Three people have been arrested as part of a crackdown on suspected illegal financial promotions. Two homes in the Chelmsford and Romford areas were searched, as part of an operation led by the FCA and the Eastern Regional Special Operations Unit (ERSOU), a specialist policing unit that tackles serious and organised crime.Adverts from firms that aren't FCA-regulated can be a warning sign of a scam. If something goes wrong, these firms aren't covered by the rules that protect people's money – meaning you could lose it with no way to get it back. If you're thinking of investing or dealing with a firm, use the FCA Firm Checker to confirm it’s authorised.All 3 individuals have been interviewed under caution.The investigation is ongoing, and further updates will be provided in due course.Notes to editorsThe Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute unauthorised business cases.Breaching the General Prohibition is an offence under Sections 19 and 23 of the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or up to 2 years’ imprisonment.Communicating unauthorised financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000 punishable upon conviction by a fine and/or up to 2 years’ imprisonment.Making false or misleading statements is an offence under Section 89 of the Financial Services Act 2012 by providing misleading statements, punishable upon conviction by a fine and/or up to 10 years’ imprisonment.Almost all firms offering financial services in the UK must be authorised by the FCA. Consumers are urged to search our Warning List of unauthorised firms and individuals and remain especially wary of companies operating without permission, as this increases the risk of financial harm.Consumers are encouraged to use the FCA’s firm checker to check whether a firm is authorised before engaging with its financial services.The FCA cannot comment further at this time but will make further announcements when appropriate.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Our objective has been, and remains, to ensure consumers receive fair compensation as quickly as possible and to maintain a healthy motor finance market. An industry-wide scheme is the fastest, simplest route for consumers and the most efficient way for firms to put things right and give certainty to their investors. Alternative approaches would be slower and much more costly for firms.We engaged widely in designing the scheme. While being clear not everyone would get everything they would like, we made changes to reflect feedback from both consumer groups and lenders. The final scheme is fair to consumers and proportionate for firms.We welcome the broad support for the scheme and the commitment from most lenders to implement it. They have taken a pragmatic approach, recognising that introducing a scheme on this scale promptly has required us to make judgements to simplify in a reasonable and lawful way some complex legal and operational issues.We recognise that for some lenders this has been a difficult decision. We appreciate that they have ultimately decided to put a resolution for their customers first, many of whom have been waiting for more than two years for an answer. They have also chosen to provide certainty for investors and to help rebuild trust in the market.However, we have received four legal challenges: one from Consumer Voice (a limited company), represented by Courmacs Legal Ltd; and three from lenders - Volkswagen Financial Services, Mercedes Benz Financial Services, and Crédit Agricole Auto Finance.We respect the right of any party that the Courts decide has standing to challenge the scheme. We also note that none of the claims received are expressly in the name of individual consumers.We will defend the scheme robustly as lawful and the best way to resolve such a widespread, long-running and complex issue.These legal challenges create fresh uncertainty for millions of consumers and for the second-largest consumer credit market, with £39bn borrowed in 2024. We are therefore engaging at pace with lenders and consumer groups to understand the breadth of views as we determine next steps for the scheme, including contingency planning.We will provide further advice to firms next week. Our current advice to consumers remains that the best step, if you have concerns, is to complain directly to your lender.This is free - weexplain how to do it and the contact details for lenders. You do not need to use a law firm or claims management company, which may charge over 30% of anycompensation.

The FCA has charged Shaun Lawrence for operating as a mortgage broker without authorisation. Mr Lawrence, who also goes by the names Shaun Lawrence-Bright and Shaun Bright, was previously authorised to give mortgage advice.However, in 2008 he had his permissions revoked and was fined. He was also banned from working in financial services.The FCA alleges that Mr Lawrence has breached the Financial Services and Markets Act by continuing to provide mortgage broking services when already banned.Mr Lawrence will appear before Hull Magistrates' Court on 2 July 2026.Notes to editorsShaun Lawrence was born on 15 August 1967.The FCA alleges that Mr Lawrence breached Section 19 of FSMA by carrying on regulated activities without FCA authorisation. The alleged regulated activity being carried out was Article 25A of the Regulated Activities Order – arranging regulated mortgage contracts.Find out more about the FCA.

From 11 May 2026, cryptoasset firms preparing for the new FSMA regime will be able to request a pre-application meeting with us via our Pre-Application Support Service (PASS). Pre-application meetings are free of charge and give firms the opportunity to discuss their plans with us and ask questions before submitting an application for authorisation or variation of existing permissions.This comes ahead of the new regime for cryptoasset regulation, where firms wanting to undertake the new regulated cryptoasset activities will need to be authorised by us.The pre-application meetings will take place from July 2026 but we will schedule them as requests come in.The authorisation gateway will open on 30 September 2026 and the new regime will commence 25 October 2027.Find out more about the new regime for cryptoasset regulation.

Speech by Nikhil Rathi, FCA chief executive, at the Association of Foreign Banks (AFB) luncheon. When I saw that a boxing ring had been temporarily installed in this room last autumn, I wasn’t quite sure whether it was a warning to us regulators…Or some kind of art installation commenting on the past few years in financial markets.At some points it has felt bruising, to say the least.Some pressures have been sharp and immediate – geopolitical shocks, sudden market events.Others slower but no less significant – shifting liquidity, evolving market structures.And then areas moving at exceptional pace – particularly in technology – where the direction of travel is clear, even if the endpoint is not.We are hearing how difficult it is to make decisions with confidence, not just today, but for the longer term.So the question for regulators is: how do we contribute to the conditions you and your customers need to succeed?Not just stability and predictability, but also the space and confidence to innovate and take risk.And how do we do that in a way that supports the UK’s competitiveness and growth?

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

We have written to people who complained about how we handled Wellesley & Co Ltd (WCL). Complainants raised concerns about our actions in relation to the wider Wellesley Group. WCL was the only FCA-regulated company in the Group and was responsible for approving financial promotions marketed to investors.We carefully reviewed all the complaints that were made and upheld one about how part of WCL's authorisation process was handled at the time. However, we found this did not cause investors' losses. Those losses resulted from the failure of unregulated companies within the Wellesley Group, not from how WCL was authorised. We have not found that WCL should not have been authorised.We are sorry that complainants suffered financial loss and have a great deal of sympathy for their situation.We have apologised to complainants for the failing identified. A decision letter has been issued to complainants today.

The FCA is reviewing whether Annual Percentage Rates (APRs) help consumers understand borrowing costs andis seeking views on whetherit should changehow these are communicated in credit advertising. APRsindicatethe yearly cost of borrowing, including interest and fees. A representative APR means at least half of consumers receive that rate or better. Current rules require representative APRs in most credit advertising.Research, published today, shows APRs are useful for comparing products, butadditionalinformation like total repayment figures can also help consumer understanding.But providing different information tailored todifferent productscan sometimes make comparison harder and confusing.Theresearch showed that, among those shown APR alone,80% of people correctlyidentifiedthe cheapest product when the lower APR meant a lower repayment. Fewer than 1 in 5 did so when the lower APRdidn'tmean cheaper borrowing.Proposals to simplify parts of the Consumer Credit rule book on credit advertisinghavealso been published.Theseaimto remove duplication and outdated requirements where the Consumer Duty already sets clear expectations for firms to support consumer understanding.AlisonWalters, director of consumer financeat the FCA, said:'Clear information advertising credit helps people shop around. But there’s evidence that APRsdonot always allow people to understand thetrue costof credit. To help people navigate their financial lives,we’reasking for views on whetherthere’sa better way.'The Discussion Paper published today, alongside the Consultation Paper on stripping back overly prescriptive requirements, focuses on whether more flexible ways of presenting loan costs could help borrowers make better informed choices.The Discussion and Consultation Paper closes on 17June 2026.Notes to editorsRead the Consultation and Discussion Paper.This discussion paper is supported by two research papers:Abehavioural experimentconducted by the FCA’s behavioural economics teamwith consumers,which examines howdifferent typesof cost-of-credit information affect consumers’ ability to both understand and compare the cost of credit products.PwC’s consumer researchcommissioned by the FCAexamineshow credit consumers engage with information communicated to them across the consumer journey and consumer credit products. The research explores consumers’ understanding of APRs and how consumers use APRs to compare and choosedifferentcredit products.Most of thefinancialpromotionsrulesintheConsumer Credit rule bookpre-date the FCA taking over regulation in 2014, with some going back to 2004.TheConsultation andDiscussionPaperisin response to our commitment in the Feedback Statementon the Consumer Duty rule review (FS25/2) to simplify our requirements on firms, including a review of the advertising rules for consumer credit.

On 28 April 2026, LCM Family Limited (LCM) went into administration. Louise Longley and Gary Shankland of BTG Begbies Traynor (Central) LLP were appointed as joint administrators of the firm. The joint administrators are responsible for managing the affairs of the firm during the administration process.LCM (previously known as LCM Wealth Management Limited) is authorised by the FCA and provided financial advice and related investment services. LCM is also regulated by the Solicitors Regulation Authority (SRA) to provide legal services. On 14 April 2026 LCM agreed to a voluntary requirement with the FCA, restricting the activities it can undertake.The FCA continues to supervise LCM and will work closely with the joint administrators. Below we set out:What to do if you are concerned about your investments.How to contact the joint administrators.How to protect yourself from fraudsters claiming to act on behalf of the firm or the joint administrators.

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

Help us develop a proportionate reporting regime for ESG ratings. Register your interest by 13 May 2026. We're inviting ESG rating providers to join a pilot to inform future regulatory reporting once the regime is live.Our aim is to avoid unnecessary reporting burden for firms over time.The pilot aims to help us assess whether the proposed metrics for ESG ratings reporting are:clearfeasibleproportionate across different business modelsuseful for supervisory purposesParticipants will have a direct opportunity to inform:the design of the future reporting frameworkregulatory reporting requirementsBased on your feedback, we may revise the metrics for the eventual reporting regime.

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

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

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

The FCA Board appoints new members to decision-making committee. The Board of the FCA has appointed Jonathan Peddie and Raymond Cox KC as new members of the FCA’s 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 our new members to the committee. Both Raymond and Jonathan bring significant legal and financial services expertise and regulatory enforcement experience, which 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.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 led international action to stop illegal finfluencers putting consumers' money at risk. Seventeen regulators worldwide took part in the 'week of action' which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly. Activity started on 20 April 2026.In the UK, the FCA:Secured a guilty plea from Geordie Shore’s Aaron Chalmers for illegal promotions on social media. Criminal proceedings have been commenced against a further 2 individuals for similar offences. Sent 4 targeted warning letters to individuals suspected of engaging in unauthorised financial promotions.Issued 34 warning alerts against unauthorised firms or individuals, and updated an additional 14 warnings.Made 120 account takedown requests to social media platforms hosting illegal finfluencer content. Within these accounts, the FCA identified 1,267 illegal financial adverts, which reached a minimum of 2,338,372 UK accounts. 66% of these adverts were from firms or individuals already on the FCA's Warning List.The financial regulator is calling for social media platforms to step up and play a more proactive role in stopping illegal financial promotions at source. Social media platforms are not doing enough to uphold their own policies to block illegal content.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'This collective push with international partners is vital in helping to protect millions of consumers from harm. We will only make real progress in the fight against financial crime if every part of the system plays its role - including social media firms.'The FCA's latest activity follows a previous international week of action with 8 other regulators in June 2025.Consumers are encouraged to use the FCA Firm Checker to confirm if a firm is authorised for the services being offered and reduce their chances of falling victim to a scam. The tool also shows unauthorised firms and individuals on the FCA’s Warning List to avoid.Notes to editorsThe following regulators participated in the week of action:Australia, Australian Securities & Investments Commission (ASIC)Belgium, Financial Services and Markets Authority (FSMA)Brazil, Comissão de Valores Mobiliários (CVM)Canada, Autorité des marchés financiers (QAMF)Canada, BC Securities Commission (BCSC)Canada, Ontario Securities Commission (OSC)Denmark, Danish Financial Supervisory Authority (DFSA)Hong Kong, Securities and Futures Commission (SFC)India, Securities and Exchange Board of India (SEBI)Ireland, Central Bank of Ireland (CBI)New Zealand, Financial Markets Authority (FMA) Norway, Finanstilsynet (NFSA)Qatar, Qatar Financial Centre Regulatory Authority (QFCRA)Qatar, Qatar Financial Markets Authority (QFMA)Singapore, Monetary Authority of Singapore (MAS)United Arab Emirates, Capital Market Authority (CMA)United Kingdom, Financial Conduct Authority (FCA)Finfluencers are social media personalities who use their platform to promote financial products and share insights and advice with their followers. Many financial social media content creators are acting legitimately and not breaking any laws. There are other finfluencers that tout products or services illegally and without authorisation through online videos and posts. They use the pretence of a lavish lifestyle, often falsely, to promote success.Millions of consumers increasingly turn to social media for financial advice. However, dealing with an unauthorised firm or individual increases the chances it is a scam and means consumers risk losing access to protections, such as the Financial Ombudsman Service and Financial Services Compensation Scheme.The FCA issued 2,329 warnings about unauthorised or potentially scam firms and individuals in 2025.The content the FCA identified is not allowed under social media platforms’ own rules. All large social media platforms have policies that financial services ads targeting UK consumers should only be made by FCA authorised firms, or ads that have been approved by an FCA authorised firm.The data on illegal financial adverts, UK account reach and adverts which were from firms and individuals already on the FCA's Warning List was specific to Meta platforms.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from WealthTek’s activities.The FCA found Sapia did not put enough safeguards in place to protect this money.Sapia has admitted that it failed to properly separate key roles within its business relating to client money. People who could make payments from client money accounts also carried out the checks of those accounts required by FCA rules. This lack of separation increased the risk that client money could be lost because of, for example, misuse or poor management.The voluntary payment will be distributed to WealthTek clients who have a shortfall in the money they have been able to reclaim.In December 2024, the FCA, separately, charged WealthTek’s principal partner with multiple criminal offences, including money laundering and fraud.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Poor safeguards around client money create opportunities that bad actors can exploit. Sapia’s failures exposed clients to an unacceptable risk of losing their money.'We decided not to impose a fine on Sapia because of its exemplary cooperation and its acceptance that it should make a voluntary payment to affected customers.'The FCA concluded its investigation in 12 months. This is an example of how we are improving the pace of our investigations.Notes to editorsFinal Notice 2026: Sapia Partners LLP (PDF).From incorporation on 24 May 2010 and until 13 January 2021, WealthTek LLP was called Vertus Asset Management LLP.WealthTek LLP was an appointed representative of Sapia from 2017 until becoming directly authorised by the FCA from 28 January 2020 until 4 April 2023 when the FCA took action to order the firm to cease operations and to appoint Special Administrators. Clients can see updates from WealthTek’s administrators.Were it not for Sapia’s agreement to make the voluntary payment of £19.6m (with the assistance of its ultimate parent company), to be distributed to WealthTek’s clients with a shortfall in the money they have been able to reclaim, and Sapia’s cooperation throughout the investigation, the FCA would have imposed on Sapia a penalty of £7,412,000 (after the 30% discount for agreeing to settle the matter).Of the £19.6m, WealthTek’s administrators will receive £19.1m and the Financial Services Compensation Scheme (FSCS) will receive £500,000 (in accordance with its statutory duties to pursue recoveries where reasonably possible and cost effective). Once FSCS has concluded any further recoveries actions, it will proceed to make distributions of any surplus to WealthTek’s FSCS eligible clients under the rules set out in the Compensation Sourcebook of the FCA’s Handbook.A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought by the FCA against John Dance, the former WealthTek LLP principal partner.The FCA fined Barclays Bank UK PLC £3,093,600 for poor handling of financial crime risks in relation to a client money account opened by WealthTek. Barclays also agreed to make a voluntary payment of £6.3m for distribution to WealthTek’s clients who have a shortfall in the money they have been able to reclaim.Firms need to comply with Principle 10 of the FCA’s Principles for Businesses and follow the client money rules in FCA’s Client Assets Sourcebook (CASS) to ensure they arrange adequate protection for client money. This applies to client money received from a firm’s own activities or from those of its appointed representatives.Find out more information about the FCA.

We’ve no vested interest in setting up a motor finance redress scheme. What matters to us is getting fair compensation for consumers as quickly as possible and supporting a healthy motor finance market for the future.That's what our scheme will do, and it's free for consumers to use.Learn more about our motor finance redress scheme.Any law firm or claims management company (CMC) involved in a potential challenge against the scheme that also has clients making motor finance claims should consider their position and that of their clients carefully.At the very least, they should write to those clients to explain they’re involved in a challenge that’s likely to delay compensation.They should give those clients the option of exiting the contract and strongly consider waiving any fees.Our scheme will put £7.5bn back in people’s pockets. Some have already waited over 2 years for a response to their complaint. With pressure on household bills rising, they shouldn’t be made to wait longer.Over 12m agreements made between 2007 and 2024 are eligible for compensation under the scheme. Our analysis shows millions of those did not involve the particularly serious misconduct identified in the case considered by the Supreme Court.Advice for consumersIf you’ve used a CMC authorised by the FCA, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Claims Management Ombudsman.If you’ve used a law firm regulated by the Solicitors Regulation Authority, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Legal Ombudsman.Our compensation scheme is free to use. Consumers do not need to use a CMC or a law firm, and those who do may lose up to 36% of any compensation. If you decide to go through the courts, this may cost you more.Don’t sign up to multiple CMCs or law firms to represent you. Doing so may lead to multiple fees.Be cautious of potential scammers who may try to contact you via cold calls, texts or emails, claiming you are owed motor finance commission compensation or offering to check eligibility.Report nuisance calls and texts to the Information Commissioner’s Office (ICO).Report misleading advertising to the Advertising Standards Agency (ASA).

We have published findings from our Financial Adviser Survey. The findings provide an updated picture of how the UK financial advice market is evolving and what this means for firms, consumers and future growth. The survey brings together responses from more than 4,100 financial advice firms; alongside analysis of data we already hold on around 31,000 advisers.Overall, it shows a market that remains broadly stable and continues to support millions of clients, even as firms adapt to consolidation, new business models and technology.Key findings include:Firms responding to the survey advise on around £1 trillion of assets for more than 4.1 million clients, highlighting the scale of advice being delivered.Large firms account for around 50% of assets under advice, all firms play an important role through relationship led and local advice.Adviser numbers have remained broadly steady at around 31,000 since 2023, despite a 15% fall in the number of authorised advice firms since 2021. This points to consolidation across the market rather than a reduction in advice provision.Women account for around 18% of financial advisers, despite being part of around 60% of advised client relationships, highlighting an opportunity for the sector to better reflect the consumers it advises by strengthening recruitment, retention and progression.Financial advice remains concentrated among older and wealthier consumers, with regulated advice currently reaching only around 9% of UK adults. Nearly a third of firms are considering offering a form of simplified advice propositions to help expand access, particularly for mass affluent consumers.The survey also shows positive engagement with the Consumer Duty, particularly in pensions and retirement advice, which account for 69% of clients’ main advice objectives.We are publishing this analysis to help firms benchmark their practices and to inform our supervisory and policy work, as we continue to take a more data led and proportionate approach to supporting good consumer outcomes.

The FCA is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022, and we are renewing the membership in line with our terms of reference.The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, fixed income and commodity derivatives.The committee’s task is to:help develop reforms that improve market competition, increase consumer protection and enhance the integrity of marketsidentify market changes that may affect the proper functioning of secondary marketsprovide data and analysis to support policy reformsThe committee is chaired by the FCA and is composed of 25 senior individuals from firms active in financial markets, who are experts in how secondary markets function.Members are appointed in a personal capacity.We will aim to have a balanced representation across the different types of firms active in wholesale markets.We will also seek to ensure appropriate diversity of the membership of the committee, in line with our commitment to promote diverse and inclusive financial services.What to expectThe appointment lasts 2 years, and it can be renewed.The committee meets on a regular basis, normally quarterly, but can meet more frequently, if necessary, to carry out its functions.How to applyMarket participants who are interested in joining the committee are invited to apply.Email the Second Markets Advisory Committee at smac@fca.org.uk with your:CVcover letterThe deadline is 18 May 2026.Please read the terms of reference before applying.Next stepsMembers appointed to the committee will be announced once in place.