The High Court today confirmed the appointment of special administrators for Euro Exchange Securities UK Limited (EES). EES did not seek to overturn the court’s initial decision, which saw the firm cease trading with immediate effect last week.EES agreed it is not in the company’s interests to seek to return to normal trading and will work with the appointed special administrators to ensure client money is returned as quickly as possible.Duncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed as joint special administrators, under the Payment and Electronic Money Institution Insolvency Regulations 2021.Since being provisionally appointed last week, they have taken control of the firm, secured a significant amount of material and frozen funds.This is the first of its kind case for the FCA, and it will continue to use its powers to their fullest extent to protect consumers and the integrity of the markets. It did so after lengthy engagement with the firm and because of serious concern with the way EES operated its business, which indicated significant financial crime risk. The FCA acted with partners across government, including the Security Industry Authority, as part of joint strategies to disrupt financial crime.Matthew Long, director, payments and digital assets, FCA said: 'The risk of payment firms being used by criminals to launder cash to fund other offences is significant, which is why they must meet expected standards. Fighting financial crime is at the heart of our strategy – and that means using our powers to their fullest extent to protect consumers and the integrity of the financial system.'Notes to editorsOn 4 June 2026, the FCA required EES to cease carrying out any regulated electronic money or payment services and, on the FCA’s application, interim managers were appointed by the Court over EES.The FCA acted based on serious concerns around the way EES operated its business indicated there were significant risks of financial crime. This includes systemic weaknesses in the firm’s financial crime framework and safeguarding arrangements, alongside its ownership and governance.The special administrators are responsible for managing customer claims against the firm and returning funds to customers where possible.If you have any questions regarding the special administration process, please contact the special administrators directly by emailing EESUKCustomers@teneo.com.

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

Buying a home is different now to even a decade ago.People are living longer, the way they work has changed and, for many, how much they earn can vary month-to-month. People will also carry mortgage debt for longer and use it more flexibly across their lives.That’s why we’re proposing changes to help more people to access a mortgage – including first-time buyers, older borrowers and the self-employed.More flexibility for how people live nowWe want to give mortgage lenders the flexibility to take a rounded view of someone’s finances – so they can offer a mortgage that fits real people’s real lives, not a standard template. This should help unlock access for some people who can afford a mortgage but find it difficult to access one.It could mean people with variable incomes – like the self-employed – can get a mortgage with more flexible repayments.And older homeowners may find it easier to access wealth stored in their home for a more secure and comfortable retirement.Lenders will also be encouraged to assess affordability based on someone’s full and current situation, so they don’t dismiss people because of minor or past credit issues. They’ll also have more flexibility to offer interest-only lending where suitable.This is focusing firms on achieving the right outcomes for people.Addressing the risks head onAs we’ve set about reforming the mortgage market, some have asked if we are letting too much risk into mortgage lending.We’re being upfront: There are trade-offs that come with wider access.More people – particularly those with less certain incomes – being able to borrow inevitably brings with it the risk that they may be less able to deal with unexpected impact on their finances, if facing an issue such as unemployment or ill health. But the longer-term risks – to individuals and society as a whole – of people left unable to get on the housing ladder is, all too often, underpriced. Renting is usually more expensive and can be less secure than owning your own home. While renting into retirement brings its own challenges.Context is key. The market is resilient, thanks to core affordability requirements that will remain vital. Today, 99% of mortgages taken out since 2014 are on track. Arrears are at historically low levels, even with recent interest rate rises.Lenders must still make responsible decisions on who to lend to. Where people do run into trouble, lenders need to support them. And our Consumer Duty continues to raise standards.That’s why we’ve made a conscious choice that now is the right time to carefully rebalance the risks in the mortgage market. The feedback we’ve had so far, and our own research, suggests that any slight increase in risk is manageable, while delivering benefits to more consumers. We know, though, that financial regulation can only do so much. A mortgage market that meets the needs of a diverse range of people who want to own their own home relies on everyone in the system – national and local government, lenders, brokers, developers – working together to deliver it.Have your sayWe want your views. What will our changes mean for you? Are we going far enough and at the right pace?Are we balancing the risks in the right way? We want to hear from you. Consumers can now share their feedback directly with us using our online tool. The consultation is open until 28 July 2026. We want the mortgage market to reflect how people live – today and in the future. Now is the time to shape it.

First-time buyers, older borrowers and the self-employed could find it easier to get a mortgage, as the FCA sets out next steps to help reform the market. Its proposed mortgage rule changes would give lenders more flexibility to consider individual circumstances and develop products that better meet people's needs – while maintaining strong consumer protections.They include:Reducing barriers for lenders to offer flexible repayments for people with variable income, like the self-employed, and lend to those paid in foreign currency.Encouraging lenders to assess affordability based on a person’s full and current situation, rather than automatically excluding people because of minor or past credit history issues.Making it easier for older homeowners to unlock wealth built up in their property by updating affordability guidance for retirement interest-only mortgages.Updating rules on interest-only (or part interest-only) mortgages to give lenders more flexibility, while ensuring most borrowers have a clear plan to repay (unless they’re borrowing a smaller amount).David Geale, executive director for payments and digital finance, said: ‘We’re living longer and how many people work has changed. Our mortgage rules need to keep pace so those who can afford to repay can borrow. Stronger protections mean we can now safely widen access to mortgage borrowing for those that may be underserved.’The proposals are part of the FCA’s ongoing work to help consumers navigate their financial lives and support growth. In December 2025, it set out its plans to drive reforms to the mortgage market to better meet the needs of consumers today.The FCA has raised standards across the mortgage market over time, including through the Consumer Duty. The proposals build on that foundation by rebalancing risk to help more people access mortgages while keeping appropriate safeguards in place, including supporting consumers in understanding their options.As part of gathering feedback on the proposals, the FCA is using an online tool to hear directly from consumers about their experiences of the mortgage market. Alongside feedback from firms and others, this will help make sure consumers’ voices help shape the FCA’s approach.The FCA is encouraging consumers, firms and all interested parties to respond to the consultation and share their views by 28 July 2026.Notes to editorsRead the Consultation Paper, CP26/18: Mortgage Rule Review, Supporting first-time buyers and underserved consumers.The FCA’s 5-year strategy, published in 2025, aims to deepen trust, rebalance risk, support growth and improve lives. As part of this work, the FCA is reviewing mortgage rules to consider how to update its mortgage framework to support consumers in accessing the market.Despite the rise in interest rates and living costs, around 99% of mortgages taken out since 2014, when mortgage standards were tightened, are not in arrears.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 FCAhasstartedcivil proceedings against Mr Neil Woodford andW4.0.The FCAallegesthat Mr Woodford and W4.0 are providing regulated investment advice and making financial promotions through the subscription-based platform, www.w4pz.com, without authorisation.In the FCA’sview, the activitybreachessections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA).The FCA is seekingan injunction against Mr Woodford and W4.0 tostop them carrying on the potentiallyunlawfulactivities.W4.0 is the trading name of W Four Point Zero FZE LLCand is registered in the United Arab Emirates.

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

The FCA has secured a confiscation order of £452,286.80 against convicted fraudster Daniel Pugh. Mr Pugh, 36, is serving a 7 years and 6 months prison sentence for defrauding investors out of £1.3m.Run from his bedroom in Devon, Pugh used Facebook adverts to target investors and promised them wholly unrealistic returns, claiming these would be generated by trading across various markets.Only 19% of the funds collected from investors were traded and the scheme was, in effect, a Ponzi scheme, which was run with another individual.At a hearing at Southwark Crown Court on 5 June 2026, Mr Pugh was ordered to pay £452,286.80. This represents the total value of the assets the court found available for recovery. The funds will be used to compensate the victims of his crimes. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Fighting financial crime is a key priority for the FCA and our message to fraudsters like Pugh is loud and clear. We will do everything in our power to deny them the profits from their crimes.'If Mr Pugh does not pay the confiscation order within 3 months, he faces a default prison sentence of up to 4 years and 9 months.The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes.Notes to editorsDaniel Pugh’s date of birth is 19 April 1990.The FCA has carried out extensive inquiries to identify all victims who are eligible for compensation. The FCA is now making a final call for any remaining victims to come forward. If anyone believes they are a victim of Daniel Pugh’s illegal activities and has not been in contact already, they should please contact the FCA with details of their dealings with Pugh as soon as possible and by 30 June 2026. The FCA is also calling for victims that have already been in touch, and confirmed they have lost money, to reach out to finalise their details.The FCA can be contacted in the following ways:Emailing: OpHainesConsumerContact@fca.org.ukCalling Freephone: 0800 111 6768 or 0300 500 8082Writing to: Financial Conduct Authority, Unauthorised Business Department, Operation Haines Case Team, 12 Endeavour Square, London E20 1JN.Daniel Pugh sentenced to 7 and a half years in prison for £1.3m Ponzi scheme.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. The court also made a Compensation Order under the Sentencing Act 2020 and ordered that all sums paid by the Defendant towards satisfaction of his Confiscation Order are to be paid as compensation to the victims. Consumers are encouraged to use FCA Firm Checker to check if firms are authorised for the investments being offered.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

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

Consumers are being warned to be wary of misleading car finance 'money tips' adverts issued by claims management companies (CMCs) and law firms on social media. As part of the joint regulatory taskforce, the FCA has identified a growing number of adverts that appear to offer independent advice from an individual but are in fact paid promotions from CMCs and law firms encouraging people to sign up for motor finance claims.Consumers should be aware that some adverts:Pose as impartial advice from individuals, without clearly saying they are promoting a business.Misuse logos, imagery or references linked to well-known companies, media outlets or public bodies or figures to falsely suggest their approval or endorsement. The FCA recently banned adverts from a CMC which used edited, unauthorised clips of Martin Lewis, Money Savings Expert, to make misleading claims about average car finance compensation. Fail to make clear that you can make a claim yourself for free.Following action from the FCA, one firm has already agreed to take down all of their adverts. The FCA, working with its regulatory partners, will take further action to stop consumers being duped into signing up without the right information. Firms must remove any content that misleads consumers and prevents them from making informed decisions. Firms are expected to take action to ensure any consumers that were misled into signing up are put back into their original position. This may include unwinding contracts for free.Alison Walters, director of consumer finance at the FCA, said: 'Accessing compensation is free, and people don't need to use a claims management or law firm to get what they’re owed. If they choose to, it should be a genuine and well-informed choice, not one made because of a misleading advert.'Advice for consumersConsumers do not need to use a CMC or a law firm to make a car finance claim – information on how to make a complaint for free is available on the FCA website.If you choose to use a CMC or law firm, you may have to pay a fee of over 30% of any compensation, and you should not sign up to more than one firm, or you may have to pay multiple fees.Poor practice by claims firmsThe FCA and its regulatory partners have serious concerns about how some CMCs and law firms have been operating. Reports of poor practice include:Unwanted texts or emails, driving 6 million complaints to the Information Commissioner’s Office this year. Consumers being misled by adverts or signed up without their knowledge or consent — for example, by clicking a 'free compensation checker' on social media. Firms making it difficult for consumers to exit agreements where they have been misled into signing up, aggressively pursuing fees, charging unfair exit fees, or making exaggerated claims for work already done. Firms failing to keep clients updated, explain their options fully, or make clear that consumers can take a complaint to the relevant Ombudsman for free.Complaining to a CMC or law firmIf you have concerns about how you were signed up, whether you were properly informed and gave consent, how your data was used, the handling of your case, or the fee charged to exit your contract, you should complain directly to the firm. The FCA has created a template letter (DOC) to help.If you signed up and now wish to cancel, you may be asked to pay a fee. That fee must be reasonable and reflect the work done. Most car finance claims are still at an early stage, so any fees you’re asked to pay should match the work carried out so far. Given the widespread poor practice we have seen, you should check very carefully the basis for any fee before paying it.If you think you have been signed up without consent, misled or treated unfairly, you can ask to exit your contract for free and may also be owed compensation by the CMC or law firm. Charges may not be appropriate if CMCs and law firms have not complied with the law in how they have handled your case and your data.If you're unhappy with the firm's response, you can take your complaint to the relevant independent Ombudsman. If the firm is regulated by the FCA, go to the Claims Management Ombudsman. If it is regulated by the Solicitors Regulation Authority, go to the Legal Ombudsman. They can consider your case for free, including whether the fee you are being charged is reasonable and whether you are owed compensation for unfair treatment. We encourage consumers to use these services to ensure they are treated fairly.Notes to editorsA joint taskforce was launched in March to tackle the poor handling of motor finance claims. The FCA also launched a review of the claims management market to look at the root causes of poor practices across the market.As a result of the FCA’s work, over 1,000 misleading adverts have been removed or amended since January 2024, more than 28,000 consumers have been able to exit contracts free of charge, and 3 CMCs reduced their unreasonable fees protecting over 500,000 consumers. 10 CMCs have agreed to make changes to their processes through voluntary requirements (VREQs):4 have agreed not to onboard new clients 2 firms agreed to terms relating to exit fees and 4 firms agreed to terms relating to their advertising The FCA has confirmed 2 enforcement investigations into The Claims Protection Agency Limited and Consultation Claims Limited.

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

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

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

Investment firms could save around £20m a year under new proposals from the FCA to simplify climate reporting for investment products. The FCA estimates it could deliver these savings by replacing detailed product-level reports based on the Task Force on Climate-related Financial Disclosures (TCFD) with simpler, more targeted information for retail investors, in line with the Consumer Duty.The changes aim to give investors clearer insight into how climate risks – such as floods, storms and other extreme weather events – could affect investment performance, while reducing unnecessary costs to firms.Michelle Beck, director of wholesale buy-side at the FCA, said:'As part of being a smarter, more proportionate regulator, we’re cutting complexity in our rules for asset managers, while keeping the focus on clear, useful information for investors.'These proposals will make it easier for firms to communicate with their customers in ways that genuinely inform and engage them.'The proposals follow a review of how the current rules are working. The FCA found that while the rules have improved firms’ awareness of climate risks, product-level reports are often seen as too complex by investors and not widely used.The FCA is seeking views from asset managers, asset owners, trade bodies, and consumer groups to make sure the proposed rules work in practice and support growth.Notes to editorsThe consultation is open until 13 July 2026. The FCA aims to finalise and implement the rule change in the autumn.Read the consultation paper (CP26/17) and see details on how to respond.The FCA estimates the proposals could save firms around £20m a year, based on its analysis which drew from feedback from industry on reporting costs and a voluntary survey of a sample of firms.The proposals form part of the FCA’s wider work to streamline sustainability reporting requirements for asset managers and FCA-regulated asset owners.Under the proposals:Retail investors would receive relevant information on how material climate risks could affect a product’s financial performance.Institutional clients would be able to request key emissions data from firms, but this would no longer need to be published in full reports.The proposals complement the FCA’s Sustainability Disclosure Requirements for asset managers, which aim to help retail investors navigate the market for sustainable investment products and reduce greenwashing.TCFD product reporting was introduced in 2021 as part of the UK’s approach to climate disclosures.

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

The FCA has opened an enforcement investigation into Consultation Claims Limited (CCL) following concerns about its conduct in the period April 2025 to December 2025 in relation to motor finance claims. The FCA is investigating concerns that consumers may have been signed up during the period April 2025 to December 2025 without their consent, with some allegations that signatures have been forged. The FCA is investigating the full customer journey, including how customers were contacted, what they were told during and after sign-up, and the information they were given about exit fees.Announcing the investigation allows consumers who may have unknowingly been signed up or who may have been presented with documents purporting to be signed by them when they have not, to complain to CCL. If those customers are not happy with the firm’s response, they should complain to the Claims Management Ombudsman.The FCA has not reached any conclusions as to what has happened or as to whether CCL has breached any relevant requirements.Notes to editorsThe FCA notified CCL of its intention to announce that it had opened an enforcement investigation on 11 May 2026.If you’ve used a claims management company (CMC) authorised by the FCA, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Claims Management Ombudsman.If you’ve used a law firm regulated by the Solicitors Regulation Authority, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Legal Ombudsman. CCL agreed a Voluntary Requirement (VREQ) with the FCA, effective from 8 December 2025 to 2 March 2026. As part of the VREQ, CCL temporarily stopped taking on new customers and wrote to all of its customers offering them a chance to cancel their arrangements free of charge. After CCL had complied with the FCA’s requirements, including by taking action to prevent the practice of customers being sent contracts which may have included false signatures, the VREQ was removed and the FCA permitted CCL to resume taking on new customers.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, and prevent potential widespread malpractice.A joint taskforce between the FCA, SRA, ICO and ASA was announced on 30 March 2026 to tackle poor handling of motor finance claims by some CMCs and law firms.On 6 May 2026, the FCA announced that it is launching a review of the claims management market. Some of the concerns noted include consumers being signed up without their consent.The FCA has removed or amended over 1,000 misleading motor finance adverts, more than 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 previously announced by the FCA in January 2026.

Football clubs have been warned not to put their fans’ cash at risk by signing sponsorship deals with financial firms that aren't allowed to operate in the UK. According to the FCA, a number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football fans.These unauthorised firms may be breaching UK financial services laws by providing financial services in the UK without authorisation. Fans using these firms risk losing all their money.The FCA has written directly to football clubs, mainly in the Premier League, to warn about their relationships with these firms and remind them of their responsibilities to fans.Lucy Castledine, director of consumer investments at the FCA, said:'Millions of football fans trust their club’s badge. Clubs should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans.'A logo on a shirt means one thing: that firm paid for it. Fans should always check the firm using our Firm Checker tool before buying a financial product and help us show the red card to those that would risk your money.'For fans: what you need to knowIt doesn't matter how prominent the branding is, which club it sponsors or how professional the app looks. If the sponsoring firm provides financial services and is not on the FCA Firm Checker, it is not regulated, and you will likely have no protection if things go wrong.You should check any financial services firm before you use them.For clubs: what the FCA expectsSponsorship deals with unauthorised financial services firms don't just harm fans. They potentially expose clubs to legal liability, money laundering risks and serious reputational damage.The FCA expects every UK football club to conduct proper due diligence on financial services sponsors before signing, and on an ongoing basis. Where the FCA has already identified concerns, it has spoken directly to the club. Where action is needed, the FCA will take it.The FCA is engaging with the Government and external partners like the Premier League and the Independent Football Regulator to tackle this across the sport.Notes to editorsRead the letter to football clubs (PDF).Consumers can check whether a firm is authorised by using the FCA Firm Checker.The FCA regularly publishes warnings about unauthorised firms and scams on our Warning List.In the UK, firms must be authorised by the FCA – or have their adverts approved by an authorised firm – before they can promote financial products or services to consumers.Sports Minister Stephanie Peacock said: 'Sponsorship deals play a vital part in sustaining our football pyramid, but fans deserve to know that the companies associated with their clubs are responsible, accountable and safe to use.'

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

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

In its 19 May 2026 judgment, the High Court approved pro rata distribution to eligible investors of money recovered by the FCA from Argento Wealth Limited (AWL). Eligible investors must act by 1 August 2026. You can receive a share of the money recovered if you:Invested in the AWL Loan Scheme; orInvested in the EMB Scheme and if your investment was arranged by AWL or its sub-distributors.We will make payments to eligible investors, as defined in the court judgment, who provide their bank account details on or before 1 August 2026.If we do not have your bank details by this date, then you will be unable to receive a distribution payment.The same applies if we are not aware of your investment by that date.We will write to eligible investors named in Appendices 1 to 2 of the court order using the contact details we already hold. Appendices 1 to 2 are not being published for privacy reasons.If you have not previously been in contact with us, but you invested in the AWL Loan Scheme or in EMB Fund Limited (via AWL or its sub-distributors) and you think you may be eligible, please contact us as soon as possible, and no later than 1 August 2026.If we have previously contacted you but your details have changed, please also contact us as soon as possible, and no later than 1 August 2026.When contacting us, please include:Your full name.Your current home address and email address.Your home address and email address at the time you made the investment (if different).Details of your investment and the total amount invested.Your bank account details for payment, including account number, sort code and/or IBAN, and the account holder names.Please send this information, preferably by email to: opbloomfieldinvestors@fca.org.ukAlternatively, you can write to: Freepost – RTZE – RHAL – URAJ, Unauthorised Business Department – RE01157, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.More informationRead the High Court’s order for distribution (PDF) (with Appendices 1 to 2 listing investor names omitted for privacy reasons).Read the court’s judgment (PDF).