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 - Investments
FCA consults on simplifying consumer investment disclosures
The FCA is consulting on simplifying consumer investment disclosures. The regulator is proposing to align cost disclosure requirements derived from the MiFID regime with the Consumer Composite Investments (CCI) regime...
FCA consults on no more Consumer Duty for overseas business
The FCA is consulting on plans to simplify its rules more for wholesale businesses involved in retail markets. It plans to: remove all business for “genuinely” non-UK customers from the scope of the Consumer...
Emma RadmoreFCA considers commitments offer from commodity traders involved in competition probe
The FCA has issued a statement in respect of its concerns around 11 traders that it believes may have hindered competition in commodity futures markers and infringed competition law by sharing sensitive information or...
FCA launches bond consolidated tape
The FCA has launched its new bond consolidated tape whereby investors and market participants can access a single, real-time source of prices and trading activity in the UK market. The tape will be operated by ETS...
Michael LewisFCA updates on MMF reform
The FCA says responses to consultation on money market fund reforms generally supported the proposed changes but several respondents were concerned about the proposed increase in MMF liquidity levels. As a result, the...
AR data shows increased revenue but fewer principals
The FCA has updated its website with details on the appointed representatives population and activity. There are currently around 33,000 active ARs and 2,400 principals, representing a reduction of 5.3% in principals...
FCA updates on benchmark review
The FCA has continued its work on benchmarks by publishing the results of its review of benchmark calculations. It looked specifically at error handling arrangements, and saw that firms took either a quantitative (data...
City of London supports drive to digital wholesale markets
The City of London Corporation will lead the secretariat working with the government to help create a tokenised wholesale financial markets system,. It plans a report on cross-border digital asset issuance in the...
FCA updates operating metrics
The FCA’s latest set of operating metrics shows new firm authorisations for consumer investments, insurance and wholesale are struggling to meet the new targets, and EMR/PSR authorisation and VOP applications also...
Financial Services and Markets Bill starts legislative process
The Financial Services and Markets Bill has been published and has started its parliamentary passage in the House of Lords, where it has had its first reading but the second reading, which is when debate starts, does...
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 reviews support to bereaved customers
The FCA is to carry out a review of how consumer investment firms are supporting bereaved customers, following research that shows that not even half the customers surveyed felt they had received the right support. The...
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...
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...
Market Watch looks at using ECCTA to share information
The latest edition of the FCA’s Market Watch looks at how firms can use ECCTA to share customer information to help fight economic crime. The ECCTA provisions apply to all firms subject to the MLRs, and covers a...
FCA publishes new PISCES operator sandbox notice
The FCA has published the direction and approval notice that allows Vestd Limited to conduct intermittent trading events in eligible private company securities for the duration of the PISCES sandbox within the sandbox...
FCA censures Sapia over WealthTek failings
The FCA has censured Sapia because of its failure to put in place sufficient safeguards over client money that emanated from WealthTek which was its appointed representative. Sapia admitted it did not properly separate...
“Next step invest” launches with Savvy the squirrel
A new website urges consumers to think about investing for the first time. Backed my numerous financial institutions, including banks, wealth and investment managers, investment firms and insurers, and supported by the...
FCA updates on financial advisory market
The FCA has published its findings from its latest financial adviser survey. It surveyed over 4,000 firms and looked at data it holds on over 30,000 advisers. Key conclusions included: the market is broadly stable, as...
FCA looks at impact of market soundings on quality
The FCA has looked at how market soundings in UK equity capital market transactions in UK listed shares impact on market quality. It worked with 5 banks, and looked at 63 transactions, 90% of which were market sounded...
FCA simplifies short selling regime
The FCA has published its final rules simplifying the UK short selling regime, which aims to reduce the reporting burden on firms, while maintaining regulatory oversight. The key changes are: Shifting to anonymised...
FCA to take further action against Hartley
The FCA plans to take further action against Hartley Pensions Limited, a SIPP operator which went into administration in 2022, and an individual involved with it. The FCA says the firm provided false and misleading...
FCA and BoE ask for applications for transaction reporting task force
The FCA and BoE are asking for expressions of interest from market participants wanting to join a new task force to inform the design of a long-term approach to harmonising transaction and post-trade reporting...
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...
BoE feeds back on gilt repo market
The BoE has published feedback following its 2025 discussion paper on improving the resilience of the gilt repo market. Generally, respondents agreed that things could be done to improve resilience and as a result the...
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...
FCA publishes work programme
The FCA has published its work programme for 2026/27 together with its perimeter report. The plans stress the FCA’s drive to be a smarter, more data driven regulator, and include detail on how it will use AI to...
FCA perimeter report calls for Government action
The FCA’s perimeter report has identified 15 areas where the FCA wants to see change from the government, including: removing self-certification for FPO purposes and raising the thresholds for the HNWI and...
FCA consults on simplified advice
The FCA has published a consultation paper on proposed changes to its rules to make it easier for firms to give a broader range of simplified advice. It suggests: one set of common rules for suitability, and clarifying...
FCA gives guidance on targeted support consumer segments
The FCA has published some practical examples of good and poor practice to help firms in making judgements when designing consumer segments in targeted support models. It stresses that the guidance is not a template...
FCA publishes Wholesale “priorities” reports
The FCA has published its Regulatory Priorities reports for the wholesale buy side and wholesale markets sectors. On the buy side, it wants to prioritise: evolving regulation to foster growth and innovation and service...
FCA publishes Consumer Investment Regulatory Priorities Report
The second of the FCA’s new Regulatory Priorities reports is for the consumer investments sub-sector. It highlights recent key policy decisions and changes, specifically the upcoming targeted support and CCI...
FCA speaks on wholesale finance markets
Nikhil Rathi spoke on what the FCA is doing to boost the UK’s wholesale finance markets. He spoke of changes already made, such as the revised framework for commodities markets and position limits, changes to...
FCA makes Targeted Support rules and opens gateway
The FCA has made the necessary Handbook Instrument to implement rule changes to accommodate the Targeted Support regime. The changes introduce new Glossary definitions and amend several parts of the Handbook, but mainly...
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...
FCA updates on STORs and market observations
The FCA has updated its figures of STORs and market observations it as received. In 2025, it received 3,806 STORs, mainly relating to insider dealing in equities and reasonably evenly spread throughout the year; 302...
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...
Regulators consult on securitisation reform
The PRA and FCA are consulting on reforms to securitisation requirements. The PRA’s consultation relates mainly to the securitisation general requirements, although some parts relate to specific capital...
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...
High Court decision provides guidance on distribution plans in investment bank special administrations
The High Court has handed down a decision offering important guidance on the appropriate timing and scope of court involvement in the preparation of distribution plans under the Investment Bank Special Administration...
Amy GallimoreBoE speaks on risks and benefits of Principal Trading
Rebecca Jackson of the PRA has spoken on the growing importance of Principal Trading Firms, and the opportunities they create for banks. She said banks have reported prime brokerage balances to be at new peak levels...
Treasury makes Targeted Support amendment regulations
HM Treasury has made Regulations amending the RAO to: provide that targeted support is a specified activity, but when a person is providing targeted support they are not advising on investments for the purposes of...
FCA consults on aligning sustainability disclosure requirements with international standards
The FCA is consulting on evolving its rules for listed companies’ sustainability disclosures to aligning with the UK Sustainability Reporting Standards (SRS), which are themselves based on the International...
John ConnorFCA publishes interim report on pure protection distribution
The FCA has published a interim report in its market study on the distribution of pure protection products to retail customers. The report notes that the pure protection market works well in many respects, including by...
FCA secures bond consolidated tape provider
The FCA has signed a contract with Etrading Software (ETS) to deliver the UK bond consolidated tape, and has set out next steps in the process. The development comes after the High Court lifted a freeze on the contract...
FCA urges consumers to exercise caution when considering high risk investments
The FCA has published guidance for consumers on the new Public Offers and Admissions to Trading regime, urging them to exercise caution when investing in high-risk securities such as mini-bonds and loan notes. The...
FCA closes 2022 investigation
The FCA has closed its investigation into Wellesley & Co Limited, the only authorised entity within its corporate group, which had promoted and arranged high-risk investments relating to property development, and...
Tribunal upholds FCA fine and ban on adviser
The Upper Tribunal has upheld the FCA’s decision to fine and ban a financial adviser. The FCA had decided Darren Reynolds had caused customers significant harm by acting dishonestly and showing a clear disregard...
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...
FCA updates on Advice Guidance Targeted Support Policy Sprint
The FCA launched its Targeted Support Policy Sprint in February 2025, and showcased the results in April. It has now published a webpage on what the Sprint achieved and how it has helped to form the FCA’s plans...
FCA publishes good and bad practices in complex ETP sales
The FCA has published some examples of good practice and areas for improvement within firms that sell complex ETPs to retail consumers. These are, broadly, exchange traded funds, commodities and notes, but can now also...
FCA publishes explanatory note on derivatives trading obligation
The FCA has published an explanatory statement relating to its Direction on the derivatives trading obligation. It issued the new direction at the end of 2024 to modify the UK DTO under UK MiFIR. The direction allows...
FCA simplifies ancillary activities exemption test
The FCA has set out changes simplifying the ancillary activities exemption, which allows a firm to be exempt from authorisation as an investment firm where its trading in commodity derivatives, emission allowances, or...
Government consults on benchmarks reform
HM Treasury is consulting on what the regulatory regime for benchmarks and benchmark administrators should look like in the future. It plans to replace the current Benchmarks Regulation, which stems from a 2018 EU...
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 seeks views on market risk capital requirements
The FCA is asking for views on whether it would remove unnecessary barriers and free up capital if it creates tailored market risk rules for non-bank trading firms. The current rules we designed to ensure banks were...
APPG on Investment Fraud and Fairer Financial Services holds general meeting and elects new officers
The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has held its annual general meeting, which outlined its continued focus on protecting consumer interests and addressing the...
FCA clarifies common misconceptions about risk warnings for investments
The FCA has published a new webpage on risk warnings for mainstream investments, covering expectations on firms promoting investment products and common misconceptions about risk warnings. The FCA highlights the general...
FCA reviews wholesale bank delivery of best execution in listed cash equities
The FCA has published its multi-firm review of wholesale banks and how they deliver best execution in UK listed cash equities. Best execution is the obligation on firms to take all sufficient steps to get the best...
FCA not to proceed with capital deduction for redress plans
The FCA has finally confirmed it will not be proceeding with its proposals to require personal investment firms to set aside capital for potential redress liabilities at an early stage. It says it has made this decision...
BoE consults on exempting post-trade risk reduction services from clearing obligation
The BoE is consulting on exempting post-trade risk reduction (PTRR) transactions from the clearing obligation. PTRR providers offer services to counterparties to derivatives transactions, to reduce counterparty...
FCA publishes targeted support rules
The FCA has published its policy statement on how it will allow firms to offer targeted support to customers so as to offer them recommendations on investments but not a full, in-depth individual advisory service...
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:...
Industry launches UK Retail Investment Campaign
19 firms have launched the “UK Retail Investment Campaign“, which will launch with the introduction of targeted support in April 2026. The firms, which include banks, wealth and investment managers...
BoE publishes CCP stress test results
The BoE has published its report on the results from the 2025 CCP Stress Test. The main conclusions from the test are: Central Counterparties have enough resource to absorb losses in an extreme global shutdown and the...
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 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...
FCA close to awarding bond consolidated tape contract
The FCA is waiting for the High Court to lift the freeze on its awarding a contract to its chosen bond consolidated tape provider. The FCA had run a tender process and made its choice of provider in the summer, but then...
FPC publishes December update
The records of the FPC meetings on 25 November and 1 December note that: risks to financial stability have increased during 2025 for a variety of reasons, including fragmentation of trade and financial markets; many...
FCA finalises SI regime for bonds and derivatives
The FCA has published its policy statement and final rules on the Systematic Internaliser regime for bonds and derivatives, effective from 1 December. The regime for bonds and derivatives, structured finance products...
FCA and PRA publish margin requirement changes
The PRA and FCA have finalised the changes to their Binding Technical Standards on margin requirements for non-centrally cleared derivatives, applicable to dual authorised credit institutions and investment firms. The...
FCA pleased with investment firm data quality
The FCA has published the results of its review of data quality in prudential regulatory reporting by MiFIDPRU investment firms. Generally, it is pleased. It says most firms understand their reporting requirements and...
FCA publishes skilled persons data for Q2 2025
The FCA has published its latest data on skilled persons reports, covering 1 July – 30 September 2025. During this period, the FCA commissioned 6 skilled persons reports: 2 reports related to insurance, 1 to...
FCA consults on improvements to transaction reporting regime
The FCA has published its consultation on improving the UK transaction reporting regime. HM Treasury has committed to repealing and replacement rules set out in the MiFIR transaction reporting rules implemented in 2018...
New law gives FCA powers on “ancillary activities” scope
Changes to the RAO give the FCA a rule making power to set the criteria for determining whether commodity and emissions dealers need authorisation as investment firms. The conditions for the “ancillary activities...
FCA consults on consolidated tape
The FCA is consulting on introducing a UK equity consolidated tape, that will bring data from across UK markets together. The FCA wants the tape to include post-trade data and the attributed best bid and offer prices...
FCA updates on T+1 settlement
The FCA has updated its information pages on the move to T+1 settlement, which will happen on 11 October 2027. It has written to Chief Compliance Officers of asset management and alternative firms, as it became aware...
FCA updates on recognised codes
The FCA has updated its list of recognised industry codes. On 4 November, it extended recognition for the FX Global Code, the UK Money Markets Code and v2 of the Global Metals Code, all for 3 years.
FCA approves PISCES operator
The FCA has approved JP Jenkins as a new operator of a PISCES platform. It had previously approved the London Stock Exchange, so there are now two approved operators.
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...
FSCS updates on compensation in 2025
The FSCS’ latest Outlook publication explains how the FSCS has now brought most of its claims management and all its customer call-handling in house, and as a result has halved the time it is taking to chase third...
Regulators to streamline UK EMIR Intragroup regime
The FCA is consulting on making the UK EMIR Intragroup Regime clearer for counterparties wanting exemptions from clearing and margin requirements. The current temporary regime expires at the end of 2026 and industry has...
PRA and FCA publish guidance on Berne agreement
The PRA and FCA have published guidance for Swiss investment firms and UK insurance and investment services firms on what opportunities the Berne Financial Services Agreement brings them. Swiss investment firms can...
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 warns on consumer risks in CFDs
The FCA is warning consumers not to give up protections if they invest in CFDs. It is concerned: that regulated firms are trying to pressurise investors to opt up to professional status which would mean they lose...
FCA consults on short selling changes
As part of the programme to repeal and replace assimilated law, the FCA is consulting on reforming the short selling regime, as part of its drive to remove unnecessary barriers that might restrict short-selling while...
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 sets out client categorisation expectations for corporate finance firms
The FCA has published high-level observations from its multi-firm review of client categorisation in corporate finance firms. The review considered compliance with client categorisation and certification rules under...
Chancellor launches investment fast track service
The Chancellor has launched a one-stop support service to make the UK more attractive to global investors. The investment fast track concierge service will be a partnership between HM Treasury, the financial regulators...
Regulators agree remuneration reforms
The PRA and FCA have finalised rule changes following their consultations on changes to the remuneration rules for banks, building societies and designated investment firms. The aim of the changes, which met with...
FCA streamlines capital rules for investment firms
The FCA has made its new capital rules for investment firms, reducing the wordcount of relevant rules by 70% in the process. The rules apples to all entities that are subject to MIFIDPRU. There are no changes to the...
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...
Treasury repeals more EU laws
The latest Commencement Order made under FSMA 2023 brings into force the necessary powers to repeal various assimilated EU legislation on set dates, including: the MiFID Org Reg – with powers brought in from 23...
Regulators make MiFID Org Reg changes
The PRA and FCA have announced their final policy and rules on restating the MiFID Org Reg in their rulebooks. There are no significant changes to the content of the assimilated EU measure, but the FCA is removing the...
FCA speaks on regulatory priorities
Lucy Castledine – director of consumer investments at the FCA – has given a speech on regulatory perspectives and priorities in for 2025 at the Personal Investment Management & Financial Advice...
FCA updates on Consumer Duty requirements and focus areas
Following its call for input on the Consumer Duty requirements, the FCA has set out progress on the action it has taken so far, and further action it plans to take following stakeholder input. Priorities for...
FCA consults on targeted support Handbook amendments
The FCA is consulting on Handbook changes following its targeted support work. The changes are aimed at ensuring the proposals for targeted support work effectively with existing requirements, and include: Modifying...
FCA set to open listing applications for retail crypto ETN programmes
The FCA has confirmed that it will begin to accept listing applications for the review of retail crypto ETN programmes from 25 September 2025. All applications received on this date will be treated as having been...
FCA proposes changes to implement Berne Agreement
The FCA is proposing changes to several modules of the Handbook to implement the Berne Financial Services Agreement. The changes would: amend GEN to provide that a person will not be subject to the Handbook in...
Market Watch looks at corporate finance systems and controls
The latest edition of Market Watch contains the FCA’s observations on the systems and controls corporate finance firms have in place for handling inside information about their corporate clients. It has identified...
FCA investigates Drax Group
The FCA has confirmed it is investigating Drax Group. The confirmation follows an announcement by the company, and the FCA has provided no further details. The Drax announcement says the investigation is into...
FCA approves first PISCES operator
The FCA has approved the LSE as the first approved PISCES operator. PISCES is to be delivered through a testing sandbox until the FCA finalises a permanent regime in 2030.