Four people have been arrested and search warrants executed in Hackney, Beckenham and Slough as part of a FCA and police investigation into fraud and money laundering. The arrests and searcheswere carried out by the police’s Eastern Region Special Operations Unit and South East Regional Organised Crime Unit with the FCA.The suspects were interviewed under caution by the FCA and released on bail. The investigation is ongoing and further updates will be provided in due course.Notes to editorsThe FCA cannot comment further at this time.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

On 1 June 2026, Prosper Capital LLP (Prosper) went into creditors’ voluntary liquidation. Jeremy Karr and Simon Killick of BTG Begbies Traynor (Central) LLP were appointed as joint liquidators. Prosper, an FCA-authorised firm (firm reference number (FRN): 453007), was an alternative investment fund manager and arranged deals in investments. Prosper has applied to cancel its authorisation, which is subject to review by the FCA.Prosper was also responsible for the activities of its appointed representative, Crowd2Let Capital Limited (Crowd2Let) (FRN: 743371).Below we set out:What to do if you’re a customer who wishes to make a complaint or has an existing complaint against the firm.How to contact the joint liquidators.How to protect yourself from fraudsters claiming to act on behalf of the firm or the joint liquidators.If you believe you have a claim against Prosper, contact the joint liquidators using the details below.

The insurance broker has agreed to stop carrying out any regulated activity. This means it can't provide any services on behalf of an insurer. From 9 July 2026, the insurance broker Anthony Jones (UK) Limited (AJL) agreed to stop carrying out any regulated activity.This means that AJL cannot provide any services on behalf of an insurer, including selling new insurance policies, offering renewals, or providing any advice to new or existing consumers.If you purchased an insurance policy through AJL, please contact the underwriter or insurer directly to check whether your policy is valid and your cover remains in place.These requirements remain in force while we continue engaging with the firm.Next steps for customersAnthony Jones (UK) Limited acts as an insurance intermediary and is not itself an insurer or underwriter.Please contact the insurer or underwriter named on your policy documentation to:Confirm whether your insurance policy is valid.Check that any payments you have made have been received by your insurer.Details of the relevant insurer or underwriter can be found in your policy documentation, including your policy schedule and policy terms and conditions.ComplaintsIf you are unhappy with the service provided by AJL, you should complain directly to the firm. The firm’s details are on the FCA Firm Checker.If you remain unhappy with the outcome of your complaint, or if you do not receive a response within 8 weeks, you can refer your complaint to the Financial Ombudsman Service.Find out more about how to complain.

The FCA, Advertising Standards Authority, Solicitors Regulation Authority and Information Commissioner's Office are tackling the poor handling of motor finance claims by some claims companies and law firms. As part of the joint taskforce's continued crackdown, in June the FCA had 170 misleading car finance claims adverts removed or amended by claims management companies (CMCs), bringing the total up to 1,200 since January 2024. Some of the misleading adverts seen by the FCA:Were disguised as a consumer posting on social media recommending a website to look up agreements. However, the advert failed to make clear it was a financial promotion for a CMC that was recommending its own website.Were using the FCA motor finance redress scheme in a misleading way to promote the firm’s own services, which could suggest an affiliation with the FCA.Failed to clearly highlight free claim options and the FCA's redress scheme.Promoted claims management services when not authorised to do so.The FCA also agreed to voluntary requirements (VREQs) with 2 firms, securing agreement that they would stop or change their marketing activities. This brings the total number of VREQs to 12 in relation to a range of motor finance claims activities over the last 12 months.The FCA also issued 8 alerts in June against unauthorised firms promoting regulated claims management activities without the necessary authorisation.Alongside this, the Advertising Standards Authority (ASA) has launched investigations into various motor finance claims ads placed by law firms. It is scrutinising a range of issues including clarity around fees, the ability to claim for free via other routes, potentially exaggerated compensation amounts and consumers being potentially misled by 'free checker' tools.Alison Walters, director of consumer finance at the FCA, said: 'Consumers should be able to trust the information they see about car finance claims. Too often, we are still seeing promotions that obscure key facts, create unnecessary pressure on consumers to sign up, or risk misleading people about their options.'Miles Lockwood, director of complaints and investigations at the ASA, said: 'The work of the taskforce is important, consumers should be treated fairly and be confident that the claims they see in ads for car finance schemes are transparent and truthful. Our investigations will root out problem claims, set clear lines in the sand for advertisers and trigger follow-up enforcement action where necessary.'As part of a wider programme of work that focuses on financial ads, the ASA is harnessing its AI-based Active Ad Monitoring system to monitor ad claims at pace and scale to identify and tackle potential problems.Joint taskforce members are continuing to take action against misconduct by CMCs and law firms that goes beyond misleading adverts. This could lead to further action against firms.Advice to consumersUsing a CMC or law firm to make a car finance claim may mean paying fees of over 30% of any compensation.If you haven't yet complained about car finance and you have concerns, you can complain directly to your lender for free. There is information on the FCA website, including the contact details for lenders.If you have concerns about how you were signed up to a CMC or law firm, 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. Avoid signing up with multiple claims firms, as this could result in paying multiple fees.Notes to editorsIn June, the FCA reviewed 255 promotions across 83 authorised firms and wrote to 36 firms where it identified breaches of financial promotion rules or failures to meet expectations under the Consumer Duty. The FCA has issued 8 alerts against unauthorised firms:Immaculate Ltd operating as UK ClaimsPCP Claims UKMy Claims Buddy LtdCarFinanceClaim a trading style of Black Knight Global LtdGreat Claims LtdMGM & Associates LtdPCP Refunds 4U LtdTheclaimsgroup.co.ukThe FCA, ASA, Solicitors Regulation Authority (SRA) and Information Commissioner's Office (ICO) have joined forces to tackle the poor handling of motor finance claims by some lead generators, claims management companies (CMCs) and law firms. As a result of the FCA’s work, over 1,200 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. 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.The FCA has confirmed 2 enforcement investigations into The Claims Protection Agency Limited and Consultation Claims Limited.The ASA is harnessing its AI-based Active Ad Monitoring system to monitor motor finance claims ads at pace and scale to identify examples for a series of formal investigations and to create precedent for sector compliance action. Six formal investigations launched into advertising motor finance claims by law firms.The ICO has received over 12 million complaints from the public since September 2025 about nuisance calls, texts and emails and has multiple active investigations underway into CMCs and lead generators.

The FCA Board has appointed Dan Lavender as a new member of its Regulatory Decisions Committee (RDC). The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement action. Committee members bring a broad range of professional experience to support fair, independent and evidence-based decision-making.Alison Potter, the Chair of the RDC, said: ‘I am delighted to welcome Dan to the committee. Dan has significant legal and leadership experience in relation to contentious financial services matters, so his skill set will complement existing committee members and enhance the overall capability and effectiveness of the RDC.’Notes to editorsMore detail about the work of the RDC is available on the FCA website, including the biographies of all committee members.Read Dan Lavender's biography.The RDC is an FCA Board Committee that is operationally separate from the rest of the FCA. The FCA Board appoints the RDC Chair and members, who are drawn from across a spectrum of business, consumer and industry backgrounds.Find out more information about the FCA.

The FCA has proposed a package of reforms that would tailor requirements proportionately for asset managers, cut costs for firms and give better data to supervise the sector more effectively. A large share of the £128m-a-year savings are expected to come from simpler Fund Reporting for Asset Management Entities (FRAME) requirements. These would be tailored to the specific circumstances of UK industry, delivering better data to make regulation more efficient.The package would also modernise and simplify Alternative Investment Fund Managers Directive (AIFMD)-related rules dating from 2013.The updated rules would be fit for today’s UK market: more flexible, tailored and proportionate, while maintaining clear standards, especially for firms serving retail clients.A consultation by the regulator is also seeking to simplify remuneration rules for the relevant firms, which are ones solely regulated by the FCA, by replacing overlapping remuneration codes with a clearer, more proportionate framework, while maintaining appropriate standards and safeguards.Simon Walls, executive director, markets, at the FCA, said:'By tailoring the regime for UK asset managers, we can collect better data while also saving industry 10s of millions of pounds a year.'With a sharp focus on proportionality, we can particularly boost freedom for smaller firms to find new ways to achieve the same high standards. 'Together, the proposals are a practical example of the FCA’s strategy in action: becoming a smarter regulator, which is more efficient and effective, using proportionate data collection to better identify risk.'The FCA is consulting on the proposals and is inviting feedback before making final decisions.Notes to editorsRead more: UK Alternative Investment Fund Managers (AIFM) regime consultation paper with a deadline for input of 14 October 2026, the Solo Remuneration Rules Reform consultation paper with a deadline for input of 16 September 2026 and the Fund Reporting for Asset Management Entities (FRAME) consultation paper which has a deadline for input of 22 September 2026.The renumeration consultation covers full-scope Alternative Investment Fund Managers (AIFM), undertakings for collective investment in transferable securities (UCITS) management companies, and non-SNI MIFIDPRU investment firms.

On 1 July 2026, Logbook Lending Limited (trading as AFPremier.co.uk, pawnmy.co.uk, LBL Asset Finance, Log Book Loans 247) entered administration. Paul Appleton, Adam Shama and Robert Ferne of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators. Logbook Lending Limited provided lending secured on vehicles (known as logbook loans or bill of sale agreements), as well as pawnbroking.The firm is no longer lending. However, all existing loan agreements remain in place, and customers should continue to make payments as usual. The Joint Administrators will update customers as soon as possible.We are in regular contact with the firm and the Joint Administrators to help ensure customers are treated fairly.

The Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the FCA will start overseeing the first critical third parties (CTPs) on Monday 13 July 2026, following designation by the Treasury. CTPs are technology and other service providers whose services underpin the UK financial system. Today, the Treasury has announced its first designations of 4 global cloud services and technology providers: Amazon Web Services EMEA SARL, Google Cloud EMEA Limited, Microsoft Ireland Operations Ltd, and Oracle Corporation UK Limited.As many firms rely on these services, disruption or failure could affect multiple firms or markets at the same time, potentially impacting UK financial stability and services used by millions of consumers and businesses.For the first time, the three regulators will jointly oversee these CTPs under a new, proportionate regime, focused on the resilience of the critical services they provide to the UK financial sector. The regulators will work together with the CTPs to address system-level risks and reduce the risk of disruption to the services they provide spreading across the UK financial system. This will strengthen system-wide resilience and improve coordination and information sharing across the UK financial sector.CTPs must identify and manage risks to their critical services effectively, and maintain open, timely communication with regulators and the firms that rely on them, particularly during major incidents.Together, these changes support a more resilient environment for firms to operate in, which will, in turn support financial stability and confidence in UK financial markets.This regime complements, but does not replace, existing outsourcing and operational resilience rules for regulated firms who remain responsible for managing their own third-party arrangements including due diligence, risk management and contingency planning.Sarah Breeden, deputy governor for financial stability at the Bank, said:'As critical third parties become increasingly embedded in the operations of financial institutions, they can introduce new forms of systemic risk. Our proportionate approach to overseeing these providers will ensure that these dependencies are managed in a way that safeguards financial stability.'Katharine Braddick, deputy governor for prudential regulation and CEO of the PRA, said: 'By bringing critical third parties into the scope of oversight, we are ensuring that the infrastructure underpinning UK financial services is robust enough to support UK financial stability and confidence. This directly supports the PRA’s objective to promote the safety and soundness of regulated firms.'Nikhil Rathi, chief executive at the FCA, said: 'Critical third parties provide essential services which support innovation and growth. At the same time, when the same providers serve thousands of firms, a single failure can reverberate across the financial system. Operationalising this regime strengthens our ability to tackle those risks and improve overall resilience, ensuring the UK remains a safe and attractive place to do business.' Treasury is responsible for deciding which third party providers are designated as CTPs, and any future designations or de-designations. The regulators will periodically review whether CTPs continue to meet the designation criteria, making recommendations to Treasury, and evaluate the effectiveness of the oversight approach. The Bank, PRA and FCA will continue to work closely with Treasury, the financial services industry and designated CTPs as the regime is implemented, while supporting innovation, and UK growth and competitiveness.Notes to editorsThe regulations will come into effect on Monday 13 July 2026. Please refer to the government’s website for Treasury’s press release and CTP regulations published.You can find more information on the regulators’ oversight regime on FCA’s website and PRA’s website.Treasury is responsible for deciding which third party suppliers should fall under the CTP regime, generally based on recommendations from the regulators. The scope of entities under the regime will continue to evolve as further designations are considered.Designation under this regime is not the same as authorisation by the regulators. Oversight is limited to the resilience of the services they provide to UK financial firms.Financial Services and Markets Act (FSMA) 2000 as amended by FSMA 2023 gave the Bank, PRA and FCA new powers to oversee critical third parties, strengthening the resilience of the services they provide to regulated firms and financial market infrastructures.In November 2024, the FCA, the Bank and PRA introduced the final rules and policy for the CTP regime. These came into effect on 1 January 2025 and apply immediately to CTPs once designated by Treasury.Alongside the final rules and policy, the regulators published their approach to regulatory oversight and a supervisory statement setting out expectations for CTPs on how to interpret and comply with the regulators’ new rules.CTPs may also be regulated under similar regimes in other jurisdictions, including the EU’s Digital Operational Resilience Act (DORA). The regulators have signed a Memorandum of Understanding to support coordination and information sharing on oversight of CTPs.

Financial products and services shape some of the most important decisions we all make – from saving and borrowing, to protecting ourselves and our families when things go wrong.Consumer needs vary widely, and there’s no such thing as a standard consumer. Our Financial Lives data shows a huge spread of needs, resilience and capability. That’s why it’s so important for firms to design their products effectively.When firms have consumers’ needs firmly in mind, they can support good outcomes – helping people make informed choices, get fair value, and receive the support they need over time to navigate their financial lives.The cost of poorly designed productsBut when product design falls short, the consequences can be serious. Firms might sell products to the wrong people, deliver poor value, or fail to adapt when customers’ circumstances change. And if they don’t monitor how their products are working in practice, they leave consumers exposed to avoidable harm – particularly people in vulnerable circumstances.That’s why we’ve reviewed how firms are designing, monitoring and distributing products and services under the Consumer Duty. We looked at the foundations that matter most: Getting product design right from the outset.Keeping products under review.Taking responsibility for outcomes where products are sold or distributed by third parties.What we found: progress, but more to doOverall, we found encouraging signs of progress. Many firms are strengthening their product governance, monitoring outcomes better, and taking more ownership of what happens after they sell a product. These changes help ensure products and services continue to meet consumers’ needs, and that firms can spot and deal with problems earlier.We found examples where even small changes made a big difference to people, like:A firm providing appliance insurance temporarily providing mini fridges for customers to store medication.A banking firm cutting complaints about ATM withdrawals by 45% in three months by making its app information clearer and improving staff training.A firm reducing the risk of financial abuse by creating a special debit card to help caregivers buy essentials for their dependents without needing access to their original card and PIN.However, we also found inconsistency. While some firms are embedding these approaches well, others have more to do.Product and service design and target marketsWe saw good examples of firms taking a more disciplined and consumer‑focused approach to product and service design. Stronger practices included:Starting product development or review by researching customers’ needs, characteristics and behaviours.Translating this insight into clearer, more granular target markets.Embedding product governance into business‑as‑usual decision‑making, with clear ownership and challenge – rather than treating it as a one‑off compliance exercise.In the strongest cases, firms could clearly explain who a product was for and what their needs were, and how the firms had met those needs in their product features, pricing and service delivery.But some firms still relied on broad or generic target markets. This made it harder to assess products’ suitability for different groups of consumers, or identify where they weren’t working as intended.Monitoring and reviewWe saw some of the most tangible improvements in the way firms monitor consumer outcomes. Many firms now use a wider range of management information, including complaints data, customer feedback and behavioural indicators like usage patterns or early cancellations.Good practice involved firms not only collecting this data, but using it to identify emerging risks and take action to improve products, services or customer journeys. Where this worked well, firms were better placed to prevent harm instead of responding to it after the fact.However, not all firms had this link between monitoring and action. In weaker examples, firms struggled to show how they escalated their insight, challenged them through governance, or used them to improve outcomes – particularly for different groups of customers.Distribution and third‑party oversightWe also saw progress in how firms oversee products and services across distribution chains. Good practice included setting clear expectations for distributors, sharing relevant information, and testing whether third parties were selling and servicing products as intended.But gaps remain. Some firms had limited visibility over what happened once products were distributed through third parties, increasing the risk that poor outcomes could go unnoticed for longer.Supporting firms to deliver better outcomesThis insight is intended to help firms learn from each other and build on what’s already working. The examples of good practice show that there’s no single way to deliver good outcomes; firms should apply the Duty in a way that is proportionate to their size, role and customer base. We’ve included examples from smaller firms to reflect this flexibility.Ultimately, better product design supports consumers and helps firms build trust, resilience and long‑term value. When firms design products around real consumer needs, the result is simple: better outcomes for people, and stronger, more sustainable businesses.Firms should use these findings to reflect on their own products and services and identify where they should make improvements.

The FCA led an international crackdown on illegal finfluencer promotions – resulting in 3 arrests and 650 social media takedown requests. It also secured a combined 11 years in prison for 2 cases of insider dealing in the first year of its 5-year strategy, according to its Annual report and accounts published today. The FCA has focused its efforts on the most serious risks and harms. It has taken decisive action to protect consumers, fight financial crime and uphold market integrity, delivering an estimated £5.6bn in benefits to consumers, firms and the wider economy.Helping consumersThe FCA significantly strengthened consumer protection through the launch of Firm Checker, a tool that helps consumers quickly check whether a firm is authorised and avoid dealing with fraudulent firms. It’s estimated that the tool has been used over 1.9 million times since its introduction in January 2025. Following a successful advertising campaign at the start of 2026, firm warning messages helped protect an average of 694 consumers each week – an increase of 49%.Over the past year, the FCA also:Delivered estimated savings of around £157m a year for consumers paying monthly insurance premiums, using Consumer Duty fair-value rules.The FCA began major mortgage reforms. After clarifying affordability checks, most lenders updated their approach, meaning borrowers could access up to £30,000 more.Confirmed final rules to support more consumers in making pensions and investment decisions with at least 18 million consumers expected to benefit over the next decade.Issued final rules for Buy Now Pay Later products, introducing clear consumer protections ahead of the regime coming into force in July 2026.Ashley Alder, chair of the FCA, said: 'We have made a strong start to our 5-year strategy. We set out to focus our efforts where they matter most – protecting consumers, maintaining market integrity and supporting a competitive economy. The progress we’ve made in the first year demonstrates that a focused and decisive regulator delivers real benefits for consumers and supports growth.'Nikhil Rathi, chief executive of the FCA, said: 'In the past year we've shut down scams, pursued those who abuse markets through the courts, helped hundreds of thousands of consumers access better financial products and cut the cost of regulation for tens of thousands of firms. We've made greater use of data and technology to detect harm earlier and expanded our international presence to support UK financial services. There is more to do, but this is a solid foundation.'Fighting financial crimeWith investment fraud remaining a major threat, the FCA issued 2,329 warnings about unauthorised or potentially scam firms in 2025, up from 2,240 in 2024, and pursued serious market abuse through both enforcement and criminal prosecution. 17 criminal convictions were secured, including for fraud, insider dealing, money laundering and DPA offences. Two individuals received a combined 11 years' imprisonment for insider dealing and money laundering, while 12 individuals were fined a total of £1.77m for market abuse offences.A coordinated 'week of action' on finfluencers, involving 9 international regulators in June 2025, resulted in 3 arrests, 6 criminal proceedings, 11 targeted warning or cease-and-desist letters, 50 warning list alerts and 650 social media takedown requests.The FCA also fined firms approximately £14.4m for transaction reporting failures and control weaknesses and issued a £42m fine to Barclays for anti-money laundering failures.The number of customers removed as money mules rose by 4.4% compared to last year, reaching 222,173 across 35 firms, reflecting both the growing scale of the risk and action taken by firms.Supporting growthThe FCA delivered nearly 50 pro-growth measures in 2025, supporting the UK’s competitiveness, attracting international investment and reinforcing its position as a leader in financial services innovation. It received 132 applications to its AI Supercharged Regulatory Sandbox and launched a scale-up unit, alongside the PRA, to help firms scale sustainably.It approved 2 firms to operate under a new private markets framework (PISCES), designed to support trading in private company shares, with 2 more firms in the pipeline. The FCA also expanded its international presence through new offices in the US, Asia-Pacific and Singapore.Smarter regulatorThe FCA launched a single digital entry point for regulated firms to manage regulatory tasks, with 81% reported user satisfaction and fewer late returns. It also decommissioned outdated reporting returns across more than 90% of regulated firms, delivering a further £16m annual saving in reporting costs. The regulator also replaced 43 portfolio letters with 9 focused market reports setting out clear regulatory priorities for each sector.AI automation has reduced the time it takes to handle simpler cases from up to 4 hours to about 6 minutes on average, allowing supervisors to focus on more important work.Notes to editorsToday, the FCA has published:Our Annual report and accounts 2025/26Outcomes and metrics: 2025/26 reportSecondary International Competitiveness and Growth Objective metrics 2025/26Use of our skilled person reports in 2025/26Operating service metrics 2025/26Response to the Cost Benefit Analysis (CBA) Panel's Annual Report 2024/25Prescribed Persons Annual Report 2025/26Pay review 2026: Equality Impact AssessmentPay gap data 2026On 6 October 2026 the FCA is hosting its Annual Public Meeting in Edinburgh and online. Register to attend.

Richard Bloomfield has been charged by the FCA with 5 counts of insider dealing. The FCA alleges that in his role as a solicitor at a law firm, Mr Bloomfield worked on an acquisition of Seraphine Group PLC and used inside information obtained through his role to deal in securities of Seraphine Group PLC on 5 occasions between 28 March 2022 and 10 January 2023.Mr Bloomfield appeared before Westminster Magistrates’ Court and gave no indication of plea. The case was sent to Southwark Crown Court, and his next appearance will be on 5 August 2026. Mr Bloomfield has been released on unconditional bail.The FCA is not investigating the law firm or Seraphine Group PLC in this case.Notes to editorsRichard Bloomfield was born on 23 May 1988.Insider dealing is an offence under section 52 of the Criminal Justice Act 1993.

Speech by Sarah Pritchard, deputy chief executive, at a Breakfast Briefing at The Whitehall Industry Group. As everyone who has wrestled with a problem knows, getting to the right answer is about more than just understanding the question.It’s about having a firm grasp on your constants.We’re working with 2. And they are, admittedly, significant. The first is our vision: deepening trust, rebalancing risk, supporting growth and improving lives.We want to see a fair, thriving financial services market that works for consumers and the wider economy.The second is our priorities: supporting growth, fighting financial crime, helping consumers and being a smarter regulator.We’re now in the second year of our 5-year strategy (PDF), which shapes how we engage, prioritise and make decisions.But it isn’t a fixed formula. Markets are always shifting. New threats and opportunities emerge daily, and with AI, faster than ever.So, while our strategy to 2030 provides consistency and predictability in our focus and work, we know good regulation means being both principled and agile – willing to pivot when we need to.

The FCA has appointed members to its advisory committee on secondary markets for the period July 2026 to July 2028. The committee will increase from 25 to 27 members. The Secondary Markets Advisory Committee supports the FCA’s work in wholesale secondary markets in equities, fixed income, foreign exchange, and commodities markets across securities, futures, swaps, and options markets. The committee includes representatives from firms operating from across the different segments of financial markets. It supports the work of the FCA by:Helping to develop reforms that improve market competition, increase consumer protection, and enhance the integrity of markets.Identifying market changes, trends, and risks that may affect the proper functioning of secondary markets.Providing data and analysis to support policy reforms.The Secondary Markets Advisory Committee members are: Jamie Turner (Chief Operating Officer & Head of Trading at London Metal Exchange)Gary Chia-Hsing Li (Head of Regulatory Affairs, EMEA & APAC at MarketAxess)Laurence Walton (Head of Regulation and Compliance at ICE Futures Europe)Laetitia Visconti (Head of Market Structure and Product Innovation at Aquis Exchange Ltd)Simon McQuoid Mason (Head of New Products, Market Structure & Business Development at London Stock Exchange Group)Jennifer Keser (Managing Director, Head of Regulation and Market Structure at Tradeweb)Nick Dutton (Chief Regulatory Officer at CBOE Europe Ltd)Maria Salamanca Mejia (Head of Market Structure, EMEA at Morgan Stanley)Kate Finlayson (Head of FICC Market Structure & Liquidity Strategy at J.P. Morgan Securities Plc)Avery Later (Head of EMEA & APAC CIO, UK at BNY CIO)Michael Kucharski (Head of Electronic Trading Risk and Control Strategy at Barclays Bank Plc)Mario Muth (Global Head of Platform Sales and Fixed Income Market Structure at Deutsche Bank AG)Eleanor Beasley (Global Head of Equity Market Structure & COO at Goldman Sachs International)Christos Nifadopoulos (Chief Legal Officer at Rokos Capital Management LLP)Frances Ritter (Senior Index Equity Portfolio Manager and Trader at Vanguard Asset Management)Adam Conn (Head of Trading at Baillie Gifford Overseas Ltd)Alexandre Roubaud (Head of ETF Markets, EMEA at Blackrock UK)Dean Shoosmith (Global Chief Risk Officer at Marex)Carla Grundy (EMEA Head of Trading Venues and Market Infrastructure at TP ICAP)Arran Rowsell (Head of Strategy at BGC)Peter Whitaker (Head of European Market Structure at Jane Street Financial)Lara Shevchenko (Senior Market Structure Manager at Optiver)Virginie Saade (EMEA Head of Government and Regulatory Policy at Citadel)Joanna Boyle (Financial Regulatory Policy & Advocacy at BP Plc)Louise Carter (Market Structure & Regulatory Strategy at Electronic Trading at Bloomberg LP)Rebecca Healey (Managing Partner at Redlap Consulting)Kirston Winters (Head of Legal, Risk, Compliance and Government and Regulatory Affairs at OSTTRA Group) The committee will be chaired by Jon Relleen (Director of Infrastructure & Exchanges) and the Trading Policy team provides secretariat support.Notes to editorsThe Secondary Markets Advisory Committee was established in 2022 and each term runs for 2 years.FCA looks for members for its advisory committee on secondary markets.Find out more information about the FCA.

People struggling should find it easier to access basic bank accounts, after nine banks committed to improving widespread poor practice identified by the FCA. Nine of the biggest UK banks and building societies are legally mandated to offer basic bank accounts. They exist to serve people who may not otherwise be able to access standard current accounts - providing access to essential services with no fees and no overdraft.A mystery shopping exercise by the FCA found a third of experiences with basic bank accounts rated as poor or very poor. The mystery shop revealed that the bank account providers were not consistently offering these accounts to customers who could benefit from them. This included people facing financial hardship or without standard identification, and especially those with no fixed address. The firms often failed to mention basic bank accounts at all and pushed customers in vulnerable circumstances towards online applications unsuitable for their needs. To address this, the banks and building societies have agreed to individual improvement plans and we’ve worked with UK Finance to secure a collective commitment for the firms to: Provide the right account for customers, first time, with clear communication and minimal friction.Make it straightforward for customers without standard ID or a fixed address to open an account.Spot vulnerability early and offer accessible alternatives to online-only journeys.Emad Aladhal, director of retail banking at the FCA, said: 'Progress has been made with over 97% of UK adults having a current account, but our latest work shows that all too often banking firms’ engagement with customers still needs improvement. Bank accounts are important for financial inclusion, and this is about making sure the very people who could benefit from basic bank accounts are not missing out.'That’s why the biggest banks have now committed to improving how they are offered – and we’ll be holding them to account to make sure change happens.'Peter Tyler, director of personal banking at UK Finance, said: 'A basic bank account can be an important first step towards financial independence, and while most customers who hold one have positive experiences, we recognise that more can be done to ensure consistently good outcomes for everyone. That is why UK Finance and our members are committed to raising industry standards and expanding access.'The recently expanded Breaking the Cycle initiative is a key part of this work, providing practical support to those facing barriers to accessing essential banking services, such as individuals without a fixed address'Notes to editorsRead the mystery shop findings here.The nine banking institutions that are legally required to offer Basic Bank Accounts are Barclays UK, The Co-operative Bank, HSBC UK, Lloyds Banking Group (including Halifax and Bank of Scotland brands), Nationwide Building Society, NatWest Group (including RBS and Ulster Bank brands), Santander UK, TSB and Virgin Money UK (now a brand of Nationwide Building Society).The mystery shopping exercise covered 298 interactions across branches and telephone. The exercise tested two scenarios: a person experiencing financial hardship with non-standard ID, and someone who had been through bankruptcy but had standard ID. Both showed characteristics of vulnerability.Across 298 mystery shops, the FCA rated 28% of interactions as good or very good, 38% as fair, 20% as poor and 14% as very poor.As revealed in the FCA’s Financial Lives survey, in 2024, over 97% of UK adults having a current account. While 4.3 million UK adults had a basic bank account, around 0.9 million adults were unbanked (they had no current account). The survey also found that in the two years to May 2024, 10% of the 1.3m adults who recalled applying for a basic bank account said they were declined.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

On Monday 6 July 2026, Eldens Finance Limited (Eldens) was placed into administration. Antony Batty and Hugh Jesseman of Antony Batty & Company Ltd were appointed as Joint Administrators. Eldens provided pawnbroking loans, primarily secured against high-value and luxury assets.The Joint Administrators are responsible for winding down the firm in an orderly way in the interests of its creditors.On 19 June 2026, Eldens agreed to enter into a voluntary requirement to restrict its ability to deal and dispose of assets and its permissions to carry out regulatory activities. More information about these requirements can be found on the FS Register.Eldens holds a number of customer items that were used as security for pawnbroking loans (these are known as pledged assets). We are engaging with Eldens and the Joint Administrators to support appropriate outcomes for customers in relation to these items.Customers who are struggling financially can get free and impartial guidance from MoneyHelper.

The review sets out how AI could reshape retail financial services for consumers, firms, markets and regulators by 2030 and beyond. Led by FCA executive director Sheldon Mills and commissioned by the Board, The Mills Review is the first work of its kind initiated by a regulator globally.Drawing on views from across the financial services landscape, the report identifies 4 major AI‑driven shifts likely to impact retail financial services: the transformation of firm operations; the evolution of consumer journeys; the reshaping of competition and market power; and the amplification of fraud and cyber risks.The report finds there is already consumer appetite for the use of agentic AI in personal finance, with research commissioned by the FCA showing that a fifth of people – equivalent to 11 million UK adults – are likely to use AI that can act autonomously within pre-set goals. But consumers in the survey are concerned about trust and control of AI.The Review concludes that AI is likely to become a defining force in retail financial services, transforming how firms operate, how consumers make financial decisions and how markets function. While AI has the potential to improve access, personalisation and efficiency, it could also amplify risks associated with fraud, cyber security, consumer harm and market concentration.Executive director Sheldon Mills said: 'Artificial intelligence will transform financial services by 2030. It creates significant opportunities for consumers, firms and the wider economy. This report sets out a roadmap for how industry regulators and government can prepare for the next phase of AI-driven change in our world-leading financial services sector.'Key recommendationsThe Mills Review also outlines 7 recommendations for the FCA Board and Executive to consider, which are as follows:Secure and adapt the regulatory perimeter.Strengthen system-wide coordination and oversight.Monitor the transition to autonomous models and adapt regulatory frameworks.Scale up the FCA's AI Lab to support AI models and system innovation in financial services.Enable the foundations for agentic finance.Build and adopt an AI-enabled agentic supervisory model.Develop a trusted public-interest AI-enabled financial capability service.FCA responseAshley Alder, Chair of the FCA, said: 'The Board is enormously grateful to Sheldon for the rich, comprehensive report he’s delivered. His work anticipates the fundamental change agentic AI will bring to financial services. It highlights how consumers and firms can reap significant potential benefits as well how risks can be managed.'As is clear in the report, we need to keep pace with a rapidly changing environment and the principles-based, outcomes focussed approach we’ve taken on AI – relying on the Consumer Duty and Senior Managers Regime – has been critical to us doing so. The recommendations build on work the FCA has been doing – not least allowing firms to test their use of AI with us – and our own use of AI to be a smarter regulator, more efficient and effective.'Notes to editorsRead The Mills Review.In January, the FCA launched a review into the implications of advanced AI on consumers, retail financial markets and regulators.The Review was 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.As part of The Mills Review, in April 2026, Yonder Consulting conducted a survey of more than 5,000 UK retail financial services consumers (PDF), defined as individuals holding a day-to-day bank account, such as a current or savings account.Quotas were set to ensure the survey was representative of the population of UK retail finance service consumers on key demographics including age, gender, ethnicity, region, housing tenure and internet ability.As part of the survey, consumers were presented with a range of plausible near‑term use cases for AI in financial services. The findings show that 20% of consumers would be likely to use AI capable of acting autonomously within pre-set goals.Running in parallel to this work, the FCA will launch an AI good and poor practice publication later this year. As part of this work, the regulator has engaged directly with firms to find out what is working well, where firms are facing challenges, and where further clarity would help.Find out more on how the FCA is engaging with firms to help shape its approach to AI.

The FCA has found that peopleholding legacy pension products,now closed to newsavers, could be receiving poorer value than those in newer ones. The regulatoridentifiedsome good practices,butcomplexcharging structures,older product design andweakness infirms'datameantsome pension savers are not getting as much value as they could.What good looks likeSomeunit-linked non-workplace pension providers are working tosimplifyor rationalise their legacyproductsandfunds,orhaveplans to do so. There was evidence of firmscappingor reducingchargesfor customers in legacy products.Some were also comparing outcomes acrossdifferentcustomergroups andproducts, andmovingcustomers to better-value alternatives.The FCA is now calling on all pension providers toconsiderthe reportandtake on the good practiceidentified. The regulatoris also engaging with firms onbarriersthey face in improving the valuefor customers, particularly in closed books.Charlotte Clark, director of cross-cutting policy and strategyat the FCA said:'Consumers in older products shouldnot be left behind,and the good news is that some firms are already showing it doesn't have to be this way. We want to see that progress reflected right across the market.'This work supports wider reforms, including targeted support and pensions dashboards, to help consumersget the most fromtheirpensions.It is also a priority underthe FCA’sPensions Regulatory Prioritiesand forms part ofitsbroader work on modernising pensions and long-term savings.Notes to editorsUnit-linked pensions and savings: multi-firm review of Consumer Duty price and value practices.The FCA recently launchedproposalsforthe self-invested personal pension (SIPP) market (CP26/20).The consultationcloses on24 August 2026.

The Upper Tribunal has made an order suspending parts of the scheme. We set out what the partial suspension means for firms and consumers. The Upper Tribunal has confirmed it will hear the legal challenges to our motor finance scheme on 14 to 18 December 2026 or 16 to 26 February 2027. The final dates depend on whether any of those involved in the case apply for further expert opinion or disclosure of information, and whether any such application is successful.The Tribunal has also made an order suspending parts of the scheme on terms agreed by us with the 4 commercial parties that have challenged (Consumer Voice, represented by Courmacs Legal, Volkswagen Financial Services, Mercedes Benz Financial Services, and Crédit Agricole Auto Finance).The partial suspension enables firms to keep preparing for the scheme and progress complaints as far as possible, while avoiding work that may need to be repeated if the challenges succeed. It also provides certainty for some consumers sooner, by requiring firms to tell complainants who are not owed compensation, subject to limited exceptions.We have set out what the partial suspension means for firms and consumers, including what firms must continue to do and what consumers can expect while the legal challenge is ongoing.Our scheme is the quickest, fairest and most efficient way to compensate consumers and we will defend it robustly.

The Retail Payments Infrastructure Board (RPIB), led by the Bank of England, recently published a consultation on the future retail payments infrastructure.To support the consultation, the Payment Vision Delivery Committee (PVDC) which comprises representatives of HM Treasury, the FCA, Bank of England and the PSR, has published further context to support stakeholders' reading of the consultation. It covers issues such as how the commercial model for the infrastructure should work and how the new infrastructure can support consumer protection and the fight against financial crime.Both the PVDC and RPIB were set up to deliver the government’s National Payments Vision of a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.Further informationThe Retail Payments Infrastructure Board (RPIB) is a senior advisory board that is chaired by the Bank of England. The PSR/FCA is an observer of the RPIB.The RPIB will translate the vision and strategy for future retail payments infrastructure set by the PVDC into design, including through consultation with the broader payments ecosystem and end-users.The Payments Vision Delivery Committee (PVDC) comprises HM Treasury, the Bank of England, the FCA and the PSR.It was established through the National Payments Vision to ensure coordination between the regulators and provide a mechanism to facilitate prioritisation decisions on initiatives.RPIB have published their consultation on the Design of the Future Retail Payments Infrastructure.

The FCA is proposing to simplify how platforms, advisers and wealth managers communicate the costs of investing while reminding firms to communicate with consumers about investing in plain English. The move will bring all investment cost disclosures into line with previous investment product disclosure reforms and create a more consistent framework for firms to give customers clearer, more useful information.The proposals will allow firms to innovate, test and compete to inform and engage retail investors, communicate clearly in plain English, not jargon and give information in engaging ways. This will also help consumers compare products more easily and invest with greater confidence, supporting a stronger investment culture.Consumers struggle to understand investment costs and their impact on returns, for example, 30% of non-advised platform users said they did not know how much they are charged for investing.To help give consumers a clear and balanced understanding of costs and charges, the FCA is now consulting on simplified rules for how firms communicate all the costs involved in investing, including products, distribution and advice. Under the proposals, distributors would present their own costs alongside product costs consistent with the Consumer Composite Investments (CCI) format when selling products, and account regularly for the total cost of investing. The proposals also cover firms’ disclosures to consumers when they charge fees or pay interest on client cash. Lucy Castledine, the FCA’s director of consumer investments, said: 'We want more consumers to feel confident investing by getting clearer information in plain English on products and charges.'The changes will give firms more freedom to innovate and communicate in ways that build trust and support informed decisions to help consumers navigate their financial lives.'The changes are part of the FCA’s wider work to support growth by creating a consumer investment market that is resilient, competitive and better for firms and customers. Review of disclosure documentsFrom June next year, firms will need to follow the FCA’s CCI rules, which were finalised last year. This means they must change how they explain investments to consumers before they buy.To support firms making this change, the FCA has also today published the results from its review of current pre-sale investment disclosures documents, which will need to be updated as firms embed the CCI rules. The review found that of 132 examined for readability, only 6% were written in plain English. It also looked at these and a further 40 documents, from firms that both manufacture and distribute products, to see how easy they were to understand. All the documents were more complex than GCSE level.The FCA will continue to work with industry to embed the CCI rules to make sure consumers have clear information to make better informed investment decisions.Notes to editorsPeople have until 21 August to give their views on the consultation (CP26/24). These proposals align with the FCA’s expectations under the Consumer Duty and Dear CEO Letter of 2023 relating to disclosure of interest on cash and double dipping.The review of investment disclosures looked at the readability and intelligibility of disclosure documents:Readability: how easy disclosure documents are to read, focusing on sentence length, word complexity, structure and layoutIntelligibility: how easy disclosure documents are to understand, focusing on meaning, clarity, context and whether the reader can grasp the messageConsumer Composite Investments (CCI) will replace Packaged Retail and Insurance-based Investment Products (PRIIPs) and Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure documents, giving firms more flexibility to present information in clearer, more accessible ways.From June 2027, investment firms will be required to provide genuinely plain English information to help consumers choose products with confidence. The new product information regime is designed to make investing feel accessible to everyone, not just those already familiar with financial jargon.