Laura WilesThe FCA has published the first iteration of its Enforcement Watch newsletter, covering implementation of its updated Enforcement Guide, enforcement case priorities, and international partnerships.
As a reminder, under the FCA’s updated policy, it can:
- Name firms in exceptional circumstances
- Reactively announce investigations where information is already in the public domain
- Announce investigations without naming firms
- Identify firms carrying out unauthorised business
Between 3 June (when the new policy was launched) and 31 December 2025, the FCA opened 23 enforcement operations. In 6 of these, the FCA is investigating individuals only, but the bar or announcing such an investigation is high and so far none of these have met the required standard. There have also been 3 investigations into listed issuers, and 12 operations into authorised firms, with only the investigation into The Claims Protection Agency meeting the ‘exceptional circumstances’ test for public announcement.
Enforcement case priorities include:
- Individual responsibility
- Listed issuers
- Unauthorised business
- Fair value
- Inadequate oversight
- Adequacy of controls
- Consumer investment and asset management