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 1–40 of 51.
- ConsultationPriorityCP26/40: Exempting performance fees from the workplace pensions charge capWhat’s changing – The FCA is consulting on proposals to exempt performance‑fee charges on private‑market assets (e.g., private equity, venture capital, private credit) from the 0.75 % charge‑cap that applies to default workplace pension schemes. The exemption would mirror the DWP’s 2023 rule for trust‑based schemes and add new safeguards on fee transparency and asset‑valuation scrutiny. Who is affected – Private‑asset fund managers and providers of performance‑fee structures. Firms that run contract‑based workplace pensions, including their Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs). Trustees, sponsors and administrators of trust‑based DC schemes, and the savers/beneficiaries of those schemes. Employers and any service‑provider or stakeholder involved in scheme governance. Process steps to consider 1. Review the proposed exemption and the accompanying Technical Annex (cost‑benefit analysis). 2. Assess current performance‑fee arrangements against the new transparency and valuation safeguards. 3. Update internal policies and governance frameworks to ensure any performance fees meet the “savers’ best interests” test. 4. Prepare a response (comments, concerns or support) for the FCA consultation. Key deadline – Submit comments by 14 January 2027 (online form or email to cp26‑40@fca.org.uk). Final rules are expected in summer 2027. Source – FCA Consultation Paper CP26/40 – Exempting performance fees from the workplace pensions charge cap (CP). (Word count: 158)Consumer CreditBankingCorporate Finance12 November 2026 · deadline 14 Jan
- GuidanceGC26/8: Primary Market Bulletin No. 67What changed The FCA is consulting on amendments to Technical Notes (TNs) 602.5 (exemptions from prospectus requirements) and 605.5 (supplementary prospectuses). TN 103 (independent‑business requirements for premium listings – interpretation of LR 6.4‑6.6) will be revoked and removed from the Knowledge Base. Procedural Note 902.4 (listing securities via “Final terms”) will also be revoked as it duplicates information available elsewhere on the FCA website. Who is affected Issuers and advisers preparing prospectuses or supplementary prospectuses for admission to a regulated market. Companies seeking a premium listing that rely on the guidance in TN 103. Market participants using PN 902.4 for listing procedures. Actions to consider (process steps only) 1. Review the proposed amendments to TN 602.5 and TN 605.5 and assess impact on your prospectus drafting templates. 2. Identify any current reliance on TN 103; map alternative guidance (e.g., UK Listing Rules LR 6.4‑6.6) that will replace it. 3. Check whether you are using PN 902.4; if so, locate the FCA website content that now supersedes it and update internal procedures accordingly. 4. Document any required changes and prepare a response to the consultation. Deadline Submit comments on the proposals by 9 December 2026 to primarymarketbulletin@fca.org.uk. Source FCA Primary Market Bulletin No. 67 (GC26/8) – GC (Guidance Circular). (Word count: 158)PaymentsCorporate Finance4 November 2026 · deadline 9 Dec
- ConsultationCP26/39: Income sharing distribution and operational incident reporting for consolidated tape providersWhat changed – The FCA is consulting on two new rules for consolidated‑tape providers (CTPs): 1. How the equity CTP must share a portion of its income with data contributors (the “income‑sharing” regime). 2. Extending enhanced operational‑incident reporting to all CTPs (equity and bond). Who is affected – Trading venues, Approved Publication Arrangements (APAs), systematic internalisers (SIs), current or prospective equity‑CTP operators, trade‑association bodies and any other stakeholders in the UK equity and bond markets. Actions to consider (process steps only) 1. Review the proposed income‑share metric and percentage (refer to CP26/31, July 2026) and prepare a position on the appropriate split. 2. Assess internal incident‑reporting procedures against the expanded operational‑incident requirements and identify any gaps. 3. Submit a response via the FCA’s online form or by email (cp26‑39@fca.org.uk) before the consultation closes. 4. Begin planning for contract‑level income‑share provisions to be incorporated in the 5‑year concession agreement with the equity CTP. Key deadlines – Consultation closes 17 December 2026. The FCA expects to issue a Feedback Statement on income sharing and a Policy Statement on SI quote inclusion by early 2027, with the equity CT slated to launch in 2027‑early 2028. Source – FCA Consultation Paper CP26/39 (Consultation Paper). URL – https://www.fca.org.uk/publication/cp/cp26-39.pdfConsumer Credit29 October 2026
- ConsultationPriorityCP26/38: Financial Crime Guide updatesWhat changed – The FCA is consulting on a revision of its Financial Crime Guide (CP26/38). Proposed updates cover emerging risks such as AI‑driven fraud, crypto‑asset activities (including the new regime taking effect Oct 2027), evolving financial‑ and trade‑sanctions, proliferation financing, data‑security obligations and the overall design of financial‑crime systems and controls. Who is affected – All FCA‑supervised firms subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, notably Annex 1 financial institutions and crypto‑asset businesses. The consultation also interests organisations that work with these firms (e.g., service providers, trade bodies, professional bodies, NGOs and academics). Actions to consider (process steps only) 1. Review the proposed changes against your current AML/CTF policies and controls. 2. Map any gaps in AI‑risk assessment, crypto‑asset compliance (especially for the Oct 2027 regime), sanctions screening and data‑security measures. 3. Prepare a written response outlining required adjustments, supporting evidence and any implementation timeline you foresee. 4. Submit feedback via the FCA online form (or email cp26‑38@fca.org.uk if the form is unavailable) by the deadline. Deadline – 24 December 2026. Source – FCA Consultation Paper CP26/38 (Financial Crime Guide updates), Consultation Paper (CP). [Link to CP26/38 PDF]Payments23 October 2026 · deadline 24 Dec
- ConsultationHigh impactCP26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2What changed – The FCA is consulting on Phase 2 of the SM&CR reforms (CP26/37). Key proposals are: Remove several Senior Management Functions (SMFs) and shift other roles to “notified” status, cutting the number of SMF applications. Streamline the SMF application process and eliminate ongoing submissions of Statements of Responsibilities and Management Responsibility Maps. Raise the firm‑size threshold for the Enhanced SM&CR regime, reducing the number of firms subject to it. Remove the Certification Regime and retire the Directory of certified and assessed persons. Simplify Conduct‑Rule training and raise the breach‑reporting thresholds. Who is affected – All firms already subject to SM&CR (including UK‑based and third‑country branches) and firms that will fall within SM&CR – notably crypto‑asset firms seeking authorisation. Firms regulated by both the FCA and PRA should also review the PRA’s parallel consultation (CP14/26). Actions to consider (process steps only) 1. Map current SMF and certified‑person roles against the proposed removals/notifications. 2. Update internal SMF application and approval workflows to reflect the streamlined process. 3. Review firm‑size metrics to determine whether the Enhanced regime will still apply. 4. Amend Conduct‑Rule training programmes to align with the simplified requirements. 5. Prepare a response to the consultation, focusing on any practical impacts of the proposed changes. Deadline – Submit comments via the FCA online response form by 22 January 2027. The final Policy Statement is expected in the first half of 2027. Source – FCA Consultation Paper CP26/37 (CP). --- Word count: 158Banking22 October 2026 · deadline 22 Jan
- GuidanceGC26/7: Decentralised finance guidance (DeFi)What changed – The FCA has opened a consultation on draft non‑Handbook guidance (GC26/7) for firms that provide financial services using decentralised finance (DeFi). The guidance focuses on operational‑resilience (SYSC 15A) and financial‑crime (SYSC 6) risks and aligns DeFi activities with the Money‑Laundering Regulations (MLRs). It will be finalised in January 2027 and sits alongside the crypto‑asset perimeter consultation (CP26/36). Who is affected – All FCA‑regulated firms that use DeFi and fall within SYSC 15A, SYSC 6, or the MLRs. It also matters to other FCA‑regulated firms, non‑authorised participants in DeFi, industry bodies, advisers, consumer groups, policymakers, academics and commentators. Actions to consider (process steps) 1. Review the draft guidance and the related CP26/36 perimeter paper. 2. Map current DeFi‑related services against SYSC 15A, SYSC 6 and MLR requirements. 3. Identify gaps in operational‑resilience and financial‑crime controls; draft remediation plans. 4. Submit comments (confidential or named) via the online response form or email gc26-7@fca.org.uk. 5. Prepare for the regulatory change effective 25 Oct 2027 when the Crypto‑assets Regulations 2026 expand the FCA perimeter. Deadline – Consultation closes 18 Nov 2026; final guidance expected Jan 2027; new regulatory perimeter starts 25 Oct 2027. Source – FCA, GC26/7: Decentralised finance guidance (GC). https://www.fca.org.uk/publication/guidance/gc26-7.pdfPayments21 October 2026 · deadline 18 Nov
- ConsultationHigh impactCP26/36: Cryptoasset perimeter guidanceWhat changed – The draft Crypto‑assets (Miscellaneous Amendments) Regulations 2026 adds a set of exclusions to the UK crypto‑asset regulatory perimeter. Excluded activities include: temporary settlement arrangements; temporary UK‑qualifying stable‑coin holding for payment transactions; arrangements that hold backing assets for a UK‑qualifying stable‑coin; proprietary trading that is not a service to another person or that is merely market‑making on a QCATP; and “technical services” that only provide access to a third‑party service or a decentralised protocol. The regime will take effect on 25 Oct 2027. Who is affected – Any firm or individual that currently carries out, or plans to carry out, regulated crypto‑asset activities in the UK after the 25 Oct 2027 date, including existing FSMA‑authorised firms that may need to vary permissions. Central securities depositaries (including third‑country CSDs) with crypto‑asset safeguarding arrangements, trade associations and advisers supporting crypto‑asset authorisations are also in scope. Actions to consider (process steps only) 1. Review your business model against the listed exclusions. 2. Determine whether you still need FCA permission for any remaining regulated activities. 3. If you are uncertain about the “technical services provider” exclusion and it has delayed your application, prepare a complete application and note the material impact. 4. Engage with the FCA’s pre‑application support service for guidance. 5. Submit a response to the consultation (online form or email) by 18 Nov 2026. 6. Monitor for the final guidance expected in Jan 2027 and adjust permissions accordingly before the 25 Oct 2027 launch date. Source – FCA Consultation Paper CP26/36 (Crypto‑asset perimeter guidance), consultation response deadline 18 Nov 2026. URL: https://www.fca.org.uk/publication/cp/cp26-36.pdf.PaymentsConsumer CreditBanking21 October 2026 · deadline 18 Nov
- ConsultationHigh impactCP26/35: Fair redemption terms for authorised funds investing in illiquid assetsWhat changed – The FCA is consulting on new rules that would require authorised retail funds investing ≥ 50 % of their assets in inherently illiquid assets (e.g., real‑estate, infrastructure) to set redemption terms that reflect the time needed to sell those assets. Minimum redemption periods would be introduced, and existing “short‑notice” terms would be tightened to align with international standards. Who is affected – All Authorised Fund Managers (AFMs) of Non‑UCITS Retail Schemes (NURS) meeting the illiquid‑asset threshold, investors in those schemes (including via pension, SIPP, life‑assurance wrappers), fund distributors, financial advisers, investment consultants, depositaries, and providers of unit‑linked life products that reference the affected NURS funds. Actions to consider (process steps only) 1. Review current redemption policies against the proposed minimum periods. 2. Map which NURS funds fall within the ≥ 50 % illiquid‑asset scope. 3. Update product documentation and disclosure to reflect any new redemption terms. 4. Engage with distributors, advisers and depositaries to communicate changes. 5. Prepare internal compliance checks and systems to monitor the liquidity profile of fund holdings. Key dates – Consultation comments due by 11 December 2026 (online form or cp26-35@fca.org.uk). Final rules are expected in H1 2027. Source – FCA Consultation Paper CP26/35, “Fair redemption terms for authorised funds investing in illiquid assets” (CP). https://www.fca.org.uk/publication/cp/cp26-35.pdfBanking8 October 2026 · deadline 11 Dec
- ConsultationHigh impactCP26/34: Preparing for the new transaction reporting regimeWhat changed – The FCA is consulting on a package of guidance, handbook amendments and transitional provisions to support firms under the new transaction‑reporting regime (PS26/15). The package includes a draft Transaction Reporting User Pack, updated Technical Standards referencing MAR 13‑15, and a published draft schema/validation rules. Who is affected – Investment firms, trading‑venue operators, approved reporting mechanisms, trade associations and any market participant that submits transaction reports, instrument reference data or order‑book data. Actions to consider (process steps) 1. Review the consultation paper CP26/34 and the draft schema/validation rules on the Market Data Processor (MDP) site. 2. Map current reporting processes against the proposed MAR 13‑15 references and identify gaps. 3. Update internal reporting procedures and systems to align with the draft schema. 4. Prepare comments on the clarity of the guidance and any additional examples needed. 5. Submit feedback via the FCA online response form, email (cp26-34@fca.org.uk) or post by the deadline. Key deadlines – Consultation closes 6 November 2026. Final User Pack to be published by 3 April 2027; the new reporting rules become mandatory on 3 April 2028. Source – FCA Consultation Paper CP26/34, Consultation Paper (CP). https://www.fca.org.uk/publication/cp/cp26-34.pdfInvestment2 October 2026 · deadline 6 Nov
Show 31 more on this page
- GuidanceGC26/6: Primary Market Bulletin No. 66What changed The FCA is consulting on updates to its Primary Market Knowledge Base to align with the new sustainability‑disclosure regime introduced in Policy Statement PS26/19. The proposals include: A new technical note – UK SRS sustainability disclosures for listed companies – Primary Market/TN/803.1 (PDF). Amendments to the existing technical note Disclosures in relation to sustainability matters, including climate change – Primary Market/TN/801.4 (PDF). Deletion of the technical note TCFD‑aligned climate‑related disclosure requirements for listed companies – Primary Market/TN/802.3 (PDF). These changes are intended to clarify the FCA’s expectations for listed issuers under the sustainability disclosure rules that take effect on 1 January 2027. Who is affected All UK‑listed issuers (including AIM‑listed companies) that fall within the FCA’s primary market regime and are required to make sustainability disclosures under the new SRS framework. Actions to consider (process steps only) 1. Review the proposed new and amended technical notes (TN 803.1 and TN 801.4) and the deletion of TN 802.3. 2. Map the changes against your current sustainability‑disclosure processes to identify gaps. 3. Update internal guidance, reporting templates, and control procedures to reflect the new technical note requirements. 4. Prepare a comment letter outlining any practical concerns or suggestions for clarification. 5. Submit comments to the FCA by the consultation deadline. Deadline Submit comments by 28 October 2026. Source FCA Primary Market Bulletin No. 66 – GC26/6 (GC). Document type: FCA Primary Market Bulletin (GC).Corporate Finance30 September 2026 · deadline 28 Oct
- ConsultationHigh impactCP26/33: Consultation on minor General Insurance value measures changes and post-implementation review of the value measures rulesWe've reviewed our value measures rules for general insurance and are consulting on 2 minor changes to reduce reporting burden on firms. ... Read CP26/33 (PDF) Why we are consulting We've completed a post-implementation review of our general insurance value measures rules, first introduced in 2021. The review found the rules have improved transparency and helped firms meet fair value requirements, but reporting inconsistencies make the data harder to use and compare. We're now consulting on 2 minor changes to reduce the reporting burden on firms, ahead of a wider consultation on the rules expected in the first half of 2027.Who this is forThis applies to general insurance firms that report value measures data, including insurers, intermediaries and managing agents. It's also relevant to other stakeholders such as trade bodies, consumer organisations, research companies and price comparison websites.Next stepsOnline response form We're asking for comments on our proposals by 9...Insurance11 September 2026 · deadline 9 Oct
- ConsultationHigh impactCP26/32: Quarterly consultation paper No. 53Once a quarter, we consult on proposed miscellaneous amendments to our Handbook. These tend to be minor changes but we still want to get your feedback on our proposals. ... Read CP26/32 (PDF) ... What we are consulting on this quarterProposed changes:To amend the readily realisable security definition to include fractional shares.To remove an expired reference in BCOBS 2.3.9G and replace the reference in BCOBS 2 Annex 1, Note 1, to the latest ‘Annual Equivalent Rate (AER) Practice Note’ issued by UK Finance and the Building Societies Association.To make deferral arrangements for the admission process of qualifying cryptoassets on UK QCATPs, the execution venue requirements on UK-authorised dealers and arrangers, and the execution policy requirement for these firms.To remove data point DISP 1.10.1IR(2)(a) which is a data point on claims management fee cap redress erroneously duplicated in the Consumer Credit Reporting return (CCR).To update the definition of the Glossary term...PaymentsConsumer CreditInvestment4 September 2026 · deadline 12 Oct
- ConsultationHigh impactCP26/30: Supporting equity market transparency and considering market structure developmentsWe are proposing targeted changes to enhance transparency, price formation and resilience in UK equity markets, support the new consolidated tape, and seek views on future market structure monitoring. ... Read CP26/30 (PDF) Why we are consultingUK equity markets continue to function well, but trading now takes place across a wider range of execution mechanisms. Clearer, more consistent transparency data is increasingly important to support effective price formation, investor confidence and the UK’s equity consolidated tape.We are consulting on targeted changes to improve trade reporting, strengthen the systematic internaliser (SI) regime and support more resilient market operation when outages occur. We are also seeking views on our approach to monitoring future market structure developments, so that UK equity markets remain efficient, resilient and continue to work well for their users.Who this is forThis consultation will be of primary interest to:Trading venuesInvestment firms, including SIsUK branches of overseas firms carrying out...Investment31 July 2026 · deadline 16 Oct
- ConsultationCP26/29: A tailored regime for captive insuranceWe're consulting on a new, proportionate regulatory framework for captive insurers in the UK. ... Read CP26/29 (PDF)Read PRA's CP11/26Why we are consultingWe're consulting, alongside the Prudential Regulation Authority (PRA), on a new bespoke regulatory framework for captive insurance in the UK. The two papers together form a coherent overall framework for captive insurance in the UK.Captive insurance is a method of self-insurance, where a business uses a regulated insurance subsidiary to finance risks from its own resources rather than paying premiums to a third-party insurer.Currently there are no captive insurers established in the UK, and businesses wishing to use this structure typically set up captives in other jurisdictions. Our proposals would introduce a proportionate conduct framework for single-parent captives - sometimes called ‘pure’ captives - that reflects their distinct business model and lower risk profile, making the UK a more attractive location for businesses to establish or relocate a...PaymentsInsuranceBanking14 July 2026
- ConsultationHigh impactCP26/27: Remuneration: Solo-regulated firms’ rules reformWe are seeking views on proposals for a simpler, more proportionate remuneration regime for in-scope FCA solo-regulated firms. ... Read CP26/27 (PDF) ... Why we are consultingWe have a remuneration framework that applies across solo-regulated firms:Alternative investment fund managers (AIFM) (SYSC 19B)UCITS management companies (UCITS) (SYSC 19E)MIFIDPRU investment firms (SYSC 19G)Feedback from firms suggests the rules are difficult to apply and may impose unnecessary burden, particularly for firms that do not pose systemic risk.To remove duplication, improve clarity and reduce complexity for firms, our proposals include replacing the 3 existing remuneration codes with a single consolidated code for in-scope solo-regulated firms.We propose to move from detailed, prescriptive rules towards a more outcomes-focused approach based on firm governance and accountability. ... Who this is forThis consultation applies to:Investment firms Alternative investment fund managersUCITS (Undertakings for Collective Investment in Transferable Securities) management companiesFirms in the same group as at least 1 of...PaymentsConsumer CreditInvestment14 July 2026 · deadline 16 Sep
- ConsultationHigh impactCP26/26: Fund Reporting for Asset Management Entities (FRAME)We are consulting on a new regulatory reporting framework to simplify and improve how asset management firms report fund data. ... Read CP26/26 (PDF) ... Why we are consultingAt present, different reporting requirements across fund types produce inconsistent data that is difficult for us to use and interpret, and for firms to report.We are proposing a new framework called Fund Reporting for Asset Management Entities (FRAME) to increase the quality and consistency of data reported to the FCA.This would:Replace the current fund reporting requirements with consolidated forms.Reduce the need for some notification requirements.Give managers of smaller funds more proportionate requirements based on the risk they pose to the market.Alongside this consultation, we have published 3 reporting templates that represent the data we propose to collect from managers and operators of different types of fund. These templates provide a visual representation of our proposals and do not reflect the user interface...Investment14 July 2026 · deadline 22 Sep
- ConsultationPriorityCP26/28: The UK AIFM RegimeWe're consulting on new rules for alternative investment fund managers. ... Read CP26/28 (PDF)Why we are consultingUK asset managers oversee almost £2 trillion in alternative assets, and over £16 trillion in total assets under management, making the UK the second largest market in the world. We're consulting on proposals to reform the regulatory framework for alternative investment fund managers (AIFMs) – the firms that manage alternative investment funds (AIFs) such as hedge funds, private equity funds and real asset funds. We want to protect consumers and safeguard market integrity while making our rules more proportionate to firms' size and activities. Our proposals aim to remove unnecessary complexity and administrative burden, support firms to grow and compete internationally, and maintain high standards where they matter most.Who this is forThis consultation is relevant to: UK-authorised AIFMs and UK-registered AIFMs. Firms marketing alternative investment funds in the UK. Residual collective investment scheme (CIS)...Banking14 July 2026 · deadline 14 Oct
- ConsultationCP26/25: The Value for Money Framework: consultationThe Value for Money (VFM) Framework is intended to support a significant shift in the way the workplace pension industry operates and competes. This consultation contains our updated proposals, reflecting feedback from our previous consultation (CP26/1). ... Read the consultationAsset allocation surveyTo help shape the proposals in the VFM framework, the FCA has also undertaken a survey 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.Read the results of the surveyWhy we are consultingThis consultation builds on earlier proposals and incorporates stakeholder feedback to ensure the Framework is proportionate, effective and deliverable, while maintaining a consistent approach across both trust-based and contract-based workplace pensions in so far as possible.Who this consultation is forWe encourage firms operating contract-based workplace pensions, their IGCs and GAAs, and the trustees of trust-based schemes to respond to this...Corporate Finance13 July 2026
- ConsultationHigh impactCP26/24: Simplifying consumer investment disclosuresWe are consulting on simpler disclosure rules to help consumers understand investment costs and make informed decisions. ... Read CP26/24 (PDF) ... Why we are consultingWe are proposing changes to align cost disclosure requirements derived from the Markets in Financial Instruments Directive (MiFID) with our Consumer Composite Investments (CCI) regime. We are simplifying and consolidating the disclosure requirements for MiFID, Insurance Distribution Directive (IDD), and non-MiFID investments business.The proposals aim to help create an investment culture where consumers have the information they need and the confidence to invest, including clear and balanced information about costs and charges. ... Who this is forThis consultation applies to:Firms carrying out MiFID or equivalent third country business.Firms engaged in insurance distribution activities.Firms carrying out other forms of designated investment business.The consultation will also be of interest to:Industry groups and trade bodies.Consumers and consumer groups.Manufacturers of CCIs and other investments. ... Next stepsOnline response formSend...InvestmentInsurance2 July 2026 · deadline 21 Aug
- GuidanceGC26/5: Non-Handbook Guidance on CRYPTOPRU 7: Overall risk assessment for CRYPTOPRU firmsWe are consulting on our proposed non-Handbook guidance relevant to CRYPTOPRU 7: Overall risk assessment for CRYPTOPRU firms. ... Read GC26/5 (PDF)Why we are consultingWe are developing non-Handbook guidance to accompany the relevant sections on the overall risk assessment (Chapter 7) in the new prudential sourcebook, CRYPTOPRU.The guidance sets out our expectations around the purpose and scope of the overall risk assessment for CRYPTOPRU firms. It forms a part of our wider strategy to enhance the accessibility of our rules by distinguishing supporting material from core Handbook content. We expect this will make it easier for firms to navigate the requirements and support more consistent adoption of the prudential standards.In PS26/12: A prudential regime for cryptoasset firms, we set out the prudential sourcebook for CRYPTOPRU firms (CRYPTOPRU) covering the sector specific requirements for firms doing regulated cryptoasset activities.We plan to open our gateway for firms to apply for cryptoasset permissions...Payments30 June 2026 · deadline 30 Jul
- GuidanceGC26/4: Non-Handbook Guidance on COREPRU 7: Overall risk assessmentWe are consulting on our proposed non-Handbook guidance relevant to COREPRU 7: Overall risk assessment. ... Read GC26/4 (PDF)Why we are consultingWe are developing non-Handbook guidance (NHG) to accompany the relevant sections on the overall risk assessment (Chapter 7) in the new prudential sourcebook, COREPRU.The guidance sets out our expectations around the purpose and scope of the overall risk assessment for COREPRU firms. It forms a part of our wider strategy to enhance the accessibility of our rules by distinguishing supporting material from core Handbook content.We expect this to make it easier for firms to navigate the requirements and support consistent adoption of the prudential standards. In PS26/12: A prudential regime for cryptoasset firms, we set out an integrated prudential sourcebook (COREPRU) covering the core prudential requirements common across different types of firms we prudentially regulate. This new sourcebook initially applies only to firms carrying on regulated cryptoasset activities. Where...Payments30 June 2026 · deadline 30 Jul
- ConsultationHigh impactCP26/23 Consumer Duty: scope and proportionalityWe're consulting on changes to the scope and proportionality of the Consumer Duty. ... Read CP26/23 (PDF) ... Why we are consulting We're consulting on a targeted package of changes to our rules and non-Handbook guidance to: Remove business with non-UK customers from the Duty's scope.Make it clearer where the Duty applies and where it doesn’t.Clarify when and how firms can rely on each other when they work together in distribution chains, and how they can apply the Duty more proportionately.Explain the interaction between the Duty and other product governance rules.These changes are intended to clarify when the Duty applies – and when it doesn’t – to give firms greater confidence in its scope. They also promote a more proportionate approach based on a firm’s role, helping reduce unnecessary cost and complexity while preserving strong protections for retail customers. ... Who this is for This consultation is likely to interest...Payments29 June 2026 · deadline 18 Sep
- ConsultationHigh impactCP26/21: Proposed changes to the UK Listing Rules for closed-ended investment fundsWe're consulting on targeted changes to the UK Listing Rules for closed-ended investment funds to manage conflicts of interest and protect shareholders. ... Read CP26/21 (PDF)Why we are consultingWe're proposing targeted and proportionate amendments to Chapter 11 of the UK Listing Rules (UKLR 11), which sets out rules for listed closed-ended investment funds, to ensure our rules continue to apply consistently in all relevant scenarios.The changes are designed to strengthen the integrity of a board being able to act independently of any investment manager, apply consistent protections for all changes to investment manager fees and remuneration, and recognise the conflict arising where a substantial shareholder is also an investment manager.Our aim is to ensure existing rules work consistently and robustly, in future scenarios, and to reduce the risk of harm to shareholders – particularly smaller investors. ... Who this is forListed closed-ended investment funds, including their boards and directors.Investment managers...Corporate Finance26 June 2026 · deadline 14 Aug
- ConsultationHigh impactCP26/22: Simplifying the insurance rulesWe set out further proposals for simplifying insurance and funeral plan requirements while maintaining appropriate consumer protection. ... Read CP26/22 (PDF)These are part of our wider plans to streamline rules and reduce complexity for firms, and follow final rules published in December 2025. Alongside this consultation, we are consulting on the application of the Consumer Duty to business with non-UK customers. We have taken a consistent approach to disapplying ICOBS and PROD 4 with disapplying the Duty. ... What we are changing We are consulting on:Narrowing the scope of our rules for non-UK business: Amending the territorial application scope of our Insurance Conduct of Business Sourcebook (ICOBS) and our Product Intervention and Governance Sourcebook chapter 4 (PROD 4). The detailed insurance conduct requirements would apply where there is a clear UK connection, based on the customer’s habitual residence and, where relevant, the location of the risk. This would reduce duplication...InvestmentInsuranceBanking26 June 2026 · deadline 4 Sep
- ConsultationPriorityCP26/20: Adapting our rules for a changing market: self-invested personal pensionsWe’re consulting on rules for self-invested personal pension (SIPP) firms to strengthen consumer protection and support sustainable market growth. ... Read CP 26/20 (PDF) Why we are consultingSelf-invested personal pensions (SIPPs) give consumers greater control and flexibility over their retirement savings, and the market has grown substantially - assets under administration (AUA) reached approximately £567bn across 5.3 million consumers in 2024. We're proposing rules in 2 areas: due diligence requirements to reduce the risk of scams and fraud, and a new Pension Scheme Money and Assets (PSM&A) regime to ensure firms protect and accurately record pension scheme money and assets where they use unauthorised trustees. These changes aim to raise standards consistently across the market, protect consumers, and support confidence and sustainable growth in SIPPs.Who this is forThis consultation is primarily relevant to:all firms that operate and provide personal pension products (both accumulation and decumulation) investment platform providers firms offering...Banking22 June 2026 · deadline 24 Aug
- ConsultationPriorityCP26/19: Changes to our penalty and decision-making policiesWe’re consulting on Decision Procedure and Penalties Manual (DEPP) changes. ... Read CP26/19Why we are consultingWe want to update the DEPP to keep our policy current and consistent with how we work in practice.These changes will improve transparency and consistency. They will help us act faster, deter misconduct and maintain confidence in UK markets.What we are changingWe propose a small number of targeted updates to our penalty and decision-making policies:Market abuse: for the most serious cases, raising the minimum for individuals from £100,000 to £150,000 to account for inflation.Deterrence for wealthier individuals: making clear we may increase penalties for deterrent effect, having regard to income and assets.Penalties for individuals – relevant income: clarifying how we treat deferred bonuses, pay and shares, in line with recent Tribunal decisions.Serious financial hardship thresholds: raising income and capital thresholds to reflect living costs and update them over time.Settlement decision-makers: allowing more flexibility in who...Investment15 June 2026 · deadline 10 Aug
- ConsultationHigh impactCP26/18: Mortgage rule review – supporting first-time buyers and underserved consumersWe’re consulting on changes to mortgage lending rules to help more creditworthy consumers access suitable mortgages. ... Read CP26/18 (PDF) Update to CP26/18: On 12 June 2026, we made a minor amendment to paragraph 5.23 to reflect the Registry Trust’s role in advocating for the recording of partial settlements. Why we are consultingSome of our current rules may prevent creditworthy consumers from accessing mortgage products that suit their circumstances. We want to make targeted changes that give more people – including those with variable incomes, older borrowers, and those with past credit difficulties – a better chance of getting a mortgage they can afford.We’re proposing changes in the following areas:Interest-only and part-and-part mortgages.Retirement interest-only (RIO) mortgages.Variable and irregular income.Foreign currency loans.Credit impaired.Bridging loans.Our proposals keep responsible lending requirements in place and do not remove firms' duty to check that a mortgage is affordable. ... Who this is forThis consultation is...Consumer CreditMortgages9 June 2026 · deadline 28 Jul
- ConsultationHigh impactCP26/17: Quarterly consultation paper No. 52Once a quarter, we consult on proposed miscellaneous amendments to our Handbook. These tend to be minor changes but we still want to get your feedback on our proposals. ... Read CP26/17 (PDF) ... What we are consulting on this quarterProposed changes:Following a post-implementation review of our climate disclosure rules for asset managers, life insurers and FCA-regulated pension providers, we are proposing to make changes to the product-level disclosure requirements in ESG, with consequential amendments in other areas of the Handbook. This aims to simplify the rules while maintaining our original policy intention, as set out in Policy Statement (PS) PS21/24.To amend FEES 4 Annexes 1A, 2A, 11A and 13 to set regulated income as the tariff base for Cryptoasset firms. To insert 3 additional rows to FEES 5 Annex 1R to account for new regulated cryptoasset activities.The Treasury published an approach to revoking provisions of the UK Capital Requirements...Insurance5 June 2026 · deadline 13 Jul
- 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
- ConsultationHigh impactCP26/15: Reviewing the financial promotions rules for consumer creditWe are consulting on proposed changes to simplify our financial promotions rules in CONC 3 and opening a discussion on ways to improve how cost of credit information is presented to consumers. ... Read CP26/15 (PDF)Why we are consulting We propose to remove provisions in CONC 3 which may be overly prescriptive or outdated. Instead, we would rely on firms delivering the Duty’s consumer understanding outcome to ensure their communications meet consumers’ information needs and are likely to be understood. We are also exploring ways to improve how firms communicate APR and other credit costs to help retail customers better understand and make informed financial decisions in pursuit of their financial objectives. Who this is for This document should be read by: Lenders, brokers and others undertaking credit-related activities. Industry groups and trade bodies. Consumer groups and organisations. It will also be of interest to: Advertisers of and communication channels...PaymentsConsumer Credit29 April 2026 · deadline 17 Jun
- ConsultationHigh impactCP26/14: Changes to information flows for UK equity IPOsWe are seeking views on proposed changes to rules on information sharing during equity initial public offerings (IPOs). ... Read CP26/14 (PDF) ... Why we are consultingWe introduced rules in 2018 designed to encourage the production of unconnected pre-deal investment research during the UK equity IPO process.Feedback suggests that these changes haven’t always achieved their intended effect. Instead, the equal information sharing rules, particularly the addition of a ‘7-day delay’ for connected research, have added unnecessary market risk and costs for issuers listing in the UK.Our proposals include:Amending COBS 11A.1.4FR to remove the 7-day waiting period between the publication of an approved registration document/prospectus and connected research.Removing COBS 11A.1.4BR - COBS 11A.1.4ER which mandate that syndicate banks intending to publish connected IPO research share the same information with a range of unconnected analysts as they do with their own research analysts.We also include discussion questions on the remaining aspects of...Consumer CreditInvestmentBanking27 April 2026 · deadline 29 May
- GuidanceGC26/3: Primary Market Bulletin No. 63We are consulting on the following changes to the Knowledge Base. ... Why we are consultingOn 15 July 2025 we published Policy Statement PS25/9, setting out the new Public Offers and Admissions to Trading Regulations (POATRs) regime. This included our Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook.These new rules and amendments came into force on 19 January 2026.In PS25/9 we explained that we planned to consult on Technical Notes to provide guidance for the POATRs regime. We are now consulting on changes to the Knowledge Base related to the POATRs regime.Summary of our proposalsWe are consulting on the following changes to the Knowledge Base. For ease, the amended note is presented with changes marked.We summarise our proposals in Primary Market Bulletin 63. Amendments to the following technical note:Guidelines on disclosure requirements under the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) and Guidance on...Corporate Finance27 April 2026 · deadline 15 Jun
- ConsultationHigh impactCP26/13: Cryptoasset perimeter guidanceWe’re consulting on our proposed perimeter guidance for the UK’s future crypto regime. ... Read CP26/13 (PDF)Why we are consultingCrypto firms will be able to start applying for authorisation from September 2026, in line with the perimeter set by the legislation. We are, therefore, consulting on draft perimeter guidance to help firms understand when authorisations will be required. We want feedback on our interpretation of the perimeter of the following regulated cryptoasset activities: Issuing qualifying stablecoins in the UK. Safeguarding, or arranging safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets. Operating a qualifying cryptoasset trading platform. Dealing in qualifying cryptoassets as principal. Dealing in qualifying cryptoassets as agent. Arranging deals in qualifying cryptoassets. Arranging qualifying cryptoasset staking. The proposed guidance supports our aim for an open, sustainable and competitive crypto market people can trust, and builds on our previous consultations in our crypto roadmap.Who this is forThis CP will...PaymentsInvestment15 April 2026 · deadline 3 Jun
- ConsultationHigh impactCP26/12: Proposed amends to PRA Rulebook and FCA Guidance concerning the Loan to Income flow limit in mortgage lendingWe are proposing changes to the Prudential Regulation Authority's (PRA) and FCA's loan to income (LTI) rules for mortgages. ... Read CP26/12 (PRA 6/26) Why are we consultingIn July 2025, the Financial Policy Committee (FPC) recommended the Prudential Regulation Authority (PRA) and FCA amend implementation of its loan to income (LTI) flow limit to allow individual lenders to increase their share of high LTI lending while aiming to ensure the aggregate flow remains consistent with the 15% limit. We and the PRA are consulting on proposed amendments to the PRA's Rulebook and the FCA’s general guidance following the FPC's recommendation.The PRA proposals apply to all PRA-authorised mortgage lenders and their subsidiaries, while the FCA proposals cover all FCA-authorised mortgage lenders not owned by PRA-authorised firms.This consultation is part of our wider review of mortgage rules. The LTI flow limit plays an important role in protecting borrowers and financial stability, while...Consumer CreditInvestmentMortgages1 April 2026 · deadline 1 Jul
- ConsultationHigh impactCP26/11: FCA regulated fees and levies: rates proposals for 2026/27We are consulting on our regulatory fees and the levies we collect for the Financial Ombudsman Service and government. ... Read CP26/11 (PDF) Why we are consultingWe are funded by the fees and levies paid by the firms we regulate. This Consultation Paper (CP) seeks feedback on proposed rules that would allow us to:Raise regulatory fees and levies for the 2026/27 period to fund both the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (Financial Ombudsman)Collect levies on behalf of various government departmentsThis consultation is relevant to all FCA fee-payers, Financial Ombudsman general levy payers, businesses considering applying for FCA authorisation or registration, and any firms required to pay the levies outlined in this CP.Who should respondThis consultation applies to:all FCA fee-payersFinancial Ombudsman general levy payersany businesses considering applying for FCA authorisation or registrationfirms which pay the levies set out in this CP which we collect on behalf of...26 March 2026 · deadline 30 Apr
- ConsultationHigh impactCP26/10: Simplifying the pensions and investment advice rulesWe are consulting on how to make it easier for firms to give more simplified forms of advice to consumers. ... Read CP26/10 (PDF) We want consumers to be confident when making decisions and to see a market that offers a continuum of help, guidance and advice, so that people can find what’s right for them. With the targeted support rules now in place, our focus is on completing our outstanding policy work so that the market can develop and deliver a wide range of support for consumers. We are taking steps to simplify our advice rules to remove barriers to innovation and promote competition in the market, while maintaining consumer protection. Our proposals include:Consolidating the suitability requirements in COBS 9 and COBS 9A into one set of common rules and expectations.Clarifying the existing flexibility in our suitability rules to offer different advice services, and different recommendations to different clients,...Consumer CreditInvestmentInsurance25 March 2026 · deadline 22 May
- ConsultationHigh impactCP26/9: Modernising the redress systemThe FCA and Financial Ombudsman Service are seeking views on proposals to modernise the redress framework, to better serve consumers and give firms greater certainty to invest and innovate. ... Read CP26/9 (PDF)Read FG26/2 (PDF)18 March 2026 update: the email address in the CP document was updated to cp26-9@fca.org.ukWhy we are consultingOur strategy (PDF) recognises that the current redress regime can create uncertainty for consumers, firms and investors. We want to achieve greater predictability, certainty and transparency, with appropriate responsibility for firms to identify and address redress issues early on. This paper follows our November 2024 joint Call for Input (PDF) and July 2025 consultation (PDF) with the Financial Ombudsman.We are finalising a number of the proposals we consulted on:Finalised guidance FG26/2, which includes good and poor practice on identifying and rectifying harm.Guidance in SUP 15 clarifying when firms should report emerging issues to us. Rule changes for improved efficiency...Payments16 March 2026 · deadline 11 May
- ConsultationCP26/8: Quarterly consultation paper No. 51Once a quarter, we consult on proposed miscellaneous amendments to our Handbook. These tend to be minor changes but we still want to get your feedback on our proposals. ... Read CP26/8 (PDF) ... What we are consulting on this quarterProposed changes:To make consequential amendments to CASS 1, 7 and 8, following the proposed changes to the definition of designated investment business, to ensure the rules work for cryptoasset activities and the wider new crypto regime.To rehouse some provisions in Article 17 of RTS 1 into the framework now provided by MAR 11A so that more equity transparency provisions are available and more clearly expressed in a single location.To disapply rights of action for private persons under section 138D of FSMA for the remaining chapters in MAR governing the mechanics and operation of secondary markets where trading venue members are generally professional investors as opposed to consumers. We propose a...PaymentsConsumer CreditInvestment6 March 2026
- ConsultationHigh impactCP26/7: Credit Information Market Study: Proposed approach to implementing FCA remediesWe are consulting on proposals designed to improve how consumer credit information is shared and used across retail lending markets. ... Read CP26/7 (PDF)Why we are consultingOur proposals include a mandatory reporting requirement for firms in the credit and mortgage markets and connected obligations to create a regulatory framework for how credit information is shared and used across these markets.This aims to make consumer credit information more consistent and comprehensive across Designated Consumer Credit Reference Agencies (DCCRAs) and to improve the accuracy of information shared.The proposals in this consultation form part of the wider programme of remedies set out in our Credit Information Market Study Final Report (MS19/1).This consultation focuses on remedies 2A and 2D and also sets out our proposed next steps for remedies 2C and 3A. ... Who this is forFirms involved in consumer credit and mortgage activitiesCredit reference agencies (CRAs) and credit information service providersFirms that share...Consumer CreditMortgages25 February 2026 · deadline 1 May
- ConsultationHigh impactCP26/6: Rules for reforming the UK Securitisation FrameworkWe are consulting on changes to UK securitisation rules, including proposals to simplify the due diligence and transparency requirements. ... Read CP26/6 (PDF)We have closely coordinated with the PRA to ensure a coherent and consistent framework across our rulebooks. See the PRA’s consultation paper with proposals that would affect firms authorised by the PRA.Why we are consultingOur approach in reforming the securitisation rules aims to simplify and streamline our rules and regulatory approach to eliminate unnecessary costs. At the same time, we aim to maintain high standards that support market integrity, innovation and competition as well as the competitiveness of the UK financial services industry. We have done so by:Making the securitisation rules more proportionate.Reducing barriers to issuing and investing in securitisations.Maintaining appropriate protections for investors.Providing a clearer framework for market participants.Our proposals aim to ensure the market can operate with greater confidence and efficiency, reducing legal and operational uncertainty....Banking17 February 2026 · deadline 18 May