We have published a Multi-firm Review, 'Trading apps: high-level observations'. Read the reviewThe publication aims to support new firms and traditional investment brokers seeking to offer these services, to help them understand their existing obligations. The review assessed the business models, product offerings and services of 12 trading app firms, identifying both positive practices and areas needing improvement.Key findingsBusiness models: Some firms act as introducers, directing customers to other platforms or an affiliated firm. Firms are encouraged to fully understand their obligations as both manufacturers and distributors, as set out in our rules.Revenue drivers: Firms generate income in a range of ways, including transaction fees on trades, subscription fees and interest earned from cash balances. Some firms may need to reassess whether their current pricing structures provide good value for consumers.Digital engagement practices: All firms demonstrated awareness of the need to use digital features, such as notifications, responsibly.Appropriateness testing: While some firms had strong processes for assessing customer understanding of high-risk investments, others lacked adequate checks, potentially exposing consumers to unnecessary risks.Research on consumer behaviourWe have also published an Occasional Paper, ‘Playing the market: a behavioural data analysis of digital engagement practices and investment outcomes’. This research looks at how app features, particularly DEPs like notifications and prize draws, influence consumer behaviour. The study found that apps with more DEPs tend to attract younger, lower-income users who trade more frequently and often suffer worse investment returns. While the research doesn’t directly link DEPs to financial losses, it raises concerns about their potential impact.Next stepsWe urge firms to consider these findings when designing trading apps and improving consumer protection practices.For more details, refer to our full publications on digital engagement practices and pricing.

We are helping industry get ready for PISCESWe consulted on the regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox in December 2024 (CP24/29). PISCES will be a new type of platform that will enable the intermittent trading of private company shares.We are providing an early update following the closure of the consultation on the potential impact of the feedback on our final rules to support firms who intend to operate a PISCES. We are doing this now to give firms sight of our thinking as they are working up their plans. However, final rules for PISCES remain subject to the FCA Board’s agreement.

We have concluded our exciting 6-week policy sprint, supporting new ways to help consumers make important investment decisions. With only 9% of UK consumers taking regulated financial advice in the past year, the sprint is part of our work on targeted support, which aims to tackle the gap between bespoke financial advice and guidance. At a showcase on 8 April 2025, FCA-authorised firms, including retail banks, platform providers and wealth managers, presented customer journeys they have developed to help and support people to consider cash to investment decisions.This included using models that were tested and then refined using real customers in real time. Our work on targeted support provides a unique opportunity to reset the rules to create a new form of help – targeted support – for consumers who face decisions about their finances. This is part of our work to support growth in the UK – in helping consumers make informed decisions around their finances we hope to support a greater culture of investment. This is the first policy sprint that we have run in this way, testing a future rule set before formal consultation involving industry, consumer groups and other members of the regulatory family, such as the Financial Ombudsman Service and the Information Commissioner’s Office. The aim of the sprint is to help accelerate the final policy proposals which will be put out for consultation by the end of June 2025.Sarah Pritchard, executive director, consumers, competition and international, said:'We want to see a consumer investment market where people can invest with confidence, understanding the risks and opportunities available to them. The sprint is an important step to achieving that goal, helping firms explore ways to support consumers and helping the FCA to refine the proposed policy framework before consultation. We look forward to seeing more innovative solutions emerge.‘We encourage firms and consumer groups to keep engaging with us, and for firms who are interested to use our sandboxes to start testing their innovative solutions now.’BackgroundThe Advice Guidance Boundary Review (AGBR) is a joint FCA and HM Treasury project to examine and narrow the boundary between financial advice and other forms of support. As outlined in our letter to the Prime Minister in December 2024, we recognise the importance of the AGBR to improve consumer outcomes and support wider economic growth that can benefit everyone.The AGBR aims to enable firms to give more support to consumers to make decisions about their pensions and investments. By helping consumers make more informed choices with their pensions and investments, we aim to help consumers meet their financial goals and provide capital to drive the economy and boost growth.This work is part of a package of initiatives that aims to change how consumers interact with retail investments. We have consulted on a product information regime for consumer composite investments, to empower firms to find better ways to communicate with consumers about investment products.Our first consultation, CP24/27, ‘Advice Guidance Boundary Review – proposed targeted support reforms for pensions’, was published in December 2024. Next stepsOur second consultation for pension and investments will be published in H1 2025.We support innovation; firms who want to test innovate ideas or to take part in other related initiatives in our Digital Sandboxes should email sandbox@fca.org.uk.

We are seeking expressions of interest to join the Sustainable Finance Advisory Committee. We are refreshing the membership of our Sustainable Finance Advisory Committee and seeking expressions of interest to join.The Sustainable Finance Advisory Committee – formerly known as the ESG Advisory Committee – will continue the good work of the current committee advising the FCA board on emerging sustainability issues. This includes meeting the Government’s expectation that we 'have regard' to the UK’s commitment to achieving a net zero economy by 2050. The committee's membership will continue to be drawn from external experts who have in-depth knowledge of the sustainable finance sector.Membersare appointed for a three-year term, with a maximum of two terms (see our terms of reference). Members will be appointed in a personal capacity and will need to abide by a conflict of interest policy. We do not expect people currently employed by FCA regulated firms to be appointed to the committee. We have severalpanelswhich include regulated firms to provide challenge and advice to the FCA, including on sustainable finance initiatives.In line with our priorities and emerging trends in sustainable finance, we are particularly interested in candidates with expertise in:insurancewholesale bankingconsumer advocacyIf you are interested in joining the committee, please send a copy of your CV to the Sustainable Finance Advisory Committee at esgac@fca.org.uk by 9 May 2025.

His Majesty's Treasury has announced the reappointment of Nikhil Rathi as chief executive of the FCA for a second term. Since Nikhil joined in October 2020, the FCA has undertaken reforms to strengthen the UK’s position in wholesale markets, including the biggest changes to the listing regime in over 3 decades.The regulator has raised standards, introducing the Consumer Duty so people get the right support, communication they can understand, and products and services that meet their needs and offer fair value. With the Duty now embedded, the FCA is streamlining its rulebook, lowering costs for firms and boosting international competitiveness.The FCA also worked to reduce and prevent serious harm by ensuring firms meet expected standards at authorisation while reducing the time it takes for them to get approved, bringing more criminal charges last year than ever before and by cutting investigation times.In March 2025, the FCA published a new five-year strategy with 4 priorities: to be a smarter regulator, support economic growth, help consumers navigate their financial lives and fight financial crime.Nikhil Rathi, Chief Executive of the FCA, said:'I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open. While we must go further and faster in this age of volatility, the UK is well placed as a major international financial centre.'Ashley Alder, the FCA’s Chair, said:'I am delighted Nikhil has been reappointed. He’s the right leader in testing times. His exemplary first term as chief executive has ensured the FCA is an organisation transformed. We've set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised. That provides the solid foundation to deliver our ambitious new strategy - to deepen trust, rebalance risk, support growth and improve lives.'Notes to editors1. The Treasury's press release.2. The Chancellor’s and Nikhil’s exchange of letters regarding his appointment.3. Nikhil was first appointed in June 2020 and took up his role in October 2020.4. Nikhil’s new term will run until September 2030.5. Nikhil's date of birth is 5 August 1979.6. The FCA now has 11% of its workforce in Leeds and Edinburgh.

In the first year of its new strategy, the FCA will be a smarter regulator, support growth, help consumers and fight crime. The FCA will make it easier for firms to test innovative products and support new firms applying for regulatory approval as part of its work programme for 2025-2026.Every firm that uses the FCA's Regulatory Sandbox to safely test innovative products will be provided with an authorisation case officer from the start. This will help the right firms get authorised and bring innovative products and services to market faster. Since it was introduced in 2016, 195 firms serving UK consumers have been accepted into the FCA’s regulatory sandbox.The FCA's pre-application support service, which provides extra support for firms seeking regulatory approval, is also now extended to all wholesale, payments, and cryptoasset firms. This will encourage firms in these sectors to set up in the UK to fuel growth, exports and job creation, while maintaining standards. In the last year alone, the FCA has supported 80 wholesale firms via pre-application meetings.Nikhil Rathi, chief executive of the FCA, said:'We're committed to being a smarter regulator - one that supports growth, helps consumers and fights crime. Our annual work programme details what we will deliver to achieve these goals. And today, we’re setting out how we’ll go further to help firms that want to join our markets with greater support for the application process and to test innovative products.'Making it easier for firms to innovate and growTo spearhead growth, the FCA will enable a new innovative market for private companies to improve their ability to grow and scale up. The Private Intermittent Securities and Capital Exchange System, also known as PISCES, will offer investors greater access to investment opportunities in private companies.To encourage innovation, the FCA's AI Lab will work with firms to deepen understanding and support the use of AI solutions to drive growth and competitiveness in financial markets.The regulator will also let more firms know it is 'minded to approve' applications for authorisation when it thinks they can meet required standards. This will allow firms to seek investment with confidence that they can secure regulated status.A smarter regulator, supporting growth, helping consumers and fighting financial crime To help consumers navigate their financial lives, the FCA will create a new regulatory framework, so people have access to the help, guidance and advice they need, to make informed decisions, at a cost they can afford.Buy Now Pay Later (BNPL) products will also be brought under the FCA's regulatory regime. This will help ensure that those who find BNPL helpful can still benefit from it, firms can innovate and grow, and consumers are appropriately protected.As part of fighting financial crime and working smarter, the FCA will build a new data-led detection capability to increase identification of financial crime and take action to tackle it.The FCA has also published the consultation on its fees and levies for the year ahead. It is proposing to increase minimum and flat rate fees, as well as application fees, by 2.5% in line with the increase in ongoing regulatory activities.Notes to editorsRead the FCA Annual Work Programme 2025/26Read the FCA Fees and Levies Consultation PaperRead the FCA's 5-year strategy

The FCA is proposing reforms to its regime for alternative asset managers, to make it easier for firms to enter the market, grow, compete and innovate. The more streamlined and proportionate regime will make it easier for firms to operate globally, while encouraging effective risk management. It will uphold market integrity and market confidence by making sure consumers are appropriately protected.Asset managers are crucial for the financial wellbeing of millions and play a key role in capital formation for the UK economy. UK asset managers manage £12.3 trillion in mainstream assets and £2 trillion in alternative assets. Private markets have tripled in size over the past decade.Much of the UK’s asset management regulation is derived from EU legislation, including the alternative investment fund managers directive (AIFMD). The Government is consulting on bringing into effect provisions that repeal AIFMD’s firm-facing legislative requirements. Where appropriate, the FCA will replace those legal provisions in its rules. It is also considering changes to its existing AIFMD rules.Simon Walls, interim executive director of markets, said: 'We want rules better tailored to UK investment managers. These could allow them to operate more efficiently, further supporting competition, competitiveness and economic growth.'It’s part of our wider work to streamline the regulatory regime for asset managers, to support the continued competitiveness of our world-leading financial services as outlined in our new strategy.'In collaboration with the Treasury, the FCA is considering creating bespoke regimes for investment trusts and for venture capital firms due to those sectors’ distinct characteristics.The FCA would like comments on the proposals before 9 June 2025. The FCA plans to consult on detailed rules in the first half of 2026, subject to feedback and to decisions by the Treasury on the future regime.The FCA committed to support growth in its strategy, published on 25 March. This included reforming the rulebook for asset managers in support of UK competitiveness.The approach is among the almost 50 actions to support economic growth that the FCA set out in a letter to the Prime Minister.Notes to editorsRead the Call for input: Future regulation of alternative fund managers.

From 31 March 2025, firms can access My FCA as a single point of sign in for regulatory reporting tasks including submitting regulatory data and paying fees. My FCAMy FCA will make it easier to fulfil regulatory responsibilities while improving user experience.Previously, firms needed to sign in to 3 different systems. Jessica Rusu, the FCA's chief data, intelligence and information officer said: 'We’re committed to being a smarter regulator under our new strategy. Central to that is us being easier to engage with. We’ve listened to feedback and created a simple, clear and easy way for firms to meet their regulatory obligations.'My FCA is a key milestone in our Transforming Data Collection programme, which is a joint venture between the FCA and Bank of England.

Speech by Nikhil Rathi, chief executive, at the JP Morgan Pensions and Savings Symposium 2025. I was interested to read Karen’s recent comments about, in her words, the UK’s ‘slow motion train crash’ on retirement savings.An image that made me sit up – though probably not advisable reading thundering out of Waterloo this morning!When I consider that picture as a regulator, I’m drawn to the tracks to find answers. And what do they show us?Pensions, savings, mortgages, housing wealth – each sitting on their own line, with their own ticketing system, timetable, and rules.A lack of systems thinking. Resulting in confusion and fragmentation that hasn’t kept up with passengers’ changing needs.Disjointed journeys, missed connections and people not always getting where they need to go.That has to change, and today I want to set out how the FCA, in partnership with others, is laying new tracks.Helping to build the smooth, integrated connections people need to move confidently through their lives……whether that’s embarking on homeownership, transferring to a better pension, or making informed decisions about risk so they can arrive into a more secure retirement.And how by doing so, we can not only improve passenger journeys, but keep the whole network moving - powering growth.

The FCA, supported by the City of London Police, conducted an operation in London and Oxfordshire. On 20 March, more than 20 FCA and City of London Police officers searched three addresses across London and Oxfordshire. Four individuals, suspected of offences including fraud by false representation and money laundering, were arrested.All suspects were interviewed under caution by the FCA and released on bail. The FCA’s investigation into the case is ongoing.Steve Smart, joint executive director of enforcement and market oversight at the FCA said:‘The FCA is committed to rooting out fraud and money laundering which undermine trust in our financial services. We want to thank the City of London Police for their assistance with this operation. Fighting financial crime is a key priority for the FCA’s new strategy and joint working like this ensures that we can act swiftly to protect consumers.’Further informationThe Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute unauthorised business cases.Breaching the General Prohibition is an offence under Sections 19 and 23 of the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or up to 2 years’ imprisonment.Money Laundering is an offence under the Proceeds of Crime Act 2002, punishable upon conviction by up to 14 years’ imprisonment.Fraud by False Representation is an offence under the Fraud Act 2006, punishable upon conviction by up to 10 years’ imprisonment.Almost all firms offering financial services in the UK must be authorised by us. Search our list of unauthorised firms and individuals to be especially wary of.The FCA cannot comment further at this time but will make further announcements when appropriate.Find out more information about the FCA.

The FCA has launched a new 5-year strategy to deepen trust, rebalance risk, support growth and improve lives. Our strategy: 2025 to 2030The FCA will focus on 4 priorities:Be a smarter regulator; predictable, purposeful and proportionate. The FCA will improve its processes and embrace technology to become more efficient and effective.Support sustained economic growth, by enabling investment, innovation and ensuring the continued competitiveness of the UK’s world-leading financial services.Help consumers navigate their financial lives by working with industry to boost trust, product innovation and ensuring the right information and support is available for people to take financial decisions.Fight financial crime, focusing on those who seek to use the fact they are regulated to do harm. It will go further to disrupt criminals and support firms to be an effective line of defence.Ashley Alder, Chair of the FCA, said:‘We want to deepen trust in financial services and shift our collective attitude across financial services to risk. Too often the focus has been on the risks of a decision taken rather than the lost opportunity of taking none. We want to change that so we can spur growth and improve lives.’Nikhil Rathi, Chief Executive of the FCA, said:'Our last strategy set high standards and bolstered our operational effectiveness. We are committed to going much further, delivering at pace to meet the scale of change we are facing over the next 5 years. This strategy sets out our priorities, how we’ll become more efficient and effective and make the choices that shape the financial system.'Our 4 priorities reinforce one another and we look forward to collaborating with our partners as we become a smarter regulator, support growth, help consumers and fight crime.‘We are ambitious for the future and committed to enabling a fair and thriving financial services market for the good of consumers and the economy.’The strategy sets out how the FCA will change how it supervises to be more efficient. This includes taking a less intensive approach for those firms seeking to do the right thing, significantly streamlining how it sets its supervisory priorities, and reviewing whether it can stop requiring certain data returns. It will also digitise and simplify the authorisation processes so it is easier and quicker to apply, the information received is better quality and follow-up requests are reduced.The regulator also plans to invest in its technology, people and systems. It will support its people to build their digital capability and adopt new approaches to allow it to better handle the 100,000 cases it assesses every year. This will enable it to act faster and more assertively where harm is greatest.As the FCA integrates the Payment Systems Regulator and many of its functions, it will build on the success of Open Banking and launch Open Finance. This will allow for more seamless data-sharing which could unlock product innovation and deliver lower costs, more choice and better information for consumers.The new strategy builds on the FCA’s achievements over the course of its previous 3-year strategy. These include making the biggest changes to the listing regime in over 3 decades so it’s easier for companies to raise money, introducing the Consumer Duty to set higher standards of consumer protection, authorising firms that meet the regulator’s high standards more quickly, and keeping more potentially harmful firms out of financial services.Notes to editorsThe strategy comes as the regulator announces how it will follow up on its call for industry to identify ways to simplify and streamline its rules and reduce burdens on businesses.

In an action plan released today, we have outlined proposals to review our expectations for mortgages and lending, and to explore how we can simplify communications about savings accounts. We will also review parts of our credit advertising rules, such as lengthy terms and conditions. The proposals are part of our work to streamline our rules, reduce burdens on businesses, and improve outcomes for consumers following the introduction of the Consumer Duty.There was clear feedback to our call for input that now is not the time for wholesale changes to our rules. We will continue to engage with industry and others to get the balance right, without a widespread overhaul.Our plans include:Making it easier to navigate regulations for consumer finance, investment and mortgages firms by planning to retire more than 100 pages of outdated guidance.Withdrawing hundreds of supervisory publications.Reviewing current prescriptive disclosure rules to give firms more flexibility to tailor communications to customers' needs and preferences, like online and digital transactions.Revisiting rules for businesses with customers outside the UK, for example looking at whether insurance firms need to apply UK rules for their overseas customers.Sarah Pritchard, executive director of supervision, policy, competition and international at the FCA said:'Now the Consumer Duty is in full force we’re making changes quickly where stakeholders want us to, to cut unnecessary costs, support growth, and ultimately help consumers get better outcomes.'These proposals are part of our long-term efforts to future-proof our rules, reduce burdens for financial firms and will help the ambitious government targets to cut the cost of regulation.'Further informationRead Consumer Duty rule review next steps (FS25/2).We committed to streamlining our Handbook following industry input in our letter to the Prime Minister on supporting growth.The work announced today sits alongside plans to make our Handbook more user-friendly, and machine-readable.Supervisory publications to be withdrawn include Dear CEO letters, Portfolio letters, and Multi-firm and Thematic reviews that pre-date the FCA’s 2022-2025 strategy. Documents will still be publicly accessible.

The FCA has launched a market study into how well the distribution of pure protection insurance products – which support families with financial commitments if someone becomes critically ill or dies – is working for consumers. In 2023, around £4.85bn was paid out in claims on individual policies to support people suffering from bereavement, illness, and injury.The review will explore how effectively this important market is working. While the FCA has seen indications of good outcomes for consumers and relatively few complaints, there are concerns that commissions used to sell these products may affect the outcomes consumers receive and the products’ value or design.The FCA committed to looking into the sector in further detail in August last year, but prior to launching, took feedback from the market on the terms of reference.The study will examine whether: the structure of commission encourages advisers to suggest switching that may not be beneficial for consumers premiums are being raised by insurers to pay a higher commission to an intermediarythe products provide fair valuethe market supports innovation and growthThe market study will focus primarily on the sale of four products – term assurance, critical illness cover, income protection insurance and whole of life insurance. It will allow the FCA to carry out a more detailed analysis in these areas using its competition powers and the launch does not presuppose any particular outcome.Initial findings and any proposed next steps will be published by the end of 2025.Sarah Pritchard, executive director of supervision, policy, competition and international at the FCA, said: 'Consumers rely on pure protection to provide an important safety net, often when they are at their most vulnerable be it through bereavement, illness, or injury. We are determined to ensure the market is working well and delivers good outcomes for consumers by testing it or suggesting improvements.'In launching the study today, we will be able to take a closer look before considering next steps. We will keep stakeholders regularly updated and welcome the feedback to date that will help us plan the scope of this review.'Notes to editorsRead the Terms of Reference (PDF).The FCA published the draft terms of reference in August 2024 for a market study into the distribution of pure protection products to retail consumers.Changes the FCA has made to the terms of reference after listening to stakeholders include:further clarification on the scope of the market study, including that private medical insurance is out of scope, as well as funeral plans and accident, sickness, and unemployment productsbeing clear that we will develop a better understanding of:barriers to innovation and investmentthe ‘protection gap’ – the extent to which customers, who would benefit from cover, are not adequately covered, and‘access to cover’- access for those customers that fall outside a typical definition of a 'healthy life', such as those with existing medical conditionsTerm assurance: a policy which pays a lump sum to beneficiaries if the policyholder dies within a specified period. Critical illness cover: a policy which pays a lump sum to the policyholder if they are diagnosed with a prescribed (non-fatal) serious illness or medical condition. Income protection insurance: a policy which replaces part of a policyholder’s regular income if they become unable to work because of illness, accident, or disability. Whole of life insurance, including guaranteed acceptance over 50s life insurance plans: these policies provide cover for the policyholder’s lifetime, paying out a lump sum to beneficiaries on the policyholder’s death. Guaranteed acceptance is a type of whole of life insurance which doesn’t require medical or health information for an individual to qualify for cover.One of the FCA’s primary operational objectives is to promote effective competition in the interests of consumers. Further information about our competition objective and our market study process can be found here.

The FCA has fined the London Metal Exchange (LME) £9.2 million for failing to ensure its systems and controls were adequate to deal with severe market stress. Between 4 and 8 March 2022, the price of LME’s 3-month nickel futures contract encountered extreme volatility. This culminated in the early hours of 8 March 2022 when its price rose to over $100,000, more than double the closing price on 7 March 2022, with most of the rise occurring in little over an hour. These events undermined the orderliness of and confidence in LME’s market.The LME suspended its nickel market for 8 days and cancelled all nickel trades that took place on 8 March.The LME’s systems and controls were not adequate to ensure orderly trading under conditions of severe market stress. In particular, LME did not have adequate controls or policies relating to the operation of its automatic volatility controls, its ‘price bands’.Decisions about market orderliness could only be taken by designated senior managers, but LME’s processes for escalating unusual or hazardous market conditions to those managers were inadequate.During LME’s ‘Asian trading’ hours, from 1am to 7am GMT, only relatively junior trading operations staff were on duty. They had not been trained to recognise anything other than error trades or rogue algorithms as potential causes of a disorderly market.This meant that when price rises in the nickel contract became increasingly extreme during the early hours of 8 March it was not escalated to senior LME managers. Instead, trading operations staff took steps to accommodate the price rises, even disabling the price bands, during the most extreme period of volatility.The LME’s breaches allowed the price of its 3-month nickel futures contract to increase much more quickly than would otherwise have been possible. This increased the potential exposure of investors and market users to risks the price bands were designed to mitigate.The FCA acknowledges the work undertaken by LME since March 2022 to enhance and strengthen its controls.The FCA has delivered a focused enforcement outcome for this complex investigation, alongside the wider market reform to the commodity derivatives regulatory framework brought forward in February 2025.Steve Smart, joint executive director of enforcement and market oversight at the FCA said:'London’s metal markets are of vital importance to the UK and global economy. We expect controls that match their significance. The LME should have been better prepared to address the serious risks posed by extreme volatility.'This is the first enforcement action the FCA has taken against a UK recognised investment exchange.The LME accepted the findings and so qualified for a 30% reduction in its financial penalty.The FCA announced its investigation into LME on 3 March 2023 having considered there were exceptional circumstances to warrant doing so. This investigation was delivered significantly quicker than the average length for investigations closed in 2023/24.Notes to editors1. Final Notice: London Metal Exchange2. The LME agreed to resolve the case at an early stage and qualified for a 30% discount on the penalty imposed. Without this discount the fine would have been £13.2 million.3. See: FCA Press Release, Update on our public statement on the London Metal Exchange, 3 March 2023, updated 6 March 2023. As noted in the article, the period under consideration (the Relevant Period) was originally from 1 January 2022 to 8 March 2022. This was later extended backwards to 3 January 2018.4. Investigations closed in 2023/24 took on average 42 months to complete.5. The LME constitutes a Regulated Investment Exchange (RIE). The breaches by LME derive from the Recognition Requirement Regulations SI 2001/995 which have been transposed into the FCA’s rules as part of the FCA Recognised Investment Exchange and Recognised Clearing House sourcebook (REC). In addition to REC, parts of the Markets in Financial Instruments Directive II (MiFID 2) apply to exchanges and have been transposed into the FCA’s rules as Regulatory Technical Standards (RTS).6. The LME breached REC 2.5.1 para 3(1) and 3(2)(h); and Article 18 (3)(a) and Article 18 (4) of RTS 7.a. REC 2.5.1 para 3(1) reads: “The [UK RIE] must ensure that the systems and controls, including procedures and arrangements, used in the performance of its functions and the functions of the trading venues it operates are adequate, effective and appropriate for the scale and nature of its business.”b. REC 2.5.1 para 3(2)(h) reads: “Sub-paragraph (1) applies in particular to systems and controls concerning…the ability to ensure orderly trading under conditions of severe market stress”.c. 18 (3)(a) of RTS 7 reads: “Trading venues shall set out policies and arrangements in respect of… mechanisms to manage volatility in accordance with Article 19”.d. Article 18 (4) of RTS 7 reads: “Trading venues shall make public their policies and arrangements set out in paragraphs 2 and 3. That obligation shall not apply with regard to the specific number of orders per second on pre-defined time intervals and the specific parameters of their mechanisms to manage volatility.”7. FCA Policy Statement PS25/1: Reforming the commodity derivatives regulatory framework.

On 17 March 2025 Basildon Credit Union Limited (BCU) entered administration and has now stopped trading. Dina Devalia and Michael Kiely, both of Quantuma Advisory Limited, have been appointed as administrators. BCU is a financial co-operative owned by its members. It is regulated by the Prudential Regulation Authority (PRA) and the FCA under Firm Reference Number (FRN) 213229 as a deposit-taker.The Financial Services Compensation Scheme (FSCS) is stepping in to protect members and will return members’ money within 7 working days from when BCU was declared in default (17 March 2025).Who to contactMembers who would like more information about receiving their money can contact the FSCS by:Email: enquiries@fscs.org.ukPhone: 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday from 9.00am to 5.00pmYou can also view the FSCS's FAQs on their website.Members who make or receive regular payments from their account (like salary, rent or benefits) or want to discuss their accounts can contact the administrators by:Email: BCU@quantuma.comPhone: 07469 278 739 or 020 3856 6720Members who hold loans with BCU should continue to make the contractual repayments of their loan(s) until fully repaid. The contractual terms of the loan(s) will remain exactly as agreed with BCU. Failure to do so could result in your credit score being affected.Guidance is available on the BCU website and the administrators’ website.Members can also view the administrators’ FAQs. Being alert to scamsIf you were a member of BCU, it is possible that the administrators, Dina Devalia and Michael Kiely of Quantuma Advisory Limited, a member of their team, the FSCS or the credit union may contact you. Should this happen, these parties will follow appropriate security protocols to provide assurance that the call is genuine. Should you have any concerns about the legitimacy of the call, please end the call and contact the relevant party directly using the contact details above. See more on how to protect yourself from the most common types of scams.

We have refused Zeux Limited’s application for registration as a cryptoasset exchange provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). Read the Decision Notice (PDF)The application, submitted in June 2022, showed that the firm had failed to implement anti-money laundering controls and carry out effective risk management.At the FCA, we want to support a competitive crypto sector in which people and our financial markets’ integrity are protected. This means that effective money laundering controls are essential.Zeux Limited’s applicationThe anti-money laundering controls put forward by Zeux Limited fell well short of legislative requirements. Registration of the firm would have posed a significant risk of harm to the public. The application showed:Failure to understand, identify and document risks.Failure to consider the National Risk Assessment, which sets out key money laundering and terrorist financing risks in the UK.Customer risk assessment enhanced due diligence and suspicious activity reporting (SAR) failures.These points are critical for mitigating the risks of money laundering, terrorist financing and sanctions evasion that a customer may pose.MLR registration for crypto firmsCryptoasset exchange providers must be registered with the FCA and comply with the UK money laundering regulations to operate legally in the UK.We encourage firms considering applying for crypto registration to engage with us early and to seek guidance through pre-application meetings with our team.If you’re a firm that wants to become registered under the Money Laundering Regulations:Read through what you’ll need to do to apply and the frequently asked questions on our dedicated webpage for crypto firms.See examples of good and poor practice for submitting an application.Engage with us early on – contact us to book a pre-application meeting at DigitalAssetsPreApp@fca.org.uk.Make sure you provide complete applications for us to assess.

Mr Odey has referred his Decision Notice to the Upper Tribunal where he and the FCA will present their cases. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The FCA has decided to fine Crispin Odey of Odey Asset Management LLP (OAM) £1.8m and ban him from the UK financial services industry for a lack of integrity.The FCA considers that Mr Odey deliberately sought to frustrate OAM’s disciplinary processes into his conduct to protect his own interests. Mr Odey showed reckless disregard for OAM’s governance, causing OAM to breach certain regulatory requirements. In addition, the FCA considers that Mr Odey’s behaviour towards both OAM and the FCA lacked candour. The FCA considers Mr Odey’s conduct demonstrated that he is not a fit and proper person to perform any function related to regulated activities.On 4 February 2021, after an internal investigation by OAM, Mr Odey received a final written warning from OAM’s executive committee (ExCo), in relation to inappropriate behaviour.On 30 November 2021, OAM scheduled a disciplinary hearing to consider whether Mr Odey had breached the final written warning. However, on 24 December 2021, Mr Odey used his majority shareholding in OAM to remove OAM’s existing ExCo members and appoint himself as ExCo’s sole member. Mr Odey subsequently decided on 6 January 2022 that the disciplinary hearing into his conduct would be indefinitely postponed since he said he was unable to conduct it with impartiality.Mr Odey appointed new ExCo members and resigned from ExCo on 12 January 2022. However, following disagreement about how to proceed with the disciplinary hearing, on 31 March 2022 Mr Odey again removed OAM’s ExCo members and appointed himself as the sole member of ExCo. Mr Odey retained his position on ExCo until he appointed 2 new ExCo members on 4 July 2022.OAM’s disciplinary hearing was eventually held on 29 November 2022, nearly 1 year after it had been originally scheduled.Therese Chambers, joint executive director of enforcement and market oversight at the FCA said: ‘A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk. Mr Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry.’Notes to editorsNotice of Decision for Robin Crispin William Odey.As set out in paragraph 7.2 of the Notice of Decision, Mr Odey waived his rights to make representations in the FCA’s internal decision-making process and is referring the Decision Notice to the Upper Tribunal using an expedited reference procedure.OAM is currently in the process of winding down and is no longer authorised by the FCA. The FCA published a Warning Notice Statement on 1 November 2024.

The FCA is looking at whether removing or increasing the contactless limit could benefit consumers, merchants and economic growth in the UK. Families and businesses across the country could benefit from greater choice, flexibility and smoother purchases, under proposals being considered by the FCA.Making regulation less prescriptive would also give firms greater control and could promote innovative payment methods or fraud prevention solutions.This forms part of the work, announced in January in a letter to the Prime Minister to support growth.One option put forward is to allow firms, who use technology to reinforce strong fraud controls, to set their own limits as happens in the United States.Any changes would need to support good customer outcomes as required by the Consumer Duty.David Geale, executive director of payments and digital assets at the FCA, said:'Currently 85% of people in the UK make contactless card payments each month. This is the perfect opportunity to explore whether we can improve and increase trust in the UK’s payments system.'We’ve worked fast to progress this work which is one of around 50 measures we put forward at the start of the year to help support economic growth across the UK and, in turn, improve lives.'Economic Secretary to the Treasury, Emma Reynolds, said:'Every regulator has a part to play in the collective mission to drive growth through our Plan for Change, which puts more money into working people’s pockets.'The FCA's review of the contactless payment limits, including removing the £100 limit on individual payments, is a welcome step to ensure that families can safely benefit from more flexibility when making purchases.'The FCA will focus on how consumers are protected in the case of any changes to contactless limits. Existing legislation requiring firms to reimburse consumers in cases of unauthorised payment fraud, for example when their cards are lost or stolen, will remain in place.Feedback to the engagement paper closes on Friday, 9 May 2025.Notes to editorsRead our Engagement Paper (PDF).We set out how the FCA is working to accelerate digital innovation in our response to the Prime Minister’s letter. In this letter regulators were asked to reduce regulatory burden and support economic growth. Read our response.The 2023 independent Future of Payments Review noted ‘there is the opportunity to further optimise the UK consumer experience [for in-person spending] – for example by optimising contactless limits or eliminating the occasional PIN prompt.’The Review also noted the opportunity to move to a more outcomes-based regime where we have greater flexibility to enforce the intent of the regulations, enabling a more convenient consumer experience, while not increasing risk.The Government’s National Payments Vision reinforced the Future of Payments Review’s conclusions about the lack of flexibility of contactless limits and set out the Government’s commitment to revoke the payments authentication regulations relating to Strong Customer Authentication (SCA) in the Payment Services Regulations (PSRs).Contactless payment fraud, where a contactless card is lost or stolen and then used by someone other than the cardholder to pay for goods and services at a contactless terminal, remains a very small part of overall payments fraud, and a relatively small part of unauthorised payment fraud.According to published UK Finance analysis, fraudulent contactless spend totalled £41.5m in 2023; an increase of 19 per cent on 2022; they state however that recent rises in contactless fraud have been increasing at a much slower pace than the expansion in transactions volumes and values, and the fraud to turnover ratio for contactless fraud remains below that for unauthorised card fraud overall.

We have charged John Dobbs with 3 counts of conspiracy to commit fraud by false representation. We allege that John Dobbs – alongside Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell – was involved in the operations of an unauthorised investment scheme, which defrauded investors out of £3.9m.We allege that, between 1 May 2015 and 23 July 2019, John Dobbs conspired to defraud UK investors via 2 companies, Hanover Merchant Capital UK Ltd and Liberty House Capital Ltd. This included false representations about:How their money would be invested.How their profits were generated. The security of their capital.John Dobbs will appear before Southwark Crown Court on 25 March 2025.

We have published a letter to the Treasury Select Committee, setting out significant improvement in the pace of our investigations as well as next steps on our approach to transparency of enforcement investigations. Given the lack of consensus, we will not take forward our proposal to shift from an exceptional circumstances test to a public interest test for announcing investigations into regulated firms.Following extensive engagement, there is support for reactively confirming investigations already in the public domain; public notifications which focus on the potentially unlawful activities of unregulated firms and regulated firms operating outside the regulatory perimeter; and publishing greater detail of issues under investigation on an anonymous basis. We will take forward these proposals, and publish our final policy by the end of June. Nikhil Rathi, Chief Executive of the FCA, commented: 'We are speeding up our enforcement work. On our enforcement transparency proposals, we have always aimed to build a broad consensus. Considerable concerns remain about our proposal to change the way we publicise investigations into regulated firms, so we will stick to publicising in exceptional circumstances as we do today. We will implement changes which have commanded wider support and which we believe will help support our efforts to protect consumers from harm.'Joint FCA and PRA update on diversity and inclusion In 2023, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consulted in parallel on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms. In light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at this time, the FCA and PRA have no plans to take the work further.FCA update on non-financial misconductWe continue to prioritise our work to tackle non-financial misconduct, which we believe can help to improve outcomes for markets and consumers and reduce harm. But it is important that our approach is proportionate and aligned with planned legislation, so we are taking some further time to get this right and will set out next steps by the end of June this year.