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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 1–16 of 16.
- Policy StatementPriorityPS26/21: Streamlining the UK EMIR Intragroup RegimeWhat changed – The Treasury’s Over‑the‑Counter Derivatives (Intragroup Transactions) Regulations 2026 came into force on 21 Oct 2026, creating a permanent, streamlined exemption regime for intragroup transactions under UK EMIR. The FCA’s final Binding Technical Standards (BTS) in PS 26/21 revokes the previous EMIR Q&A guidance and introduces a new, simpler notification process for margin and clearing exemptions. Existing temporary intragroup exemptions (TIGER) continue until they are replaced by the new regime. Who is affected – All UK EMIR‑covered counterparties (those above the clearing threshold) that rely on intragroup clearing or margin exemptions, as well as industry bodies, law firms and consultants advising them. Actions to consider 1. Review the Treasury’s statutory instrument together with the FCA’s PS 26/21 BTS. 2. If you need a new intragroup exemption before 1 Jan 2027, submit your notification by 5 Dec 2026 using the current process. 3. For notifications submitted between 5 Dec and 31 Dec, email EMIR@org.uk to discuss transitional handling. 4. From 1 Jan 2027 onward, use the new streamlined Connect‑based notification process (see Chapter 5 of the PS). 5. Update internal procedures and client communications to reflect the new exemption criteria and reporting timelines. Key deadlines – 5 Dec 2026 (final date for pre‑transition notifications); 1 Jan 2027 (new regime and Connect notification platform live). Source – FCA Policy Statement PS 26/21, Streamlining the UK EMIR Intragroup Regime (Binding Technical Standards). URL: https://www.fca.org.uk/publication/ps/ps26-21.pdf.Payments3 November 2026 · deadline 1 Jan
- Policy StatementHigh impactPS26/22: ESG ratings: final regimeWhat changed – The FCA has issued PS 26/22, introducing a new regulatory regime for ESG rating providers. From 29 June 2028 any firm that produces ESG ratings in the UK must hold FCA authorisation (or fall within an exclusion) and comply with baseline FCA rules plus ESG‑specific requirements. The authorisation gateway opens 24 June 2027, with staggered application windows. Who is affected – ESG rating providers operating in the UK (including foreign firms offering ratings to UK users). Users of ESG ratings – asset managers, asset owners, benchmark administrators, and companies being rated. Supporting parties – trade associations, civil‑society groups, other regulators, academics and journalists who rely on or comment on ESG ratings. Actions to consider (process steps only) 1. Determine scope – Assess whether your activities fall within the FCA’s ESG‑rating perimeter. 2. Review the final rules & PERG – Study the published rules and perimeter guidance. 3. Decide on authorisation – If in scope, decide whether you need FCA authorisation. 4. Engage with PASS – Contact the FCA’s Pre‑Application Support Service from February 2027 for guidance. 5. Prepare application – Gather required information and submit during your allocated window after 24 June 2027. 6. Implement compliance – Align systems, governance and disclosures with the new ESG‑specific requirements before the 29 June 2028 start‑date. Key deadlines – 24 June 2027 (authorisation gateway opens); 29 June 2028 (regime becomes effective). Source – FCA Policy Statement PS 26/22 (PDF). --- This is a factual summary only and does not constitute regulatory advice.PaymentsConsumer Credit3 November 2026
- Policy StatementPriorityPS26/19: Aligning listed issuers' sustainability disclosures with international standardsWhat changed – The FCA has issued PS 26/19, replacing the 2021 climate‑reporting rules for listed issuers with a new “comply‑or‑explain” regime that requires reporting against the UK Sustainability Reporting Standards (UK SRS), which are the UK‑endorsed version of the International Sustainability Standards Board (ISSB) standards. A Technical Note on applying the comply‑or‑explain approach is being consulted. Who is affected – All companies with shares listed in the UK (commercial, transition, non‑equity or non‑voting equity, secondary listings, and depositary receipts). Key actions to consider 1. Map current disclosures to the UK SRS framework and identify any gaps. 2. Determine explain‑or‑comply status for each requirement and draft explanations where needed. 3. Plan for transitional reliefs – 1 year extra for Scope 3 emissions and 2 years extra for broader UK SRS S1 disclosures. 4. Submit feedback on the Technical Note by 28 Oct 2026. 5. Prepare for first reporting – ensure the accounting period beginning ≥ 1 Jan 2027 is ready for reporting in 2028. Deadlines Technical Note feedback: 28 Oct 2026 Webinar on new rules: 19 Oct 2026 New rules take effect for periods starting 1 Jan 2027 (first report due 2028). Source – FCA Policy Statement PS 26/19 (PDF).PaymentsBankingCorporate Finance30 September 2026 · deadline 28 Oct
- Policy StatementHigh impactPS26/18: Cryptoasset perimeter guidanceWe have published final guidance on when cryptoasset activities need FCA authorisation. ... Read PS26/18 (PDF)Why we are changingFrom 25 October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (the Cryptoasset Regulations) will introduce new regulated activities for cryptoassets into our perimeter. Anyone wishing to carry on these activities by way of business in the UK will need to apply for authorisation, unless there is a relevant exemption or they are able to use the savings or transitional run off provisions.Our guidance aims to help firms understand our regulatory perimeter and when authorisation may be required for cryptoasset activities. Who this is for This is relevant to: firms carrying out, or planning to carry out, regulated cryptoasset activities in the UK, such as safeguarding cryptoassets, operating a trading platform, or arranging deals or staking firms already authorised that may need extra permissions firms registered under the Money...PaymentsInvestmentBanking16 September 2026
- Policy StatementHigh impactPS26/16: Changes to information flows for UK equity IPOsWe’ve updated our rules on information sharing during UK equity initial public offerings (IPOs) to reduce market risk and frictions in the UK IPO process for issuers and market participants. ... Read PS26/16 (PDF) ... What we are changingWe’ve removed certain requirements from our rules.Firms no longer need to wait 7 days between publishing an approved registration document/prospectus and connected research. This will reduce the length of the IPO process by 7 days for most issuers and lower market risk.Firms publishing connected IPO research no longer need to share the same information with a range of unconnected analysts as they do with their own research analysts. This will improve the flow of information to analysts and reduce compliance costs and burdens for issuers. ... Who this is forThis Policy Statement affects:prospective issuersretail and institutional investors in shares admitted to a UK regulated marketinvestment advisers, brokers and other intermediariesindependent research providers...Consumer CreditBankingCorporate Finance5 August 2026
- Policy StatementPriorityPS26/15: Improving the UK transaction reporting regimeWe set out final rules to simplify UK transaction reporting and reduce the burden on firms. ... Read PS26/15 (PDF) ... Why we are changingThe Markets in Financial Instruments Regulation (MiFIR) transaction reporting rules were implemented in 2018. The Treasury has committed to repealing and replacing these rules with a more proportionate, streamlined and agile framework in our Handbook.This Policy Statement sets out our final rules and guidance along with feedback to the proposals we set out in consultation CP25/32 (PDF). ... What we are changingThese final rules make changes to the scope, content and operation of the transaction reporting regime. The rules are designed to simplify firms’ reporting obligations, reduce duplicative or low-value reporting and improve consistency in how key fields are populated.We expect these changes to reduce firms’ reporting costs by more than £100m annually. These changes include:Reducing the number of transaction reporting fields from 65 to 52.Removing...Investment3 August 2026
- Policy StatementHigh impactPS26/14: FCA regulated fees and levies 2026/27We are publishing our final regulatory fee and levy rates for 2026/27, including feedback on CP26/11. ... Read PS 26/14 (PDF)What we are changingWe are publishing the 2026/27 regulatory fees and levies for:the Financial Conduct Authority (FCA)the Financial Ombudsman Service (Financial Ombudsman)This Policy Statement (PS) also covers the rules that enable us to collect certain levies on behalf of government departments.We are also publishing our feedback on the responses to the consultation on draft fees and levies rules in CP26/11.Who this applies toThis document applies to:all FCA fee-payersany businesses considering applying for FCA authorisation or registration This PS is not directly relevant to retail financial services consumers or consumer groups. Next stepsFirms can use our online fees calculator to calculate their individual fees based on the final rates in this PS. This includes FCA periodic fees and the Financial Ombudsman, Money and Pensions Advice Service, Devolved Authorities and illegal money...Consumer Credit2 July 2026
- Policy StatementHigh impactOverview of our cryptoassets regime policy statementsThe UK is taking a major step forward. With these policy statements, we deliver a significant package as part of the Cryptoasset Roadmap and a comprehensive regime that puts the UK at the forefront of responsible cryptoasset regulation globally.30 June 2026
- 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
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- 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
- Policy StatementHigh impactPS26/6: Senior Managers and Certification Regime reviewWe set out changes for the Senior Managers and Certification Regime (SM&CR) as part of the first phase of reforms. ... Read PS26/6 (PDF)Why we are changingWe want to make the regime more efficient and proportionate while maintaining strong individual accountability. Phase 1 brings in targeted measures to reduce unnecessary burden for firms, including on: Criminal record checks and disclosure.12-week rule.SMF 7 (group entity senior managers) and SMF 18 (other overall responsibility functions).Statements of responsibilities and management responsibilities maps. Certification Regime. Directory of certified and assessed persons. Regulatory references. Conduct Rules. Prescribed responsibilities. Thresholds for becoming an ‘enhanced’ SM&CR firm. Who this is forAll solo-regulated and dual-regulated firms already in scope of the SM&CR. This includes third country branches. Dual-regulated firms should read it alongside the PRA’s Policy Statement. Next stepsMost changes take effect on 24 April 2026, so firms can benefit from them straight away. Improvements to regulatory reporting...21 April 2026
- Policy StatementPriorityPS26/5: Changes to the UK Short Selling RegimeWe have finalised our new rules and guidance for short selling activity. ... Read PS26/5Read our operational guideWhat we are changingIn this Policy Statement (PS26/5), we summarise and respond to the feedback received on our proposals in CP25/29: Changes to the UK Short Selling Regime. It includes our final short selling rules, Statement of Policy on the use of our emergency powers, and operational details on how and when our new rules will come into force.Our final rules implement the changes made in the Short Selling Regulations 2025 (SSR 2025), and make further changes to create a more efficient, effective, and coherent short selling regime to maintain the orderly and effective functioning of UK markets, while removing disproportionate costs. We are creating a new Sourcebook for our short selling rules, within the FCA Handbook, to largely replicate existing provisions from the current regime. In addition, our final rules make changes...Consumer Credit16 April 2026
- Policy StatementPriorityPS26/4: Financial Services Compensation Scheme – Management Expenses Levy Limit 2026/27We and the Prudential Regulation Authority (PRA) have confirmed the annual Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for the financial year 2026/27 will be £112,972,954. ... Read PS26/4 ... Why we are changing the limitThe FCA and PRA are required to set a limit on the total management expenses that the FSCS can levy financial services firms.The MELL covers the FSCS’s ongoing operating costs and includes the FSCS’s IT, staff, legal and outsourced and internal claims handling costs. It does not include compensation costs, which are levied separately and decided by the FSCS. ... Who this is forFCA authorised firmsPRA authorised firms ... BackgroundSetting the right MELL makes sure the FSCS has enough funding to carry out its functions. The MELL applies from 1 April 2026 until 31 March 2027.For more detail on how the MELL is calculated and the FSCS unlevied reserve, see...Insurance31 March 2026
- Policy StatementPriorityPS26/3: Motor finance consumer redress schemeIntroducing an industry-wide redress scheme to compensate motor finance customers who were treated unfairly between 2007 and 2024. ... Read PS26/3What we are changingMost respondents to our consultation (CP25/27) agreed that an industry-wide scheme, free for consumers to use, would be the best, most efficient way to compensate consumers, while ensuring a well-functioning market.We have listened to feedback and made changes so the final scheme is fair to consumers and proportionate for firms.The scheme will put £7.5 billion back in people’s pockets with millions of claims settled in 2026 and the vast majority by the end of 2027. And it will provide firms with certainty and finality to support the long-term availability of competitively priced motor finance.Who this is forThis policy statement will be of interest to lenders, brokers, consumers and consumer organisations, and motor finance and professional trade bodies. Car finance claims: consumer informationIf you've used car finance, you...30 March 2026
- Policy StatementPriorityPS26/2: Operational incident and third party reportingOur final rules and guidance setting out requirements for reporting operational incidents and material third party arrangements. ... Read PS26/2 (PDF)Read FG26/3: Operational Incident Reporting (PDF)Read FG26/4: Material Third Party Reporting (PDF) ... Why we are changingWhen operational incidents occur, the disruption to the services firms provide can harm consumers and the wider sector. Additionally, many of the incidents reported to us originate at third parties, with firms becoming increasingly reliant on the services they provide.Following our consultation CP24/28 (PDF), we’ve created single FCA, PRA and Bank of England regulatory regimes for operational incident and third party reporting that will apply from 18 March 2027.Find out more if your firm is regulated by the PRA and the Bank of England.Operational incident reportingOur final rules:Define what an operational incident is.Set out the thresholds for when firms must report an incident.Introduce a standardised reporting process so all firms make a single submission...PaymentsConsumer CreditInvestment18 March 2026
- Policy StatementPriorityPS26/1: Regulation of Deferred Payment Credit (unregulated Buy Now Pay Later)Our final rules on the regulation of Deferred Payment Credit (DPC) will ensure that DPC borrowers have appropriate protections when using the product. ... Read PS26/1 (PDF)What we are changing DPC has been more commonly known as Buy Now Pay Later (BNPL).DPC refers to an interest-free credit product, repayable in 12 or fewer instalments in 12 months or less and which is currently exempt from regulation. We refer to the product as DPC as this is the name given to it in the legislation that will bring it into regulation.In addition, we already have rules for other regulated credit agreements with Buy Now Pay Later offers, for which we use the term BNPL. These are distinct from DPC. From 15 July 2026, lenders who offer a DPC agreement to finance the purchase of goods or services from a merchant will come under our regulation. Merchants that offer their own DPC...Consumer Credit11 February 2026