Kingscrown Finance Limited (Kingscrown) has stopped onboarding new customers or undertaking new business with existing customers – including extending existing credit. Kingscrown, which was incorporated in 2014, provides lending for business and investment purposes, including property investment, buy-to-let and house in multiple occupation (HMO) finance.The voluntary restrictions on Kingscrown’s business came into effect on 21 April 2026. Kingscrown has never been authorised by or registered with the FCA.Kingscrown has notified all existing customers of the restrictions and their effects and will secure all books and records. Previous FCA communications regarding Annex 1 firmsWe recently reminded regulated firms about the risks when dealing with unregulated lenders.We also raised concerns in 2024 about anti-money laundering standards directly with Annex 1 businesses in a letter to CEOs.Firms applying to the FCA for registration under the 2017 Money Laundering Regulations must ensure they comply with the relevant regulatory requirements. We will consider using our regulatory tools where we consider it appropriate to do so, including restricting the business activity of firms who are seeking to obtain registration with us.

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 bescammedfrom innocent victims. He tried to evade justice. Now, having failed to repay what he should,it’sright heis put backbehind bars.'Theadditionalprison sentence was activated on Friday8 Mayat aCity of London Magistrates’ Courthearing.Mr Faithfull had been released from custody in June 2025.Even after serving the sentence in default of payment, Mr Faithfull will continue to be liable for the outstanding debt.Money recovered from Mr Faithfullwill be used to compensate the victims of his crimes.Fighting financial crime is a priority under the FCA’s 5-year strategy.Notes to editorsRichard Faithfull (D.O.B 15/03/1990).Richard Faithfull sentenced to over 5 years imprisonment for money laundering.A Confiscation Order was made on 23 July 2023. Mr Faithfull was originally ordered to pay the sum of £562,636 within 3 months to satisfy the Confiscation Order or face four further years of imprisonment. The Order was subsequently varied downwards to £529,961 on 12 March 2024 and the further sentence was moved downwards to 45 months of imprisonment.Mr Faithfull’s outstanding balance isaccruinginterest at the daily rate of £39.62.This interestwillnot contribute tothecompensation for victims.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Following the legal challenges to our motor finance compensation scheme, we are setting out further advice for firms and consumers. Our priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance market.Our industry-wide scheme is the quickest, fairest and most cost-effective way to do this. As we have said, we welcome the commitment of most lenders to implement the scheme and will defend it robustly.We have summarised below the grounds of challenge we have received.It is unclear when the case will be heard. It is unlikely to be before October. We are engaging with the Tribunal and those who have challenged the scheme on the possibility of suspending some elements of it while retaining those relating to preparatory work. We will provide a further update as soon as possible.We recognise the operational strain and uncertainty firms face. We also acknowledge the frustration of consumers, many of whom have waited over 2 years for an answer.Firms should continue to prepare for the scheme until we communicate otherwise. Work that can be done now and would likely be needed in all scenarios includes:Identifying relevant complaints and agreements.Gathering the data needed to identify commission arrangements and disclosure practices, including where information is held by brokers.Working with claims companies to resolve instances where consumers are represented by more than one party. Cooperating fully and promptly with the Financial Ombudsman Service on any existing complaints that have been referred to it. To help us better understand firms’ approaches, they should still submit implementation plans by 12 May. We recognise they may need to qualify those plans and therefore we will not insist on receiving formal attestations by 12 May. Lenders should speak to their supervisor if they have any concerns.We will be pragmatic and will not require firms to communicate to customers as required by the scheme timetable.We will keep this under review as the Tribunal timetable becomes clearer and engage with lenders and consumer groups on whether any further consumer communications may be appropriate.Where complaints include both elements that fall within the scheme and elements unrelated to motor finance commission, we will consider whether firms should now progress the unrelated elements. Complaints that are entirely outside the scope of the scheme should continue to be progressed in the usual way.

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: kandaproductandservices@frpadivsory.comTelephone: 01273 916666As the regulator of Kanda, the FCA will continue to engage with the Joint Liquidators and take any necessary actions to seek the best outcome for consumers.

Following the publication of financial reporting by PayPal Holdings Inc, we can confirm we are investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anti-competitive conduct linked to thefunding and usage of PayPal’s digital wallet.The FCA has reached no conclusions nor made any findings with regard to competition law having been broken.Notes to editorsThe Competition Act 1998 prohibits agreements, practices and conduct that may damage competition in the UK.The Chapter I prohibition in the Competition Act 1998 prohibits agreements, concerted practices and decisions by associations of undertakings which have as their object or effect the prevention, restriction or distortion of competition within the UK or a part of it and which may affect trade within the UK or a part of it unless they are excluded or exempt.The Chapter II prohibition in the Competition Act 1998 prohibits conduct which amounts to the abuse of a dominant position in a market, and which may affect trade withinthe UK.The powers and processes that the FCA has and follows in relation to the Competition Act 1998 are separate and different from those followed in relation to enforcement of the Financial Services and Markets Act 2000. Further detail on the FCA’s procedures in CA98 cases is available in our CA98 guidance.Competition Act 1998 cases may also be brought by the Competition and Markets Authority.The FCA is currently gathering evidence. The FCA may proceed to issue a statement of objections setting out its provisional view that there has been an infringement of the law. Not all cases result in the FCA issuing a statement of objections. If the FCA ultimately proceeds to issuing a statement of objections, it will provide the addressee(s) of that statement of objections with an opportunity to make written and oral representations, before it makes a final decision on whether the law has been broken.

We are launching a review of the claims management market, following concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and unfair exit fees. Other concerns include consumers being signed up without their consent - without clear, upfront explanations of the implications of signing up or ticking a box, for example on social media adverts - or by multiple representatives, potentially causing confusion and delaying compensation.While the approach to motor finance claims by some CMCs and law firms has put these issues into sharper focus, we are also concerned about the handling of other claims, such as housing disrepair. Last year, we set out areas where firms were not meeting our expectations (PDF), but we and other regulators continue to see poor behaviours. Working in close collaboration with the Solicitors Regulation Authority (SRA) and other regulatory partners, we will use our review and supervisory and enforcement powers to rigorously examine: Whether consumers receive fair value, including competition on price and quality, and whether existing price caps are still fit for purpose, especially where free-to-use redress mechanisms exist.Financial incentives, including fee structures, funding and insurance arrangements, and whether these create conflicts of interest and/or lead to poor conduct and outcomes.Whether the full end-to-end consumer journey, including lead generation, marketing and advertising, delivers good consumer outcomes.Whether different approaches across different regulatory regimes affects firm behaviour and if some firms are failing to secure the appropriate permissions. We will look at practices of firms we regulate, including lead generators, as well as those authorised by others – working with our regulatory partners. We expect full, prompt and open cooperation from all parties we engage in the review. We, with our regulatory and enforcement partners, will take robust action if this is not forthcoming. Where we believe legislative change is needed, we will make recommendations to Government, or relevant bodies, including whether CMCs and law firms should be subject to stronger compensation mechanisms if they cause harm. Alison Walters, director of consumer finance, said:'CMCs and law firms can help consumers secure compensation they are owed. But too often consumers are being let down, eroding trust in firms that should be supporting them and damaging the economy.'This review will give us a clear picture of how the market is working and galvanise the further actions that are needed.' Aileen Armstrong, SRA executive director, strategy, innovation and external affairs, said:'When they work well, claims management services can benefit consumers. But we are concerned about poor practices and behaviours that are not looking after consumers’ best interest. 'We will work closely with the FCA on this important review. This is a cross-sectoral problem that requires joined-up solutions.'We will publish further information on the review by mid-May. We will continue to intervene where we see harm, including through the joint regulatory taskforce set up to tackle the poor handling of motor finance claims. This includes action against misleading advertising and sign-up processes, meritless claims and multiple representation. The taskforce will also look at firms’ financial and operational resilience including, but not limited to, the quality and integrity of accounting and audit practices.More informationThis is the latest measure by the regulators to improve standards in this market. A joint taskforce was announced in March to tackle poor handling of motor finance claims by some claims management companies (CMCs) and law firms. The FCA has removed or amended 800 misleading adverts, in excess of 28,000 consumers have been able to exit contracts free of charge, and 3 CMCs reduced their unreasonable fees protecting over 500,000 consumers. Formal investigations are also under way, with 1 announced by the FCA.The SRA regulates around 9,000 law firms in England and Wales. As of 30 April 2026, it has 109 open investigations relating to 76 firms that manage high-volume consumer claims. It has also closed 7 firms working in this area.Lead generators are firms that identify potential customers ('leads') and pass their details to another business, usually for payment.

Three people have been arrested as part of a crackdown on suspected illegal financial promotions. Two homes in the Chelmsford and Romford areas were searched, as part of an operation led by the FCA and the Eastern Regional Special Operations Unit (ERSOU), a specialist policing unit that tackles serious and organised crime.Adverts from firms that aren't FCA-regulated can be a warning sign of a scam. If something goes wrong, these firms aren't covered by the rules that protect people's money – meaning you could lose it with no way to get it back. If you're thinking of investing or dealing with a firm, use the FCA Firm Checker to confirm it’s authorised.All 3 individuals have been interviewed under caution.The investigation is ongoing, and further updates will be provided in due course.Notes to editorsThe 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.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.Making false or misleading statements is an offence under Section 89 of the Financial Services Act 2012 by providing misleading statements, punishable upon conviction by a fine and/or up to 10 years’ imprisonment.Almost all firms offering financial services in the UK must be authorised by the FCA. Consumers are urged to search our Warning List of unauthorised firms and individuals and remain especially wary of companies operating without permission, as this increases the risk of financial harm.Consumers are encouraged to use the FCA’s firm checker to check whether a firm is authorised before engaging with its financial services.The FCA cannot comment further at this time but will make further announcements when appropriate.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

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 this has been a difficult decision. We appreciate that they have ultimately decided to put a resolution for their customers first, many of whom have been waiting for more than two years for an answer. They have also chosen to provide certainty for investors and to help rebuild trust in the market.However, we have received four legal challenges: one from Consumer Voice (a limited company), represented by Courmacs Legal Ltd; and three from lenders - Volkswagen Financial Services, Mercedes Benz Financial Services, and Crédit Agricole Auto Finance.We respect the right of any party that the Courts decide has standing to challenge the scheme. We also note that none of the claims received are expressly in the name of individual consumers.We will defend the scheme robustly as lawful and the best way to resolve such a widespread, long-running and complex issue.These legal challenges create fresh uncertainty for millions of consumers and for the second-largest consumer credit market, with £39bn borrowed in 2024. We are therefore engaging at pace with lenders and consumer groups to understand the breadth of views as we determine next steps for the scheme, including contingency planning.We will provide further advice to firms next week. Our current advice to consumers remains that the best step, if you have concerns, is to complain directly to your lender.This is free - weexplain how to do it and the contact details for lenders. You do not need to use a law firm or claims management company, which may charge over 30% of anycompensation.

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 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.

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.

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 confidence to innovate and take risk.And how do we do that in a way that supports the UK’s competitiveness and growth?

Asset managers will find it easier to unlock the benefits of fund tokenisation, following the publication of new guidance by the FCA. The guidance sets out how firms can use distributed ledger technology (DLT) within the regulator’s existing rules.New rules will also make fund dealing more efficient, including an optional Direct to Fund (D2F) model. This enables investors to deal directly with the fund, whether traditional or tokenised.Tokenisation is a way of representing an asset, or ownership of an asset, using distributed ledger technology. Tokenisation has the potential to lower costs and open up investment opportunities to a wider audience.The FCA has worked closely with industry to develop this guidance and rules to support innovation and improve efficiency for asset managers.Simon Walls, executive director of markets at the FCA said:'Tokenisation has the potential to play an important role in asset management, and its adoption will be driven by firms and investors. We have focused on delivering what the market has asked for: a clear, practical framework that provides confidence in how fund tokenisation can operate within our rules, both now and into the future.'John Allan, director, innovation and operations unit and director, Engine at the Investment Association, said:'This milestone represents a meaningful advance in the UK’s approach to innovating funds market infrastructure. Working in collaboration with the investment management industry, the FCA has produced detailed guidance that provides confidence around public chain models where the right controls are in place, and the use of digital cash tools for operational needs. Alongside wider work on wholesale digital market infrastructure, this guidance and the increased optionality provided by D2F gives firms a stronger foundation to align innovation ambitions with long term operating choices.'The UK is a leading asset management hub, with around 2,600 firms managing £16.5 trillion of assets for UK and global clients. Supporting growth and innovation in the sector is a core part of the FCA’s strategy.The policy statement also sets out how fund tokenisation could develop over time as part of the FCA’s roadmap for digital assets.Notes to editorsRead the Policy Statement: PS26/7: Progressing fund tokenisation. Read the FCA’s Consultation Paper: CP25/28: Progressing fund tokenisation.In its letter to the Prime Minister, the FCA committed to progress a roadmap for digital assets within asset management to accelerate the adoption of tokenisation and support the growth in the sector. Read more on the FCA’s work on fund tokenisation. The FCA will also be engaging with industry on distributed ledger technology in UK wholesale markets. The FCA enables a fair and thriving financial services market for the good of consumers and the economy.Find out more about the FCA.

We have written to people who complained about how we handled Wellesley & 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.

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 advertisinghavealso been published.Theseaimto remove duplication and outdated requirements where the Consumer Duty already sets clear expectations for firms to support consumer understanding.AlisonWalters, director of consumer financeat the FCA, said:'Clear information advertising credit helps people shop around. But there’s evidence that APRsdonot always allow people to understand thetrue costof credit. To help people navigate their financial lives,we’reasking for views on whetherthere’sa better way.'The Discussion Paper published today, alongside the Consultation Paper on stripping back overly prescriptive requirements, focuses on whether more flexible ways of presenting loan costs could help borrowers make better informed choices.The Discussion and Consultation Paper closes on 17June 2026.Notes to editorsRead the Consultation and Discussion Paper.This discussion paper is supported by two research papers:Abehavioural experimentconducted by the FCA’s behavioural economics teamwith consumers,which examines howdifferent typesof cost-of-credit information affect consumers’ ability to both understand and compare the cost of credit products.PwC’s consumer researchcommissioned by the FCAexamineshow credit consumers engage with information communicated to them across the consumer journey and consumer credit products. The research explores consumers’ understanding of APRs and how consumers use APRs to compare and choosedifferentcredit products.Most of thefinancialpromotionsrulesintheConsumer Credit rule bookpre-date the FCA taking over regulation in 2014, with some going back to 2004.TheConsultation andDiscussionPaperisin response to our commitment in the Feedback Statementon the Consumer Duty rule review (FS25/2) to simplify our requirements on firms, including a review of the advertising rules for consumer credit.

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.

Speech by Sarah Pritchard, FCA deputy chief executive, at the BSA Annual Conference, Edinburgh. As a history lover, it’s thrilling to be in a city like Edinburgh – called a ‘hot-bed of genius’ during the Scottish Enlightenment.What defined the Enlightenment spirit was the refusal to settle, and a determination to make things better for the future.It’s the kind of approach I’m taking to this moment of regulatory reform.Working with others to solve difficult problems, protecting trust and good outcomes, and modernising where we can – so the framework supports growth and innovation.Both now, and in the future.Everyone in this room is well-placed to help shape what comes next.You’ve already laid a strong foundation, bringing diversity, competition and resilience to the financial sector.And helping consumers build their financial confidence, buy their first homes and find community.Now is the time to build on that foundation and create the space to grow.

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.

Open finance has vast potential. It promises to transform financial services for millions of people through firms using customers’ data in bigger and better ways. But to make that promise a reality, we need to look at how it works in practice. How does sharing data solve real problems for people and businesses?That’s the question we want to answer with our Smart Data Accelerator, which enables firms to showcase open finance solutions in a digital testing environment to help shape policy making.Between November 2025 and February 2026, we ran 2 TechSprints. We worked with 17 firms to develop technical prototypes to solve challenges that are integral to people's lives – mortgages and small and medium-sized enterprise (SME) finance. We saw how sharing data can lead to genuine benefits, and what needs to happen to create these opportunities on a larger scale. In mortgages, that means improving consumers’ readiness, helping customers make smarter overpayment decisions, and supporting people’s longer-term financial planning.In SME finance, it means improved cashflow management, and better tools for assessing firms’ growth potential and lending readiness.Open finance is an ecosystemOne message cut through consistently: open finance is going to develop as an ecosystem, not a series of isolated use cases. This means firms don’t create value merely by accessing more data. Rather, true value emerges when trusted data is combined, structured and applied to improve financial decision making for consumers, businesses and the market. Where people might have used separate products to manage their finances, these could now be integrated into a single user journey that helps them better understand their needs and solve real life financial challenges.The TechSprints showed the way forward – firms building end-to-end journeys for different customers and situations using the same core datasets, rather than bespoke one-off use cases.The advantages of reusable dataThe benefits of reusable data packages were clear. Firms combined datasets in different ways to produce more insightful and tailored solutions for their customers. In other words, data becomes the context that helps firms understand their customers better. This in turn enables an integrated and interoperable approach to building products, allowing them to scale faster and more easily. But this can only happen with strong data standards, digital verification and trusted infrastructure. These elements will be the bedrock for AI to deliver smarter, highly personalised benefits.What this means for how open finance developsBecause of this interdependency, developing open finance won’t come down to a single policy intervention or technical change. Its value only truly emerges through the varied interactions between datasets, firms, infrastructure and users.This means the benefits are unlikely to arrive all at once, or evenly across the market. Some use cases might mature faster than others. In other cases, we might only see the real benefits once multiple components are all in place – a combination of data, standards, infrastructure, adoption and trust.The TechSprints confirmed that firms are already moving from early experimentation to integrated solutions based on clear user benefits. They also showed where further work is needed to meet all the conditions for success.Collaboration for the futureThese insights are the foundations of the open finance regulatory roadmap. Next, we’ll host a mortgages and open finance policy sprint in June 2026, bringing together stakeholders to define the regulatory conditions for open finance to improve consumers’ access to mortgages.There’s a clear connection between experimentation, technical insights and policy making. The Smart Data Accelerator builds on this to transform how we design policy and make decisions. The process becomes smarter, faster and more effective.For open finance, the scale of the challenge is matched only by the size of the opportunity. Realising it requires a radical shift in approach, one that brings regulators, industry and innovators together to turn promise into practice.Innovation flourishes when we create the conditions for it. By encouraging experimentation and shared learnings, we’re building the foundations.Our doors are open to new ideas, genuine collaboration and data-led insight. Work with us to accelerate the journey from promise to reality, and to set a new benchmark for how innovation and policy can succeed together.

Our scheme is the quickest, fairest and most efficient way to compensate consumers. It is disappointing that some have decided to challenge it and delay consumers getting their money back, when for many the payouts would be very welcome this year as they face rising household bills. This also prolongs the uncertainty for all involved, which is not good for investment or a healthy motor finance market.We are considering our approach and will set out more later this week.

The FCA is seeking views on proposals to change rules that govern the publication of research during the initial public offering (IPO) process. The FCA is consulting on removing the requirement for a 7-day delay before connected research on an IPO can be published. It also consults on removing rules that require firms to provide independent analysts with the same information as their own research analysts.These rules were introduced in 2018 to encourage the production of unconnected research, but they have not achieved that aim. However, feedback from the market suggests that they have also added complexity, risk and cost to the IPO process, and have put the UK at a competitive disadvantage compared with other international listing venues.Removing these requirements would simplify the IPO process and improve the conditions for listing in the UK. This would support the FCA’s work to strengthen the UK’s capital markets and to support growth and competitiveness.Jon Relleen, director of infrastructure & exchanges, supervision, policy & competition division, said:'Market feedback has been clear that these rules can introduce additional risk, cost and complexity without delivering the intended benefits. We are committed to reducing friction, supporting growth, and ensuring the UK remains a competitive and trusted place for companies to raise capital.'No other rule changes are proposed at this stage. However, the paper includes discussion questions on whether further reform of the 2018 IPO information flow rules may be appropriate.This consultation helps to deliver one of the commitments set out in the FCA’s letter to the Prime Minister in December 2025.The FCA welcomes feedback by 29 May 2026.Notes to editorsCP26/14: Changes to information flows for UK equity IPOs.Find out more information about the FCA.