Contracts for Difference (CFD) providers have been warned by the FCA to provide fair value, after its review found some firms had not risen to the Consumer Duty. Introduced in July 2023, the duty set a higher standard for consumer protection in financial services.Some good practice was in evidence, including firms simplifying fee structures and stopping investors who might not be able to shoulder losses from buying CFDs in the first place. However, the FCA’s review found room for improvement, including where firms were:not adequately considering consumer complaints or customer satisfaction as part of their fair value assessmentsmaking little or no changes to their products or services in response to the Consumer Dutyapplying varying levels of overnight funding charges without providing clear justification – the potentially significant charges often were not adequately disclosedcharging overnight funding separately on matched long and short positions, incurring potentially significant ongoing charges with little benefit for the consumerWhere necessary, the FCA will engage directly with firms included in this review to drive improvements. The regulator will also consider further work to address the issues identified. The FCA will act against any firms and individuals that fail to meet required standards.Mark Francis, director of sell-side markets at the FCA, said:'The Consumer Duty raises the bar for consumer protection across financial services and CFD providers must meet those standards. CFDs are complex, risky products and it is vital that providers act to deliver good outcomes for customers, communicate clearly and provide fair value. It is also important that consumers shop around and ensure they fully understand the investment and its costs.'The FCA’s review of CFD providers assessed how a range of large and small firms delivered fair value, including how costs and charges were disclosed.Notes to editorsRead our multi-firm review of contracts for difference providers’ provision of price and value.CFDs are a way to bet on the price of a share or asset moving up or down without owning it. Under the Consumer Duty, CFD firms must ensure the price a consumer pays is reasonable compared to the overall benefits they can reasonably expect to receive.CFDs are complex financial products used to speculate on the movement in prices on a wide range of assets. As a result, they carry a considerable risk of substantial losses.In 2019, the FCA placed restrictions on the sale of CFDs to retail customers.In 2024, the FCA published good and poor practice insight considering price and fair value under the Consumer Duty.The FCA recently issued a warning to investors in CFDs against giving up vital consumer protections.In the coming weeks, the FCA will launch a consultation around client categorisation to ensure the right protections apply for the consumers who need them and create more freedom for those professional investors who don't.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 is strengthening its international footprint with a strategic partnership on artificial intelligence (AI) with the Monetary Authority of Singapore (MAS) and will establish a new presence in the country. Announced at the Singapore Fintech Festival, the new partnership will support safe and responsible AI innovation. This will enable innovative firms in the UK and Singapore to scale and operate across markets more effectively.For the first time, the FCA will also establish a presence in Singapore with the appointment of an FCA Financial Services Attaché based at the British High Commission. This forms part of a wider plan to establish a presence other priority markets next year.Jessica Rusu, chief data, information and intelligence officer at the FCA, said:'Through our partnership with the Monetary Authority of Singapore, we'll be championing safe and responsible AI innovation across UK and Singapore markets. I’m looking forward to seeing how it enables firms in both countries to grow through collaboration, gauge new cross-border opportunities, and shape the future of responsible AI innovation in finance.'Our appointment to Singapore helps us expand our network of financial services attachés around the world, strengthen our regulatory relationship with MAS and promote the UK as a global hub for financial services.'A key element of the partnership will be the joint testing of AI solutions, exchange of regulatory insights, and collaborative events to spotlight best-in-class approaches.These steps reinforce the FCA’s commitment to supporting economic growth. Strengthening ties will help build global regulatory relationships and attract inward investment to the UK.Notes to editorsInnovative firms interested in participating in future FCA-MAS AI Spotlight events are invited to apply via the AI Spotlight programme. As part of the application, firms should highlight their relevance to the FCA-MAS AI Partnership, including how their AI solution supports safe and responsible innovation across UK and Singapore markets.In April 2025, the FCA announced the appointment of an Asia-Pacific Director, Camille Blackburn, who is based in Australia to help establish a presence in the region. Tash Miah was also appointed at the British Embassy in Washington, DC. to advance UK-US financial services policy and regulatory cooperation.To support international investment, the FCA is a key delivery partner for the Government’s new Office for Investment: Financial Services.Read about our wider collaboration with MAS on Project Guardian.

Speech by Alicia Kedzierski, head of department, sustainable finance division, at the Loan Market Association's Sustainable Finance Conference. IntroductionThank you for inviting the FCA to speak at this conference. It is a delight to see so many people, and I think this demonstrates that sustainability has not taken a back seat and is still an important part of your strategies. Both in terms of developing resilience to climate risks, as well as capitalising on opportunities.Today I would like to reflect on raising standards in sustainable lending. What I have seen as a regulator gives me hope that there is plenty of opportunity for both innovation and growth in sustainable finance.

Speech by Nikhil Rathi, FCA chief executive at the L&G Mortgage Club's 30th Anniversary Conference. IntroductionIt’s a pleasure to be here celebrating the Mortgage Club’s 30th anniversary. In truth, I came here today with a little trepidation.Not because I might have had to go through a rigorous affordability assessment just to get through the door!But rather because it is fair to say that, as we started our Mortgage Rule Review this year, some reforms have not been met with universal approval among brokers.This is, after all, a market which is serving millions of customers well.Lenders and brokers rose to the challenge through the pandemic, rising costs of living, and rapid increases in interest rates.Arrears and repossessions remain historically low.Thousands of consumers receive mortgage advice daily.Despite elevated housing prices, first time buyer numbers have held up.With over 7,000 products on the market – a near record – the market looks healthy. Sustainable.But our Review is not solely focussed on the current market.We want to enable the mortgage market of the future – one that adapts to fast changing technology, employment and demographic shifts, and consumer preference, need and expectations, particularly in their later years.A market that supports the financial wellbeing of millions throughout their lives, with more people accessing sustainable homeownership.Our response must be bold.Focussed on outcomes, not orthodoxy.So we have asked - who is locked out of homeownership, why and for how long?What does this mean for those households and their financial resilience?Do we need to reevaluate the trade-offs of, at least partial homeownership, against the alternative of renting into retirement, and the additional pension saving it requires?Can some of the nation’s £9 trillion of housing wealth be unlocked more effectively, and put to more productive use, particularly to sustain living standards in later life?What can we learn from others around the world who have tried new ideas?We need to begin answering those questions today – to deliver the market of tomorrow.

Our review of certain types of credit builder products found little evidence that they are effective for most consumers. We want consumers to be able to make informed decisions so that they can navigate their financial lives.That’s why we carried out work to understand how some credit builder products operate and have been working with firms and credit reference agencies (CRAs) to drive improvements in the market.Here we explain the work we’ve done, and where consumers can access useful information on improving credit profiles, such as via MoneyHelper.

The Payments Vision Delivery Committee has published its strategy for the next generation of UK retail payments infrastructure. Read the Strategy on GOV.UK.The committee comprises the:TreasuryBank of EnglandFinancial Conduct AuthorityPayment Systems Regulator This is an important step in delivering the government’s National Payments Vision and its ambitions for the UK payments sector to better serve people and businesses while supporting economic growth.The strategy is anchored around 5 strategic outcomes that build on innovation, competition and security and its delivery will benefit consumers and businesses that rely on this vital infrastructure. Expanding payment choices, promoting inclusion, combating financial crime and ensuring resilience will help the UK to deliver a world-class payments experience.This will be followed by the Payments Forward Plan, which will be a sequenced plan of future payments initiatives.

We're welcoming applications for positions on 3 of our statutory panels. The FCA has 6 panels which play a vital role in our decision-making process. They provide us with independent advice and challenge, bringing a depth of experience and expertise to our work and identifying costs, benefits, and risks to markets, firms and consumers.We’re looking for experienced professionals who can help shape our work and bring valuable insight from across the financial services sector.

Speech by Sarah Pritchard, deputy chief executive, at the launch of the Chief Risk Officer Network. In March, we launched a new 5-year strategy. We want to deepen trust, rebalance risk, support growth and improve lives.It has 4 key priorities: we want to be a smarter regulator, support growth, fight financial crime and help consumers navigate their financial lives. That’s down from the 13 we had in our previous strategy – a prime example of how we’re reducing red tape.The strategy puts growth at the heart of what we do. It's mentioned 30 times in a 22-page document. Innovation, a driver of growth, is mentioned 15 times. That's deliberate.Although it’s at the heart of our new strategy, growth has always been part of our work as a regulator. Our job – in legislation – is to make sure that markets work well. A fair and thriving financial services sector that delivers for the good of consumers and the economy does just that.

We’ve moved at pace since the Supreme Court judgment in August 2025, which, along with a previous High Court judgment, confirmed that motor finance lenders have liabilities to their customers. On 7 October 2025 we began consulting on an industry-wide compensation scheme as the most efficient way to address the liabilities for those motor finance customers treated unfairly between 2007 and 2024 and to provide certainty for all affected.We’ve been undertaking extensive engagement with consumer groups, lenders, investors, motor manufacturers, trade bodies and professional representatives. We’re grateful for the feedback already received and the speed with which many parties are working to engage constructively with us. As well as feedback on the methodology for calculating redress, issues raised so far include the time period for the scheme; the rate of compensatory interest; how independent mechanisms will ensure confidence (including the role of the Financial Ombudsman Service and ideas for alternative approaches); how smaller firms or those with a low number of agreements eligible for redress can operate the scheme in a cost-effective way; how to prevent fraud; and what the relationship between motor manufacturers and their captive lenders means for commercial ties, particularly in relation to lending for the purchase of new cars.It's important we receive as much evidence as possible on specific concerns through the consultation as well as alternative suggestions if respondents don’t agree with our proposals. We’ll consider all the evidence and ideas received before taking final decisions.We’ve been transparent throughout. For example, 11 lenders, which were part of our investigation into the historic use of discretionary commission arrangements have had data since 16 August 2024 that showed their disclosure rates.At the same time, we’ve heard feedback - from lenders and some consumer and dealer representatives - that analysis of the extensive market wide data will take time, as will ensuring everything is in place so any scheme runs smoothly.We’re therefore extending the consultation deadline until 5pm on 12 December. We continue to welcome and encourage responses before then, including on those consultation questions that may take respondents less time to answer.In parallel, we’ll continue our extensive engagement with a wide range of stakeholders, including once the consultation has closed.We still expect to publish final rules in early 2026. That will now be either February or March.Some complaints have been paused since January 2024. We have been consulting on extending this pause beyond 4 December. That consultation is now closed and we’re considering responses.We are clear, however, that complaints cannot be paused indefinitely. It is therefore important, in particular for lenders, to maintain the pace so we can draw a line under this issue and bring certainty to their customers, the market and investors. This will ensure a trusted motor finance sector can continue to serve millions of families every year.Further informationOur consultation on motor finance consumer redress scheme.Information for consumers on motor finance.Information for firms on motor finance complaints.

Speech by Nikhil Rathi, FCA chief executive, at the Fair4All Finance Delivering Financial Inclusion Together Conference. IntroductionThis is a pivotal moment for financial inclusion and capability.When they are mismatched, it creates points of vulnerability when small decisions carry big consequences.Ones you can see in the realities people face every day: in the choices they make, the help they look for, and the support they can or cannot find.Listening to a call with Citizens Advice in Caerphilly, I heard from someone with multiple debts, caring responsibilities and health issues.Overwhelmed by the complexity of the system, she felt unable to act. She had no clear, trusted way of understanding how to get out of debt.Similarly in Bournemouth, I met a volunteer for Christians Against Poverty who was once a client. They explained the lack of confidence to even pick up the phone and speak with creditors in the midst of personal crises and anxiety.I heard from Age UK in Truro about the issues in rural communities, with many not knowing how they can pay for basics without cash. Formally ‘included’ but effectively excluded in practice.These stories are more common than most realise – and reflect a structural issue.We, like Fair4All Finance, have been involved in the development of the new Financial Inclusion strategy which will be published shortly.The UK has made solid progress.Ten years ago, basic banking was out of reach for many. Today, more people have accounts than ever before, digital banking has opened access, and cash availability has been protected.We are working, alongside F4AF, to increase the supply of affordable credit through partnerships and innovation. You have helped expand access and deployed dormant asset funding on inclusion.On insurance too, working to improve take up among often excluded groups.These steps matter because inclusion is about more than simply opening the door to new products. It is not a once-and-done exercise. It’s about expanding availability of choices at predictable points in life when financial decisions are made.More people, making confident, informed decisions, and choosing the right tool to help.

The review focused on groups acquiring financial advisers and wealth management firms. It examined how these groups manage risks, debt, governance and integration during and after acquisitions.The review found consolidation can support efficiency and sustainable growth. But, if not effectively managed, consolidation could lead to poor outcomes for consumers, employees and the wider financial system.Good practice identified in the review included clear group structures, strong governance, effective monitoring of group debt and comprehensive risk management across all entities.Firms that demonstrated well-planned acquisition strategies and thorough integration planning were also more likely to deliver positive outcomes for customers.The review also highlighted areas with greater potential for harm. These included how groups were structured and how group debt was guaranteed.In addition, the review highlights the importance of the effective management of group-wide risks and due diligence in the acquisition process.We encourage firms to consider the findings of the review, assess their own arrangements and make any needed adjustments to their structures and processes.Read the multi-firm review.

People who invest in Contracts for Difference (CFDs) are being urged not to give up vital consumer protections by the FCA. CFDs are a way to bet on the price of a share or asset moving up or down without owning it. The FCA is concerned that firms are using high-pressure techniques to encourage investors to claim they are professional clients, putting them at risk of losing more money than they can afford.The retail client protections, including leverage limits and client loss protections, prevent nearly 400,000 people a year from risking more than their original stake in CFDs and provide between £267m and £451m worth of protection.The FCA has also found investors are being targeted by finfluencers, who may not make it clear that they are promoting unregulated firms operating offshore. Some of these finfluencers promise consumers unrealistic returns if they copy trades, invest in managed accounts or pay for daily trading tips. Over 90,000 people have lost around £75m over a 4-year period in this way at just one firm.Firms must not push elective professional or redirection promotions onto their retail clients. The FCA will take action against firms breaking the rules. The FCA will continue to target finfluencers touting financial services products illegally.Mark Francis, director of sell-side markets at the FCA, said:'CFDs are complex, high-risk products. The protections given to retail investors under our rules save UK consumers millions each year. We are concerned that some firms are trying to get people to invest more than they can afford to lose. Investors should be very wary of CFD firms attempting to bypass our rules in this way and of those on social media touting investments which look too good to be true.'Under the Consumer Duty, consumers must receive communications they understand and products and services that meet their needs and offer fair value. The FCA's InvestSmart campaign has useful tools to help people make more informed investment decisions.Notes to editorsCFDs are complex financial products used to speculate on the movement in prices on a wide range of assets. As a result, they carry a considerable risk of substantial losses.In the coming months, the FCA will launch a consultation around client categorisation to ensure the right protections apply for the consumers who need them and create more freedom for those professional investors who don't.Some firms are promoting retail clients to elective professional investor categorisation. Clients’ funds may be moved out of segregated client money accounts, exposing the client to greater risk of loss in the event of firm failure.Others are redirecting retail clients to associated CFD providers in third country jurisdictions without equivalent consumer protections.In 2019, the FCA restricted the sale of CFDs to retail customers.The figures on the benefits of consumer protection are taken from the FCA's PS18/19 (PDF) on restricting CFD products sold to retail clients.In June 2025, the FCA led an international crackdown on illegal finfluencers that resulted in 3 arrests, 7 cease and desist letters and 50 warning alerts being issued.

Taunton-based Luke Coleman, aged 30, has pleaded guilty to unlawfully obtaining and the subsequent disclosure of personal data in breach of the Data Protection Act, following a prosecution by the FCA. Coleman, who was employed by Virgin Media O2, sold confidential customer data to family friend Nicholas Harper for use in a boiler room fraud.Raymondip Bedi and Patrick Mavanga were subsequently sentenced to a combined 12 years of imprisonment for their role in a crypto scam which defrauded at least 65 investors out of £1,541,799.Harper had earlier pleaded guilty to assisting an offence to be committed in breach of the Data Protection Act but was subsequently acquitted of conspiracy to defraud by a jury.Coleman was suspended by his employer, pending the outcome of the criminal investigation.A fine is the maximum penalty for this type of offence. Coleman was fined £384. He was ordered to pay a £38 surcharge and prosecution costs contribution of £500.Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Coleman abused his position of trust and enabled others to commit crimes which led to huge financial and emotional consequences for victims. This is our first prosecution under the Data Protection Act. Going forward, those who enable crime should be clear that we will use all of our powers to hold them to account.'Notes to editorsLuke Coleman’s date of birth is 7 December 1994.Unlawful obtaining and disclosure of personal data is a criminal offence, contrary to s.170(1) of the Data Protection Act 2018.Two individuals sentenced to a combined 12 years for £1.5m crypto fraud.Individual fined for data protection breach and acquitted of fraud offence.The FCA’s ScamSmart campaign provides advice on how to spot and avoid investment scams.Check if a financial services firm is authorised by the FCA for the services being offered using the FCA Firm Checker.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’re asking for feedback on proposals for a new short selling regime. Short selling can play an important role by supporting price formation, providing liquidity, and facilitating risk management.Our consultation aims to support growth by removing unnecessary barriers which might inhibit or discourage short selling while retaining sufficient visibility and controls over short selling to manage any risks to support orderly and effective financial markets.Together with the government’s legislative framework set out in January 2025, our proposals include:Aggregated net short position disclosures: a new model will combine, anonymise, and disclose, all the individual positions reported above the 0.2% reporting threshold.Position reporting: extend the deadline for firms submitting position reports by reducing the time required for the regulator to process and provide guidance on how firms determine the issued share capital of companies to calculate their positions.Market maker notifications: streamline and automate our systems for receiving position reporting and market maker exemption notifications to make submissions easier, quicker and less burdensome.Simon Walls, executive director of markets at the FCA, said:'These proposed changes are another important milestone in our drive to become a smarter regulator and to support growth.'Aggregated net short positions and simplified processes for reporting will enhance and streamline the short selling regime in the UK, reducing burdens for capital market participants while ensuring the market still gets the transparency it needs.'

We welcome the government’s legislation to bring Environmental, Social and Governance (ESG) ratings providers into our remit. This marks a significant milestone in the UK’s commitment to enhancing transparency and trust in this market. ESG ratings continue to play a critical role in influencing investment and capital allocation decisions. The legislation, which was broadly supported by the industry, will provide us with the necessary powers to regulate ESG ratings providers – an important step towards ensuring that there are transparent, reliable and comparable ESG ratings.In parallel with the Government finalising its legislation, we have been developing our regime for ESG ratings. Now that the legislation has been laid before Parliament, we intend to consult on our proposed rules before the end of the year.We are committed to working with industry, government and wider stakeholders to ensure our approach to regulation is practical, proportionate and supports innovation. This is an opportunity to raise the bar for transparency and trust, while ensuring the market remains competitive and resilient.Our proposals, informed by the International Organization of Securities Commissions (IOSCO) recommendations, will focus on four key areas: transparency, governance, systems and controls, and conflicts of interest. We will also be producing guidance to help firms assess whether their activities will fall under regulation and require our authorisation.This will support our work to enhance the UK’s reputation as a global hub for sustainable finance – attracting investment and supporting growth and innovation.Further informationRead Government’s Statutory Instrument.

Consumers can now access crypto exchange trade notes (cETNs), with several products available. We lifted the ban on retail access to certain cETNs on 8 October. Retail consumers can now access cETNs when they are listed on our Official List and admitted to trading on a UK Recognised Investment Exchange.Prospectuses must be reviewed and approved before the products are available. We had already been reviewing retail crypto ETN prospectuses in preparation for the 8 October lifting of the ban.Crypto ETNs are complex products, and firms should ensure they have the correct permissions to offer them to consumers. Where they are planning to offer them, we ask firms to inform their FCA supervisory contact. These products are categorised as Restricted Mass Market Investments (RMMIs). Firms who offer them will need to comply with the financial promotion rules. This means firms must:Not offer any incentives to invest.Have robust appropriateness assessments, client categorisation and cooling-off periods.Highlight relevant risk warnings.Firms offering cETNs will also need to comply with other rules, including the Consumer Duty. This includes provisions requiring firms to:Act to deliver good outcomes for consumers.Enable and support consumers to pursue their financial objectives. Act in good faith towards consumers and avoid causing them foreseeable harm.Identify a target market of consumers for a cETN, design the product to meet the needs, characteristics and objectives of that target market, and take reasonable steps to ensure a cETN is distributed to the target market. Ensure that cETNs provide fair value to consumers in the target market.Make sure consumers are given the information they need, at the right time, and presented in a way they can understand. If a firm wishes to apply for authorisation or new permissions to offer cETNs, they can request a pre-application meeting through our pre-application support service.We have outlined our crypto roadmap (PDF), setting out plans to bring crypto assets into our regulation.More informationWe recently published a consultation (CP25/25) on proposals for the application of our Handbook to regulated cryptoasset activities.

On 24 October 2025, the Chancellor of the Exchequer, Rachel Reeves MP, announced the launch of the FCA and Prudential Regulation Authority’s (PRA) Scale-up Unit. The Chancellor announced the Scale-Up Unit at the FCA Forum in Leeds.The Scale-up Unit will provide growing financial sector regulated firms across the country with tailored support and guidance to help them test ideas, grow and succeed in the UK. It will also help firms by connecting them with a dedicated point of contact to support with challenges they face as they grow.By helping firms to scale, the FCA and PRA are supporting competitiveness, growth and innovation across the country.The Scale-up Unit will initially support firms who are regulated by both the PRA and FCA. The FCA will continue to work closely with industry to develop the Scale-Up Unit so that it can support firms who are only regulated by the FCA.The Scale-up Unit complements the FCA's existing support available that already helps firms to operate in the UK, launch new products or services or invest in the sector. It will also play a key role in supporting growth, a central part of the FCA’s 5-year strategy.Learn more about the Scale-up Unit on our website, and on the PRA's website.Read more in HM Treasury’s press release.

Speech by Ashley Alder, FCA chair, at Climate Financial Risk Forum's Symposium, London. This is a unique gathering, bringing together financial institutions, climate scientists, academics, regulators and innovators to tackle one of the most pressing challenges of our time: climate change and its impact on financial systems.It has long been clear that climate change is not just an environmental issue, but a financial one too. It is almost exactly 10 years since Mark Carney, in his role as Governor of the Bank of England and Chair of the Financial Stability Board, gave his ‘tragedy of the horizon’ speech.The risks are real, and they are growing. From rising insurance costs due to extreme weather events, to shifts in asset valuations and lending criteria, the effects of climate change are now being felt in real time across the financial sector.Yet amongst all the challenges lies the chance to innovate, to lead, and to build resilient systems that thrive not in spite of change, but because of it.Today I want to talk about the landscape we’re operating in, and tell you some of what we’ve been doing and what we are planning in this space – and then I have a request, something I want you to do, which will help us all.The landscape we’re operating inLeading climate research is abundantly clear that the physical risks of climate change, both acute and chronic, are getting more frequent, more severe, and are costing more and more to deal with.And make no mistake - many of these risks fall well within the current planning horizons for investors, insurers, lenders and beyond. Firms must be ready to tackle the climate shocks hitting us today, while building resilience to withstand even greater ones tomorrow.The owners of capital, such as pension funds, are still very much focused on this aspect of sustainability.And actuaries are moving beyond technical modelling to advocate for realistic risk messaging and policy reform, developing frameworks like Planetary Solvency, which assess the stability of nature as a foundation for economic and societal resilience.CFRF has been helping financial firms think about how they respond to the physical impacts of climate change – that is, the changes in frequency and intensity of weather events like storms, fires, and droughts.Last year, a Working Group highlighted that even a 1.5-degree rise in global temperatures is a scenario that demands adaptation in business models, planning, and investment.That’s not an adaptation to a ‘worst-case’ outcome, but rather to a baseline scenario many are preparing for.What does that mean? It means we need new information, new data, and new ways of thinking. There will be new opportunities, new risks, new winners and new losers.Of course, we also know that not all regions are aligned in their approach to climate risk. Some jurisdictions are moving faster than others, and global coordination remains a work in progress.Divergent approaches to net-zero and related climate policies have a knock-on impact across the world as businesses navigate a far more complex landscape.But this doesn’t alter the fact that a proper understanding of how climate risks and opportunities can be financially material is an essential aspect of responsible risk management.This isn’t a radical approach; it’s entirely consistent with historically conventional attitudes to financial regulation, and zeroes in on what truly matters to investors.And changes of emphasis in the broader debate doesn’t affect this equation. Whether energy security and adaptation are now referred to as much as net-zero ambitions makes little difference to disclosure standards based on financial materiality.Climate change affects credit risk, insurance risks, market stability, operational resilience, and a firm’s customers, and so a system-wide response is required.Qualities of the CFRFThat’s why forums like this are so important. The CFRF is an exemplar of how the market can come together, bringing diverse voices to find practical, actionable solutions, addressing common challenges which impact us all in different ways.Just to pick one example, the CFRF will be setting up a new working group to deliver a suite of transition finance metrics in line with the recommendations made by the Transition Finance Market Review.Global momentumWe’re also seeing momentum globally. During my time as Chair of IOSCO, we endorsed the ISSB standards, helping to establish a consistent and credible global baseline for corporate reporting. Asia is moving quickly in this space. Hong Kong, Singapore and Japan, for example, are rapidly building leadership in green and transition finance. The largest IPO in the world this year was a Chinese EV battery company, which raised over US$5bn.China’s green bond market continues to expand, with over US$555bn issued by the end of 2024 – and in April this year, China issued its first-ever overseas Renminbi-denominated sovereign green bond on the London Stock Exchange.Other markets are also stepping up. Brazil, Nigeria, and Malaysia are among the 36 jurisdictions now adopting the ISSB standards, helping to establish a global baseline for sustainability disclosures.In Latin America, Chile will mandate ISSB-aligned reporting from 2026, while in Africa, countries like Kenya and Ghana are finalising their frameworks.This global convergence is not just regulatory - it’s strategic; perceived as essential for attracting capital, and meeting investor expectations that companies identify and disclose sustainability risks.And from a UK perspective, the Government has made clear that it wants to stimulate billions of pounds a year of private investment to deliver its clean energy superpower mission, and make the UK the 'sustainable finance capital of the world'.As part of this growth, the government has emphasised the importance of proportionate transition plan reporting as a pre-condition for a flourishing sustainable and transition finance market.What the FCA is doingOur outlook at the FCA is both domestic and international, and we’re working across multiple fronts to ensure that our frameworks are fit for purpose in this changing world.Prospectus disclosuresAs we transition to a low-emissions economy, financial markets want more consistent and comparable information on how companies plan to adapt their business models, their operations and their products and services.And to repeat, they want this information because it’s financially material for decision-making. And climate disclosures deliver this information.So, as part of the new Public Offers and Admissions to Trading Regime – basically the framework governing how funds are raised through primary capital markets - we've included a new climate disclosure rule as well as measures to improve transparency about green bonds and sustainability-linked bonds.The new rule will allow companies to publish information under a new category of Protected Forward-Looking Statements.Companies will be able to describe their transition plans, net-zero targets, and other long-term ambitions with far greater confidence because the threshold for legal liability will be centred on whether the issuer was reckless or dishonest, as opposed to simply negligent.This shift should support better investor decision-making, which is so heavily dependent on the availability of the type of consistent and credible projections which lie at the heart of climate disclosures.Integrating ISSBWe’ll also be considering how to adopt the ISSB standards into our rules. The Government has now closed its consultation on endorsing the ISSB Standards to create new UK Sustainability Reporting Standards.So we will soon consult on how we will update our rules to apply these standards to listed companies. Ultimately, this work supports the integrity of sustainable finance and strengthens the UK’s role in shaping global standards.Technical assistance programmeIn that vein, we’ll shortly be sending a team to spend some time with our regulatory partners in two south-east Asian countries to support their development of sustainable finance.ESG data and ratingsAnd, finally, ESG ratings providers will be coming within our regulatory perimeter. Ratings are increasingly used by investors, but the market remains fragmented and can lack transparency.We will consult on a framework to ensure that ESG ratings are robust, reliable, and aligned with investor needs.Supporting innovationBeyond these technical areas, we’re also thinking about the broader role of regulation in supporting innovation. We want to ensure that we enable creativity and help market-led solutions emerge.That is why we have initiated a pilot, in partnership with the Prudential Regulation Authority (PRA) and the Green Finance Institute (GFI), to identify potential barriers to scaling finance for climate solutions, engaging with industry and stakeholders in government and business.ConclusionClimate change is reshaping the world and the financial landscape. Through collaboration, innovation, and smart regulation, we can build a financial system that is resilient and fit for the future.The good news is that the UK is uniquely well-placed to lead this global effort.We are home to the second-largest asset management centre in the world. We host the biggest commercial and speciality risk market. And we possess deep expertise in debt issuance.But our potential goes beyond what we already have. We can position the UK as the world’s sustainable finance centre, which is consistent with the ‘supporting growth’ pillar of the FCA’s 5-year strategy published in March.So here’s my ask of you: seek out the opportunities. Bring us your ideas, your challenges, and your ambition – and let us help you turn them into impact.At the FCA, we’re committed to clear, proportionate rules, global cooperation, and fostering innovation. We’re on the pitch – but we can’t play this game alone.

The FCA has fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from working for UK financial services. In 2022, Mr Dwane worked as an advisor for ITM Power Plc (ITM). Because of his role, Mr Dwane knew the details of an announcement ITM planned to make to the market on 27 October. Following that announcement, ITM’s share price fell by around 37%.The day before the announcement, Mr Dwane used the inside information and sold his own and a family member’s 125,000 shares worth £124,287. He took advantage of the subsequent fall in ITM’s share price to purchase 180,000 shares worth £140,700, gaining £26,575 from the price difference.Mr Dwane is an experienced financial professional and knew his conduct amounted to insider dealing, abusing his position of trust.Mr Dwane was required to obtain ITM’s permission before dealing in its shares, but he failed to do so.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'As an experienced financial professional, Mr Dwane’s dishonesty and greed fell way short of the standards we expect. Trading on inside information while in a position of trust rigs the system and undermines the integrity of the market.'The FCA continues to use its full range of powers to clamp down on all types of market abuse, using the most appropriate regulatory and criminal action to hold people to account.Notes to editorsFinal notice 2025: Neil Sedgwick Dwane (PDF)Mr Dwane agreed to resolve 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 £126,575 plus interest on the £26,575 benefit.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.

Speech by Nikhil Rathi, FCA chief executive at the Corporation of the City of London’s annual City Dinner. Lord Mayor, this evening I want to discuss the role finance must play in our national security.Few have done more than you to put security and defence at the heart of the City’s conversation. You are, after all, the decorated chair of the Square Mile reservists – in which the Lady Mayoress herself serves. I can see what you’re thinking: Goodness, Nikhil, couldn’t you go for something a little lighter? Something less contentious, like how to define high commission on motor finance?You may rather I take up your call on risk warnings or talk about our supervisory approach and the need for more consistency and pace all the way through our organisation. Feedback we have heard and are responding to. You perhaps think I have nothing to offer but blood, toil, guidance and compliance.Not so. Security is bound up with the FCA’s duty to protect and enhance the integrity of our financial system.Conflict today hits balance sheets, funding, markets and consumers as much as any battlefield. And we are not prepared, tactically or strategically.Whether it’s a cyber-attack or a production shock – they move yields and test confidence. Protection gaps shake market integrity.Britain will not remain secure nor competitive if we treat finance as separate from our security – and if investors treat defence as separate from growth.With hard fiscal constraints and volatile bond markets, government cannot carry this responsibility alone.Finance must be the bridge between mission and means, technology and capability.