about the work of the RDC is available on the FCA website, including the biographies of all committee members.Read Dan Lavender's biography.The RDC is an FCA Board Committee that is operationally separate from the rest of the FCA. The FCA Board appoints the RDC Chair and...14 July 2026
- News & SpeechesStreamlined rulebook to save asset managers £128m a yearThe FCA has proposed a package of reforms that would tailor requirements proportionately for asset managers, cut costs for firms and give better data to supervise the sector more effectively. A large share of the £128m-a-year savings are expected to come from simpler Fund Reporting for Asset Management Entities (FRAME) requirements. These would be tailored to the specific circumstances of UK industry, delivering better data to make regulation more efficient.The package would also modernise and simplify Alternative Investment Fund Managers Directive (AIFMD)-related rules dating from 2013.The updated rules would be fit for today’s UK market: more flexible, tailored and proportionate, while maintaining clear standards, especially for firms serving retail clients.A consultation by the regulator is also seeking to simplify remuneration rules for the relevant firms, which are ones solely regulated by the FCA, by replacing overlapping remuneration codes with a clearer, more proportionate framework, while maintaining appropriate standards and safeguards.Simon...InvestmentBanking14 July 2026
- News & SpeechesAsset allocation surveyThis data is published as a result of a survey conducted by the FCA seeking asset allocation data from a number of FCA regulated firms. ... A similar exercise was conducted by The Pensions Regulator looking at master trust (MT) schemes.Using that combined data, the following assessment of the combined market has been produced.Table 1: Key asset class allocation - trust (MT) and contract-based multi-employer arrangementsAsset ClassMaster Trusts (MT)Contract-based multi-employer schemesTotal (MTs and contract-based multi-employer schemes)Non-UK Investment84.5%84.7%84.6%UK Investment15.5%15.3%15.4%Equities and Bonds investment 87.7%91.6%89.9%Unlisted private market investment5.9%4.1%4.9%Cash and Other investments 3.4%2.2%2.7%Listed private market investment3.0%1.5%2.2%Non-UK investment84.5%84.7%84.6%UK public market investment12.3%12.9%12.6%UK unlisted private market investment2.6%1.5%2.0%UK listed private market investment0.7%0.2%0.4%Listed assets investment93.9%95.0%94.5%Unlisted assets investment6.1%5.0%5.5%Total disclosed default assets£208bn£260bn£468bn ... FCA survey results Summary findings FCA dataResponses to the FCA survey covered a significant proportion of the contract-based workplace defined contribution default arrangement pension market by assets under management.Across responding providers, most assets in default arrangements were allocated...Consumer Credit13 July 2026
- News & SpeechesLogbook Lending Limited enters administrationOn 1 July 2026, Logbook Lending Limited (trading as AFPremier.co.uk, pawnmy.co.uk, LBL Asset Finance, Log Book Loans 247) entered administration. Paul Appleton, Adam Shama and Robert Ferne of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators. Logbook Lending Limited provided lending secured on vehicles (known as logbook loans or bill of sale agreements), as well as pawnbroking.The firm is no longer lending. However, all existing loan agreements remain in place, and customers should continue to make payments as usual. The Joint Administrators will update customers as soon as possible.We are in regular contact with the firm and the Joint Administrators to help ensure customers are treated fairly.PaymentsConsumer Credit10 July 2026
- News & SpeechesUK financial regulators to begin overseeing Critical Third Parties announced by TreasuryThe Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the FCA will start overseeing the first critical third parties (CTPs) on Monday 13 July 2026, following designation by the Treasury. CTPs are technology and other service providers whose services underpin the UK financial system. Today, the Treasury has announced its first designations of 4 global cloud services and technology providers: Amazon Web Services EMEA SARL, Google Cloud EMEA Limited, Microsoft Ireland Operations Ltd, and Oracle Corporation UK Limited.As many firms rely on these services, disruption or failure could affect multiple firms or markets at the same time, potentially impacting UK financial stability and services used by millions of consumers and businesses.For the first time, the three regulators will jointly oversee these CTPs under a new, proportionate regime, focused on the resilience of the critical services they provide to the UK financial sector. The regulators will work together...PaymentsBanking10 July 2026
- News & SpeechesProducts and services: good practice and areas for improvementRead the findings of our review into firms' approaches to products and services.10 July 2026
- News & SpeechesWhy getting product design right really matters to consumersFinancial products and services shape some of the most important decisions we all make – from saving and borrowing, to protecting ourselves and our families when things go wrong.Consumer needs vary widely, and there’s no such thing as a standard consumer. Our Financial Lives data shows a huge spread of needs, resilience and capability. That’s why it’s so important for firms to design their products effectively.When firms have consumers’ needs firmly in mind, they can support good outcomes – helping people make informed choices, get fair value, and receive the support they need over time to navigate their financial lives.The cost of poorly designed productsBut when product design falls short, the consequences can be serious. Firms might sell products to the wrong people, deliver poor value, or fail to adapt when customers’ circumstances change. And if they don’t monitor how their products are working in practice, they leave consumers exposed...InsuranceBanking10 July 2026
- News & SpeechesFCA operating service metrics 2025/26We report our performance for 2025/26 against 50 operating service metrics. These show how we perform over time in key operational areas. This includes supporting firms through authorisation processes and responding to consumer queries through our Supervision Hub. ... Some metrics are voluntary, such as our Supervision Hub metrics. Others are set by the Financial Services and Markets Act 2000 (FSMA). We also report on other legislative requirements, including the Freedom of Information Act (FOIA), the Payment Services Regulations and Electronic Money Regulations.We categorise these standards into 5 areas:Open communication: We assess how well we communicate, including the timeliness of our responses to consumers, firms, MPs and others. Enabling business: We measure how quickly we authorise firms and individuals. Regulating existing businesses: We assess how quickly we process requests, such as variation of permissions. Listings: We set voluntary targets, ahead of statutory deadlines, to review and approve documents linked to...PaymentsCorporate Finance9 July 2026
- News & SpeechesDI-M03DI-M03: Account of new regulatory initiatives which are designed to foster innovation and qualitative commentary on outcomes of the regulatory sandbox programme, including pathways to authorisation where relevant2025/26See our Annual Reports and Accounts 2025/26 ‘Supporting Growth’ section for details of new initiatives.2024/25 valuesSecondary International Competitiveness and Growth Objective report 2024/252023/24 valuesSecondary International Competitiveness and Growth Objective report 2023/249 July 2026
- News & SpeechesFCA outcomes and metrics 2025 to 2030We set out the outcomes and metrics we want to achieve for consumers, markets and the wider economy in line with our strategy’s 4 themes for the next 5 years. ... Our outcomes and metricsThese outcomes are our aspirations over 5 years. Progress will not be immediate and they are not all entirely in our control to achieve. Many require us to work in partnership to maximise our impact. And other factors will influence how our outcome metrics change, particularly wider economic conditions. We set out 2 to 4 outcomes for each of our strategic themes and the key metrics we will use to track them. For each metric we include the data source, baseline value and recent trends. These are not the only metrics we will monitor, but they are the ones that we will focus on. We will also continue to track and report on metrics that relate...9 July 2026
- News & SpeechesPrescribed Persons Annual Report 2025/26This report covers whistleblowing disclosures made to us under the Prescribed Persons Regulations 2017, covering 1 April 2025 to 31 March 2026. ... Whistleblowing remains an important way for us to identify and investigate wrongdoing within the financial sector. The number of reports continues to increase. In 2025/26, we reviewed 1,375 whistleblowing reports. Between 1 April 2025 and 31 March 2026, whistleblower information led to 523 instances of direct action. This helped us identify wrongdoing and prevent harm. This includes cases where: Concerns about leadership competency and compliance with Consumer Duty led to a section 166 skilled person review, with the firm taking steps to meet its regulatory obligations and Threshold Conditions. Unauthorised business activity breaching Section 19 and 21 of Financial Services and Markets Act 2000 (FSMA) resulted in enforcement action. Reports of unsuitable investments, unfair treatment of clients, and a lack of governance led to supervisory action, including...Consumer Credit9 July 2026
- News & SpeechesTheme 1: Authorisations and operational efficiencyThis page provides data on our authorisations activities, including the number of new authorisations for each sector and the number of individuals in scope of the Senior Manager and Certification Regime. ... Our outcomes Our metrics also provide an insight into our internal processes including our responses to pre-vetting listed issuers’ documents and our staff turnover.MetricsUse the dropdown menu below to view the metrics and the latest results. ... - Select metric -OE-M01OE-M02OE-M03OE-M04OE-M05OE-M06OE-M07OE-M08OE-M09OE-M10 Apply ... What the metric values tell us The FCA gateway remains critical to supporting growth and international competitiveness in the UK. As the entry point to the UK financial services sector, our Authorisations function is evolving to meet today’s challenges, including innovative business models, emerging technologies and increased global competition for firms seeking to establish or expand. We are engaging with firms earlier and more clearly, making proportionate decisions and continuing to focus on the quality...InvestmentCorporate Finance9 July 2026
- News & SpeechesTheme 2: Policy and regulatory impactThis page captures the wider impact of our work on consumers, the firms we regulate, the UK financial system and the UK economy. ... Our outcomes MetricsUse the dropdown menu below to view the metrics and the latest results. ... - Select metric -OE-M01OE-M02OE-M03OE-M04OE-M05OE-M06OE-M07OE-M08OE-M09OE-M10 Apply ... What the metric values tell us In 2025/26, the cumulative equivalent annualised net direct cost to business (EANDCB) [RI-M01] increased to £426.3m, from £51.2m in 2024/25 and £73.8m in 2023/24 (in the prices of each year). The main drivers of this were new rules set out in a policy statement (PS26/1) on the regulation of deferred payment credit (DPC, also known as unregulated Buy Now Pay Later), where we supported government policy, and the motor finance redress scheme (PS26/3). These rule changes have an EANDCB of £319m and £68m respectively.The EANDCB value changes each year based on the new policies introduced. In 2025/26, we...Consumer CreditInsuranceBanking9 July 2026
- News & SpeechesRI-M02RI-M02: Aggregate benefits from our policy workAggregate benefits from our policy work were £5.6 billion. We count the annualised benefits for all interventions made in the last 10 years in line with our Positive Impact report methodology. Our annual benefit estimate comes from adding up the annual benefits from all the rules that came into effect between 2016/17 and 2025/26, where benefits were quantified in a cost benefit analysis (CBA).2024/25: At least £6 billion in annual benefits (expected annualised benefit for 2024/25 from rules introduced between 2015/16 to 2024/25, in 2024/25 prices)Source: FCA Positive Impact report9 July 2026
- News & SpeechesRI-M01RI-M01: Total value of the Equivalent Annual Net Direct Cost to Business across all Cost Benefit Analysis (CBAs) for Policy Statements published in the previous year ... Chart Data table Download ... To calculate the equivalent annualised net direct cost to business (EANDCB) for a policy, we first add up the discounted value of the stream of net direct costs which accrue over the appraisal period to reach the present value of the net direct costs (Our Statement of Policy details how we classify direct impacts). We then convert this into an equivalent annual figure by dividing by the appropriate annuity rate. The cumulative EANDCB, metric RI-M01, is presented in 2025/26 prices.9 July 2026
- News & SpeechesRI-M07RI-M07: Number of listed entities on UK exchanges (Total + change in period)Mar 23 Sep 23Mar 24Sep 24Mar 25Sep 25Mar 261,048 listed issuers1,016 listed issuers976 listed issuers946 listed issuers906 listed issuers885 listed issuers872 listed issuersChange in the period-32-40-30-40-21-13Source: UK Official List/London Stock Exchange public dataThe figures include issuers with equity related securities on the UK Official List, comprising of the following listing categories:certificates representing certain securities (depository receipts)closed-ended investment fundsequity shares (commercial companies) equity shares (international commercial companies secondary listing)equity shares (shell companies)equity shares (transition)non-equity shares and non-voting equity sharesopen-ended investment companiesWe exclude issuers that only have debt and debt-like issues, warrants, options, other miscellaneous securities and/or securitised derivatives.BankingCorporate Finance9 July 2026
- News & SpeechesDC-M01DC-M01: Number of data requests and time given to firms to respond with breakdownDescriptionNumber of data requests and time given to firms to respond with breakdown (Mean and 95th percentile in days)(RegData is our data collection platform for gathering regulatory data from firms, firms use the system to provide us with data that we collect at regular intervals to support our supervisory work, from balance sheets to information on whether firms hold client money.)2025/26 valuesType of request (Ad-hoc and RegData)No. of templatesMean time given to respond (days)95th percentile time given to respond (days)One-Off and Other98 58 62 Weekly0 0 0 Monthly22 2023Quarterly74 33 45 Half-yearly44 43 45 Annual65 73 120 Total303 48 118 Firm typeNumber of firmsTotal number of data requestsAverage number of requests per firmAverage number of days to respond95th percentileFixed223 13,750 61.741 92 Flexible39,882 642,67016.1 49 118 Other2,053 8,461 4.1 38 90 Total42,158664,88115.8 2024/25 valuesType of request (Ad-hoc...PaymentsConsumer CreditMortgages9 July 2026
- News & SpeechesTheme 4: Digital and innovationThis page provides detail on applications to our innovation pathways and regulatory sandbox, including a breakdown of applicants by sector and technology used, as well as common reasons applications are refused. ... Our outcomes MetricsUse the dropdown menu below to view the metrics and the latest results. ... - Select metric -OE-M01OE-M02OE-M03OE-M04OE-M05OE-M06OE-M07OE-M08OE-M09OE-M10 Apply ... What the metric values tell us Our digital and innovation metrics (DI-M01) show our continued support for innovation in the financial sector. Firms remain highly engaged with our innovation services, with demand increasing over the past 3 years.Applications rose by around 89% in 2025/26, with 332 applications across our core services: Regulatory Sandbox (RS), Innovation Pathways (IP) and Digital Sandbox (DS). This compares with 176 applications in 2024/25 and 146 across RS and IP in 2023/24. Applications to the Regulatory Sandbox increased significantly, rising by 173% to 142 in 2025/26 (from 52 in 2024/25 and 43...9 July 2026
- News & SpeechesOE-M07OE-M07: Number of new entrants, exits from UK market, for each sectorTotal cancellation cases approved (proxy for firm exits): 3,432 in 25/26 (this compares to 5,140 in 23/24, and 4,530 in 2024/25)Cancellations cannot be split by sector as firms often operate in multiple sectors and may cancel all permissions at the same time.Table: New firm authorisations (proxy for new entrants) 2025/26SectorNew FirmsCredit and Lending589Payment Services / E-Money45Banking1Insurance102Consumer Investments67Crypto (5MLD)144MLD188Wholesale106Total1,112The best indicator of new firm entry is the number of new firm authorisations in each sector. This excludes appointed representatives (ARs), as we receive notifications from them instead of authorisation applications. The figure include existing firms that set up a new subsidiary before transferring their operations. It also includes firms authorised following changes to the FCA’s perimeter.3 year comparisonTable: New firm authorisations (proxy for new entrants)SectorYear 2023/242024/252025/26Credit and Lending603598589Payment Services / E-Money391945Banking351Insurance14887102Consumer Investments745967Crypto (5MLD)64143/4MLD150213188Wholesale149124106Total1,1721,1091,112Source: FCA dataPaymentsConsumer CreditInsurance9 July 2026
- News & SpeechesOE-M08OE-M08: Market Cleanliness (MC) Statistics2025 valuesTable: MC, ATV and PATR latest figuresType2022202320242025StatusMarket cleanliness (MC) statistics:25%Data was not published as we were reviewing our methodology38%41.1%Increased(Methodological changes mean that the statistic is not comparable to, and systematically higher than, figures published using the previous methodology.)Abnormal Trading Volume Ratio (ATV)8%6%6%8.1%Increased Potentially Anomalous Trading Ratio (PATR)5%3%4%5.5%Increased Source: FCA transaction data and prices from data vendorsWe updated the MC statistic methodology in November 2024. We explain the changes in Research Note: A revision of our market cleanliness statistic methodology. The revised approach means the statistic is not comparable with earlier figures and is generally higher than those published using the previous method. ... Chart Data table Download ... ... Abnormal Trading VolumeEach year we publish an Abnormal Trading Volume (ATV) measure. This looks for unusual increases in trading volumes ahead of potentially price sensitive announcements, covering equity instruments and some equity derivatives. ... Chart Data...9 July 2026
- News & SpeechesFighting financial crimeFinancial crime robs people and businesses of their hard-earned money. It seeks to hide the profits made from serious offences. It reduces the amount of money available to invest and grow businesses and makes our markets less attractive. We prioritised fighting financial crime in our previous strategy. We have maintained this focus by making it 1 of our 4 strategic priorities in our current strategy. ... We set out our outcomes and metrics for this theme below.Outcome Metric description Source Baseline value Year 1 valueSlowed growth in investment fraud* Continue to slow the growth in investment fraud victims and losses National Fraud Intelligence Bureau (NFIB)20247.6% reduction in victims5.1% growth in lossesIn 2024 compared to 2023202537.6% increase in victims120.6% growth in lossesIn 2025 compared to 2024Slowed growth in Authorised push payment (APP) fraudContinue to slow the growth in APP fraud cases and losses UK Finance2024**0.4% reduction in cases5% increase in lossesIn...InvestmentBankingCorporate Finance9 July 2026
- News & SpeechesSupporting growthFinancial services are a crucial part of the UK economy and its growth. They contribute significantly to the UK’s GDP and employ around 1.1 million people directly. The UK is one of the major global financial hubs, a centre of choice for global fintech investors and firms. Financial services are also an engine of growth for the wider UK economy, matching capital with investment opportunities and enabling UK businesses to grow and manage risk. ... We set out our outcomes and metrics for this theme below.OutcomeMetric descriptionSourceBaseline valueYear 1 valueIncreased competitiveness of the UK financial services industryMaintain the UK’s position as one of the top global (i) Financial and (ii) Fintech centres in the worldGlobal Financial Centres Index, Z/Yen2025Financial centre rank: 2ndFintech centre rank: 2nd2026Financial centre rank: 2ndFintech centre rank: 5thMore productive and innovative financial services industryMore firms use our innovation and tailored authorisation servicesFCA2024/25 Number of applications for innovation...Consumer CreditInsuranceBanking9 July 2026
- News & SpeechesOE-M04OE-M04: Total number of individuals within scope of Senior Managers and Certification Regime (SM&CR) – broken down by SM and CRIndividuals may appear on the register for active senior manager (SM) and certified functions at the same time, so they are counted in both figures.CR refers to the Certification Regime. Unlike under the Senior Managers Regime, we do not approve individuals carrying out certified functions. Firms must check and certify that these individuals are fit and proper themselves.2025/26 values 2023/242024/252025/26Total number of unique individuals (unique IRNs) on the Register with at least one approved Senior Manager function (as of 31 March 2026)62,95358,70055,378Total number of unique individuals (unique IRNs) on Register with at least one approved Certified Function (as of 31 March 2026)168,115168,500168,599Source: FCA data9 July 2026
- News & SpeechesOE-M01OE-M01: Total number of authorisations approved broken down by firmDescriptionTotal number of solo and dual authorisations (determinations for CiC) approved broken down by firm/sector type for:New firm authorisationsVariation of permissions (VoP)Change in control (CiC)Senior managers (SM)Find out more in our guidance on every type of firm authorisation.2025/26 valuesTable: Number of approved Authorisations/ Determinations year 3 valuesSectorNew FirmsVariations of PermissionChange in ControlSMRCredit and Lending5893742281,160Payment Services / E-Money45191163Banking16427436Insurance1021742851,785Consumer Investments673593251,188Crypto (5MLD)14n/a2n/a4MLD188n/an/an/aWholesale1062522702,018Total1,112 1,242 1,253 6,590 In 2025/26, we approved 1,112 new firm authorisations and registrations, 1,242 variations of permission, 1,253 change in control determinations and 6,590 senior manager approvals. This reflects sustained demand across Authorisations routes, with volumes broadly consistent with last year. Note: Crypto firms are not authorised as other firms are, instead they apply to be registered under the 5th Money Laundering Directive (5MLD), the same applies to firms applying to be registered under the 3rd and 4th Money Laundering Directives (3/4MLD).2024/25...PaymentsConsumer CreditInsurance9 July 2026
- News & SpeechesOE-M05OE-M05: FCA Authorisations Operating Service MetricsDescriptionQuartiles for time taken to complete determinations for FSMA firms:New firmsVariation of permissionsChange in ControlSenior ManagersQ4 2024/25 - Determination times (days)2025/26 valuesTable: Time taken to complete determinationsActivityLower QuartileMedianUpper QuartileStatutory DeadlineNew firm authorisations83125187Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.Variation of permissions2757104Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.Change in control183967Within 60 working days* of acknowledgement of receipt (s189(1))Senior manager regime142541Within 90 days2024/25 valuesTable: Time taken to complete determinationsActivityLower QuartileMedianUpper QuartileStatutory DeadlineNew firm authorisations63112192Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.Variation of permissions3977136Within 180 days of receiving a complete application or 365 days of receiving an incomplete application.Change in control143462Within 60 working days* of acknowledgement of receipt (s189(1))Senior manager approval274058Within 90 days2023/24 valuesTable: Time taken to complete determinationsActivityLower QuartileMedianUpper QuartileStatutory DeadlineNew firm...9 July 2026
- News & SpeechesOE-M02OE-M02: Total number of withdrawals, refusals and rejections for new firm authorisations, and reasons for refusal, broken down by sector2025/26 valuesTable: New Firms – Withdrawals/RefusalsSectorWithdrawalsRefusalsRejectionsCredit and Lending199583Payment Services / E-Money60059Banking100Insurance801Consumer Investments1908Crypto (5MLD)6123/4MLD60029Wholesale3603Total3896185We reject applications that don’t include the minimum information we ask for.In 2025/26, we refused authorisation or registration for 6 firms. Two refusals were due to firms not responding to our requests for information. The remaining 4 refusals were because applicants did not address our concerns:In 2 cases, the competence, capacity, or fitness of senior managers did not meet our standards.In 1 case the firm could not be effectively supervised.In 1 case, the application fell below our standards in several areas. 2024/25 valuesTable: New Firms – Withdrawals/RefusalsSectorWithdrawalsRefusalsRejectionsCredit and Lending268776Payment Services/E-Money108039Banking600Insurance900Consumer Investments19115Crypto (5MLD)18493/4MLD51012Wholesale2706Total50612157Source: FCA dataFive of the refusals were due to firms not responding to our correspondence about their applications. The remaining 7 refusals were because applicants were unable to...PaymentsConsumer CreditInsurance9 July 2026
- News & SpeechesPay review 2026: Equality Impact AssessmentWe have conducted an Equality Impact Assessment (EIA), following our 2026 annual pay review. ... 2026 pay review: at a glanceAverage base salary increase: 3.5%.Average overall increase including flexible benefits allowance changes: 3.9%.No overall difference in average increase between women and men (both 3.5%).Higher increases for more junior grades, especially professional support (4%) and associates (3.6%), compared with 3.1% for managers, technical specialists and directors.Younger colleagues received the largest increases: ages 18 to 20: 12.1% and 21 to 30: 4.7%. What is our annual pay review?Each year, we review how much we pay colleagues at the Financial Conduct Authority (FCA) and Payments Systems Regulator (PSR). The annual pay review takes place in April and is based on employee’s performance in the previous calendar year.It is designed to provide fair, competitive pay at all levels and reward strong, consistent performance. The annual pay review is part of our employment offer.Under the...Payments9 July 2026