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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
Publications scoring 90+ out of 100: rule-making documents with deadlines or firm-wide obligations. Showing 1–16 of 16.
- 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
- 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
- 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
- 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 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
- 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
- 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
- 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
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- 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
- ConsultationPriorityCP26/1: The Value for Money Framework: Response to consultation, further consultation and discussion paperThe Value for Money (VFM) Framework is intended to support a significant shift in the way the workplace pensions industry operates and competes. This document contains our updated proposals, reflecting feedback from the previous FCA consultation (CP24/16). ... Read CP26/1 (PDF)Why we are consulting We are proposing revisions to make the way arrangements are assessed and compared more objective and robust. We are also responding to feedback and refining the data required. The main changes proposed since consultation CP24/16 are:The introduction of forward-looking metrics to be considered alongside backward-looking metrics in assessments.Fewer cost and backward-looking investment performance metrics, focused on key metrics.Streamlined service quality metrics to allow further engagement with industry on others.Comparisons of value against a commercial market comparator group rather than 3 other arrangements.A four-point rating system rather than three, to allow identification of top performers.Who this is forWe encourage firms operating contract-based workplace pensions, their IGCs and...Corporate Finance8 January 2026
- ConsultationPriorityCP25/30: Streamlining the UK EMIR Intragroup RegimeRead our proposals to make the UK EMIR Intragroup Regime clearer for counterparties seeking intragroup exemptions from clearing and margin requirements. ... Read CP25/30Why we are consultingThe Temporary Intragroup Exemption Regime (TIGER) allows UK counterparties to apply for intragroup exemptions under the UK version of the European Market Infrastructure Regulation (UK EMIR) when trading over-the-counter (OTC) derivatives with group entities in non-equivalent jurisdictions. The TIGER expires on 31 December 2026. Industry feedback suggests that the exemption process could be streamlined. To address this, we aim to create a permanent, more proportionate regime for UK firms. A more streamlined intragroup regime:Supports UK firms to manage risk.Reduces unnecessary costs.This will support market integrity as well as our wider strategic objective to support growth.The Treasury plans to amend the UK EMIR and make additional changes to simplify the Intragroup Regime.To support the Treasury’s changes, we are consulting on proposals to:Further streamline the Intragroup...Payments5 November 2025 · deadline 16 Jan