Laura WilesThe FCA is consulting on simplifying the remuneration regime for solo-regulated firms. Key proposals include: Replacing the existing AIGM, UCITS and MiFIDPRU remuneration codes with a single consolidated code; Moving...
Category - Funds
FCA consults on closed-end fund changes
The FCA is consulting on changing the Listing Rules in respect of closed-ended investment funds. The proposals focus on conflicts management and aim to ensure that its rules apply consistently in a variety of scenarios...
Emma Radmore
Michael LewisFCA consults on fund asset registration
The FCA is consulting on making sure authorised investment funds can invest in private markets such as real estate, infrastructure, private credit and private equity, while ensuring investor protection. It is proposing:...
Government to reform MMF regulations
The Government and the FCA are to reform the UK Money Market Fund regulations. They say recent market stresses have shown that these funds need to be more resilient, so the Government will now legislate as soon as...
FCA publishes new rules on fund tokenisation
The FCA has published new rules aimed at supporting asset managers innovate with fund tokenisation. The new policy sets out how AFMs can use distributed ledger technology (DLT) to issue, transfer and maintain records of...
FCA publishes tips on good asset management applications
The FCA has published examples of good and poor practice on how asset managers can improve applications for authorisation. It has higlighted several areas which tend to hold up applications. where firms cannot show they...
UK-Japan financial regulatory forum reports on progress
The fourth meeting of the UK-Japan financial regulatory forum took place on 18 March between HM Treasury and the Japan Financial Services Agency. The forum discussed: digital finance, with the UK updating on its plans...
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...
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...
FCA warns of holiday park collective investment risk
The FCA has warned consumers about the potential for consumer harm being caused by unauthorised firms offering investment in holiday homes that may be constituted as collective investment schemes.
Regulators update Regulatory Initiatives Grid
The latest edition of the Regulatory Initiatives Grid updates on timelines for 124 live initiatives across the 9 organisations covered by the grid. The press release heralding the publication highlights the themes of:...
Regulators set out 2026 growth measures
The FCA has written to the Prime Minister setting out its growth measures planned for 2026. The ambitious package highlights that the FCA has met nearly all of the 50 commitments it promised to do this year, and that...
FCA consults on rule clarifications
The FCA is consulting on various rule changes to: resolve uncertainties in current rules; make some current rules clearer or more proportionate; and resolve conflicts and duplications. General changes update and remove...
FCA consults on fund liquidity risk management enhancements
The FCA is consulting on how best to ensure that authorised fund managers are equipped to manage their funds’ liquidity and that they use their management tool effectively. The proposals follow measures the FCA...
FCA gets hearing date for Asset Land distributions
The High Court will hear the FCA’s application for approval to distribute funds recovered for Asset Land investors on 19 December.
FCA publishes package of investment regulation reforms
The FCA has published its long-awaited decisions and further proposals on reforms to how it regulates the conduct of investment business. The package comprises: consultation on client categorisation and conflicts of...
UK and Singapore associations report on digital asset adoption
The IA and the Investment Management Association of Singapore has published a report on tokenised asset market opportunities and challenges. The report notes the current gap between technological innovation and...
TheCityUK releases UK asset management report
TheCityUK has published research on the UK’s role in the global asset management landscape. the UK remains Europe’s largest fund management centre with a 10% year on year rise in AUM in 2024; institutional...
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...
FCA consults on fund tokenisation
The FCA is consulting on how it can support the development of fund tokenisation. As part of its wider roadmap for digital assets, the plans include: guidance on how to operate tokenised fund registers under FCA rules;...
FCA makes new rules
In the FCA’s latest Handbook Notice, it confirms new rules made at its October Board Meeting to: ICOBS to increase the medical condition premium trigger point for consumers with pre-existing medical conditions to...
FCA starts action over unauthorised CIS
The FCA has started action in the High Court against Concept Capital Group and another 6 individuals and 2 companies it alleges were involved in an unauthorised collective investment scheme which invested in static homes and took more than �23m in consumer investments. The FCA says CCG operated the unauthorised CIS without authorisation and exemption, made financial promotions that were not approved and also made false or misleading claims about the investments – which promised investors fixed returns and said they were Government backed.� The other companies and individuals were knowingly concerned in the breaches.
Mansion House speech supports Leeds Reforms
The Chancellor’s Mansion House speech, delivered in the evening of 15 July, highlighted many of the Leeds reforms, and set out the Chancellor’s key priorities. She highlighted: for capital raising, recent changes to the...
Practitioner Panel expresses concerns over CCI proposals
The FCA Practitioner Panel has expressed concerns around the FCA’s proposals on Consumer Composite Investments, following the regulator’s consultation covering changes to cost information and rules for the...
FCA welcomes statement from industry bodies supporting faster settlement for fund trades
The FCA has welcomed a joint statement from the Investment Association, Personal Investment Management and Financial Advice Association, and Alternative Investment Management Association, supporting faster settlement of...
FCA extends investment research payment freedoms to pooled funds
The FCA has made its final rules that will give pooled investment funds, including UCITS and AIF managers, more flexibility in how they pay for investment research. The changes mirror those from summer 2024 that applied...
BVCA reports large increase in venture capital funding
The BVCA reports that venture capital funds managed from the UK reached �4bn in 2024 – almost double that of 2023, and returning to previous levels. 2024 also saw a rise in venture capital funds raising capital to 48.
The UK is still the top source for venture capital funding in 2024, comprising 25% of total value raised.
Pension fund commitments to venture capital showed little progress, however, with the most significant commitments coming from overseas funds, mainly from the US. The promised investment from UK DC schemes has not yet started to happen.
FCA pleased with small asset management firm compliance
The FCA has published the results of its review into smaller asset management and alternatives businesses, as part of its drive to establish which business models pose the most risks of harm to consumers. It has found...
FCA pauses extension of SDR regime to portfolio managers
Per its announcement in February 2025, the FCA has confirmed that it will not be publishing a policy statement on plans to extend the Sustainability Disclosure Requirements (SDR) and investment labels regime to...
FCA consults on CCI and simplification of investor disclosures
The FCA is consulting on ways to simplify investor disclosures relating to Consumer Composite Investments. It says nearly a quarter of UK adults hold a product which comes within the UK’s new concept of a CCI...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
FCA publishes work programme 2025-6
The FCA has published its work programme for 2025-26, which builds on the 4 priority areas in its 5 year plan. Specific initiatives additional to those set out in the 5 year plan (which we summarised in this article)...
FCA and Treasury consult on AIFM regulation reform
HM Treasury is consulting on proposed changes to the laws affecting AIFMs and the FCA has published a call for input seeking views on its own proposals. The Treasury consultation focuses on the areas of the UK...
FCA reports on private market valuation processes
The FCA has published the results of its review of private market valuation processes. It is imperative that firms in these markets have robust processes given that the regular price discovery present in more liquid...
FCA discusses approach to non-bank leverage and importance of data
Sarah Pritchard of the FCA has spoken to the Investment Association Roundtable event. She looked at the FCA’s approach to non-bank leverage. She focussed on how targeted improvements to public and private...
FCA delays decision on SDR extension
The FCA has confirmed that it will no longer imminently be publishing its feedback statement on the proposed extension of the SDR and investment labels regime to portfolio management. The FCA is aware that fund managers...
PRA speaks on prime brokerage developments
Rebecca Jackson of the PRA spoke to UK Finance about recent dynamics in the prime brokerage sector, and the results of a recent PRA thematic review. Key points included: that the core of prime brokerage is financing...
FCA settles care home investment scheme claim against solicitors
The FCA has settled a claim against solicitors Lupton Fawcett LLP in respect of work undertaken for the Qualia Group by a former member of the firm. The FCA previously brought a successful claim in the High Court...
FCA updates perimeter report
The FCA has updated its Perimeter Report. The report highlights the FCA’s remit and powers, including the new Designated Activities Regime, and then lists the key areas of harm linked to the perimeter and some key...
BoE publishes system-wide stress test results
The BoE launched its first system-wide exploratory exercise of how a range of firms behave in stressed market conditions mid-2023, it has now published a final report on how the UK financial system would respond to a...
Government makes Consumer Composite Investment Regulations
The Regulations to create the Consumer Composite Investments regime, and set the designated activities relating to them have been made effective from 22 November 2024 for the purposes of setting out the regime and...
FCA makes market rules to support growth
A new set of transparency rules for bond and derivatives trades will take effect on 1 December 2025. The FCA says the rules will both provide more information to investors and also reduce costs for firms, and will also...
FCA welcomes Project Guardian tokenisation report
The FCA has welcomed the report on tokenisation in the asset management sector, published by “Project Guardian”, an international collaboration of industry and regulators led by the MAS. The report sets out...
FCA succeeds in BlueCrest redress scheme appeal
Following an Upper Tribunal decision in June 2023 which upheld an application by BlueCrest Capital Management (UK) LLP to summarily strike out a redress requirement imposed by the FCA for its purported breaches of...
FCA publishes guidance on its approach to recognition under the Overseas Funds Regime
Following its policy statement containing final rules and guidance for implementing the Overseas Funds Regime (OFR), the FCA has published a document setting out its approach to recognition of funds under the OFR. As...
Investment Association reports on climate and nature policy
The Investment Association has published its latest “Financing Transition” report, which outlines its approach to climate change and nature-related policy. Key commitments include: supporting credit...
FCA publishes final rules for Dormant Assets Scheme
The FCA has published a policy statement setting out its final rules for the second stage of the Dormant Assets Scheme. The scheme provides for banks and building societies to pay dormant monies into an authorised...
Harry WellsNew FCA webpage on UK UCITS ManCo applications
The FCA has launched a new webpage setting out how firms can apply to become a management company (ManCo) for a UK UCITS. The webpage contains information on permissions, prudential requirements, and application fees...
FCA publishes policy statement on Overseas Funds Regime
Following feedback to its consultation, the FCA has confirmed in its policy statement the final rules and guidance for implementing the Overseas Funds Regime (OFR). The new rules set out its requirements for determining...
Tenet firms enter administration
The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either...
FCA speaks on investment management
Nikhil Rathi has spoken on the importance of the UK keeping its leading position in global asset management. He discussed current international initiatives such as: liquidity risk management, particularly for open ended...
Alternative Investment Funds Designation Bill dropped
The Alternative Investment Funds Designation Bill, a private members’ Bill looking to remove Listed Investment Companies from the scope of the definition of an AIF, did not survive the Parliamentary wash-up...
FCA heralds sustainable investment labelling
The FCA has confirmed that investment funds that meet criteria for environmental or social goals will be labelled, so investors can more clearly see what they are investing in. From 31 July 2024, four labels will be...
Overseas Funds equivalence determination made
The FSMA 2000 (Overseas Funds Regime)(Equivalence)(EEA) Regulations will take effect on 16 July. The Regulations set out the Treasury’s approval of each EEA state in relation to any EEA authorised UCITS that is a...
Treasury and FCA publish overseas funds roadmap
HM Treasury and the FCA have published a timeline and roadmap for implementation of the new Overseas Funds Regime. The document explains how the OFR is now going to open up to EEA UCITS, and sets out what their...
Government responds further on progress of Edinburgh reforms
The Government has published a second formal response to its December 2023 report on the progress of the Edinburgh reforms. This response is more detailed than the Government’s initial response and includes an...
FCA highlights common failings in asset management applications
The FCA has provided a list of common errors asset managers are making in applications for authorisation. For context, in the year to 1 April 2024, 18% of applications were withdrawn as a result of the FCA’s...
FCA publishes Link findings
The FCA has published its findings against Link Fund Solutions, explaining its conclusion that the firm failed to manager the liquidity of the Woodford Equity Income Fund from 31 July 2018 to 3 June 2019 and therefore...
Fund tokenisation report looks at further token use in MMFs
The second report of the Technology Working Group on fund tokenisation looks at the potential use of tokens as collateral for money market funds, and how tokenised funds can plan a key role in an “on chain”...
FCA updates on AIFM hosting
The FCA has published information for AIFMs who make use of the hosting model. It reminds firms of its 2023 research which showed potential harm in the model, in terms of: lack of oversight of seconded staff –...
Government sets out third phase of Smarter Regulatory Framework
Following its Smarter Regulatory Framework (SRF) delivery plan, Treasury has published a follow-up paper which sets out the progress made so far and the government’s approach to the next phase of the SRF programme...
FCA updates on Woodford
FCA has updated its website with further updates on the Woodford Equity Income Fund. It has confirmed the redress scheme became fully operational on 5 March and that payments are expected around Easter.
FCA issues interim update to Asset Management & Alternatives Supervisory Strategy
FCA has published a Dear CEO letter updating its portfolio letters issued in August 2022 and February 2023 setting out its Asset Management & Alternatives Supervisory Strategy. The letter sets out certain areas of...
Stephen WilsonAIF Bill has second reading
The Alternative Investment Fund Designation Bill has had its second reading in the House of Lords and has now moved to Committee stage. The main purpose of the Bill is to remove listed investment companies from the...
FCA speaks to EU on global cooperation
Ashley Alder, FCA Chair, has spoken at the UK Mission to the EU on the importance of regulatory cooperation and open markets, and the relationship the UK now hopes to build with the EU under the 2023 MoU. He said that...
EEA states “equivalent” for overseas funds
Baroness Vere of Norbiton, Treasury Lords Minister, has announced that the Government has decided that all EEA states have been assessed as “equivalent” for the purposes of the UK’s Overseas Funds...
Treasury publishes MMF policy framework
HM Treasury has published its Policy Note (6 December 2023) incorporating a near-final version of the statutory instrument (SI) to replace the Money Market Funds Regulation and create a new framework for Money Market...
FIN. TeamFCA consults on Overseas Funds Regime
FCA is consulting on how the Overseas Funds Regime should operate in practice. The Government has designed the regime to provide a streamlined process to allow funds from jurisdictions assessed as...
FCA sets out temporary forbearance measure for investment company cost disclosure
The FCA has published a statement in response to concerns about costs and charges disclosure in the PRIIPs KID, UCITS KIID and MiFID II requirements. The concern was that the required costs and charges disclosure for...
Government publishes PRIIPs replacement legislation
The Government has published draft legislation that will replace the PRIIPs Regulation and create a new UK retail disclosure framework for “consumer composite investments” (CCIs). The initiative is part of...
FCA calls for improvement in fund manager ESG principles
FCA has carried out a review as a follow up to its Dear Chair letter of July 2021 to authorised fund managers. It found that most firms have tried to comply with FCA’s expectations on design, delivery and...
FCA updates on Woodford Scheme
Link Fund Solutions is to convene a meeting of all affected investors on 13 December to vote on whether to approve the proposed settlement fund in relation to the LF Equity Income Fund. FCA has confirmed it believes the...
FCA joins global digital innovation project
FCA has joined regulators from Singapore, Japan and Switzerland in “Project Guardian“, which will expose fund and asset tokenisation use cases and DeFi. Sarah Pritchard said the UK’s asset management...
Treasury responds on Edinburgh Reforms progress
Treasury has responded to a request from the Treasury Committee for an update on delivering the Edinburgh Reforms. It notes: reform of the ring-fencing regime: this is in progress with draft legislation being published...
UK Finance respond to ban on cold calling
UK Finance has responded to HM Treasury’s proposals to ban cold calling in financial services and is supportive of the proposals. The measures aim to protect consumers, particularly elderly and vulnerable...
FCA to start action on UCITS marketing landing slots
FCA will shortly start contacting fund operators who are in the UCITS Temporary Marketing Permissions Regime with a view to starting discussions about landing slots for exiting the regime. FCA has not yet finalised the...
Government consults on financial product cold call ban
The Government is consulting on how to ban cold calls offering any financial products. It says that once the ban is in force, it will be clear to anyone receiving a call for a financial product that the call is a scam...
Court holds care home investment schemes to be CIS and director personally liable
The judgment on several preliminary issues in the case brought by FCA against Robin Forster, Fortem Global Limited and Richard Tasker has been published. The trial considered only issues arising out of Mr...
Treasury revokes PRIIPs and outlines new UK retail disclosure regime
Treasury has published the outcome of its consultation on revoking the PRIIPs Regulation and introducing a more suitable alternative. The PRIIPs Regulation had been widely criticised due to the misleading information it...
FCA publishes findings from liquidity management frameworks review
FCA has published findings from its multi-firm review of liquidity management frameworks. It sought to understand what improvements have been made since its November 2019 letter to AFMs detailing good practice in...
FCA widens access to LTAF
FCA has published its final rules on giving a wider group of retail investors and defined contribution pension schemes access to Long Term Asset Funds (LTAF). The rules recategorise a unit in an LTAF from a Non-Mass...
Tribunal overturns FCA redress scheme imposed on Bluecrest Capital Management
The Upper Tribunal (Tax and Chancery Chamber) (the “Tribunal“) has upheld an application by Bluecrest Capital Management (UK) LLP (“Bluecrest“), an investment manager, to summarily strike out a...
FCA consults on vote reporting
FCA’s “Vote Reporting Group” is consulting on a voluntary template that asset managers can use to communicate with asset owner clients on their voting activity. It asks for comment by 21 September.
BoE launches system-wide exploratory scenario
BoE has launched its first system-wide exploratory scenario exercise. The exercise will include banks, insurers, CCPs and a variety of funds and will look to see how all these market players behave in stressed market...
BoE speech: building blocks of resilience
Sarah Breeden, BoE Executive Director of Financial Stability, Strategy and Risk, has delivered a speech on resilience within Liability Driven Investment (LDI) funds at Westminster Business Forum policy conference. The...
FSM Bill: Lords Report stage day 3
Day 3 of the debate on the FSM Bill at Lords Report stage included: a debate on forest risk commodities, which was approved on a vote; a proposal for a number of amendments relating to liability of PSPs for fraudulent...
FCA consults on dormant assets rule changes
FCA is consulting on changes to its rules to reflect the further expansion of the Dormant Assets Scheme. Its rules facilitating the first phase of expansion, covering insurance, pensions and securities assets, took...
Asset Management Task force takes shape again
5 new members have joined the Asset Management Taskforce in the wake of the Edinburgh Reforms announcements. The Economic Secretary has also launched a new Technology Working Group to look at the impact of technology on...
FCA announces Woodford redress plans
FCA has announced that Link Fund Solutions has agreed a redress payment to investors in the LF Woodford Equity Income Fund of up to approximately £235m. The Link Administration Group will make a material contribution to...
Lords Committee finishes FSM Bill debate
The tenth and final sitting in the House of Lords Grand Committee on the FSM Bill took place on 23 March. The discussion moved to: adding new regulated activities in relation to climate and nature offsets, tabled by...
FCA authorises first Long Term Asset Fund
FCA has authorised the first LTAF – a new category of open-ended authorised fund which is designed to invest efficiently in long term assets.
Treasury Committee writes to FCA on greenwashing
The Treasury Committee has described FCA’s proposals on sustainability disclosures intended to prevent investment funds from greenwashing as “lopsided”. It has written to FCA asking it to conduct a...
House of Lords updates on FSM Bill
Ahead of the seventh day of debate on the FSM Bill in the Grand Committee, the House of Lords has published: a new list of amendments; a letter promised by Baroness Penn to all members on matters raised at the second...
FCA updates on Link action
FCA is in discussions with the Link Group and Link Fund Solutions over whether its proposed enforcement action against LFS can be resolved by agreement – specifically, that consumers affected by the suspension of...
FCA consults on asset management regulation
FCA is seeking views on what regulatory change might help the UK asset management industry while supporting investors and boosting competition. It has issued a wide-ranging discussion paper setting out possible areas...
FCA updates on asset management supervision
FCA has published a Dear CEO letter on its asset management supervision strategy. FCA has restructured so that these firms are now supervised by the Buy-Side Directorate. There are around 1,000 firms in the portfolio...
FCA makes new rules
FCA’s latest Handbook Update confirms the following new rules: the Non-Workplace Pensions Instrument, which takes effect from 1 December 2023 and puts in place changes designed to help non-workplace pension savers...
FCA seeks views on retail disclosures
Following on from the Treasury consultation on PRIIPs information requirements, FCA is now seeking views on when and in what format information should be delivered to consumers in a way that ensures what is provided is...
Treasury consults on PRIIPs and UK Retail Disclosure
Treasury is consulting on plans to revoke the PRIIPs Regulation and replace it with a more suitable alternative. The PRIIPS Regulation has not been popular, with key criticisms being that it requires misleading...
“Edinburgh” reforms highlight ring-fencing, CCA and post-Brexit changes
The Chancellor has announced a set of so called “Edinburgh reforms” to the financial services regulatory framework. At an industry roundtable, he will set out plans to repeal and replace “hundreds of...
FCA quarterly consultation clarifies Consumer Duty application
FCA’s Quarterly Consultation proposes minor changes to various parts of its rules, including providing clarification on the Consumer Duty. The paper proposes: amendment to TC to include The London Institute of...
TPT launches ‘gold standard’ for climate transition plans
The Transition Plan Taskforce (TPT) has published its Disclosure Framework and accompanying Implementation Guidance. The Framework makes recommendations for companies and financial institutions to develop gold-standard...
FCA makes new rules
FCA’s latest Handbook Notice confirms changes to SUP 16 to reflect requirements on firms subject to IPRU(INV) 5. The changes take effect from 31 December and mainly amend form FSA035 for affected firms.