Emma RadmoreThe second edition of FCA’s Enforcement Watch looks at its approach to supervising and enforcing the Consumer Duty. The FCA recognised that firms needed time to embed the Duty, and now, three years in, it has 11...
Category - Enforcement & Litigation
Stephen Wilson
PRA speaks on enforcement process evolution
David Chaplin of the PRA has spoken on how behaviour in regulatory investigations is evolving and how the shift to earlier engagement and “candour” can help faster and more efficient enforcement processes...
FOS exceeded consumer credit complaints jurisdiction
The High Court has handed down a decision confirming that the FOS overstepped its jurisdiction under the DISP rules regarding complaint time limits. It is the first known case in which the FCA – as statutory...
Laura WilesOFSI considers US and UK economic sanctions regimes
HM Treasury and the Office of Financial Sanctions Implementation (OFSI) have published an overview comparing the approaches of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and OFSI...
FCA cancels another SPI permission
The FCA has cancelled the permission of Fortune Portfolio (t/a Libra), a small payments institution which has been registered with the FCA since January 2016. In the same vein as a range of other payment institution...
FCA cancels permission of a further car sales firm
The FCA has issued a final notice cancelling the consumer credit permissions of 5Star Vehicle Solutions. The firm had failed to satisfy the suitability threshold condition and was not judged to be fit and proper to...
FCA closes Drax investigation
The FCA confirmed in August 2025 that it was starting an investigation into Drax Group plc (as a listed entity) regarding disclosures to the market about the sustainability of Drax’s Canadian biomass. It has now...
FCA bans Collateral directors
The FCA has banned Andrew Currie and Peter Currie, who ran a P2P lender which was never authorised by the FCA. They had claimed it was authorised with interim permission, but in fact Peter Currie had fraudulently...
FCA consults on DEPP changes
The FCA is consulting on changes to DEPP to improve transparency and consistency, and to keep it up to date with how the FCA works in practice. It wants to make a few targeted changes including: raising the minimum fine...
FCA summarises enforcement “lessons learned”
The House of Lords Financial Services Regulation Committee has published a letter from Nikhil Rathi on the lessons the FCA has learned in relation to publishing enforcement investigations. Broadly, the FCA was surprised...
FCA plans to fine individual for disclosure failures
The FCA has decided to find the Chief Executive of BancTrust, Carlos Fuenmayor, nearly £100,000 for having failed to tell the FCA about 3 issues that would have been material to its assessment of his fitness and...
Committee stage for FSM Bill to start on 22 June
The Financial Services and Markets Bill had its second reading in the Lords on 8 June and has now been scheduled for the Committee stage starting from 22 June. At second reading, Lord Stockwood introduced the Bill for...
FCA responds to Treasury Committee on MVF scheme
The FCA has published a letter on the motor finance compensation scheme, responding to the Treasury Committee’s request that it provide an update on the consequences of the legal challenges scheme. In terms of...
FCA cancels permission of another car sales company
The FCA has issued a final notice cancelling the consumer credit permissions of 786 Motor Solutions. The firm had failed to satisfy the suitability threshold condition and was not judged to be fit and proper to conduct...
FOS warns that festival refunds are not guaranteed
The FOS has clarified misconceptions around section 75 or chargeback claims, warning consumers that refunds of festival tickets may not be guaranteed. It also highlighted that it receives thousands of complaints each...
FCA investigates CMC
The FCA has started an enforcement investigation into Consultation Claims Limited, a claims management company. It is concerned about the firm’s activities in relation to motor finance claims between April and...
FCA warns football clubs on “questionable” sponsorships
The FCA has written to several football clubs to warn them about their relationships with unauthorised firms, including crypto businesses and trading platforms, who may be breaching UK laws in providing financial...
Distributions for Argento Wealth investors
The FCA has confirmed that investors eligible for payment in the pro rata distribution of Argento Wealth Limited assets, following the High Court judgment of 19 May, must now act by 1 August. The FCA will write to all...
Treasury Committee asks FCA to update on redress scheme
The Treasury Committee has written to the FCA asking for an update on the consequences of the legal challenges to the motor finance commission redress scheme. The questions cover: consequences of the challenges –...
UK Finance welcomes new FOS registration proposals
UK Finance has published its response to the consultation on modernising the redress framework. It is particularly supportive of a structured registration stage for complaints. It says that a clear gateway with...
FCA fines and bans individual over pension transfer advice
The FCA has fined Frank Breuer, formerly joint owner and sole director of Bluesky Wealth Management Limited, £755,000 and banned him. Mr Breuer carried out at least 16 DB pension transfers, which the firm was permitted...
Ombudsman News reports on latest developments
The latest edition of Ombudsman News from the FOS: reminds firms the consultation on modernising the redress scheme is just closing; includes a blog on the impact AI has had on complaints and how the FOS is adapting;...
FCA confirms Competition Act investigations
The FCA is investigating Mastercard, PayPal and Visa for suspected anti-competitive conduct linked to PayPal’s digital wallet. The FCA has currently reached no conclusions or made any findings, but has made its...
FCA will “robustly” defend motor finance scheme
Further to a statement expressing its disappointment over certain responses to its motor finance redress scheme earlier this week, the FCA has published details of its approach to the proposed challenges. The regulator...
FCA charges unauthorised mortgage broker
The FCA has charged Shaun Lawrence for unauthorised mortgage broking activities. Mr Lawrence had previously been authorised to give mortgage advice, but had his permissions revoked in 2008, and was simultaneously fined...
FCA denies further remediation for Wellesley complainants
The FCA has issued a response to complaints regarding its handling of Wellesley & Co, a formerly authorised firm which had promoted and arranged high-risk property development investments which were not covered by...
FCA cancels permission of car sales company
The FCA has issued a final notice cancelling the permission of Dhillon Motor Holdings. The firm had failed to satisfy the suitability threshold condition and was not judged to be fit and proper to conduct regulated...
FCA cancels permissions and SPI registration
The FCA has issued final notices cancelling the Part 4A permission of Yes You Can and the small payment institution (SPI) registration of Owenico Finance. The former cancellation was on the basis that Yes You Can had...
FCA leads on action against finfluencers
The FCA has led a second international ‘week of action’ targeting illegal finfluencers. 17 global regulators were involved in the programme, which included enforcement activity, consumer awareness campaigns...
FOS responds on Mills Review
The FOS has published its response to the Mills Review on the impact of AI on retail financial services. It says: it has seen an increase in consumers using AI to make complaints and generally to correspond with the...
Supreme Court rules on principal responsibility
The Supreme Court has handed down its judgment in the case of Kession Capital Ltd (in Administration) v KVB Consultants Ltd and others. It overturned the High Court and Court of Appeal’s surprising view that a...
FCA confirms increase in FOS award limits
The FCA has confirmed that from 1 April 2026, FOS award limits will increase to: £455,000 for complaints about acts or omissions by firms on or after 1 April 2019 (an increase of £10,000); and £205,000 for complaints...
FOS publishes 2026/7 Plan and Budget
The FOS’ Plan and Budget for the next year is set against the backdrop of the planned significant changes to the way in which it operates. It will focus on providing a service that is quicker, clearer and easier...
FCA tightens eligibility requirements in final motor finance compensation scheme
The FCA has published a policy statement setting out of the terms of its motor finance redress scheme. The consultation received over 1,000 responses, with conflicting feedback as to the FCA’s proposals. The core...
Regulators launch taskforce to address poor practice in motor finance claims handling
The FCA has joined forces with the Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and Advertising Standards Authority (ASA) to create a taskforce for tackling poor practice in motor...
FCA fines investment firm over market abuse controls failure
The FCA has fined investment firm Dinosaur Merchant Bank Limited £338k for failing to implement systems and controls to detect and reporting suspicious trading in its CFD business. In June 2024, Dinosaur Merchant Bank...
Equity for Growth (Securities) enters liquidation on petition by the FCA
Equity for Growth (Securities) Limited has entered liquidation on petition by the FCA. EFG is a corporate finance firm, and acted as principal for several appointed representatives between 2015 and 2020. The FCA...
Complaints Commissioner finds serious failings in FCA’s handling of British Steel Pension Scheme saga
The Financial Regulators Complaints Commission has issued its final report on allegations from former members of the British Steel Pension Scheme against the FCA. The report concluded that the handling of BSPS transfers...
FCA varies EMI permission over unauthorised crypto business
The FCA has varied the authorisation of Paywiser Limited, an EMI which provides e-wallet payment accounts and debit card services to retail and corporate customers. It found that the firm was providing services to...
PRA fines Bank of London group entities
The PRA has fined The Bank of London Group Limited and its parent financial holding company Oplyse Holdings Limited £2m. It found that, between October 2021 and May 2024 the firms had: misled the PRA over their capital...
FCA to make motor finance announcement on 30 March
The FCA has confirmed that it will set out its approach on motor finance redress soon after markets close on 30 March.
FCA places restrictions on debt management firm
The FCA has ordered Beauforce Corporation to cease carrying out regulated activities and return all client money. The restriction means it can no longer provide regulated debt advice or debt management services to...
Upper Tribunal publishes decision on banned FX trading firm owner
The Upper Tribunal has published its decision refusing to make non-publication orders in respect of the FCA’s decision notices against Kasim Garipoglu and his firm GKPay. Mr Garipoglu argued that the FCA was not...
FCA and FOS consult on redress modernisation proposals
The Government has decided to proceed with its plans to modernise the redress system, and the FCA and FOS are now consulting on plans. HM Treasury has published the outcome of its review, in which it confirms it will...
FCA bans FX trading firm owner
The FCA has banned Kasim Garipoglu from working in financial services. He had been chief executive and director of his firm for 10 years until December 2022. During that time, the FCA said he repeatedly disregarded...
Concept Capital Group enters administration, halting FCA enforcement proceedings
Concept Capital Group Ltd (CCG) has entered administration. Joanne Hammond and Jason Ainge of BTG were appointed joint administrators of the firm on 9 March 2026. In July 2025, the FCA had announced High Court...
Individual jailed for illegal SRB scheme
Rajinder Gill has been jailed for 2.5 years for running a sale and rent back scheme and providing credit agreements and mortgages without authorisation. 2 accomplices received community orders and a suspended sentence...
PRA fines insurer for solvency miscalculations
The PRA has fined U K Insurance Limited £10,625,000 in connection with miscalculation of its Solvency II balance sheet in 2023 and 2024. The miscalculations happened because of ineffective controls and resourcing issues...
FCA cancels SPI permission
The FCA has cancelled the permission of Dania Money Transfer Limited, a small payments institution which had been registered with the FCA since March 2018. As with many of the other payment institution permissions...
FCA cancels another payments registration
The FCA has cancelled the registration of another payments firm. Stallion Money Limited, an API, had had its HMRC registration cancelled in 2020 and not renewed it, nor had it provided payment services since late 2020...
FCA cancels firm permissions due to late fees
The FCA has issued two final notices cancelling firms’ permissions on the basis that they are is failing to satisfy the suitability threshold condition and are not fit and proper to conduct regulated activities...
‘Finfluencers’ plead guilty to issuing unauthorised FX trading fin proms
Seven social media ‘finfluencers’ have pleaded guilty to issuing unauthorised financial promotions in relation to an unauthorised foreign exchange trading scheme. Biggs Chris, Jamie Clayton, Lauren Goodger...
FCA confirms forbearance in relation to new listing rules
The FCA has issued a forbearance statement following the introduction of the new Public Offers and Admissions to Trading Regulations regime. The new regime and associated changes to the UK Listing Rules came into force...
Tribunal upholds fine and ban on individuals
The Upper Tribunal has upheld the FCA’s decisions to fine and ban two individuals who had held senior positions in two wealth companies. Stephen Burdett, said the FCA, caused 232 pension funds worth over £10m to...
FOS sees new low in complaints numbers
The latest complaints statistics from the FOS show complaints levels have returned to 2023/4 levels. It is pleased that it is getting more complaints directly from consumers, and that the quality of complaints via...
FCA restricts IFA activities
The FCA has stopped another IFA from carrying out any regulated activities and has imposed a restriction on asset disposal. The action, against Advantage Wealth Management Ltd, follows FCA’s concerns about how the...
Court gives guidance on CCA unfair relationships and mortgages
The High Court has provided useful guidance on the boundary between mortgage and consumer credit regulation, confirming that regulated mortgage contracts fall under the MCOB regime and are excluded from the unfair...
Criminal Cases Review Commission refers trader convictions back to Court of Appeal
The Criminal Cases Review Commission (CCRC) has referred the convictions of five traders back to the Court of Appeal after determining that there was ‘no distinguishing factor’ between those cases and two...
ASA criticises Coinbase ad
The ASA has instructed CB Payments Ltd trading as Coinbase that it must not show its set of Video on Demand and poster ads with a theme of “everything is just fine” in their current form again. The ads had a...
Ashley BorthwickTreasury confirms changes to OFSI enforcement process
HM Treasury has published OFSI’s response to its 2025 consultation on improving civil enforcement processes for financial sanctions. The consultation considered measures such as: Changes to the public case...
UK Sanctions List becomes sole source of UK sanctions designations
As of 28 January 2026, the UK Sanctions List is now the sole source of UK sanctions designations, with the OFSI Consolidated List of Asset Freeze Targets now closed. The Government has also published guidance on...
FCA publishes inaugural Enforcement Watch
The 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...
FCA imposes restrictions on EMI BeAccount
The FCA has issued a first supervisory notice to electronic money institution (EMI) BeAccount Ltd, imposing restrictions on its business activities due to concerns the firm no longer meets, or is unlikely to meet, the...
FCA cancels SPI registrations
The FCA has issued final notices cancelling iCorp Global Limited and Omdoom General Trading‘s registrations as small payments institutions (SPIs). iCorp Global had failed to notify the FCA of significant changes...
SFO secures director convictions in £70m tree planting investment scheme fraud
The Serious Fraud Office has secured three convictions of former Ethical Forestry Limited directors, all of whom pleaded guilty in relation to a £70m investment scheme fraud. The directors had defrauded around 3000 UK...
Wealth management firm Logic Investments enters special administration
Logic Investments Ltd – a wealth management firm – has entered special administration. Alex Watkins and Ed Boyle of Interpath were appointed joint special administrators of the firm on 16 January 2026. In...
FCA gets confiscation order for lending platform fraudster
The FCA has obtained a confiscation order for over £250,000 against Andrew Currie, who was convicted of defrauding investors through the now-collapsed peer-to-peer lending platform, Collateral (UK) Ltd. The amount is...
Court considers scope of s26 FSMA
The Court of Appeal was asked to consider whether failure of a law firm to have advised that arrangements constituted collective investment schemes made Claimants who essentially operated and promoted the schemes liable...
New FOS compensation award interest rate takes effect
A new interest rate – Bank of England base rate +1% – will apply to any compensation awards firms are directed to make in cases referred to the FOS on or after 1 January 2026. The change follows a...
FCA cancels SPI registration
The FCA has cancelled the registration of small payment institution First Money Services Ltd following the firm’s breaches of the PSRs 2017. Specifically, the firm: failed to provide payment services within 12...
FCA investigates CMC
The FCA has announced it is investigating the activities of The Claims Protection Agency Limited, a claims management company which has used several trading names, in relation to its advertising and sales tactics for...
FCA removes permissions from Verus and imposes stringent asset restriction
The FCA has removed all regulatory permissions from Verus Financial Services Limited and imposed a stringent assets restriction. The FCA is concerned that the firm has repeatedly breached an existing asset restriction...
Insolvency Service announces combined 23 year director disqualifications
The Insolvency Service has confirmed that two business partners have been disqualified from acting as directors after allowing £13.9m to pass through two companies using unauthorised bank overdrafts. Scott Dylan –...
FCA launches investigation into WH Smith
The FCA has opened an investigation into WH Smith PLC in relation to potential breaches of the UK Listing Principles and Rules, and Disclosure and Transparency Rules. The announcement comes after an independent review...
Tribunal finds for FCA in Reynolds limitation hearing
The Upper Tribunal has published its decision on a reference by Darren Reynolds relating to an FCA Warning Notice in which the FCA said it would ban and fine Mr Reynolds for failing to meet the fit and proper test. In...
FCA closes investigation into Mirabella Advisors, principal of Greensill Capital
The FCA has announced the closure of its investigation into Mirabella Advisors LLP. The FCA had launched an investigation into the firm in 2021 in relation to the oversight of Greensill Capital Securities Limited, the...
Insolvency Practitioners Association responds to FCA’s MVF redress consultation
The Insolvency Practitioners Association (IPA) has published its response to the FCA’s MVF redress scheme consultation. Overall, the IPA supports the scheme, but it urges the FCA to introduce an insolvency...
FCA charges former bank director with fraud and forgery
The FCA has charged Henrik Schliemann, a former director of a merchant bank, who also held the Compliance Oversight and MLRO roles, with 9 offences relating to fraud and forgery. It alleges he transferred millions of...
FCA confirms motor commission complaint response deadlines
The FCA has confirmed the new complaint handling deadline limits for motor finance-related complaints. The current pause on all motor finance complaints expires imminently, and the FCA has now confirmed that: there will...
FCA censures Institute of Certified Bookkeepers for AML supervision failings
The FCA has censured the Institute of Certified Bookkeepers (ICB) for serious deficiencies in its AML supervision. The action is the FCA’s first ever enforcement outcome against a professional body supervisor...
Court concludes special administrators unable to terminate customer contracts to protect firm’s economic interests
In a directions application, the High Court concluded that the joint special administrators (JSAs) of Argentex were not entitled to terminate customer contracts under the firm’s terms of business for the purpose...
FOS consults on plan and budget
The FOS is consulting on its 2026/7 Plan and Budget. Headlines include: anticipated 188,000 new complaints across all products; resolving 245,000 complaints of which 60,000 will be related to motor finance commission;...
SFO launches first major crypto investigation into $28m scheme
The Serious Fraud Office (SFO) has launched a first-of-its-kind investigation into suspected fraud in a $28m crypto scheme. It has asked investors in the scheme to come forward with any information they hold about the...
NCA publishes guidance on SARs and DAML requests
The UK Financial Intelligence Unit (UKFIU) – an independent unit within the National Crime Agency (NCA) – has published guidance on best practice for Suspicious Activity Reports (SARs). The first two...
FCA cancels SPI registration for failure to register for AML supervision
The FCA has published a Decision Notice cancelling the registration of a small payment institution which had been registered with it for 5 years but, despite repeated warnings, had not registered with the HMRC for AML...
FCA finds Consumer Duty issues at CFD providers
The FCA has carried out a review of CFD providers‘ Consumer Duty compliance, specifically looking at whether they meet the price and value outcome. It included around a quarter of providers in the review. It has...
Firm loses appeal on “name and shame”
A firm (not yet named) has lost its appeal against an FCA decision to publicise the fact that it is under investigation and release the firm’s name in doing so. The judge granted permission for judicial review of...
Consumer Panel urges FCA to limit delay on complaints handling and reconsider deadline for FOS referrals
The Financial Services Consumer Panel has urged the FCA not to extend the pause on motor vehicle finance complaints beyond the currently proposed 31 July 2026. The Panel considers that an extension to the pause for some...
FOS responds to FCA crypto consultation
The FOS has published a response to the FCA’s consultation on applying Handbook rules to cryptoasset firms. Overall, the FOS agreed with the benefits of extending access to its complaints resolution framework to...
FCA extends motor commission redress consultation to 12 December
The FCA has provided an update on its progress towards a redress scheme for customers treated unfairly when taking out loans to buy cars. So far, in response to its consultation, it has received comments on: the time...
APPG on Fair Banking criticises FCA’s proposed MVF redress scheme
The All-Party Parliamentary Group (APPG) on Fair Banking has published a report on the motor finance commission saga and the FCA’s proposed redress scheme, exploring whether the framework adequately compensates...
Government publishes webpage with case studies on sanctions enforcement actions
The Government has published a webpage collating case studies and key lessons from sanctions enforcement actions taken by UK enforcement bodies. The page lists published monetary penalties, prosecution outcomes and...
Court holds FOS entitled to uphold complaint against investment firm for incorrect EPC categorisation
The Court of Appeal has held that the FOS was entitled to uphold a complaint made by an individual client against an investment firm, where the client had made losses after investing in contracts for difference (CFDs)...
FCA updates complaints data
The FCA has published complaints data from H1 2025. Key takeways include: complaints levels have stayed fairly static for 4 years, with the last half’s complaints being 1.85m, a slight rise from the previous...
FCA bans and fines advisor
The FCA has banned an advisor working in ITM Power Plc over £100,000 and banned him. Neil Dwane knew the details of a planned market announcement, and used it to sell his and a family member’s shares the day...
FCA updates on recent enforcement actions
Therese Chambers has spoken on the FCA’s enforcement activity over the past 2 years. She noted that although the FCA’s approach to enforcement cases has changed, the base messaging has not. It expects firms...
FCA gets $100m redress for BlueCrest investors
The FCA has, after many years, secured a redress scheme worth $101m for investors who lost money due to BlueCrest Capital Management (UK) LLP’s failure to manage conflicts of interest that arose when it both...
Payment services firm Currency Matters enters special administration
Currency Matters Limited – a firm authorised by the FCA to provide payment services to corporate and retail clients – has entered into special administration. Frank Ofonagoro and Allister Manson of Opus...
FCA sets out expectations of CMCs involved in motor finance commission claims
Following the launch of its much awaited consultation on the motor finance redress scheme, the FCA has written a letter to claims management companies (CMCs) involved in motor finance commission claims, setting out key...
FCA consults on motor finance redress scheme
The FCA has decided that a compensation scheme for customers treated unfairly when taking out motor finance is the right way to go, and is consulting on the terms of the scheme. Its research shows that: based on data...
Regulators to take action on poor claims management
The FCA is joining the SRA, ICO and ASA to address the ongoing problem of misleading advertising and inadequate information that some CMCs and law firms working on motor finance claims are publishing, and also the risk...
FCA launches awareness campaign on motor finance compensation scheme
The FCA has launched a £1m campaign raising awareness of the motor finance compensation scheme the regulator is proposing. It aims to inform customers that they do not need to use a claims management company (CMC) or...
Court strikes out claim of CRM and Principle breach by retrieving bank
In the case of Dawn Barclay-Ross v Starling Bank Limited, the claimant claimed that, as a victim of APP fraud, she paid £120,000 from her Starling bank accounts. She sought to recover the amount she had paid, and other...