We have signed a contract with Etrading Software (ETS) to deliver the UK bond consolidated tape. A high-quality tape will provide investors with a comprehensive overview of the bond market and support price formation and liquidity. It will help maintain the UK’s position as a highly competitive and compelling place to invest and grow.ETS has now launched a website that sets out key milestones and provides technical information for data contributors and users. We will continue to support ETS and market participants ahead of the launch of the tape, which ETS plans to take place in June 2026.The High Court lifted a freeze on the contract award in December 2025. This allows us to move forward on delivering the tape while continuing to defend a legal challenge. Further information:We recently provided an update on the contract award.

The FCA has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators. The Review will be led by Sheldon Mills and builds on the FCA’s existing work on AI. This includes its AI Discussion Paper, AI Sprint, and AI Lab including AI Live Testing and its groundbreaking Supercharged Sandbox supported by NVIDIA.AI is already embedded across financial services. Rapid advances in generative, agentic and emerging forms of AI mean the next phase of change could be profound, having the power to reshape markets, change the way firms compete and how consumers use retail financial services.Sheldon Mills said:'AI is already shaping financial services, but its longer-term effects may be more far-reaching. This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond.'By taking a forward-looking view, the review will help the FCA continue to support innovation while promoting the safe and trusted adoption of AI in retail financial services.'The FCA is seeking views on 4 interrelated themes:How AI could evolve in the future, including the development of more autonomous and agentic systems.How these developments could affect markets and firms, including changes to competition and market structure and UK competitiveness.The impact on consumers, including how consumers will be influenced by AI but also influence financial markets through new expectations.How financial regulators may need to evolve to continue ensuring that retail financial markets work well.While wholesale markets and broader societal impacts are out of scope, the Review recognises that developments in these areas may indirectly influence retail financial services and will be considered where relevant. The FCA is also separately doing extensive work on the impact of AI in wholesale markets, in particular through our live testing partnership.Feedback will shape a series of recommendations to be reported to the FCA Board in summer 2026, informing how the FCA can guide and respond to AI-driven transformation. This will culminate in an external publication.The deadline for comments is Tuesday 24 February 2026.Any other contributions can be sent to us at TheMillsReview@fca.org.uk.Notes to editorsThe engagement paper sets out the scope of the review and invites views from stakeholders including firms, consumer groups, tech providers and academics on 4 key themes.The FCA’s approach to artificial intelligence is grounded in its principles-based regulatory framework, including the Consumer Duty. This ensures outcomes-focused regulation that supports innovation while safeguarding consumers.The FCA launched its AI Lab in 2024 to deepen understanding of AI technologies and their implications for financial services. The Lab works with industry, academia, and other regulators to explore responsible AI adoption.This work forms part of the FCA’s wider commitment to leading thinking globally on the responsible adoption of advanced technologies in financial services, and to ensuring that the UK remains a trusted, competitive and resilient financial centre in the age of AI.The FCA does not plan to introduce AI-specific regulation. It will continue to rely on its existing, principles-based regulatory framework while considering how regulators need to evolve as AI becomes more embedded in financial services.Find out more information about the FCA.

On 21 January 2026, Guavapay Limited entered compulsory liquidation. The Official Receiver, an officer of the Insolvency Service, is its liquidator. Guavapay is authorised by the FCA to issue E-money and provide payment services to its customers.On 17 September 2025, Guavapay agreed to a voluntary requirement with the FCA, restricting the activities it can undertake. See details on the Financial Services Register.As liquidator, The Official Receiver is responsible for:Managing customer claims against the firm.Returning funds to customers where possible.Deciding whether an Insolvency Practitioner should be appointed as liquidator to replace the Official Receiver.If an Insolvency Practitioner is appointed to take over as liquidator, we will provide an update accordingly.As the firm continues to be authorised by us, we will engage with the liquidator to seek the best outcome for consumers.

The latest Accelerated Settlement Taskforce (AST) report updates on the significant progress made towards the move to T+1. Read the AST report.Jamie Bell, head of capital markets at the FCA, said:'T+1 marks a major milestone in our drive to support growth and innovation. Faster settlement cycles will reduce risk, free up capital for faster reinvestment and align with other major markets.'We are delighted to see the great progress made last year highlighted in the AST’s report. By the end of this year, we expect market participants to update their systems and processes and be ready to test those changes. A smooth transition to T+1 will be key to maintaining market integrity.'Read more about T+1

We urge consumers thinking of investing in high-risk securities, such as mini-bonds and loan notes, to continue to be cautious. On 19 January 2026, the Public Offers and Admissions to Trading regime came into force. The regime sets new rules and standards about when an offer of securities to the public can be made.A security is a financial instrument that represents some type of financial value (for example, shares, bonds and stock) that can be traded on a financial exchange.The types of securities within scope of this regime include transferable securities (such as shares on a stock exchange) as well as non-transferable debt securities (including mini-bonds and loan notes).

We are seeking views on further rules for cryptoasset firms as the final step in our consultations on our crypto rules. We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.We have set out our proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms. We are also seeking feedback on our proposed approach to international cryptoasset firms.These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. The Consumer Duty sets appropriate standards for crypto firms by ensuring they deliver good outcomes for customers while supporting them to navigate their financial lives. At the same time, risks remain, and we want a market where innovation can thrive, but where people understand the risks. But regulation can’t – and shouldn’t try – to get rid of all risk. We want those interested in investing in crypto to understand that risk.This consultation follows a package of proposals set out in December on how we intend to apply a similar approach to cryptoassets as we do in traditional finance, with clear information for consumers, proportionate requirements for firms and flexibility to support innovation. While we continue to develop our cryptoasset regime at pace following the publication of draft legislation by the Government, people should remember crypto is currently largely unregulated – except for financial promotions and financial crime purposes. We're consulting on:Consumer Duty – how the Duty will apply to cryptoasset firms, supported by additional non-Handbook guidance, so firms deliver good outcomes for retail customers.Redress and Dispute Resolution (DISP) – our approach to complaints handling and redress, ensuring consumers have clear routes to resolve issues.Conduct of Business Standards (COBS) – applying key conduct rules to cryptoasset activities, so firms act fairly and transparently.Credit for crypto purchases – rules on using credit to buy cryptoassets, to reduce risks of harm from borrowing to invest.Training and competence – standards for staff knowledge and skills, so firms have competent people managing crypto services.Senior Managers and Certification Regime (SM&CR) – our approach to categorising cryptoasset firms under the Senior Managers and Certification Regime.Regulatory reporting (SUP 16) – requirements for firms to report data to us, so we can monitor risks and supervise effectively.Cryptoasset safeguarding – applying safeguarding rules to firms conducting multiple regulated cryptoasset activities, and our proposed approach to custody of specified investment cryptoassets.Retail collateral treatment in cryptoasset borrowing – how retail consumers’ collateral should be treated when they borrow cryptoassets, to protect their interests.Location policy guidance – clarifying our expectations on where cryptoasset firms should be based, to ensure effective oversight.

Speech by Sheree Howard at the FCA's Gateway to growth, Chicago Booth London Conference Centre. The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business.It is amazing, therefore, to think that right around this time in 1970, the first jumbo jet with fare-paying passengers landed at Heathrow.That flight unlocked global travel to and from the UK on a new scale – and turned Heathrow into a gateway to the world for the majority.But with this expansion came a new issue. Airport security – the gateway into the country itself – had to be reimagined. It needed to keep pace and process passengers on a larger scale and at speed without sacrificing safety.At the FCA, we are in the same business, in a way. We protect consumers and ensure the integrity of the UK’s financial market.And our gateway is the airport security and passport control of financial services.High standards are non-negotiable.Market participants demand them, just like we do as passengers, and they will stay away if it is not there.But our gateway must not be a barrier to growth.We know that a thriving, competitive financial services market is the bedrock of a growing economy. Especially ours here in the UK.So, I wanted to start by emphasising that we are open for business, and welcome new applications - including those from overseas.We are here to support firms – and those who advise them – as they embark on their journey to authorisation.Much like airport security, the FCA gateway is evolving to meet today’s challenges: innovative business models, international competitiveness and new technology.We are working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration.And, while I know that some in the room may have experienced lengthy assessments in the past, we are moving more quickly.

We have issued a joint statement with the Payment Systems Regulator (PSR) giving clarity on open banking pricing models. We and the PSR have issued the following statement (PDF).This confirms we will not, at this stage, prioritise a Competition Act 1998 (CA98) investigation into the centralised ‘access fee’ pricing model being developed by the UK Payments Initiative (UKPI) for commercial Variable Recurring Payments (cVRPs). cVRPs are an emerging open banking technology that allow consumers to give trusted third parties secure, recurring access to manage payments on their behalf. They have the potential to offer consumers and businesses control and convenience, while enabling lower-cost, more flexible payment options for businesses.After engaging with the funders of the UKPI, we and the PSR worked at pace to clarify our enforcement position on the UKPI’s proposal for a commercial model and consulted with the CMA about our planned non-prioritisation statement given concurrency arrangements. The statement will give UKPI certainty to continue developing its cVRP product – including for certain regulated financial services, utilities and public sector payments – without delay. This supports our strategy to make cVRPs a reality, giving people more control over their payments and lower processing fees for businesses. On 15 January 2026, we and the PSR wrote to the CMA (PDF) to set out our position. On 16 January 2026, the CMA confirmed to us and the PSR that, based on the information available to it, it does not intend to take a different position on CA98 prioritisation to that of us and the PSR. The CMA is keen to ensure that businesses are not deterred from collaborating in ways that may be beneficial to consumers or the wider economy because of uncertainty about how competition law applies. Bridge to a long-term frameworkThis is a temporary measure ahead of the government’s anticipated legislative framework, expected by the end of 2026. It applies until that framework is in place or until July 2027, whichever comes first.During this period, we and the PSR will continue to:Monitor market developmentsReview any changes to the pricing methodology.Expect UKPI to submit its finalised governance documents. All 3 competition authorities – the FCA, PSR and CMA – may revise their prioritisation approach if new information emerges or if the expected legislative framework is not implemented by July 2027.

We have opened applications for the second cohort of our AI Live Testing service. AI Live Testing is the first of its kind in the financial sector to help firms who are ready to use AI in UK financial markets. Participating firms receive tailored support from our regulatory team and our technical partner Advai to develop, assess and deploy safe and responsible AI.The service helps firms to consider key questions around evaluating AI including governance, risk management and monitoring to help ensure that AI is deployed safely and responsibly for consumers and markets.Working with us through AI Live Testing also helps us better understand how AI could shape UK financial markets and inform our future approach to the technology.AI Live Testing complements our Supercharged Sandbox which helps firms who are in the discovery and experimentation phase with AI.How to apply Please complete an application form by 2 March 2026. We’ll notify successful firms by mid-March. Testing starts from April 2026. Download our Terms of Referencee (PDF) for more details.If you have any questions about AI Live Testing, please contact us at: AILiveTesting@fca.org.uk.

The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal. The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal.Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm.Mr Reynolds showed a clear disregard for his customers’ interests. He encouraged British Steel Pension Scheme members to transfer out of their defined benefit pension scheme, despite knowing that the advice was wholly unsuitable. He also advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and falsifying documents.Mr Reynolds’ misconduct exposed hundreds of people to serious financial loss. Over £17.6m has been paid in compensation to more than 470 affected customers, many of whom suffered losses in excess of statutory compensation limits.In addition, Mr Reynolds let 2 unapproved people give pension advice, putting customers at risk. When confronted with his misconduct he lied to regulators, allowed important evidence to be destroyed, and moved his family home into a trust to avoid paying his debts.Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA, said:'Mr Reynolds’ misconduct was the worst we saw out of all the British Steel Pension Scheme cases, and he caused untold damage to his clients. He acted in a way that was corrupt and dishonest, putting his own profits before people’s pensions and acting without integrity as he tried to cover his tracks. 'He has spent many years trying to evade responsibility for his actions. The Tribunal’s full endorsement of our findings now brings those efforts to avoid accountability to an end. We will pursue recovery of the penalty to the fullest possible extent and will not hesitate to bankrupt him if necessary. We will ensure that he does not retain a single penny of his corrupt profits.'The Tribunal noted that 'Mr Reynolds is clearly guilty of dreadful misconduct over a protracted period, which had very serious adverse impacts on a large number of retail customers. He is, as the Authority alleged, a corrupt and dishonest man lacking integrity.'Notes to editorsUpper Tribunal judgement (PDF)Final Notice 2026: Darren Antony Reynolds (PDF).Decision Notice 2023: Darren Antony Reynolds (PDF)In addition to the FCA’s enforcement action, Mr Reynolds was disqualified in May 2021 from acting as a company director for 13 years following an investigation by the Insolvency Service.A Defined Benefit (DB) pension is a valuable investment with advantages that cannot be replicated by other investments. Strong reasons are required for it to be suitable for a person to exit a DB pension scheme in favour of another investment.The Tribunal agreed with the FCA’s calculation of the financial penalty which reflects the seriousness of the misconduct and includes an uplift for the aggravating factors. No settlement discount was applied.British Steel Pension Scheme – our approach to enforcement.Information for customers wishing to make a complaint to the FSCS.Find out more information about the FCA.

On 16 January 2026, Logic Investments Ltd (Logic Investments) entered special administration. Alex Watkins and Ed Boyle of Interpath Ltd were appointed as joint special administrators. Logic Investments is FCA authorised and regulated to provide wealth management services. On 16 December 2025, Logic Investments agreed to an FCA requirement preventing it from accepting new clients, client money or assets; or moving existing client money or assets without FCA consent. This was done because of concerns over the firm’s financial position, and with the aim of protecting clients. The firm’s directors have concluded the firm is insolvent and applied to the court to place Logic Investments into special administration.The joint special administrators will: Manage client claims against the firm.Return client money and custody assets funds to clients, where possible. As the firm is still regulated by the FCA, we will work with the joint special administrators to seek the best outcome for clients.

On 19 December 2025 the High Court approved the FCA’s proposals to distribute funds to Asset Land investors. The Court has directed the FCA to pay funds to investors in the Asset Land schemes who provide valid bank account details to the FCA on or before 20 February 2026.Investors who have not received previous communications from the FCA or who have not updated their contact information are requested to immediately contact the FCA using the details below.Please ensure this is completed no later than 4pm on 30 January 2026 and include the following information:Full name.Current residential and email addresses.Residential and email addresses at the time the investment was made (if different from your current residential and email addresses).The name(s) of the site(s) and number of plots in which the investment was made, and the total amount invested.You should provide the above information, preferably by email to the following email address: AssetLand.Investors@fca.org.ukAlternatively, you can write to:Freepost RTZE–RHAL–URAJUnauthorised Business DepartmentAsset Land DistributionFinancial Conduct Authority12 Endeavour SquareLondon E20 1JN

The FCA has fined Russel Gerrity £309,843 for using inside information to net himself £128,765. As a consultant, Mr Gerrity had access to information about whether oil and gas had been discovered during the drilling of wells. Between October 2018 and January 2022, he took advantage of this and used inside information to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price. On another occasion, he used inside information to avoid a loss. He sold shares that he already owned ahead of an announcement that no oil or gas had been found, which then resulted in a price fall. The FCA was initially notified of some of Mr Gerrity’s trading through Suspicious Transaction and Order Reports (STORs) submitted by a firm, showing the vital role of industry in uncovering market abuse. During its subsequent investigation, the FCA’s systems detected further suspicious trades placed by Mr Gerrity, over multiple accounts with different brokers, while he was based outside of the UK. Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Mr Gerrity abused his position to line his own pockets. We will take action against those who damage the integrity of our markets, and seek to recover any ill-gotten gains.’Notes to editorsFinal Notice 2025: Russel Gerrity (PDF).Mr Gerrity engaged in insider dealing in breach of Article 14(a) of the UK Market Abuse Regulations. Mr Gerrity agreed to solve this matter and qualified for a 30% (stage 1) discount under the FCA’s settlement procedures. Were it not for this discount, the FCA would have imposed a financial penalty of £387,448.Tackling financial crime is a priority under the FCA's 5-year strategy.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

The FCA, Bank of England and Prudential Regulation Authority have together signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to enhance cooperation and oversight of critical third parties (CTPs) that fall under the UK’s CTP regime.The MoU establishes a framework for coordinating and sharing information on the oversight of CTPs under the UK regime and critical third party providers (CTPPs) under the EU’s Digital Operational Resilience Act (DORA), including during incidents such as power outages or cyber-attacks.The MoU aims to manage potential risks to financial stability and market confidence, as well as strengthen international cooperation. It will also help reduce duplication and regulatory burden on CTPs and CTPPs.The UK’s CTP regime complements similar international standards and is designed to be compatible with DORA. The agreement demonstrates UK regulators’ commitment to cross-border cooperation and strengthening operational resilience to support growth and promote market stability.BackgroundIn 2024, UK regulators introduced new rules to bolster the resilience of critical third parties providing key services to the financial sector.These rules came into effect on 1 January 2025 and apply once a CTP is designated by the Treasury.The Treasury is responsible for deciding which third party service providers should fall under the new CTP regime. The rules will require designated CTPs to provide regular assurance, undertake resilience testing and report major incidents.The designation process has begun and the regulators will continue to work with the Treasury throughout the designation process.The regime does not reduce the responsibility of financial firms and Financial Market Infrastructures (FMIs) to manage their own operational resilience and third-party risks in line with existing outsourcing rules.

We reviewed how firms sell complex exchange traded products (ETPs) to retail consumers. Complex ETPs are a subset of the wider ETP market and include high-risk investment strategies that can be difficult for retail consumers to understand.We assessed how firms of different sizes and business models evaluate these products, communicate key risks and monitor outcomes under the Consumer Duty.Given the complexity and risk profile of ETPs, it is essential firms make sure investors have the knowledge they need to make informed investment decisions.We found some firms demonstrated detailed processes for:Defining target markets.Assessing customer knowledge.Monitoring outcomes.Others had weaker controls or limited assessments of a customer’s investment experience and knowledge. We also saw unclear disclosures, making it harder for consumers to understand risks.We want firms to put consumers first by making sure products and services meet their needs, and communications are clear to support understanding.What firms should doFirms should review their processes and make sure they are meeting the Consumer Duty requirements. This includes addressing gaps in appropriateness checks and clearly communicating risks to retail investors.The review supports our broader work to protect consumers and enable a fair and thriving investment culture in the UK.More informationETPs include a wide range of products, from more vanilla investments to high-risk offerings. For example, crypto exchange traded notes (cETNs), which are high-risk investments linked to cryptoassets, are a type of ETP.Complex ETPs are high-risk investments that make up a small subset of the wider ETP market. They include products with leveraged and inverse strategies.Complex ETPs contain unique features that can be difficult for retail consumers to understand, such as the potential impact of holding them longer than recommended holding periods.It will also be helpful for firms to understand our latest Policy Statement (PS25/22) and Discussion Paper (DP25/3), which aims to help firms make investments easier to understand and access.

The FCA has secured a confiscation order of £265,523.96 against Andrew Currie. Mr Currie was convicted in 2023 and sentenced to 2 years 6 months imprisonment for defrauding investors through the collapsed peer-to-peer lending platform Collateral (UK) Ltd.He diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain.At a hearing at Southwark Crown Court on 9 January 2026, Mr Currie was ordered to pay £265,523.96. This amount represents the total value of assets the court determined were still available to be recovered. The funds will be redistributed to the victims of his crimes.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Mr Currie sought to profit by defrauding unwitting investors. Today’s decision is a clear warning to fraudsters and scam artists that we will pursue them and ensure they don’t benefit from their criminal activity.'If Mr Currie does not pay the confiscation order within 3 months, he faces a default prison sentence of up to 3 years.The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes.Notes to editorsMr Andrew Currie (29/07/1965) is from Dumfries, but currently resides in Lancashire.On 14 July 2023, he was sentenced to 2 years 6 months imprisonment for fraud by abuse of position and 2 years 6 months for money laundering contrary to s.327 of the Proceeds of Crime Act 2002.Read the original sentencing press release: Andrew and Peter Currie sentenced to a combined 8 years for fleecing consumers through Collateral P2P platform.Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower.Defendants are required to pay back the amount they benefited, but this is always limited to their means. Payment of compensation to victims is a matter for the court and can only be paid after a defendant has made payment towards their confiscation / compensation order.The confiscation proceedings for Peter Currie were concluded in November 2024 and an order made in the sum of £5,000.Find out more information about the FCA.

Pension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to better schemes or driving improvements.The proposals aim to make it clearer how pensions perform, what they cost and the quality of service. So that people can get good value, and so that poor performing schemes are pushed to improve. Over 16 million workers have defined contribution (DC) pensions. Value for money makes a real difference for pension savers: over 5 years, a £10,000 pot could grow to £10,400 in a poor scheme or £15,100 in a high-performing one - 46% more.The proposals focus on long-term value and build on feedback from last year’s consultation, with new measures showing what returns and risks savers can expect over the next ten years. This latest consultation is for decision makers across the DC market, including trustees.Value for money assessments will be shown in a colour rating, with dark green for strong performance, light green for good value, amber for improvement, and red for poor value-making comparisons clear and easy.FCA deputy chief executive, Sarah Pritchard, said:'Good value isn’t just about low costs – it’s about strong performance, good service, and transparency. We want to see a focus on value. By working with government and The Pensions Regulator, we will help secure better returns for pension savers.'TPR chief executive, Nausicaa Delfas, said:'Millions of people rely on pension income to support them through later life. We have to make sure they get value for their money. This framework will empower decision-makers to either improve their scheme or consolidate out of the market. We want to hear the views of trustees to make sure we get this right and help transform pension saving for millions.'Minister for Pensions, Torsten Bell, said:'It is simply too difficult for people to know whether their pension savings are working for them. That's not right when we're talking about something as important as people's security in retirement.'These proposals change that. Pension schemes' performance will be public with a simple rating system. In future, savers will know if they are getting a good return or not. 'This is about being straight with people and making sure people’s savings work as hard as they did to earn them.'The framework also sets out:Stronger governance with clear expectations for trustees and providers.Clear steps to take when schemes are not giving members good value, including closing them to new business and moving members to better-performing schemes.These joint proposals are open for comment until 8 March 2025. Final rules will only be confirmed once responses have been considered and are subject to the Pension Schemes Bill receiving Royal Assent.Notes to editorsRead the Consultation Paper (PDF).TPR has a landing page for trustees which provides an introduction to the Consultation. See previous work from the FCA, DWP and TPR on Value for Money.The FCA regulates contract-based pensions, which involve a contract between an individual and the pension provider. TPR regulates trust-based pension schemes, which have a board of trustees overseeing the scheme.The UK government's Pension Schemes Bill 2025 is currently progressing through Parliament and includes the legislative powers to mandate a Value for Money (VFM) framework for trust-based schemes. FCA rules will introduce the framework for contract - based schemes. Timing of the framework is therefore subject to legislative agreement.The framework is one of a number of joint initiatives to deliver better outcomes for pension savers including Targeted Support and the Pensions Dashboard.The Consultation Paper is aimed at pension providers and aligns with the wider FCA objectives, including the Consumer Duty and competition.

This page contains information about fines published during 2026. The total amount of fines so far is £371,700. Firm or individual finedDateAmountReasonRichard Adam07/01/2026£232,800The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.Zafar Khan07/01/2026£138,900The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision.As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'Those in positions of responsibility have a duty to keep the market accurately and adequately informed. With Carillion, we have seen the serious impact it can have when they don’t. The action taken against Mr Adam and Mr Khan demonstrates our commitment to preventing market abuse and upholding the standards we expect.’Notes to editorsRichard Adam Final Notice (PDF).Zafar Khan Final Notice (PDF).Carillion plc (in liquidation) Decision Notice (PDF).Mr Adam was finance director of Carillion from April 2007 to 31 December 2016. He received an initial Decision Notice (PDF) dated 24 June 2022.Mr Khan was finance director of Carillion from 1 January 2017 to September 2017. He received an initial Decision Notice (PDF) dated 24 June 2022.The FCA has imposed the financial penalties on Mr Adam and Mr Khan for being 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.The findings in Mr Adam and Mr Khan’s Final Notices are those of the FCA and are not the subject of any judicial finding. Carillion’s former chief executive officer Mr Richard Howson received a Decision Notice (PDF) in respect of related findings, many of which are disputed by him. Mr Howson made a statutory reference to the Upper Tribunal and the hearing of his reference is scheduled to start on 16 February 2026.

The FCA has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were told they could make a claim for free, and whether they were pressurised to sign up.Announcing the investigation allows TCPA customers to consider their options.The FCA has not reached any conclusions on whether TCPA breached any regulatory requirements.Notes to editorsThe FCA notified TCPA of its intention to announce that it had opened an enforcement investigation on 1 September 2025. The firm applied to judicially review the FCA's decision to announce the investigation on 8 September 2025. The High Court dismissed the firm’s application on 23 October 2025, and the firm was refused permission to appeal by the Court of Appeal on 19 December 2025. The High Court’s judgment was released in two parts on 23 October 2025 and 2 January 2026.Customers signed up with claims managers who have concerns or issues can make a complaint to the firm. If they’re not happy with the response, they can make a complaint to the Claims Management Ombudsman or Legal Ombudsman if they are signed up with a law firm. Customers wishing to cancel an agreement with a claims manager or law firm should check whether they have the right to do so under their contract and for any potential exit fees.TCPA has used/uses a number of trading names, including: My Claim Group, Martin’s Tips, Karen’s Claims, Express PCP, and The PCP Guys.TCPA advertises for motor finance claims and refers potential claimants to law firms for representation services.TCPA applied to the FCA for a Voluntary Requirements Application (VREQ), effective from 12 August 2025. As part of the VREQ, TCPA was required to stop onboarding new customers, stop publishing new financial promotions and withdraw all existing financial promotions.The FCA's enforcement guide sets out its policy on publicising investigations, stating that “the FCA will not normally make public the fact that it is or is not investigating…” but may do so in exceptional circumstances.The FCA considers that the exceptional circumstances test has been met in relation to this announcement, as it is desirable to maintain public confidence in the UK financial system or the market, protect consumers or investors, prevent widespread malpractice, and maintain the smooth operation of the market.In July 2025, the FCA issued a joint statement with the Solicitors Regulation Authority and sent a letter to claims management companies (CMCs) setting out some concerns.The FCA's increased proactive monitoring has led to the removal or amendment of more than 740 misleading adverts by FCA regulated CMCs since January 2024.In October 2025, the FCA published its consultation paper on a proposed motor finance consumer redress scheme (CP25/27) for motor finance customers who were treated unfairly. The consultation closed on 12 December 2025: CP25/27: webpage. The FCA expects to publish final rules in either February or March 2026.