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FCA News & Analysis
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FCA news & analysis
565 FCA publications, newest first, 16 of them priority (score 90+). Our own commentary is in Our analysis Showing 281–320 of 561.
- News & SpeechesFootball clubs warned about questionable sponsorship deals with unauthorised financial firmsFootball clubs have been warned not to put their fans’ cash at risk by signing sponsorship deals with financial firms that aren't allowed to operate in the UK. According to the FCA, a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football fans.These unauthorised firms may be breaching UK financial services laws by providing financial services in the UK without authorisation. Fans using these firms risk losing all their money.The FCA has written directly to football clubs, mainly in the Premier League, to warn about their relationships with these firms and remind them of their responsibilities to fans.Lucy Castledine, director of consumer investments at the FCA, said:'Millions of football fans trust their club’s badge. Clubs should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans.'A logo on a shirt means one thing:...PaymentsConsumer CreditCorporate Finance3 June 2026
- News & SpeechesOpen banking takes next step forward with launch of UK Payments Initiative schemeThe UK Payments Initiative (UKPI) announcement signals a major step forward for open banking and commercial variable recurring payments (cVRP). The launch of UKPI paves the way for greater payments competition, innovation and economic growth.Read the announcement.The industry-led scheme will give people more choice about how and when they pay for recurring goods and services.We want to see competition between commercial open banking schemes and expect the launch of the first scheme by UKPI to act as a catalyst for other initiatives to emerge.To strengthen this next phase of open banking, we are supporting industry efforts to establish an independent standards-setting body, and – subject to legislation expected to give us new powers – will consult on a long-term regulatory framework by the end of 2026.We have also published our regulatory roadmap for open finance to build on the data-sharing foundations established by open banking. This will give consumers and...PaymentsBanking2 June 2026
- News & SpeechesHalo Financial Limited enters administrationOn 29 May 2026, Halo Financial Limited (Halo) entered special administration. Louise Longley and Bai Cham of BTG Begbies Traynor (Central) LLP (Begbies) were appointed as joint special administrators. Halo is authorised by the FCA to provide payment services under the Payment Services Regulations 2017 (the PSRs). On 30 April 2026, Halo agreed to a voluntary undertaking, which restricted the activities it can carry out, including conducting payment services and accepting any additional funds. Find more details on the Financial Services Register.As Halo continues to be authorised by us, we will continue to engage with the special administrators and seek the best outcomes for consumers.Payments1 June 2026
- News & SpeechesCourt approves distribution of money recovered from Argento WealthIn its 19 May 2026 judgment, the High Court approved pro rata distribution to eligible investors of money recovered by the FCA from Argento Wealth Limited (AWL). Eligible investors must act by 1 August 2026. You can receive a share of the money recovered if you:Invested in the AWL Loan Scheme; orInvested in the EMB Scheme and if your investment was arranged by AWL or its sub-distributors.We will make payments to eligible investors, as defined in the court judgment, who provide their bank account details on or before 1 August 2026.If we do not have your bank details by this date, then you will be unable to receive a distribution payment.The same applies if we are not aware of your investment by that date.We will write to eligible investors named in Appendices 1 to 2 of the court order using the contact details we already hold. Appendices 1 to 2...BankingCorporate Finance29 May 2026 · deadline 1 Aug
- Policy StatementHigh impactPS26/8: Retail Banking Business Models dataWe consulted on transforming a previously ad hoc series of Retail Banking Business Models (R2B2) data collections into an annual regulatory return. ... Read PS26/8 (PDF) ... Why we are changingWe’ve collected R2B2 data from firms on an ad hoc basis 4 times.Collecting this data infrequently makes it challenging for us to keep our understanding of the retail banking market up to date.Ad hoc requests are also burdensome for firms, making it difficult to plan, allocate resources and automate reporting processes.By moving to an annual return, the data will be readily available so we can make effective and timely decisions and reduce operational disruption to firms. ... Who this is forThis Policy Statement will be of interest to:retail banks and building societiesindustry trade bodiesother regulators ... Next stepsThe new rules come into force on 1 June 2026. Firms can access the annual return via RegData, our data collection platform.If you...Banking29 May 2026
- News & SpeechesFirms have improved but must do more to prevent sanctions breachesFinancial firms have made progress in preventing sanctions breaches – with £37bn worth of assets frozen in the UK as of last year – but gaps remain, warns the FCA. The Office of Financial Sanctions Implementation (OFSI) and the Office of Trade Sanctions Implementation (OTSI) implement financial and trade sanctions. The FCA supports them through its role supervising firms within the financial services sector. This includes checking they have adequate sanctions systems and controls.Since February 2022, the FCA has proactively assessed the sanctions systems and controls of over 150 firms across a range of financial services sectors. In its latest review, the FCA found:Repeated examples of firms exhibiting strong controls and identifying potential sanctions breaches before they occurred.The most common root causes of reported sanctions breaches were weaknesses in due diligence, alert management, transaction and name screening, as well as the management of frozen assets and compliance with licences. Firms...28 May 2026
- News & SpeechesSanctions systems and controls in our firms: our findingsUK sanctions have become more complex in recent years. This report reviews financial firms’ controls, highlighting good and poor practices and areas for improvement to support better compliance with sanctions rules. ... Over the past four years, the UK’s sanctions regimes have grown in scope and complexity. We recently assessed financial services firms’ systems and controls for financial and trade sanctions, and this report contains our findings. We include examples of good and poor practice, and areas for development, to help firms comply with sanctions legislation.28 May 2026
- News & SpeechesSukate & Bezeboh Ltd enters administrationOn 22 May 2026, Sukate & Bezeboh Ltd (SB Remit) entered administration. Charles Turner and Frank Ofonagoro were appointed as joint administrators. SB Remit is a small payment institution authorised by the FCA to provide payment services.On 13 May 2026, SB Remit agreed to a voluntary undertaking, which restricted the activities it could undertake. These measures included restrictions preventing the firm from accepting new customer funds.On 22 May 2026, Charles Turner and Frank Ofonagoro of Opus Restructuring LLP were appointed as joint administrators.Further details of the restrictions placed on the firm are available on the Financial Services Register. The joint administrators are responsible for:Managing customer claims against SB Remit.Returning funds to customers where possible.As SB Remit continues to be authorised by us, we will engage with the joint administrators to seek the best outcomes for customers.Payments28 May 2026
- News & SpeechesReview of financial promotion approvers finds some firms need to raise standardsFirms that approve financial promotions should be doing more to protect consumers, an FCA review has found. The FCA found that the strongest firms were applying the Consumer Duty from the start of their processes. They were able to make sure that every promotion approved was accurate, clear and reached the right audience.However, the FCA also found that some firms approved adverts with unsubstantiated claims or allowed retail investors to see promotions intended for professional clients. In some cases, firms relied on third-party templates instead of doing proper checks themselves.The review focussed on sampling promotions that had been approved since the firm was authorised.Lucy Castledine, director of consumer investments at the FCA, said:'Consumers see these promotions daily - in social media feeds, online adverts, websites and apps. When approvers fail in their responsibilities, people can be misled into harmful financial decisions. 'Firms must make sure every promotion they sign off...Corporate Finance27 May 2026
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- News & SpeechesMutual societies registration function: 2025/26An update on our work and a breakdown of societies on the mutuals public register. ... The Mutual Societies Registration Function update provides an annual overview of the FCA’s work as the registering authority for mutual societies across the UK. It provides:An overview of broad developments affecting the sector.An outline of the measures we have taken to support the sector’s growth.An explanation of how the FCA has discharged its responsibilities under the relevant mutuals legislation, including our ongoing programme of engagement, and the steps we have taken to maintain compliance.A brief view of our planned activity in 2026/27.An update on the number of societies on the register.27 May 2026
- News & SpeechesVacancies open for FCA Smaller Business Practitioner PanelWe’re inviting applications from senior practitioners at smaller regulated firms in the general insurance and consumer credit sectors to join the panel. The Smaller Business Practitioner Panel provides independent advice and challenge from the perspective of smaller firms, helping to shape our work at a time of significant change in UK financial services regulation.Its key remit is to provide input to the FCA from the industry to help us meet our strategic and operational objectives from a smaller business standpoint.The deadline for applications is 11.59pm on Sunday 28 June 2026.Find out more and how to apply (PDF).PaymentsConsumer CreditInsurance27 May 2026
- News & SpeechesFCA to hold Annual Public Meeting in EdinburghWe’re pleased to announce that our Annual Public Meeting (APM) will be held in Edinburgh for the first time on 6 October 2026, marking an important milestone for us a UK-wide regulator. The announcement coincides with a visit to Edinburgh on 26 May by our chair Ashley Alder, who was there to open a new office space, demonstrating our commitment to growing our presence in Scotland, and expanding our workforce of more than 350 colleagues.Edinburgh continues to strengthen its position in global financial centre rankings, underlining Scotland’s importance to the UK’s financial services sector and its international competitiveness.The decision to host the APM in Edinburgh reflects our ongoing investment in Scotland and our commitment to serving consumers and firms across the whole of the UK. The APM will take place at the Assembly Rooms and will be a hybrid event, with people able to join online as well as in...Consumer CreditCorporate Finance26 May 2026
- News & SpeechesFCA Authorisations operating service metrics 2025/26 Q4We report our Authorisations metrics quarterly to provide greater transparency of our performance. This data covers January to March 2026. ... We want to make sure the UK is the best place in the world for financial services to thrive. This includes providing an effective and efficient Authorisations service while maintaining high standards to protect customers and to further bolster the reputation of the UK market.Download Authorisations operating service metrics 2025/26 Q4 (PDF)This is the second quarter (2025/26 Q4) we are reporting against our new targets. Some of these reduced timelines will be reflected in proposed statutory deadlines consulted on by the Government and some reflect our own new, faster targets. As part of our work to support UK growth, we have decided to voluntarily begin working towards these faster targets ahead of any legislation. These targets are deliberately ambitious and meeting them will require further changes to our ways...Payments21 May 2026
- News & SpeechesFinancing Climate Solutions: Exploring findings from the Transition Finance PilotWe set out our findings from the Transition Finance Pilot examining barriers to scaling finance for climate solutions. ... Read the findings report (PDF) ... The Transition Finance Pilot was a market engagement exercise led by the FCA and supported by the Prudential Regulation Authority (PRA) and the Green Finance Institute (GFI). It was announced as part of the Financial Services Growth and Competitiveness Strategy (PDF) in July 2025.The findings we set out in this paper were informed by a review of published literature and a wide programme of engagement. Over several months, we engaged with more than 45 market participants across 2 main categories:Capital providers across the project lifecycle, including venture capital, private equity, banks, institutional investors, and public finance institutions.Climate solutions companies and project developers at all stages of development, from early-stage spinouts and start-ups through to commercially mature businesses. ... What we foundWe found a set of...Banking21 May 2026
- ConsultationPriorityCP26/16: Registration of authorised fund assets... Why we are consultingRead CP26/16 (PDF)Private markets – such as real estate, infrastructure, private credit and private equity - are vital to UK economic growth and the UK financial sector.We want to make sure UK authorised alternative investment funds (authorised AIFs) can continue to invest in private markets, while still protecting the fund investors. We propose rule changes that would:have the effect of allowing depositaries of authorised AIFs managed by Authorised Fund Managers (AFMs) that are also defined as ‘full-scope’ AIF managers (AIFMs) to delegate some of their safekeeping functions in respect of some private markets asset types to certain third parties allow depositaries to delegate the relevant safekeeping function for ‘non-custodial’ private market asset types (including real estate) to the AFM’s affiliates, subject to additional protections for the fund where this is doneclarify elements of the authorised fund registration function requirementsclarify how the CASS 6 custody rules apply...Consumer CreditBanking21 May 2026 · deadline 9 Jul
- News & SpeechesFCA opens doors to support fast-growing financial firmsFast‑growing and innovative financial services businesses can now apply for more support to help them grow. The FCA’s Scale-up Unit provides tailored support to firms, helping them navigate regulation so they can scale sustainably. The unit is now open to solo-regulated firms to apply.The unit offers a dedicated point of contact and practical support to help navigate regulatory processes, develop innovative products and understand the impact of policy changes.Jessica Rusu, FCA chief data, information and intelligence officer, said:'We want firms to be able to grow with confidence. This initiative will help them navigate regulation, scale sustainably and contribute to making the UK the best place to start and grow a financial services business.'The FCA and PRA are already supporting 6 dual-regulated firms through the Scale-up Unit as part of a pilot. This has provided the FCA insight into how it can best support growing firms and will continue this dialogue...20 May 2026
- News & SpeechesYoung drivers warned about fake insurance sold on social mediaHalf (49%) of young drivers have bought insurance through social media or messaging apps, new research reveals. With 4 in 10 (39%) unconfident in spotting the signs of a fake policy, thousands could be paying for cover that doesn’t exist. The FCA is warning 17-to 25-year-old drivers about 'ghost broking' scams where criminals sell bogus insurance policies through social media and messaging platforms.Ghost brokers pose as legitimate insurance sellers but offer cheap rates. The policies they sell are either entirely fake, are invalid because they falsify details to bring the price down, or are cancelled shortly after purchase. Victims are left unknowingly uninsured and at risk of prosecution, fines and even having their car seized.Almost half of those polled (45%) said they generally trust products or services bought through social media. Young drivers may also be at greater risk due to cost of living pressures – with 1 in 7...PaymentsInsurance20 May 2026
- News & SpeechesIs the claims management market working?When consumers are wronged, many rightly seek fair compensation. Some complain directly, without paying a penny using free Ombudsman services. Others turn to claims management companies (CMCs) or law firms.They can provide a valuable service and support access to justice.However, we’ve seen firsthand from the way some claims firms have handled car finance complaints that, all too often, they make a difficult situation worse.Poor practices include unwanted texts or emails sent to people who never asked to be contacted, driving 6 million complaints to the Information Commissioner’s Office; misleading adverts, particularly on social media, promising returns that don’t stack up; unfair cancellation fees quietly buried in contracts; consumers being signed up – sometimes to multiple claims firms – without meaningful consent; and reports of fraudulent signatures.All of this leaves consumers harassed, confused, potentially misled, and out of pocket.19 May 2026
- News & SpeechesMS26/2: Claims management services: market study terms of referenceWe want views on the scope of our market study on claims management services. Send your comments by 19 June 2026. ... Read the Terms of Reference (PDF)Why we’re carrying out a market study We’re launching a market study to gather evidence to understand the root causes of practices we have observed by firms in the claims management market and how they impact competition and consumer outcomes. This includes practices we have observed by FCA-regulated claims management companies (CMCs) and lead generators, as well as legal professionals regulated by the Solicitors Regulation Authority (SRA) and other legal regulators. We will be working closely with the SRA as we carry out the market study.The study will inform whether interventions are needed to promote effective competition, support customer choice, and ensure the claims management services market serves consumers in the way we expect. Our work will focus on claims management services provided...Consumer Credit19 May 2026 · deadline 19 Jun
- News & SpeechesRegulatory Initiatives Grid - 10th Edition (May 2026)The Regulatory Initiatives Grid sets out the planned regulatory initiatives for the next 24 months. ... This Grid from the Financial Services Regulatory Initiatives Forum sets out the regulatory pipeline. We publish the Grid so the financial services industry and other stakeholders can understand – and plan for – the timing of the initiatives that may have a significant operational impact on them. The Grid is available in 2 different formats to help users interact with the underlying data. Regulatory Initiatives Grid 10th edition (May 26) (PDF) Regulatory Initiatives Grid - interactive dashboard ... Foreword by Financial Services Regulatory Initiatives Forum co-Chairs This is the 10th edition of the Regulatory Initiatives Grid setting out the regulatory pipeline over the next two years. We are pleased the Grid continues to be a well-used and established part of the financial services calendar, promoting transparency. A predictable regulatory environment allows the financial services...PaymentsConsumer CreditInsurance19 May 2026
- Policy StatementHigh impactOur response to the Treasury’s policy statement on Consumer Credit Act reformThe Treasury has published its policy statement today on reform of the Consumer Credit Act 1974 (CCA). Reform of the CCA is an important step towards a more flexible regime that supports effective competition and innovation, while maintaining appropriate consumer protection both now and in the future. The proposals set out a framework that places greater emphasis on FCA rules and guidance rather than prescriptive requirements set out in legislation.We intend to consult on the key elements of the consumer credit framework previously set out in legislation, where we have the powers to do so, considering the whole consumer credit process.Our approach will be underpinned by the Consumer Duty – which sets our expectations for firms to deliver good outcomes for consumers.As part of our policy development, we will consider existing consumer rights and protections, including for example, cancellation and withdrawal, and termination of agreements, including early settlement. Any proposals...Consumer Credit18 May 2026
- News & SpeechesCall for input: The future of tokenisation – a joint vision from the authorities for UK wholesale marketsThe FCA and Bank of England (The Bank) are asking for views on how to support the safe adoption of tokenisation in UK wholesale financial markets. ... Read the call for input (PDF)Why we are consulting Tokenisation is the digital representation of assets and their ownership using distributed ledger technology (DLT). It could represent one of the most consequential changes to wholesale financial markets for decades. Alongside the Bank and the Prudential Regulation Authority (PRA), we want to hear from industry on how to enable its safe adoption in UK markets.We want to give industry the regulatory clarity it needs to invest in and scale up tokenised financial market infrastructure. This Call for Input sets out our vision, principles and an initial roadmap for how tokenisation can develop safely in UK wholesale markets. We aim to publish a joint response statement and a full cross-authority roadmap later this year.Who this...InvestmentBanking18 May 2026
- News & SpeechesFCA and Bank of England set out shared vision for tokenisation in UK wholesale marketsUK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital representation of a real-world asset – such as a share, bond or unit of currency – on a digital ledger. It has the potential to streamline wholesale markets, making everything from issuing securities to managing assets faster and more efficient. Along with greater functionality this could support market efficiency and resilience while lowering costs.The FCA and Bank have heard from industry that firms need more certainty on regulation and infrastructure as tokenisation grows. In response, they have set out their approach in key areas where firms want greater clarity, including prudential treatment, tokenised collateral and settlement instruments.They have also opened a...PaymentsBanking18 May 2026
- News & SpeechesFCA, Bank of England and Treasury joint statement on frontier AI models and cyber resilienceWhy frontier AI matters for firmsArtificial intelligence (AI) continues to evolve rapidly. Frontier AI models represent a step-change in capability, with significant implications for cyber security and operational resilience.The cyber capabilities of current frontier AI models are already exceeding what a skilled practitioner could achieve, and at a significantly higher speed, greater scale, and lower cost. These capabilities, if used maliciously, amplify cyber threats to firms’ safety and soundness, customers, market integrity, and financial stability. As more advanced models become available, these risks are expected to increase. Firms that have underinvested in core cyber security fundamentals are likely to become progressively more exposed.What this means for regulated firmsIt is essential that firms have effective protective, detective, threat containment and cyber response capabilities including to address faster and more disruptive frontier AI-driven attacks.In line with our operational resilience rules and expectations, regulated firms and financial market infrastructures (FMIs) (referred to as...InsuranceBankingCorporate Finance15 May 2026
- News & SpeechesCredit rating agencies multi-firm review: Insights into surveillance, methodologies and internal controlsThis multi-firm review focuses on the surveillance processes, credit rating methodologies and internal controls for UK-registered credit rating agencies (CRAs).Consumer Credit15 May 2026
- News & SpeechesSupporting customers through challenging timesThe conflict in the Middle East means cost of living pressures remain top of mind – with people facing increased costs for utility bills, food and fuel. We want to remind you about our clear expectations on the support you should offer consumers in challenging times, through the Consumer Duty and our rules on protections for borrowers in difficulty.Payments14 May 2026
- News & SpeechesWorking together against financial crimeSpeech by Nikhil Rathi, FCA chief executive at the FCA's financial crime conference. A new threat landscapeFinancial crime is changing – fast.It’s more technologically enabled. More organised than ever before. And moving at speed.Which is why the fight against financial crime sits at the heart of our 5-year strategy.But it’s not just the volume that’s changed; it’s who is behind it.Organised criminal groups running professional networks that operate across borders.Take investment fraud.A personal tragedy, and one many of us here today have seen touch friends or family.Leaving them grappling with an average loss of over £25,000 – a life-changing amount of money, that they’ve likely spent decades saving.But they’re losing more than money: confidence, security and, too often, their sense of self.However, zoom out and you’ll find something even more troubling.Farms of people, thousands of miles away, working to target as many people as possible.And proceeds that flow back into...Consumer Credit14 May 2026
- News & SpeechesFCA announces new appointments to executive teamThe FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets. Simon Walls appointed executive director, marketsSimon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis since 2024, his appointment provides continuity at a vital and volatile time for the UK and global economy. Simon will be able to drive forward work he has already started to strengthen our approach on wholesale markets and to ensure a more resilient financial system by rebalancing risk and supporting growth. Simon joined the FCA in 2006 and has held senior roles across wholesale markets, including policy, asset management and banking supervision. He played a key role in navigating significant events affecting markets, including the LIBOR (the London Interbank Offered Rate) transition and the UK’s exit from the EU. Simon Walls said: 'Britain’s financial...Banking13 May 2026
- News & SpeechesFCA reviews whether investment firms are doing enough to support bereaved customersThe FCA is reviewing how consumer investment firms support bereaved customers and whether they're getting it right. Fewer than half of bereaved customers (47%) felt they received the support they needed from financial firms, according to research (PDF).What the FCA is looking atThe review will focus on firms that advise, manage, or administer investments - including platforms, advisers and wealth managers. The FCA will examine the experience customers have from the moment the firm is told about a bereavement, through to settlement or transfer of investments.It will assess how firms communicate, how they support vulnerable customers, their service standards, and how fees are handled on bereaved accounts.Kate Tuckley, head of department, consumer investments, at the FCA, said:'When someone loses a loved one, the last thing they need is confusing letters, delays and poor service from their financial provider.'We want firms to design bereavement processes with people, not paperwork, at their...InvestmentInsuranceBanking13 May 2026
- DecisionFCA fines and bans Frank Breuer for serious misconduct in pension transfer adviceThe FCA has banned Frank Breuer from working in UK financial services and fined him £755,000 for repeatedly acting without integrity and putting customers at risk for personal financial gain. Mr Breuer was the joint owner and sole director of Bluesky Wealth Management Limited (Bluesky), which provided advice on investments and pensions. Although authorised to advise on defined benefit (DB) pension transfers, the firm did not have the appropriate professional insurance in place from April 2019. This meant Mr Breuer’s customers were at risk of not receiving compensation if something went wrong.Mr Breuer carried out at least 16 DB pension transfers while knowing he was uninsured. He also repeatedly misled the FCA about the firm’s insurance position.In October 2019, Mr Breuer agreed to restrictions introduced by the FCA to protect customers and the firm’s assets. Mr Breuer ignored these restrictions and stripped the firm’s assets by paying himself large dividends,...Consumer CreditInvestmentInsurance12 May 2026
- News & SpeechesLaying the foundation for confidenceSpeech by Sarah Pritchard, deputy chief executive, at the Investment Association's Private Markets Summit 2026. Headlines are always a tough read when funds run into difficulty.And lately, the language has been stark.Some have even asked if private credit has a canary in the coal mine.That’ll make you sit up a bit straighter, won’t it?But in this moment, it’s important to remember that stress in markets is normal – and okay, as long as the system stays resilient.Private markets, done well, can support resilience.But the range of things we need to plan for is wider than it once was, and the challenges are becoming increasingly uncertain.We know there will be situations where stress could be a problem. Those are the ones we need to plan for. Early, and together.And with the entire system in mind.That’s why we are supporting the Bank of England’s new system-wide exploratory scenario (SWES) focused on risk...Consumer CreditBanking11 May 2026
- News & SpeechesRestrictions imposed on Kingscrown Finance LimitedKingscrown Finance Limited (Kingscrown) has stopped onboarding new customers or undertaking new business with existing customers – including extending existing credit. Kingscrown, which was incorporated in 2014, provides lending for business and investment purposes, including property investment, buy-to-let and house in multiple occupation (HMO) finance.The voluntary restrictions on Kingscrown’s business came into effect on 21 April 2026. Kingscrown has never been authorised by or registered with the FCA.Kingscrown has notified all existing customers of the restrictions and their effects and will secure all books and records. Previous FCA communications regarding Annex 1 firmsWe recently reminded regulated firms about the risks when dealing with unregulated lenders.We also raised concerns in 2024 about anti-money laundering standards directly with Annex 1 businesses in a letter to CEOs.Firms applying to the FCA for registration under the 2017 Money Laundering Regulations must ensure they comply with the relevant regulatory requirements. We will consider using our...PaymentsConsumer CreditMortgages11 May 2026
- News & SpeechesConvicted money launderer sentenced to extra prison timeA convicted money launderer has been sentenced to an additional 499 daysin prison for failing to fully pay the money owed under a Confiscation Order. In 2021,RichardFaithfull,now36,wassentenced to5 years and 10 monthsin prisonfor laundering £2.5 million, following a prosecution brought by the Financial Conduct Authority (FCA).He was part of a trans-national organised crime group which laundered the proceeds of at least 7 overseas investment frauds.Mr Faithfullis required topay back £529,961,based on the Court’s findings on his available assets. However, he has only paid£349,214.37.When he was originally sentenced, theJudge remarked that Mr Faithfull’s was 'serious offending' linked to the 'human misery caused by boiler room fraud' and that 'money coming in(to accounts controlled by Faithfull)was not being invested, it was simply being slaughtered'.SteveSmart,executivedirector ofenforcement andmarketoversight at the FCA,said:'Mr Faithfull’s crimes enabled millions of pounds to bescammedfrom innocent victims. He tried to evade justice. Now, having failed to repay what he should,it’sright...8 May 2026
- News & SpeechesLegal challenges to motor finance compensation scheme - update for firms and consumersFollowing the legal challenges to our motor finance compensation scheme, we are setting out further advice for firms and consumers. Our priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance market.Our industry-wide scheme is the quickest, fairest and most cost-effective way to do this. As we have said, we welcome the commitment of most lenders to implement the scheme and will defend it robustly.We have summarised below the grounds of challenge we have received.It is unclear when the case will be heard. It is unlikely to be before October. We are engaging with the Tribunal and those who have challenged the scheme on the possibility of suspending some elements of it while retaining those relating to preparatory work. We will provide a further update as soon as possible.We recognise the operational strain and uncertainty firms face. We also acknowledge the frustration...Consumer Credit8 May 2026
- Data ReleaseWhistleblowing quarterly data 2026 Q1Our data shows the number of new whistleblowing reports we received between January and March 2026, and existing reports closed during this period. ... The data shows: how we received the reportwhat the report was aboutwhat level of action we have takenWe assess every whistleblowing report we receive that falls within our remit, to inform our work and help us identify actual or potential harm. This could be harm to consumers, to markets, to the UK economy or to wider society.What we can shareWe know that greater transparency about the whistleblowing reports we receive is important and we are constantly trying to improve the information we make public.However, our reviews will usually involve confidential information restricted by the Financial Services and Markets Act 2000 (FSMA), including that relating to our supervision and enforcement work. This restriction may limit the information we can share with whistleblowers.Find out what we can shareWhistleblowing...Payments8 May 2026
- News & SpeechesKanda Products & Services Ltd enters liquidationOn 6 May 2026, Kanda Products and Services Ltd (Kanda) entered liquidation. Philip Harris and Neville Side of FRP Advisory Trading Limited have been appointed as Joint Liquidators. Kanda is authorised by the FCA as a credit broker. It operated a network of around 700 introducer appointed representatives, mainly tradespeople who introduced consumers to finance for home improvement and other goods and services.On 16 February 2026, Kanda agreed to a voluntary requirement with the FCA which restricted it from appointing new appointed representatives while it addressed weaknesses in its systems and controls. Details of this restriction are available on the Financial Services Register (FS Register).On 6 May 2026 Philip Harris and Neville Side of FRP Advisory Trading Limited were appointed as Joint Liquidators of Kanda.The Joint Liquidators are responsible for managing the affairs of the firm during the liquidation process and can be contacted using the details below: Email: kandaproductandservices@frpadvisory.comTelephone:...Consumer Credit7 May 2026
- News & SpeechesCompetition Act 1998 investigationsFollowing the publication of financial reporting by PayPal Holdings Inc, we can confirm we are investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anti-competitive conduct linked to thefunding and usage of PayPal’s digital wallet.The FCA has reached no conclusions nor made any findings with regard to competition law having been broken.Notes to editorsThe Competition Act 1998 prohibits agreements, practices and conduct that may damage competition in the UK.The Chapter I prohibition in the Competition Act 1998 prohibits agreements, concerted practices and decisions by associations of undertakings which have as their object or effect the prevention, restriction or distortion of competition within the UK or a part of it and which may affect trade within the UK or a part of it unless they are excluded or exempt.The Chapter II prohibition in...Consumer Credit6 May 2026
- News & SpeechesFCA to review claims management practicesWe are launching a review of the claims management market, following concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and unfair exit fees. Other concerns include consumers being signed up without their consent - without clear, upfront explanations of the implications of signing up or ticking a box, for example on social media adverts - or by multiple representatives, potentially causing confusion and delaying compensation.While the approach to motor finance claims by some CMCs and law firms has put these issues into sharper focus, we are also concerned about the handling of other claims, such as housing disrepair. Last year, we set out areas where firms were not meeting our expectations (PDF), but we and other regulators continue to see poor behaviours. Working in...Consumer CreditInsurance6 May 2026
- News & SpeechesThree arrested in FCA investigation into suspected unlawful financial promotionsThree people have been arrested as part of a crackdown on suspected illegal financial promotions. Two homes in the Chelmsford and Romford areas were searched, as part of an operation led by the FCA and the Eastern Regional Special Operations Unit (ERSOU), a specialist policing unit that tackles serious and organised crime.Adverts from firms that aren't FCA-regulated can be a warning sign of a scam. If something goes wrong, these firms aren't covered by the rules that protect people's money – meaning you could lose it with no way to get it back. If you're thinking of investing or dealing with a firm, use the FCA Firm Checker to confirm it’s authorised.All 3 individuals have been interviewed under caution.The investigation is ongoing, and further updates will be provided in due course.Notes to editorsThe Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute unauthorised business cases.Breaching...1 May 2026
- News & SpeechesIndependent assessment of proposals to establish an open banking standards-setting bodyThe FCA has published an independent assessment report prepared by KPMG on proposals to lead the establishment of a future open banking standards-setting body. ... Read the report (PDF)This independent assessment was commissioned to support decision making at a time when industry is leading the development of arrangements for a standards-setting body capable of becoming the Future Entity (FE), subject to any future legislative framework. It was developed and carried out independently by KPMG.KPMG have engaged with Open Banking Limited, Smart Data Group, members of the independent evaluation panel, and wider industry stakeholders.The report is being published to ensure broad and transparent access for stakeholders across the open banking ecosystem. It is intended to support industry considerations for next steps for the Future Entity.In the coming weeks, the FCA will publish an additional report prepared by KPMG, setting out considerations relevant to how the Future Entity could be operationalised.We recognise...PaymentsBanking1 May 2026