Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we welcomed.Our work has always been complementary, and we made it work.As an economic regulator, the PSR is focused on getting the foundations right – the payment systems and infrastructure that enable the ecosystem to operate.And as the conduct authority, the FCA focuses on what sits on top – the delivery of the services and products consumers rely on.But, that separation was a product of its time. The world was different then – we needed the specific focus on competition, innovation and access in payments infrastructure that came from the PSR.Since then, both we and the market have evolved and grown. The ecosystem is too intertwined to treat parts in isolation.Consolidation helps us take a more joined-up approach.One of greater coordination, clearer responsibilities and smoother delivery for firms, who will no longer have to navigate two sets of front doors to get answers. And for us, one view across the ecosystem.Ahead of legislation, we have worked to find simplicity where we can.For example, many PSR colleagues have moved to the FCA as part of a phased transition and creation of new organisational structure. This allows us to maintain our momentum while realising the benefits of closer alignment.So that the regulation of payment systems continues, the PSR will stay in place, with its own governance, while its powers are transferred. We expect both the outcome of the Government’s consultation and a roadmap to the completed consolidation soon.However, already under our new structure, a single, joint payments horizon scanning team ensures our priorities across the FCA and PSR are aligned.So we can plan the work programme and areas of focus – together.This will change how we engage externally, but it is important to be clear: the PSR’s work will remain a core part of the FCA’s mission.And our objective to look across the ecosystem is as important as ever. Competition, access and innovation are essential components of making the market work well.And key in how we help the FCA be a smarter regulator and drive growth.

We have appointed 2 new senior leaders, further strengthening our capability across key areas of our remit. Chris Knight will join us in July 2026 as director of insurance within our Supervision, Policy and Competition (SPC) division. He joins the FCA from Legal & General, where he has been the group chief risk officer for the last 5 years and member of the Group management committee. Prior to this, he was CEO of Legal & General Retail Retirement for 3 years.David Lymburn joined the Payment Systems Regulator (PSR) on 23 February 2026 as interim deputy managing director. David brings over 15 years’ experience in financial services, including as chief operating officer and global payments programme director at Nordea Bank and payments roles at the Royal Bank of Scotland and Lloyds Banking Group. He will serve in this interim role while the permanent recruitment takes place.Sarah Pritchard, deputy chief executive, FCA, said:'We welcome Chris and David into their new roles. They bring considerable industry and leadership experience and will play a vital part in driving forward our strategic priorities – strengthening our capabilities, accelerating our journey to become a smarter regulator, and ensuring we continue to support economic growth and improve lives across the UK.'

We're concerned that HDH Investment Services Limited may have given unsuitable financial advice to some of its customers, potentially leading to financial loss. We recently placed restrictions on HDH Investment Services Limited (HDH). From 20 January 2026, HDH agreed to stop carrying out all regulated activities. This now means the firm can't give investment advice.HDH also agreed to write to all customers to explain what these restrictions mean for them. What customers should do nowIf you think you were given unsuitable advice, or you're unhappy with the service you received from HDH, you have the right to complain.We know this news may be worrying. If you have concerns, you can use our contact form to get in touch. If you're a customer of HDH and need financial advice, you should contact another FCA‑authorised financial adviser. You can find information on finding an adviser on MoneyHelper. You can also use the FCA Firm Checker to make sure a firm is authorised and has permission to provide the services you're looking for.Stay alert to scamsIf you're a customer of HDH, you may be contacted directly by the firm. However, if you're unsure whether a call is genuine, end the call immediately and contact them using the details on Firm Checker.You may also be contacted by the FCA. But if you're concerned about who you're speaking to, please do call us back on 0800 111 6768. Our team won't mind waiting for you to check. Find out more about how to spot fake FCA communications. People are being increasingly targeted by recovery room scams. This includes where fraudsters approach investors who have been given unsuitable advice, offering to help them for an upfront fee. Find out more about how to protect yourself from scams.

Speech by Lucy Castledine, director of consumer investments, at the TISA Inclusive Investing Conference 2026. Speaker: Lucy Castledine, director, consumer investmentsEvent: TISA Inclusive Investing Conference 2026Delivered: 4 March 2026Note: this is the speech as drafted and may differ from the delivered version.Reading time: 11 minutesKey points:Consumer investments are a cornerstone of the UK economy, with over 5,000 authorised firms and their representatives, serving 19 million adults – around a third of our population. Our sector safeguards the future of individuals and families up and down the country.Building a stronger investment culture is critical for consumers’ financial lives. We’re excited to work with firms on plans such as targeted support.For a strong investment culture, consumers need trust, confidence in good consumer outcomes, and reassurance in strong financial crime controls.Through all this, we recognise that the consumer investments landscape is changing – and we want to hear from firms.

John Wood Group PLC (Wood Group) has been fined £12,993,700 for publishing inaccurate information in its financial results. Following the poor performance of certain projects, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results. Wood Group did not have adequate systems, controls or procedures to prevent this from happening.This resulted in Wood Group publishing inaccurate information in its full-year 2022 and 2023 financial results and the half-year 2024 results. The company failed to take reasonable care to ensure that its announcements about those results were not false or misleading.These issues came to light from November 2024 onwards. Wood Group’s share price fell by 78% by April 2025 and its shares were suspended in May 2025.Steve Smart, executive director of enforcement and market oversight, said:'Investors rely on accurate information to make decisions. Wood Group failed to provide this and fell well short of the high standards we expect of listed companies.'The FCA opened its investigation into Wood Group in June 2025 and concluded it within 9 months. This is an example of how the FCA is improving the pace of its enforcement investigations.Wood Group accepted the findings and so qualified for a 30% reduction in its financial penalty.Notes to editorsFinal Notice 2026: John Wood Group PLC (PDF)Wood Group agreed to resolve the case at an early stage and qualified for a 30% discount on the penalty imposed. Without this discount, the FCA would have imposed a financial penalty of £18,562,500 on Wood Group.The FCA announced its investigation of Wood Group in June 2025: FCA Press Release.The FCA has imposed the financial penalty on Wood Group for the following breaches:Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information; andListing Principle 1 (a listed company must take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations)On 30 October 2025, Wood Group published its restated financial results for the full years 2022 and 2023, which included material adjustments arising from the misconduct described above.

We'd also streamline the scheme, so millions get compensation in 2026. We're considering over 1,000 responses to our proposals for a compensation scheme for motor finance customers who were treated unfairly.If we proceed with a scheme, we are likely to make several changes. If we do go ahead, we expect to publish final rules in late March. The timing of publication will be outside market hours and we'll confirm the date in advance. Final decisions on the scheme have not yet been made. But to help firms prepare and ensure consumers get any money owed promptly, we're setting out some details now on how we intend to streamline the consumer journey and make it smoother for firms to operate.Given the scale and complexity of the scheme and in response to feedback, we're likely to introduce an implementation period of 3 months, with up to 5 months for older agreements. Firms could choose to process claims under the scheme sooner.We would also streamline the process for consumers and firms.People who complain before the scheme starts would no longer be asked if they wish to opt out. Instead, within 3 months of the end of the implementation period, their lender would tell them whether they're owed compensation, and how much. Consumers receiving a redress offer would be able to accept it immediately, rather than waiting for a final determination. Firms would not be required to write to customers via recorded delivery. We would allow a range of channels that best meet consumers' needs with appropriate safeguards to prevent fraud. Even with an implementation period, streamlining the process means millions of people would receive compensation in 2026.Our advice remains that anyone concerned they weren't told about commission involved in their motor finance deal should complain now. Doing so means they should get any compensation sooner. There is no need to use a claims management company (CMC) or law firm, and those who do may lose over 30% of any compensation.We've cracked down on poor practice by FCA-regulated CMCs. Over 800 misleading adverts have been removed or amended since January 2024 and we've intervened with 5 CMCs causing harm: 2 reduced exit fees and 4 agreed to stop taking on new clients until they can show they comply with our rules.The likely changes to the scheme were supported by many consumer groups and firms that responded to our consultation. As well as providing a better experience for consumers, the changes would help keep the cost of delivering the scheme proportionate, supporting a well-functioning market for the millions of people that rely on it.

The latest report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) finds there is still room for improvement. The anti-money laundering supervisors of professional services firms are more effective than at any time since 2018. However, OPBAS remains concerned that their enforcement lacks the teeth to deter firms from falling short of minimum standards.OPBAS’s latest report found Professional Body Supervisors (PBSs) generally continue to demonstrate good levels of compliance. Yet some PBSs continue to perform poorly in their enforcement approach relative to other areas, and supervision could also be improved. OPBAS is concerned that for some PBSs, their dual role as both a membership organisation and a supervisor can hinder effective action.Mark Francis, director, specialists at the FCA, said: 'Fighting financial crime is a priority for the FCA. In recent years, OPBAS has driven progress in the way money laundering is tackled in the legal and accountancy sectors, but improvements are still required.’OPBAS is housed within the FCA and oversees 25 PBSs tasked with preventing financial crime in the accountancy and legal sectors.OPBAS, founded in 2018, has used an increasing range of tools to drive improvements among PBSs. Last year, OPBAS took its first enforcement action against a PBS that failed to meet its requirements under the Money Laundering Regulations.In 2025, the Government decided that the FCA will assume anti-money laundering (AML) and counter terrorist financing (CTF) supervision in the accountancy and legal sectors. This reflects the need to simplify the supervision of professional services, ensure more consistent oversight and improve efforts to identify and disrupt crime.

We are bringing forward a review of some aspects of the UK Listing Rules to consider how they apply to specific types of investment entities. As part of the Primary Markets EffectivenessReviewwe explored which types of investment entities could be eligible to be listed. Since introducing the new listingruleswe have heard from stakeholders that these eligibility criteria, particularlyregardingrisk-spreading, may be unduly restrictive. We will use this review to assess if changes should be made.As part of this review, we will also conduct targeted work to assess howourrules, in the context of company law, ensure that boards support strong shareholder rights and engagement and manage conflicts of interests.We plan to set out proposals in a consultation paper and to complete the work by the end of the year.

Firms can now apply for permission to provide targeted support. Targeted support is a once in a generation change that will help millions navigate their financial lives. From 6 April 2026, people’s banks, pension providers, or other financial firms that are authorised for targeted support can provide suggestions designed for groups of consumers with common characteristics. This will help them make important decisions across their pensions and investments.We want authorised firms to be ready to offer the new service as soon as the rules take effect. And, for these firms to take advantage of the reforms, to be bold and provide support for their customers.An important milestoneCurrently, consumers don’t have access to the help they need to make these important decisions. We estimate around 23 million consumers are currently underserved by the markets for advice and guidance.Targeted support will help fill the gap between generic guidance and individualised advice and help consumers access the support they need, at a cost they can afford, when they need it, so that they can make informed financial decisions.The opening of the targeted support authorisations gateway marks an important milestone in our work to help consumers navigate their financial lives.Support serviceWe launched our Pre-Application Support Service (PASS) for targeted support last year and have engaged with a range of firms so that they understand what is expected for a good quality and complete application for the targeted support regulated activity.We encourage firms with questions about the authorisations process to engage with us through the PASS. Firms can submit a PASS form via Connect.We welcome the engagement we have had so far with firms developing their targeted support propositions and look forward to this continuing engagement.How to applyFirms can submit applications for targeted support permissions via Connect.Find out more.

Speech by Nikhil Rathi, FCA chief executive, at the Goldman Sachs EMEA Head of Trading conference 2026. And as we roll with the punches, we also shouldn’t sell ourselves short.We gained ground last year - London just one point behind New York in the latest Global Financial Centres Index.There is understandable focus on equities market share and listings, where we have delivered far-reaching regulatory reforms.But on FX trading, international debt issuance, OTC derivatives, parts of commodities markets - we lead the global pack.Also seeing, as one commentator recently described it, a 'quantitative trading renaissance'.These aren’t flukes.Market activity agglomerates in locations where execution is reliable, infrastructure is resilient, talent at all levels is strong, and the rulebook is credible, pragmatic and responsive to change.

The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKThe Committee comprises:HM TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems RegulatorThe Plan sets out upcoming initiatives across retail and wholesale payments, including elements of digital assets. Recent publications on open banking, stablecoins and contactless limits, alongside the initiatives in the Plan, show the high level of activity across the sector.The Plan provides clarity on what is coming and when, helping firms plan ahead and focus on innovation. The Plan sets out actions to deliver the Government’s National Payments Vision of a trusted, world-leading payments ecosystem built on next-generation technology, offering consumers and businesses a choice of payment methods.The Committee will continue to consider our collective impact on firms and support competition, innovation and economic growth.Going forwards, the Committee has agreed to add an enhanced focus on payments to the Regulatory Initiatives Grid in its first 2027 publication.

The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:Monee Financial TechnologiesReStabiliseRevolutVVTXThe Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation.The FCA’s testing will primarily focus on stablecoin issuance. The 4 selected firms’ proposals represent a range of stablecoin use cases, including payments, wholesale settlement and crypto trading. Each firm will receive feedback from FCA specialists while helping to shape the UK’s regulatory approach.Matthew Long, director of payments and digital assets at the FCA, said:'We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading. It will benefit consumers and financial transactions and help to deliver the FCA's strategy and the Government's National Payments Vision.’The testing is part of the FCA’s broader work to enable innovation across UK financial services and complements other innovation initiatives such as the Digital Securities Sandbox (DSS).Testing begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026.Notes to editorsThe FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox. The FCA has previously set out the timeline for crypto regulation in its crypto roadmap. The FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody (CP25/14), prudential rules (CP25/15 and CP25/42), the application of the FCA Handbook (CP25/25 and CP26/4), conduct of business and high-level standards (CP25/40) and admissions and disclosures and market abuse (CP25/41). The consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer. Find out more about existing rules firms must comply with. All firms will need to be authorised under the new regime once the new regime goes live in October 2027. The application gateway for firms who want to be authorised to carry out crypto activities in the UK opens in September 2026 and now is the time to start getting ready. The FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to watch on demand and the next one will be on 18 March, focusing on the FCA’s anti-money laundering rules.The Prudential Regulation Authority issued a Dear CEO letter on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the FCA. The FCA is consulting on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them all.The changes aim to close gaps in consumers’ credit files and ensure these more accurately reflect people’s financial circumstances.Alison Walters, director of consumer finance at the FCA, said: 'Access to affordable credit relies on good-quality data – it’s vital in helping consumers navigate their financial lives. That’s why we want to make sure everyone’s credit information is as full and accurate as possible.'CRAs collect personal financial data – including credit repayment histories – to provide lenders with information that helps inform lending decisions.Where the information CRAs hold is limited, people may face barriers to accessing credit, or be exposed to increased risks of unaffordable lending, errors or fraud. The FCA’s proposals aim to improve how credit information is shared across the system, benefitting both consumers and firms.The consultation closes on 1 May 2026. Consumers can visit MoneyHelper for information on how to check their credit report for free.Notes to editorsRead CP26/7: Credit Information Market Study: Proposed approach to implementing FCA remedies.The consultation follows the Credit Information Market Study which set out measures to improve the credit information market.The FCA is proposing that credit and mortgage firms who currently share consumer credit information with at least one of the credit reference agencies to be designated by the FCA, will be required to share the same information with the other designated agencies.There are additional proposals on the quality and accuracy of information shared about consumers and on firms marking county court judgments (CCJs) or Decrees as satisfied (with the relevant court or Registry Trust), where a consumer has repaid the debt.The final report was published in December 2023 and proposed a package of remedies. This included FCA-led remedies, some of which are set out in this consultation. The final report also proposed reforms to industry governance arrangements and other industry-led remedies. A new Credit Information Governance Body (CIGB) has now been established, while industry participants have also commenced work on the industry-led remedies.Find out more information about the FCA.

We've launched our new Regulatory Priorities reports, starting with the insurance sector. This marks a new approach that will help to transform our supervision and streamline regulation.We expect regulated firms to follow the rules and stay informed about any changes. This is important for maintaining a safe and resilient market. Our mission to be a smarter regulator means reducing burden where we can, so that firms can get the information they need as efficiently as possible.Our Regulatory Priorities publications are part of this drive to simplify things. They replace our portfolio letters, which set out our expectations for firms in various markets.There were more than 40 of these letters, with some firms needing to work through several to understand what they needed to do. We know these created an extra layer of complexity, and we’ve responded to these concerns.What firms can expectThere are just 9 of the new publications, covering each sector at a higher level. We’ve designed them to make it easy for firms to get to the information that affects them directly, with the right links to the detail they need.We’ve tested our approach with a pilot for insurance firms, which has helped us make sure the documents are easy to use. We’ve aimed to have clear content and easy navigation, summing up each of our priorities on one page with clear actions for firms.The reports also set out what’s coming up in each sector - making them a succinct one-stop shop for regulatory information.We’ll publish them more frequently too, with an annual cycle - so it’s easier for firms to stay up to date with policies and issues as they develop.The purpose remains the same though. Firms’ boards and chief executives should read these reports carefully, review the priorities we’ve set out – and act where they need to.We want to keep the conversation going about how we can streamline our regulation and simplify our communication, letting firms spend more time serving their customers and creating growth. We hope these new reports will be part of that drive and are keen to know how they work for firms.

We have signed a Memorandum of Understanding (MoU) with the Independent Football Regulator (IFR). The MoU establishes how the 2 organisations will work together and support effective regulation where football and financial services intersect.It also sets out a high-level framework for principles for cooperation between the IFR and the FCA.Read the MoU (PDF)

Seven social media influencers have been sentenced at Southwark Crown Court for their role in the promotion of an unauthorised foreign exchange trading scheme. Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico all pleaded guilty to one count of issuing unauthorised financial promotions.The outcomes were:Lauren Goodger was fined £3,750 and ordered to pay costs of £5,778.18.Biggs Chris was fined £600 and ordered to pay costs of £1,000.Jamie Clayton was fined £820 and ordered to pay costs of £1,000.Rebecca Gormley was given a conditional discharge and ordered to pay costs of £2,866.42.Yazmin Oukhellou was fined £974 and ordered to pay costs of £1,000. Scott Timlin was fined £938 and ordered to pay costs of £1,000.Eva Zapico was given an absolute discharge and ordered to pay costs of £1,770.44. Steve Smart, executive director of enforcement and market oversight at the FCA, said:'These influencers betrayed the trust of those who followed them. We’ll continue to work with responsible influencers and go after those who put the financial wellbeing of their followers at risk.'Notes to editorsThe defendants’ dates of birth are as follows:Biggs Chris (DoB 15/05/1992).Jamie Clayton (DoB 18/11/1991).Lauren Goodger (DoB 19/09/1986).Rebecca Gormley (DoB 18/04/1998).Yazmin Oukhellou (DoB 03/05/1994).Scott Timlin (DoB 26/04/1988).Eva Zapico (DoB 23/07/1998).Reporting restrictions are in place. Contact the FCA press office if you want a copy.The combined following of the Instagram accounts of these individuals was 4.5 million.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.Communicating unauthorised financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment.Contracts For Difference (CFDs) are high-risk derivatives. The FCA has previously said that 80% of customers lose money when investing in CFDs because of the risks. They are often highly leveraged, which means they use debt to try and amplify returns, which can result in investors losing more than they invested. In the UK, the FCA has imposed restrictions on how CFDs and CFD-like options can be sold and marketed to retail customers. The FCA has been carrying out work to address consumer harm in the UK in this sector.The FCA has published finalised guidance on financial promotions on social media to clarify our expectations for when firms and influencers use social media to communicate financial promotions, and to address emerging consumer harm that we’ve seen arising from use of social media.Find out more information about the FCA.

Our clarification about forbearance following the introduction of the new Public Offers and Admissions to Trading Regulations (POATRs) regime. On 19 January 2026, the Public Offers and Admissions to Trading Regulations (POATRs) regime and associated changes to our listing processes in the UK Listing Rules (UKLR) came into force. These changes introduced a requirement in the Prospectus Regime Manual (PRM 1.6.4R) for issuers to notify a Regulatory Information Service (RIS) of any admission to trading within 60 days of the admission.A key reason for introducing a 60-day notification period was to avoid requiring frequent issuers of securities to publish detailed notifications each time shares are admitted to trading. The policy intention was to support transparency in a proportionate manner by enabling issuers to group admissions occurring within a 60-day period into a single notification.Since the rules took effect, it has been brought to our attention that potentially overlapping requirements in UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4) and 22.2.17R(4) have created uncertainty for some issuers. These provisions require listed companies to notify an RIS as soon as possible of the results of any new issue of equity securities or any public offer of existing equity securities.We understand that this has created confusion for issuers that previously relied on the exemption in UKLR 6.4.4R(4) for block listings, which was removed on 19 January 2026 following the deletion of the block listing rules in UKLR 20.6.It was not our policy intention that issuers who regularly issue new listed shares, and who were previously required to notify only every six months under a block listing, should now have to notify an RIS as soon as possible for each individual issue and again on admission to trading.To provide clarity, we intend to consult shortly on removing UKLR 6.4.4R(4) and equivalent provisions in other chapters of the UKLR. This would leave issuers subject only to the 60 day notification requirement in PRM 1.6.4R for admissions to trading.While these changes are being considered, and until we announce otherwise, we will not take supervisory or enforcement action where issuers previously granted a block listing under former UKLR 20.6 do not make notifications under UKLR 6.4.4R(4). This applies only to new issues or public offerings of securities covered by the former block listing that had not been issued or offered before UKLR 20.6 was revoked on 19 January 2026, and where the securities are used for the same purposes as the original block listing.Although the rules remain in force, our supervisory approach will reflect that it was not our intention to require additional or duplicative announcements and that the relevant provisions are being amended.

The Upper Tribunal has upheld the FCA's decisions to ban Stephen Joseph Burdett and James Paul Goodchild from working in financial services. Mr Burdett and Mr Goodchild previously held senior roles at Synergy Wealth Limited (Synergy) and Westbury Private Clients LLP (Westbury), respectively.The FCA banned the pair from working in regulated financial services for recklessly exposing pension holders to unsuitable investments.The Tribunal also found that it was appropriate for the FCA to impose penalties of £265,071 on Mr Burdett and £47,600 on Mr Goodchild.Because of Mr Burdett, 232 personal pension funds worth over £10 million were switched into high-risk investment portfolios that were obviously unsuitable. The portfolios were created and managed by Mr Goodchild at Westbury, with around 38% of overall holdings linked to a single offshore property developer.Despite his knowledge that the portfolios were high-risk, Mr Burdett allowed Synergy’s customers to receive reports indicating that their money would be placed in low or medium risk portfolios. Mr Goodchild included the misleading terms 'cautious' and 'balanced' in the names of 2 of the 3 high-risk portfolios.In addition, Mr Burdett acted as a director of Synergy despite knowing he did not have the required FCA approval to perform that function. He also failed to co-operate with the FCA’s investigation.The FCA intervened in 2016 to protect consumers, stopping the pensions business of Synergy and Westbury. Both firms subsequently went into liquidation and were dissolved.To date, the Financial Services Compensation Scheme (FSCS) has paid out over £1.4m to victims.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'People trusted Mr Burdett and Mr Goodchild with their hard-earned savings and were badly let down. The pair worked together to switch customers' pensions into obviously unsuitable, high-risk investments.'They made significant personal profits from their actions. We will not tolerate such conduct and are pleased that the Tribunal agrees.'The Tribunal noted that 'Mr Burdett’s actions have shown little regard for the interests of Synergy’s clients, pension holders whose pensions were transferred to the Westbury SIPP and were invested in ways which Mr Burdett knew were obviously high risk and hopelessly inappropriate'.In addition, the Tribunal found that 'As an experienced and qualified investment manager, Mr Goodchild must have known of the risk of putting together for pension holders of varying risk appetites portfolios with any significant levels of concentration of investment into an obviously high risk project... He completely ignored this risk, without regard to the interests of the pension holders'. The Tribunal was not satisfied that Mr Goodchild's 'cursory due diligence … was even remotely sufficient to constitute reasonable steps to ensure suitability.'Notes to editorsThe FCA fined Mr Burdett £311,762, which the Tribunal reduced to £265,071. Following the hearing, Mr Burdett provided the Tribunal with evidence of tax he had paid on the financial benefit received, which the Tribunal accepted and deducted from his penalty. Link to the UTTC decision.Read the Decision Notice for Stephen Joseph Burdett (PDF).Read the Decision Notice for James Paul Goodchild (PDF).Synergy and Westbury have been dissolved.Find out more information about the Upper Tribunal (Tax and Chancery Chambers).Affected customers should contact the FSCS on 0800 678 1100. The FSCS deals with compensation claims when financial firms go out of business. It is an impartial, free service that was set up by Parliament to protect customers.

The FCA has fined Richard Howson £237,700 for his part in misleading statements being issued by Carillion plc. As group chief executive, Mr Howson was aware of serious financial troubles in Carillion’s UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight.The fine was imposed after Mr Howson withdrew his challenge to the FCA’s decision.Mr Howson was one of two executive directors on Carillion’s Board. His responsibilities included working closely with the group finance director (the other executive director on the board) to ensure Carillion communicated effectively with investors and had appropriate internal control processes. Primary responsibility for ensuring the financial information disseminated to the market was accurate and not misleading lay with the group finance director. However, Mr Howson played an important role as the Board member with the most expertise on construction and contracting matters.The FCA found that Mr Howson acted recklessly and was knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Carillion’s failure was significant. Jobs were lost, public sector projects put at risk and investors, who trusted the company to give them accurate information, suffered large scale losses. That’s why the FCA worked diligently to hold the company and its senior leaders to account.'During the period in question, Carillion’s group finance director was first Richard Adam and then Zafar Khan. They were fined £232,800 and £138,900, respectively, in January 2026.Notes to editorsRichard Howson Final Notice (PDF).Press release for Mr Adam and Mr Khan's Final Notices.Carillion plc (in liquidation) Final Notice (PDF).Mr Howson was the Chief Executive of Carillion from 1 January 2012 to 10 July 2017. He received an initial Decision Notice (PDF) dated 24 June 2022.Mr Adam was finance director of Carillion from April 2007 to 31 December 2016.Mr Khan was finance director of Carillion from 1 January 2017 to September 2017.The FCA has imposed the financial penalty on Mr Howson for being, in the period 1 July 2016 to 10 July 2017, knowingly concerned in breaches by Carillion of:Article 15 of MAR (prohibition of market manipulation) by disseminating information that gave false or misleading signals as to the value of its shares in circumstances where it ought to have known that the information was false or misleading.Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information.Listing Principle 1 (procedures, systems and controls) by failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations under the Listing Rules; andPremium Listing Principle 2 (acting with integrity) by failing to act with integrity towards its holders and potential holders of its premium listed shares.

We have signed an Exchange of Letters with the International Financial Services Centres Authority (IFSCA). IFSCA is the unified regulator for financial institutions operating in Gujarat International Finance Tec-City (GIFT City), India’s first international financial services centre.This agreement affirms both authorities’ commitment to develop our regulatory relationship.Download our letter (PDF)The letters set out the intention to share regulatory knowledge and best practice to support the development of financial services in both jurisdictions and to promote greater links between GIFT City and UK financial markets.In addition to the Exchange of Letters, to help develop our relationship with India’s financial regulators we will be posting an FCA Financial Services Attaché to the British Deputy High Commission in Mumbai later in 2026.