Market news

Financial firms have made progress in preventing sanctions breaches – with £37bn worth of assets frozen in the UK as of last year – but gaps remain, warns the FCA. The Office of Financial Sanctions Implementation (OFSI) and the Office of Trade Sanctions Implementation (OTSI) implement financial and trade sanctions. The FCA supports them through its role supervising firms within the financial services sector. This includes checking they have adequate sanctions systems and controls.Since February 2022, the FCA has proactively assessed the sanctions systems and controls of over 150 firms across a range of financial services sectors. In its latest review, the FCA found:Repeated examples of firms exhibiting strong controls and identifying potential sanctions breaches before they occurred.The most common root causes of reported sanctions breaches were weaknesses in due diligence, alert management, transaction and name screening, as well as the management of frozen assets and compliance wi…

<span class="field field--name-title field--type-string field--label-hidden">ESMA issues guidance on effective use of resolution tools in CCP crisis planning</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-13T15:32:42+02:00" title="Wednesday, May 13, 2026 - 15:32" class="datetime">13 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">CCP</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a <a href="https://www.esma.europa.eu/sites/default/files/2026-05/ESMA91-1525761655-5249_WDCI_Resolution_Briefing.pdf">resolution briefing</a> for Central Counterparties (CCPs). Th…

When consumers are wronged, many rightly seek fair compensation. Some complain directly, without paying a penny using free Ombudsman services. Others turn to claims management companies (CMCs) or law firms.They can provide a valuable service and support access to justice.However, we’ve seen firsthand from the way some claims firms have handled car finance complaints that, all too often, they make a difficult situation worse.Poor practices include unwanted texts or emails sent to people who never asked to be contacted, driving 6 million complaints to the Information Commissioner’s Office; misleading adverts, particularly on social media, promising returns that don’t stack up; unfair cancellation fees quietly buried in contracts; consumers being signed up – sometimes to multiple claims firms – without meaningful consent; and reports of fraudulent signatures.All of this leaves consumers harassed, confused, potentially misled, and out of pocket.

UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital representation of a real-world asset – such as a share, bond or unit of currency – on a digital ledger. It has the potential to streamline wholesale markets, making everything from issuing securities to managing assets faster and more efficient. Along with greater functionality this could support market efficiency and resilience while lowering costs.The FCA and Bank have heard from industry that firms need more certainty on regulation and infrastructure as tokenisation grows. In response, they have set out their approach in key areas where firms want greater clarity, including prudential treatment, tokenised collateral and settlement instruments.They have also opened a discussion…

A convicted money launderer has been sentenced to an additional 499 daysin prison for failing to fully pay the money owed under a Confiscation Order. In 2021,RichardFaithfull,now36,wassentenced to5 years and 10 monthsin prisonfor laundering £2.5 million, following a prosecution brought by the Financial Conduct Authority (FCA).He was part of a trans-national organised crime group which laundered the proceeds of at least 7 overseas investment frauds.Mr Faithfullis required topay back £529,961,based on the Court’s findings on his available assets. However, he has only paid£349,214.37.When he was originally sentenced, theJudge remarked that Mr Faithfull’s was 'serious offending' linked to the 'human misery caused by boiler room fraud' and that 'money coming in(to accounts controlled by Faithfull)was not being invested, it was simply being slaughtered'.SteveSmart,executivedirector ofenforcement andmarketoversight at the FCA,said:'Mr Faithfull’s crimes enabled millions of pounds to bescam…

Drax Group PLC (Drax) has announced the FCA has closed its investigation into the company.We undertook an extensive investigation following concerns raised regarding disclosures to the market about the sustainability of Drax’s Canadian biomass. We did not find evidence that justified any further action.Thousands of pages of complex material were reviewed as part of the investigation, and individuals from the company interviewed. Our focus was on areas within our remit, specifically whether Drax’s annual reports and accounts between 2021 and 2023 contained misleading statements or left out important information investors needed to know. Accurate reporting is crucial to the integrity of our markets, and vital so investors can make informed decisions.Where evidence supports proportionate action, we take it. Where it does not, we close cases as swiftly as possible.BackgroundThe FCA confirmed it was opening an investigation on 28 August 2025 following enquiries made in the wake of the an…

<span class="field field--name-title field--type-string field--label-hidden">ESMA’s annual data report shows increased quality, wider use and digital progress</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-29T11:30:58+02:00" title="Friday, May 29, 2026 - 11:30" class="datetime">29 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Market data</div> <div class="field__item">Simplification and Burden Reduction</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its <a href="https://www.esma.europa.eu/sites/default/files/2026-05/ESMA92-2024897840-14578_Report_on_quality_a…

<span class="field field--name-title field--type-string field--label-hidden">New Q&amp;As available</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-28T09:30:00+02:00" title="Thursday, May 28, 2026 - 09:30" class="datetime">28 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Digital Finance and Innovation</div> <div class="field__item">Market Abuse</div> <div class="field__item">Sustainable finance</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><div> <p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer:</p> </div> </div> <div class="clearfix text-formatted field field--name-field-news-body field--t…

Speech by Sarah Pritchard, deputy chief executive, at the Investment Association's Private Markets Summit 2026. Headlines are always a tough read when funds run into difficulty.And lately, the language has been stark.Some have even asked if private credit has a canary in the coal mine.That’ll make you sit up a bit straighter, won’t it?But in this moment, it’s important to remember that stress in markets is normal – and okay, as long as the system stays resilient.Private markets, done well, can support resilience.But the range of things we need to plan for is wider than it once was, and the challenges are becoming increasingly uncertain.We know there will be situations where stress could be a problem. Those are the ones we need to plan for. Early, and together.And with the entire system in mind.That’s why we are supporting the Bank of England’s new system-wide exploratory scenario (SWES) focused on risk in private markets – so we can support a joined-up view of how these markets may …

Half (49%) of young drivers have bought insurance through social media or messaging apps, new research reveals. With 4 in 10 (39%) unconfident in spotting the signs of a fake policy, thousands could be paying for cover that doesn’t exist. The FCA is warning 17-to 25-year-old drivers about 'ghost broking' scams where criminals sell bogus insurance policies through social media and messaging platforms.Ghost brokers pose as legitimate insurance sellers but offer cheap rates. The policies they sell are either entirely fake, are invalid because they falsify details to bring the price down, or are cancelled shortly after purchase. Victims are left unknowingly uninsured and at risk of prosecution, fines and even having their car seized.Almost half of those polled (45%) said they generally trust products or services bought through social media. Young drivers may also be at greater risk due to cost of living pressures – with 1 in 7 (15%) saying they find it difficult to fit insurance into th…

Investment firms could save around £20m a year under new proposals from the FCA to simplify climate reporting for investment products. The FCA estimates it could deliver these savings by replacing detailed product-level reports based on the Task Force on Climate-related Financial Disclosures (TCFD) with simpler, more targeted information for retail investors, in line with the Consumer Duty.The changes aim to give investors clearer insight into how climate risks – such as floods, storms and other extreme weather events – could affect investment performance, while reducing unnecessary costs to firms.Michelle Beck, director of wholesale buy-side at the FCA, said:'As part of being a smarter, more proportionate regulator, we’re cutting complexity in our rules for asset managers, while keeping the focus on clear, useful information for investors.'These proposals will make it easier for firms to communicate with their customers in ways that genuinely inform and engage them.'The proposals f…

<span class="field field--name-title field--type-string field--label-hidden">ESMA publishes latest edition of its newsletter</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-06-01T11:44:21+02:00" title="Monday, June 1, 2026 - 11:44" class="datetime">01 June 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">ESMA newsletter</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the <a href="https://www.esma.europa.eu/sites/default/files/2026-06/Newsletter_April_and_May_2026.pdf">latest edition of its Spotlight on Markets newsletter</a>, covering ESMA’s key activities and public…

<span class="field field--name-title field--type-string field--label-hidden">​Euribor panel to include KBC Bank​ </span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-06-11T11:00:00+02:00" title="Thursday, June 11, 2026 - 11:00" class="datetime">11 June 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Benchmarks</div> <div class="field__item">Press Releases</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><div> <p class="text-align-justify"><span lang="EN-GB">On 27 May 2026, the European Money Markets Institute (EMMI), the administrator of Euribor, announced the inclusion of KBC Bank in the Euribor panel.</span><span>&nbsp;</span></p> </div> <div> <p class="text-align-justify"><span lang="EN-GB">ESMA and the Belgian Financial …

Speech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at the International Bar Association (IBA) Anti-Corruption Conference. I’ve been practising law for over 3 decades now.Starting out, I thought every case would be like the ones on US television: dramatic, with a big reveal and resounding outcome, all packed into a single 30-minute episode. But real law looks nothing like television. Hollywood doesn’t show the months, if not years, of work before we even step into a courtroom. Or the drawn-out disclosure exercises!Like many of you, I have had cases that led to high-profile trials and newspaper headlines. Cases that exposed wrongdoing and visibly held people accountable, like:Fining Nationwide £44m for anti-money laundering failings.Securing €250m for investors from H2O Asset Management for their due diligence failures – and trying to conceal them.Another 7-figure fine and a ban for former Barclays CEO Jes Staley, who tried to mislead u…

The High Court today confirmed the appointment of special administrators for Euro Exchange Securities UK Limited (EES). EES did not seek to overturn the court’s initial decision, which saw the firm cease trading with immediate effect last week.In light of the FCA's actions, EES agreed it is not in the company’s interests to seek to return to normal trading and will work with the appointed special administrators to ensure client money is returned as quickly as possible.Duncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed as joint special administrators, under the Payment and Electronic Money Institution Insolvency Regulations 2021.Since being provisionally appointed last week, they have taken control of the firm, secured a significant amount of material and frozen funds.This is the first of its kind case for the FCA, and it will continue to use its powers to their fullest extent to protect consumers and the integrity of the markets. It did so after…

Monthly average natural gas spot prices in California reached record lows in the first five months of 2026, dropping to values last recorded in the nationwide low-price market of 2024. Record lows were recorded in Northern California's PG&E Citygate and Southern California's SoCal Border Average; SoCal Citygate prices fell to near-record lows but remained higher than some 2024 prices. Several factors contribute to California's low prices, including above-average inventories and decreasing in-state demand for natural gas-fired electricity.

On 4 June 2026, the FCA required Euro Exchange Securities UK Limited (EES) to cease carrying out any regulated electronic money or payment services and, on the FCA’s application, interim managers were appointed by the Court over EES. Serious concerns around the way EES operated its business indicated there were significant risks of financial crime. This includes systemic weaknesses in the firm’s financial crime framework and safeguarding arrangements, alongside its ownership and governance. These risks could have had an impact on both consumers and the integrity of the market.The appointment of the interim managers was made by the Court under the Payment and Electronic Money Institution Insolvency Regulations 2021.EES will have an opportunity to be heard on 11 June 2026, following which the Court may lift the current order or place EES into special administration.Notes to editorsDuncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed as interim manag…

On 21 May 2026, Silicon Marketing Limited (Silicon) entered administration. Carrie James and Nick Parsk of Oury Clark were appointed as joint administrators. Silicon (Firm Reference Number: 674008) is regulated by the FCA, authorised to carry out debt purchasing and debt collection activities, which provide debt resolution solutions to consumers. The joint administrators are responsible for managing the affairs of Silicon during the administration process.The joint administrators have advised that all existing loan agreements remain in place and will not be affected by the administration.The joint administrators have advised that customers should continue to make repayments based on existing loan agreements and any arrangements that are in place.The FCA is working closely with Silicon and the joint administrators to make sure consumers are treated fairly.

On 28 April 2026, Solvenza Limited (Solvenza) entered administration. Louise Longley and Julian Pitts of BTG Begbies Traynor (Central) LLP (Begbies) were appointed joint administrators. Solvenza (Firm Reference Number: 718517) is regulated by the FCA, authorised to carry out debt purchasing and debt collection activities, which provide debt resolution solutions to consumers.The joint administrators are responsible for managing the affairs of Solvenza during the administration process.Debt Collection Services UK Limited (DCS) has been instructed by the administrators to collect debts owed to Solvenza over the course of the administration.The joint administrators have advised that consumers should continue to make repayments based on existing loan agreements and any arrangements that are in place.The FCA is working closely with Solvenza and the joint administrators to make sure consumers are treated fairly.

The FCAhasstartedcivil proceedings against Mr Neil Woodford andW4.0.The FCAallegesthat Mr Woodford and W4.0 are providing regulated investment advice and making financial promotions through the subscription-based platform, www.w4pz.com, without authorisation.In the FCA’sview, the activitybreachessections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA).The FCA is seekingan injunction against Mr Woodford and W4.0 tostop them carrying on the potentiallyunlawfulactivities.W4.0 is the trading name of W Four Point Zero FZE LLCand is registered in the United Arab Emirates.

The Bank of England has published a joint review with the FCA on how the Memorandum of Understanding (MoU) for financial market infrastructure (FMI) is working. The Bank of England and the FCA (the authorities) cooperate on the supervision of FMIs.The authorities consulted with FMIs to assess the effectiveness of cooperation between the Bank and FCA over the past 12 months.Following the responses, the authorities have concluded that the arrangements for cooperation remain effective with appropriate coordination and no material duplication.Both authorities remain aware that, through efficient coordination, we can improve the effectiveness by which we supervise firms.See the findings

The FCA has opened an enforcement investigation into Consultation Claims Limited (CCL) following concerns about its conduct in the period April 2025 to December 2025 in relation to motor finance claims. The FCA is investigating concerns that consumers may have been signed up during the period April 2025 to December 2025 without their consent, with some allegations that signatures have been forged. The FCA is investigating the full customer journey, including how customers were contacted, what they were told during and after sign-up, and the information they were given about exit fees.Announcing the investigation allows consumers who may have unknowingly been signed up or who may have been presented with documents purporting to be signed by them when they have not, to complain to CCL. If those customers are not happy with the firm’s response, they should complain to the Claims Management Ombudsman.The FCA has not reached any conclusions as to what has happened or as to whether CCL ha…

<span class="field field--name-title field--type-string field--label-hidden">ESMA launches its sixth stress test exercise for Central Counterparties </span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-04-30T11:11:00+02:00" title="Thursday, April 30, 2026 - 11:11" class="datetime">30 April 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">CCP</div> <div class="field__item">Press Releases</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify"><span>The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched its </span><a href="https://www.esma.europa.eu/sites/default/files/2026-04/ESMA91-1505572268-4538_Final_Report_on_the_Framework_for_the_6t…

<span class="field field--name-title field--type-string field--label-hidden">ESMA identifies areas for further supervisory convergence on compliance and internal audit in the funds sector</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-11T11:02:04+02:00" title="Monday, May 11, 2026 - 11:02" class="datetime">11 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Audit</div> <div class="field__item">Fund Management</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the results of its <a href="https://www.esma.europa.eu/sites/default/files/2026-05/ESMA34-1436284137-2305_Fina…

Firms are using AI to drive efficiency, support decision-making and deliver better outcomes for consumers and markets. We want to support that innovation. But it must be safe, responsible and well governed.We have been clear that we are not going to introduce new regulations for AI. Instead, we’ll rely on existing frameworks, including the Consumer Duty, the Senior Managers and Certification Regime (SM&amp;CR), and our expectations on governance and controls.We recognise that AI can raise new and practical questions, and we want to help industry to tackle these. So, we are speaking to firms on topics such as:How firms oversee and govern AI.How they test models and monitor outcomes.How they ensure fair treatment for customers, including those with features of vulnerability.How they explain AI-driven decisions.We will share good and poor practice later this year on questions like these to better support firms in adopting AI safely and responsibly and as we see AI technology develop.As…

We set out next steps on issuing new rules and guidance on Money Market Funds (MMFs), following Government plans to replace the current rules. On 15 May, the Government set out its expectation that it will lay legislation that will replace the UK Money Market Funds Regulation. Read the Government statement.Money Market Funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors. However, recent periods of market stress have highlighted the need to strengthen the resilience of these funds.

Speech by Nikhil Rathi, FCA chief executive at the FCA's financial crime conference. A new threat landscapeFinancial crime is changing – fast.It’s more technologically enabled. More organised than ever before. And moving at speed.Which is why the fight against financial crime sits at the heart of our 5-year strategy.But it’s not just the volume that’s changed; it’s who is behind it.Organised criminal groups running professional networks that operate across borders.Take investment fraud.A personal tragedy, and one many of us here today have seen touch friends or family.Leaving them grappling with an average loss of over £25,000 – a life-changing amount of money, that they’ve likely spent decades saving.But they’re losing more than money: confidence, security and, too often, their sense of self.However, zoom out and you’ll find something even more troubling.Farms of people, thousands of miles away, working to target as many people as possible.And proceeds that flow back into criminal …

The FCA has secured a confiscation order of £452,286.80 against convicted fraudster Daniel Pugh. Mr Pugh, 36, is serving a 7 years and 6 months prison sentence for defrauding investors out of £1.3m.Run from his bedroom in Devon, Pugh used Facebook adverts to target investors and promised them wholly unrealistic returns, claiming these would be generated by trading across various markets.Only 19% of the funds collected from investors were traded and the scheme was, in effect, a Ponzi scheme, which was run with another individual.At a hearing at Southwark Crown Court on 5 June 2026, Mr Pugh was ordered to pay £452,286.80. This represents the total value of the assets the court found available for recovery. The funds will be used to compensate the victims of his crimes. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Fighting financial crime is a key priority for the FCA and our message to fraudsters like Pugh is loud and clear. We will do everyth…

<span class="field field--name-title field--type-string field--label-hidden">European Commission launches call for candidates for the ESAs’ Board of Appeal</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-12T11:55:59+02:00" title="Tuesday, May 12, 2026 - 11:55" class="datetime">12 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Board of Appeal</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Commission has launched a call for expression of interest for the appointment of members to the <a href="https://www.esma.europa.eu/about-esma/governance-structure/board-appeal">Board of Appeal</a> of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs).</p> </di…

Consumers are being warned to be wary of misleading car finance 'money tips' adverts issued by claims management companies (CMCs) and law firms on social media. As part of the joint regulatory taskforce, the FCA has identified a growing number of adverts that appear to offer independent advice from an individual but are in fact paid promotions from CMCs and law firms encouraging people to sign up for motor finance claims.Consumers should be aware that some adverts:Pose as impartial advice from individuals, without clearly saying they are promoting a business.Misuse logos, imagery or references linked to well-known companies, media outlets or public bodies or figures to falsely suggest their approval or endorsement. The FCA recently banned adverts from a CMC which used edited, unauthorised clips of Martin Lewis, Money Savings Expert, to make misleading claims about average car finance compensation. Fail to make clear that you can make a claim yourself for free.Following action from t…

<span class="field field--name-title field--type-string field--label-hidden">ESMA outlines enforcement activities for corporate reporting across the EEA in 2025</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-07T10:04:36+02:00" title="Thursday, May 7, 2026 - 10:04" class="datetime">07 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Corporate Finance</div> <div class="field__item">Electronic reporting</div> <div class="field__item">Financial reporting</div> <div class="field__item">Sustainable finance</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its <a href…

Speech by Emad Aladhal, director of retail banking at the Later Life Lending Summit. IntroductionIn the years ahead, housing wealth will become an increasing part of how many people provide for their retirement. But it continues to be seen as an option of last resort, if thought about at all.Knowing I had this speech, as an experiment at a recent BBQ I had a conversation with my friends about retirement and savings – none of whom work in financial services. They talked about their employers’ pensions, SIPPs, ISAs, investments, and potential business ventures to supplement income in retirement. None brought up later life lending, or how they could use their home to help.I don’t believe my friends are unique in this.When consumers begin to consider their options for funding their retirement, they usually look to pensions: their state pension, workplace pensions, and personal pensions. The 3 pillars.But why should it stop there? Why should retirement planning focus only on these 3 pill…

Fast‑growing and innovative financial services businesses can now apply for more support to help them grow. The FCA’s Scale-up Unit provides tailored support to firms, helping them navigate regulation so they can scale sustainably. The unit is now open to solo-regulated firms to apply.The unit offers a dedicated point of contact and practical support to help navigate regulatory processes, develop innovative products and understand the impact of policy changes.Jessica Rusu, FCA chief data, information and intelligence officer, said:'We want firms to be able to grow with confidence. This initiative will help them navigate regulation, scale sustainably and contribute to making the UK the best place to start and grow a financial services business.'The FCA and PRA are already supporting 6 dual-regulated firms through the Scale-up Unit as part of a pilot. This has provided the FCA insight into how it can best support growing firms and will continue this dialogue with solo-regulated firms.…

In its 19 May 2026 judgment, the High Court approved pro rata distribution to eligible investors of money recovered by the FCA from Argento Wealth Limited (AWL). Eligible investors must act by 1 August 2026. You can receive a share of the money recovered if you:Invested in the AWL Loan Scheme; orInvested in the EMB Scheme and if your investment was arranged by AWL or its sub-distributors.We will make payments to eligible investors, as defined in the court judgment, who provide their bank account details on or before 1 August 2026.If we do not have your bank details by this date, then you will be unable to receive a distribution payment.The same applies if we are not aware of your investment by that date.We will write to eligible investors named in Appendices 1 to 2 of the court order using the contact details we already hold. Appendices 1 to 2 are not being published for privacy reasons.If you have not previously been in contact with us, but you invested in the AWL Loan Scheme or in…

<span class="field field--name-title field--type-string field--label-hidden">ESMA consults on revised guidelines to support smoother allocations and confirmations under T+1</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-26T15:24:42+02:00" title="Tuesday, May 26, 2026 - 15:24" class="datetime">26 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Post Trading</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a <a href="https://www.esma.europa.eu/press-news/consultations/consultation-amendments-guidelines-standardised-procedures-and-messaging">consultation</a> on the upda…

<span class="field field--name-title field--type-string field--label-hidden">ESMA publishes shortlist of candidates for position of Chair</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-20T17:12:29+02:00" title="Wednesday, May 20, 2026 - 17:12" class="datetime">20 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">About ESMA</div> <div class="field__item">Board of Supervisors</div> <div class="field__item">Press Releases</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify"><span>The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the </span><a href="https://www.esma.europa.eu/sites/default/files/2026-05/ESMA71-545613100-288…

<span class="field field--name-title field--type-string field--label-hidden">ESMA contributes to global CCP fire drill exercise</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-06-19T11:05:42+02:00" title="Friday, June 19, 2026 - 11:05" class="datetime">19 June 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">CCP</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p><span>In November 2025, 38 central counterparties (‘CCPs’) from across the world, together with clearing members, conducted a coordinated fire drill exercise simulating the failure of a hypothetical common participant. Known as the CCP Global International Default Simulation (CIDS), the exercise aimed to promote preparedness and coordination across jurisdictions.…

Buying a home is different now to even a decade ago.People are living longer, the way they work has changed and, for many, how much they earn can vary month-to-month. People will also carry mortgage debt for longer and use it more flexibly across their lives.That’s why we’re proposing changes to help more people to access a mortgage – including first-time buyers, older borrowers and the self-employed.More flexibility for how people live nowWe want to give mortgage lenders the flexibility to take a rounded view of someone’s finances – so they can offer a mortgage that fits real people’s real lives, not a standard template. This should help unlock access for some people who can afford a mortgage but find it difficult to access one.It could mean people with variable incomes – like the self-employed – can get a mortgage with more flexible repayments.And older homeowners may find it easier to access wealth stored in their home for a more secure and comfortable retirement.Lenders will als…

On 9 June 2026, Amplifi Capital (U.K.) Limited (Amplifi) entered administration. Robert Spence and Gareth Slater of Interpath Advisory were appointed joint administrators. Amplifi is authorised by the FCA. Amplifi trades under the names Reevo Money and My Community Finance. Reevo Money provided personal loans to consumers. My Community Finance acted as a credit broker, introducing customers to credit unions; My Community Bank (MCB) and Castle Community Bank (CCB) which issued loans and savings products. All existing loan agreements remain in place and will not change because of the administration. However, Amplifi can no longer issue new loans.Loans or savings with MCB or CCB will not change because of the administration.Customers should continue to make repayments toward any outstanding loans held with Reevo Money, MCB and CCB as usual. Not making repayments is likely to impact your credit score and future borrowing ability.

On 29 May 2026, Halo Financial Limited (Halo) entered special administration. Louise Longley and Bai Cham of BTG Begbies Traynor (Central) LLP (Begbies) were appointed as joint special administrators. Halo is authorised by the FCA to provide payment services under the Payment Services Regulations 2017 (the PSRs). On 30 April 2026, Halo agreed to a voluntary undertaking, which restricted the activities it can carry out, including conducting payment services and accepting any additional funds. Find more details on the Financial Services Register.As Halo continues to be authorised by us, we will continue to engage with the special administrators and seek the best outcomes for consumers.

First-time buyers, older borrowers and the self-employed could find it easier to get a mortgage, as the FCA sets out next steps to help reform the market. Its proposed mortgage rule changes would give lenders more flexibility to consider individual circumstances and develop products that better meet people's needs – while maintaining strong consumer protections.They include:Reducing barriers for lenders to offer flexible repayments for people with variable income, like the self-employed, and lend to those paid in foreign currency.Encouraging lenders to assess affordability based on a person’s full and current situation, rather than automatically excluding people because of minor or past credit history issues.Making it easier for older homeowners to unlock wealth built up in their property by updating affordability guidance for retirement interest-only mortgages.Updating rules on interest-only (or part interest-only) mortgages to give lenders more flexibility, while ensuring most bor…

<span class="field field--name-title field--type-string field--label-hidden">ESAs publish the first report on DORA major ICT-related incidents</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-06-03T10:54:36+02:00" title="Wednesday, June 3, 2026 - 10:54" class="datetime">03 June 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Digital Finance and Innovation</div> <div class="field__item">Joint Committee</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Supervisory Authorities (EBA, EIOPA and ESMA) today published their <a href="https://www.esma.europa.eu/sites/default/files/2026-06/JC_2026_16_ESAs_2025_report_on_major_ICT-related_incidents.pdf">first annual overview</a> of major ICT…

<span class="field field--name-title field--type-string field--label-hidden">ESMA launches a call for evidence on the structure of European equity markets </span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-04-30T08:48:13+02:00" title="Thursday, April 30, 2026 - 08:48" class="datetime">30 April 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Trading</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p><span lang="EN-GB">The European Securities and Markets Authority (ESMA) has published a call for evidence (CfE) presenting a data driven analysis of the evolution of trading in European equity markets between 2022 and 2025, based on MiFIR transaction reporting data. The CfE invites stakeholder feedback on observed trends and th…

The FCA has charged Shaun Lawrence for operating as a mortgage broker without authorisation. Mr Lawrence, who also goes by the names Shaun Lawrence-Bright and Shaun Bright, was previously authorised to give mortgage advice.However, in 2008 he had his permissions revoked and was fined. He was also banned from working in a regulated role within financial services.The FCA alleges that Mr Lawrence has breached the Financial Services and Markets Act by continuing to provide mortgage broking services when already banned.Mr Lawrence will appear before Hull Magistrates' Court on 2 July 2026.Notes to editorsShaun Lawrence was born on 15 August 1967.The FCA alleges that Mr Lawrence breached Section 19 of FSMA by carrying on regulated activities without FCA authorisation. The alleged regulated activity being carried out was Article 25A of the Regulated Activities Order – arranging regulated mortgage contracts.Find out more about the FCA.

The UK Payments Initiative (UKPI) announcement signals a major step forward for open banking and commercial variable recurring payments (cVRP). The launch of UKPI paves the way for greater payments competition, innovation and economic growth.Read the announcement.The industry-led scheme will give people more choice about how and when they pay for recurring goods and services.We want to see competition between commercial open banking schemes and expect the launch of the first scheme by UKPI to act as a catalyst for other initiatives to emerge.To strengthen this next phase of open banking, we are supporting industry efforts to establish an independent standards-setting body, and – subject to legislation expected to give us new powers – will consult on a long-term regulatory framework by the end of 2026.We have also published our regulatory roadmap for open finance to build on the data-sharing foundations established by open banking. This will give consumers and businesses greater cont…

<span class="field field--name-title field--type-string field--label-hidden">ESMA 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-06-17T14:39:21+02:00" title="Wednesday, June 17, 2026 - 14:39" class="datetime">17 June 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">About ESMA</div> <div class="field__item">Board of Supervisors</div> <div class="field__item">Management Board</div> <div class="field__item">Press Releases</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify"><span>The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published it…

On 28 April 2026, LCM Family Limited (LCM) went into administration. Louise Longley and Gary Shankland of BTG Begbies Traynor (Central) LLP were appointed as joint administrators of the firm. The joint administrators are responsible for managing the affairs of the firm during the administration process.LCM (previously known as LCM Wealth Management Limited) is authorised by the FCA and provided financial advice and related investment services. LCM is also regulated by the Solicitors Regulation Authority (SRA) to provide legal services. On 14 April 2026 LCM agreed to a voluntary requirement with the FCA, restricting the activities it can undertake.The FCA continues to supervise LCM and will work closely with the joint administrators. Below we set out:What to do if you are concerned about your investments.How to contact the joint administrators.How to protect yourself from fraudsters claiming to act on behalf of the firm or the joint administrators.

Help us develop a proportionate reporting regime for ESG ratings. Register your interest by 13 May 2026. We're inviting ESG rating providers to join a pilot to inform future regulatory reporting once the regime is live.Our aim is to avoid unnecessary reporting burden for firms over time.The pilot aims to help us assess whether the proposed metrics for ESG ratings reporting are:clearfeasibleproportionate across different business modelsuseful for supervisory purposesParticipants will have a direct opportunity to inform:the design of the future reporting frameworkregulatory reporting requirementsBased on your feedback, we may revise the metrics for the eventual reporting regime.

Speech by Nikhil Rathi, FCA chief executive, at the Association of Foreign Banks (AFB) luncheon. When I saw that a boxing ring had been temporarily installed in this room last autumn, I wasn’t quite sure whether it was a warning to us regulators…Or some kind of art installation commenting on the past few years in financial markets.At some points it has felt bruising, to say the least.Some pressures have been sharp and immediate – geopolitical shocks, sudden market events.Others slower but no less significant – shifting liquidity, evolving market structures.And then areas moving at exceptional pace – particularly in technology – where the direction of travel is clear, even if the endpoint is not.We are hearing how difficult it is to make decisions with confidence, not just today, but for the longer term.So the question for regulators is: how do we contribute to the conditions you and your customers need to succeed?Not just stability and predictability, but also the space and confiden…

Football clubs have been warned not to put their fans’ cash at risk by signing sponsorship deals with financial firms that aren't allowed to operate in the UK. According to the FCA, a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football fans.These unauthorised firms may be breaching UK financial services laws by providing financial services in the UK without authorisation. Fans using these firms risk losing all their money.The FCA has written directly to football clubs, mainly in the Premier League, to warn about their relationships with these firms and remind them of their responsibilities to fans.Lucy Castledine, director of consumer investments at the FCA, said:'Millions of football fans trust their club’s badge. Clubs should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans.'A logo on a shirt means one thing: that firm paid for…

The FCA is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022, and we are renewing the membership in line with our terms of reference.The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, fixed income and commodity derivatives.The committee’s task is to:help develop reforms that improve market competition, increase consumer protection and enhance the integrity of marketsidentify market changes that may affect the proper functioning of secondary marketsprovide data and analysis to support policy reformsThe committee is chaired by the FCA and is composed of 25 senior individuals from firms active in financial markets, who are experts in how secondary markets function.Members are appointed in a personal capacity.We will aim to have a balanced representation across the different types of firms active in wholesale markets.We will also seek to ensure appr…

We’ve no vested interest in setting up a motor finance redress scheme. What matters to us is getting fair compensation for consumers as quickly as possible and supporting a healthy motor finance market for the future.That's what our scheme will do, and it's free for consumers to use.Learn more about our motor finance redress scheme.Any law firm or claims management company (CMC) involved in a potential challenge against the scheme that also has clients making motor finance claims should consider their position and that of their clients carefully.At the very least, they should write to those clients to explain they’re involved in a challenge that’s likely to delay compensation.They should give those clients the option of exiting the contract and strongly consider waiving any fees.Our scheme will put £7.5bn back in people’s pockets. Some have already waited over 2 years for a response to their complaint. With pressure on household bills rising, they shouldn’t be made to wait longer.Ov…

The FCA is reviewing whether Annual Percentage Rates (APRs) help consumers understand borrowing costs andis seeking views on whetherit should changehow these are communicated in credit advertising. APRsindicatethe yearly cost of borrowing, including interest and fees. A representative APR means at least half of consumers receive that rate or better. Current rules require representative APRs in most credit advertising.Research, published today, shows APRs are useful for comparing products, butadditionalinformation like total repayment figures can also help consumer understanding.But providing different information tailored todifferent productscan sometimes make comparison harder and confusing.Theresearch showed that, among those shown APR alone,80% of people correctlyidentifiedthe cheapest product when the lower APR meant a lower repayment. Fewer than 1 in 5 did so when the lower APRdidn'tmean cheaper borrowing.Proposals to simplify parts of the Consumer Credit rule book on credit ad…

From 11 May 2026, cryptoasset firms preparing for the new FSMA regime will be able to request a pre-application meeting with us via our Pre-Application Support Service (PASS). Pre-application meetings are free of charge and give firms the opportunity to discuss their plans with us and ask questions before submitting an application for authorisation or variation of existing permissions.This comes ahead of the new regime for cryptoasset regulation, where firms wanting to undertake the new regulated cryptoasset activities will need to be authorised by us.The pre-application meetings will take place from July 2026 but we will schedule them as requests come in.The authorisation gateway will open on 30 September 2026 and the new regime will commence 25 October 2027.Find out more about the new regime for cryptoasset regulation.

Our objective has been, and remains, to ensure consumers receive fair compensation as quickly as possible and to maintain a healthy motor finance market. An industry-wide scheme is the fastest, simplest route for consumers and the most efficient way for firms to put things right and give certainty to their investors. Alternative approaches would be slower and much more costly for firms.We engaged widely in designing the scheme. While being clear not everyone would get everything they would like, we made changes to reflect feedback from both consumer groups and lenders. The final scheme is fair to consumers and proportionate for firms.We welcome the broad support for the scheme and the commitment from most lenders to implement it. They have taken a pragmatic approach, recognising that introducing a scheme on this scale promptly has required us to make judgements to simplify in a reasonable and lawful way some complex legal and operational issues.We recognise that for some lenders thi…

<span class="field field--name-title field--type-string field--label-hidden">ESMA consults on a new simplified approach to updating MMF stress test parameters</span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2026-05-05T11:32:58+02:00" title="Tuesday, May 5, 2026 - 11:32" class="datetime">05 May 2026</time> </span> <div class="field field--name-field-news-section field--type-entity-reference field--label-hidden field__items"> <div class="field__item">Fund Management</div> <div class="field__item">Simplification and Burden Reduction</div> </div> <div class="clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item"><p class="text-align-justify">The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today launched a <a href="https://www.esma.europa.eu/press-news/consultations/consultation-guidelines-stress-test-scena…

We have written to people who complained about how we handled Wellesley &amp; Co Ltd (WCL). Complainants raised concerns about our actions in relation to the wider Wellesley Group. WCL was the only FCA-regulated company in the Group and was responsible for approving financial promotions marketed to investors.We carefully reviewed all the complaints that were made and upheld one about how part of WCL's authorisation process was handled at the time. However, we found this did not cause investors' losses. Those losses resulted from the failure of unregulated companies within the Wellesley Group, not from how WCL was authorised. We have not found that WCL should not have been authorised.We are sorry that complainants suffered financial loss and have a great deal of sympathy for their situation.We have apologised to complainants for the failing identified. A decision letter has been issued to complainants today.

On 6 May 2026, Kanda Products and Services Ltd (Kanda) entered liquidation. Philip Harris and Neville Side of FRP Advisory Trading Limited have been appointed as Joint Liquidators. Kanda is authorised by the FCA as a credit broker. It operated a network of around 700 introducer appointed representatives, mainly tradespeople who introduced consumers to finance for home improvement and other goods and services.On 16 February 2026, Kanda agreed to a voluntary requirement with the FCA which restricted it from appointing new appointed representatives while it addressed weaknesses in its systems and controls. Details of this restriction are available on the Financial Services Register (FS Register).On 6 May 2026 Philip Harris and Neville Side of FRP Advisory Trading Limited were appointed as Joint Liquidators of Kanda.The Joint Liquidators are responsible for managing the affairs of the firm during the liquidation process and can be contacted using the details below: Email: kandaproductan…

The FCA has banned Frank Breuer from working in UK financial services and fined him £755,000 for repeatedly acting without integrity and putting customers at risk for personal financial gain. Mr Breuer was the joint owner and sole director of Bluesky Wealth Management Limited (Bluesky), which provided advice on investments and pensions. Although authorised to advise on defined benefit (DB) pension transfers, the firm did not have the appropriate professional insurance in place from April 2019. This meant Mr Breuer’s customers were at risk of not receiving compensation if something went wrong.Mr Breuer carried out at least 16 DB pension transfers while knowing he was uninsured. He also repeatedly misled the FCA about the firm’s insurance position.In October 2019, Mr Breuer agreed to restrictions introduced by the FCA to protect customers and the firm’s assets. Mr Breuer ignored these restrictions and stripped the firm’s assets by paying himself large dividends, taking personal loans …