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FCA News & Analysis
Beyond the headlines: Impact analysis, sector insights, and actionable intelligence from ex-FCA regulators. Monitor consultations, enforcement, and policy changes affecting your firm.
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FCA news & analysis
565 FCA publications, newest first, 16 of them priority (score 90+). Our own commentary is in Our analysis Showing 1–12 of 12.
- Handbook UpdateFCA publishes terms of reference for independent review concerning Mr AndrieszWhat changed? The FCA has expanded the terms of reference for its independent review of interactions with whistle‑blower Simon Andriesz. The review now also assesses whether the FCA complied with whistle‑blowing legislation and its own policies, including handling of alleged detriment, covering the period 2017‑2026. Who is affected? FCA staff and senior managers responsible for whistle‑blower handling. External whistle‑blowers and vulnerable individuals who engage with the FCA. Firms that rely on FCA guidance on whistle‑blowing procedures, as the findings may reshape best‑practice expectations. Actions to consider (process steps only) 1. Review internal whistle‑blowing policies against the FCA’s published guidance to ensure they meet statutory duties. 2. Map all whistle‑blower interactions from 2017‑2026 to identify any gaps in record‑keeping or response. 3. Implement a compliance check‑list for handling allegations of detriment, including documentation and escalation routes. 4. Prepare a readiness assessment for potential recommendations that may arise from the FCA’s final report. Key deadlines January 2027: FCA will issue a progress update on the review. Spring 2027: Publication of the final review report (originally targeted for early 2027). Source: FCA Handbook – “FCA publishes terms of reference for independent review concerning Mr Andriesz” (PDF). Document type: Handbook.Consumer Credit2 November 2026
- Handbook UpdateFCA restricts 6 firms following concerns over anti-money laundering controlsWhat changed – The FCA placed voluntary restrictions on six un‑regulated lenders (the “Annex 1” firms) because of shortcomings in their anti‑money‑laundering (AML) policies, controls and procedures. The restrictions limit each firm’s ability to take on new customers, enter new lending arrangements, and, for some firms, to accept payments from existing customers. In two cases (Kingscrown Finance Ltd) the FCA also required an orderly wind‑down of the existing loan book. Who is affected – The six Annex 1 firms (Kingscrown Finance Ltd, MOMSB Ltd, Momentus Capital Ltd, Grosvenor Funding Ltd, Grosvenor Funding (North West) Ltd, and one unnamed firm). Their existing borrowers are also impacted by the payment‑acceptance limits and wind‑down requirements. All other Annex 1 firms (≈ 900 registered lenders) must be prepared for heightened FCA scrutiny, and regulated firms that work with Annex 1 lenders must tighten due‑diligence. Actions to consider (process steps only) 1. Review the FCA restriction notices for each affected firm and map the specific limits (new business, payment acceptance, wind‑down). 2. Update internal AML risk‑assessment registers to reflect the new FCA findings. 3. For regulated firms, verify the registration status of any Annex 1 counterparties and conduct independent checks of their AML frameworks. 4. Adjust onboarding and credit‑approval workflows to block new customer intake or new lending arrangements with the restricted firms, except where limited exceptions apply. 5. For firms subject to wind‑down requirements, develop an orderly exit plan for existing loans, including communication with borrowers and repayment scheduling. Deadlines – Restrictions took effect on the dates noted in the FCA notices (e.g., 21 Apr 2026 for Kingscrown, 7 Oct 2026 for MOMSB and Momentus, 9 Oct 2026 for Grosvenor). Firms must comply immediately and demonstrate remediation to the FCA as soon as practicable; failure to do so may trigger further enforcement action. Source – FCA Handbook, “FCA restricts 6 firms following concerns over anti‑money laundering controls.” URL: https://www.fca.org.uk/news/press-releases/fca-restricts-6PaymentsConsumer Credit23 October 2026
- Handbook UpdateFG26/9: Non-Handbook Guidance on COREPRU 7: Overall risk assessmentWhat changed – The FCA issued non‑handbook guidance (FG26/9) on how firms should carry out the “overall risk assessment” required by COREPRU 7. The guidance clarifies how to link business model, risk appetite, financial‑resource planning and wind‑down planning into a single, proportionate process. It supersedes earlier draft consultation (GC26/4) and adds clearer baseline and cash‑flow expectations. Who is affected – All FCA solo‑regulated firms that fall under the Core Prudential sourcebook (COREPRU), including crypto‑asset service providers. The guidance is aimed at compliance, risk and prudential teams responsible for the assessment, as well as firms preparing for authorisation. Actions to consider (process steps only) 1. Review FG26/9 in full and map its requirements against your current overall risk‑assessment methodology. 2. Update internal templates to incorporate the linked business‑model, risk‑appetite, financial‑resource and wind‑down elements. 3. Align the assessment with the baseline and cumulative cash‑flow criteria outlined in the guidance. 4. Document the changes and ensure the updated assessment is ready for inclusion in the next SREP review. Deadline – The guidance becomes effective on 25 October 2027. No immediate response is required, but firms should have the revised assessment process in place before that date to demonstrate compliance during supervisory reviews. Source – FCA Handbook, FG26/9 – Non‑Handbook Guidance on COREPRU 7 (PDF).30 September 2026
- Handbook UpdateFG26/10: Non-Handbook Guidance on CRYPTOPRU 7: Overall risk assessment for CRYPTOPRU firmsWhat changed – The FCA has issued non‑handbook guidance FG26/10 on “Overall risk assessment for CRYPTOPRU firms”. It details how crypto‑asset firms must identify risks, run stress‑tests, plan recovery actions and prepare wind‑down to meet the prudential requirements of CRYPTOPRU 7. The guidance supersedes earlier drafts (GC26/5) and adds examples on de‑banking and legal risk. Who is affected – All crypto‑asset firms regulated under CRYPTOPRU – custodians, custodial‑staking providers, stable‑coin issuers – and the risk, compliance and prudential teams responsible for the firm‑wide risk assessment. New entrants to financial regulation and advisers supporting these firms are also in scope. Actions to consider (process steps only) 1. Review FG26/10 (PDF) and map its risk‑identification, stress‑testing, recovery‑action and wind‑down requirements against your current risk‑assessment framework. 2. Update internal policies and templates to incorporate the new examples (de‑banking, legal risk). 3. Conduct a full firm‑wide risk assessment using the guidance’s methodology and document the outcomes. 4. Align the assessment with the FCA’s PS26/12 prudential rules and the existing Wind‑down Planning Guide. 5. Submit the completed assessment to the FCA as part of your regular prudential reporting. Deadline – The guidance becomes effective on 25 October 2027; firms should have their updated risk‑assessment process in place before that date. Source – FCA Handbook, Document FG26/10 (Non‑Handbook Guidance). URL: https://www.fca.org.uk/publication/fg/fg26-10.pdf.PaymentsBanking30 September 2026
- Handbook UpdateMortgages and open finance policy sprintOur outcomes report sets out the conditions participants considered necessary for open finance to improve mortgage journeys in practice. ... Read the full report (PDF)On 8 and 9 June 2026, we brought together around 80 stakeholders and experts from across the mortgage and open finance ecosystem for a policy sprint.The report reflects the ideas, proposals and issues explored by participants. It does not establish a final ecosystem design or represent confirmed FCA policy. ... Objective of the sprintThe sprint explored the conditions needed for open finance to improve mortgage journeys in practice. Participants considered where better use of data could help consumers, and the evidence, infrastructure, safeguards and participation arrangements that would be needed to support adoption.Why mortgagesMortgages were examined as a priority test case in our open finance roadmap because mortgage decisions draw on information held across multiple organisations and over long periods of time. Open finance could give...Mortgages3 September 2026
- Handbook UpdateMaking compliance simpler: opening up the FCA Handbook through our new APIFirms tell us that complying with our requirements can be a burden. They have to keep up with changes, understand what we expect and embed new practices across multiple systems and teams. All of this takes time and resources.Of course, firms must meet their regulatory responsibilities – but we want to make it as simple as possible.That's why we're launching the FCA Handbook Application Programming Interface (API), so software systems can talk to each other and share information. With the Handbook available in a structured, machine-readable format, firms can access, understand and use our rules more easily.It’s another practical step in being a smarter regulator in a digital world.Making regulation easier for firmsThe FCA Handbook contains the rules, guidance and standards for the UK's financial services regulatory framework. For many years, firms could only get all this information through websites, monthly downloads and specialist compliance tools.The Handbook API gives them...6 August 2026
- Handbook UpdateOpen finance TechSprints: mortgages and SME financeExplore how open finance could simplify mortgage journeys, and improve access to finance and financial resilience for small and medium-sized enterprises (SMEs). ... As part of our Smart Data Accelerator, we brought together 17 firms to explore open finance solutions for mortgages and SME finance.We ran 2 TechSprints on these priority use cases for open finance between November 2025 and February 2026.Firms used synthetic data to develop and test innovative solutions in a secure, simulated environment.Delivered in partnership with NayaOne, BigSpark and Raidiam, the programme enabled extensive hands‑on experimentation, with participants making over 92,000 data calls.Both TechSprints concluded with a showcase day in February 2026, where firms demonstrated their solutions and shared practical insights.Overall, the TechSprints generated valuable evidence on:Where smart data can add value.Where frictions remain. What data, infrastructure, standards and safeguards are likely to be needed as open finance develops. At the end of this page, you can...Consumer CreditMortgages16 April 2026
- Handbook UpdateConcept Capital Group update: administrators appointedOn 9 March 2026, the High Court placed Concept Capital Group (CCG) into administration. BTG are the administrators of the company. In July 2025, the FCA announced High Court proceedings against CCG and others over an alleged unauthorised investment scheme. CCG has been under a court order that temporarily froze its assets since then.CCG had promoted investments in static homes. CCG claimed these would be let to social housing tenants placed by local councils. Investors were promised fixed returns and told the scheme was backed by the UK Government, claims the FCA considers were false or misleading.While the administration was not initiated by the FCA, it has put the FCA’s High Court proceedings against CCG on hold. The administrators will take control of CCG and investors’ claims will be handled as part of the administration process. The FCA will support the administrators as needed and will continue to communicate with...Consumer Credit12 March 2026
- Handbook UpdateStablecoin SprintWe’re bringing together innovators, consumer groups, regulators, government and industry leaders to help shape the future of stablecoin payments in the UK. ... AgendaSprint: March 2026Help to shape policy and set standards for the future of payments.The event will focus on:Retail payments.Cross-border payments.E-commerce and business-to-business (B2B) transactions.Remittance.Trade payments roundtable: May 2026We’re also running a roundtable in May, focusing on trade payments, including:B2B and trade finance applications.Related payment flows (domestic and international). ... Who is this forThis sprint is open to:Fintech firms.Payment institutions, including electronic money firms and merchant acquirers.Banks and other traditional regulated financial institutions.Technology providers.Large corporate enterprise users of stablecoins.Stablecoin issuers.Consultants.Trade bodies.Law firms.Consumer representative groups.Merchant representative groups.Those with experience as:Product managers.Proposition and strategy managers.Digital asset consultants.Fintech founders or executives.Distributed ledger technology or stablecoin infrastructure and software managers. ... How to registerIf you’re interested in taking part, please complete an application form by midnight, Wednesday 4 February 2026.Apply nowWe'll let...PaymentsBanking15 January 2026 · deadline 13 Feb
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- Handbook UpdateAdvice Guidance Boundary Review (AGBR) – Targeted Support Policy SprintIn February 2025, we launched the Advice Guidance Boundary Review (AGBR) Targeted Support Policy Sprint. ... AgendaThe Sprint was part of our work to bridge the gap between information and guidance, and more comprehensive forms of investment advice.It tested our proposals for targeted support, where firms provide suggestions for groups of consumers with common characteristics, to help them make important decisions.Read more about targeted supportParticipants included:retail banksinvestment platformswealth managersWhile we regularly run TechSprints to address industry challenges, this was the first time we used this method to gather evidence and insight from industry stakeholders, including trade bodies and members of the regulatory family, to help develop a policy framework that is data driven and effective. ... OutcomesOver 6 weeks, 12 FCA-authorised firms designed, built and tested digital consumer journeys.We wanted to explore how well consumers:Engaged with and understood targeted support.Knew they weren't receiving a personal recommendation.Participants created the customer-facing elements...InvestmentBanking9 January 2026
- Dear CEODear CEO Letter: Payments sector priorities for 2025The FCA has written to CEOs of payment institutions and EMIs setting out key supervisory priorities for 2025. These include Consumer Duty implementation, financial crime controls (particularly APP fraud prevention), operational resilience, and safeguarding of customer funds under CASS. Firms must ensure senior management accountability under SMCR. The letter requests firms to self-assess against these priorities and report findings by 28 February 2025. Payment firms should convene senior management immediately to coordinate responses.Payments10 January 2025
- Handbook UpdateFCA Handbook: Updates to SYSC (Systems and Controls) effective 1 February 2025The FCA has published technical updates to SYSC, primarily affecting investment firms subject to MIFIDPRU. Changes include clarifications on governance arrangements for ESG considerations and updates to outsourcing requirements. The changes take effect on 1 February 2025. Investment firms should review their systems and controls documentation and update policies where necessary. Minor consequential amendments have also been made to IFPRU and BIPRU.Investment7 January 2025