Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM) has been fined £489,000 and banned from working in financial services by the FCA. The former managing director of the firm, Esmeralda Toni, has also been fined £121,200 for serious misconduct and banned by the FCA.During his time at BHAM, Mr Taylor made misleading statements and falsified information during 2 separate attempted acquisitions.While attempting to acquire a UK bank, Mr Taylor falsified, or arranged to be falsified, documents claiming to be the owner of a bond portfolio worth approximately €200m. Ms Toni knowingly assisted Mr Taylor by making misleading statements to the bank and by helping falsify the documents. Mr Taylor knew, and Ms Toni understood that it was likely, that these statements and documents would be relied upon by the FCA and Prudential Regulation Authority (PRA) as part of their assessment for the proposed acquisition.Ms Toni was interviewed as part of BHAM’s internal investigation into the events. During the investigation, she denied providing misleading statements and the creation of false documents.On a separate occasion, Mr Taylor tried to acquire Reading Football Club. Mr Taylor made misleading statements, again falsely claiming to own the €200m bond portfolio to make the acquisition.The FCA found that Mr Taylor and Ms Toni acted dishonestly over an extended period. Their actions were intended to mislead BHAM colleagues, counterparties and regulators.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Trust in financial services relies on those working in it to be honest. Mr Taylor and Ms Toni fell woefully short of even this minimum expectation. They lied and lied again, first for commercial gain and then to cover their backs. They have no place in our industry.'Notes to editorsRead the final notice for Paul Taylor.Read the final notice for Esmeralda Toni.Between 14 February 2022 and 17 January 2025, Mr Taylor was a chief executive and executive director at Blue Horizon Asset Management Ltd.Between 14 February 2022 and 16 December 2025, Ms Toni was an executive director at Blue Horizon Asset Management Ltd. The FCA found that Mr Taylor and Ms Toni breached Individual Conduct Rule 1, which requires individuals to act with integrity.Mr Taylor agreed to resolve the matter and qualified for a 30% discount under the FCA’s settlement procedures. Without this discount, the financial penalty would have been £698,600.Ms Toni agreed to resolve the matter and qualified for a 30% discount under the FCA settlement procedures. Without the discount, the financial penalty would have been £173,100.The FCA has banned Mr Taylor and Ms Toni from performing any function in relation to regulated activities, having concluded that they are not fit and proper persons.The FCA has the power to impose financial penalties under section 66 of the Financial Services and Markets Act 2000 and to prohibit individuals under section 56 of that act.The notices refer to certain parties in addition to Mr Taylor and Ms Toni. Any reference to those parties is made solely to provide relevant factual context to the findings set out in the notices and should not be taken as criticism by the FCA of their conduct.Find out more about the FCA.

Why T+1 matters and what we’ve been doing so farThe UK’s move to a T+1 securities settlement cycle on 11 October 2027 is a fundamental shift in how securities transactions are settled.To prepare, market participants will have to rapidly speed up their post-trade processes, including automating their operations as appropriate.We’ve found that some are more ready than others – and some have a lot to do to meet deadlines, and our expectations.Participants should view T+1 as an opportunity. It will make the UK market more efficient and reduce risk – ultimately freeing up funds for investment.Our work on the T+1 transition is helping support growth in the UK financial market. We’re testing how ready market participants are for the transition, and where implementation challenges and bottlenecks remain.This forms part of our approach for T+1 we set out last year, alongside an active communications strategy and market monitoring.We’ve been speaking to participants across the market, including:buy-side and sell-side firmsfinancial market infrastructuresthird-party service providerstrade associationsThis blog sets out our reflections from that engagement.

Five fast-growing firms have joined the FCA’s Scale-up Unit, receiving tailored support to help them innovate, navigate regulation and grow sustainably. ClearScore, Modulr, Teya, Urban Jungle and Zilch, spanning payments, consumer finance, credit information and insurtech, are the first firms regulated solely by the FCA to take part. The Scale-up Unit gives firms tailored regulatory support as they develop new products, respond to policy changes and manage the challenges of rapid growth. Insights from a recent pilot with 15 high-growth firms, published on 10 August 2026, show that early investment in governance, risk management and controls helps firms manage the opportunities and challenges of growth, as well as scale sustainably.‘High-growth firms play a vital role in driving economic growth across the UK,’ said Jessica Rusu, chief data information and innovation officer, FCA. ‘We want the UK to remain one of the best places in the world to start, grow and scale a financial services business. That’s why we're supporting ambitious firms as they scale, helping them navigate regulation and innovate with confidence.’Six firms, jointly regulated by the FCA and PRA, were announced as the Scale-Up Unit’s first cohort in February. Applications for the next group will open soon.Since the FCA launched its innovation services, it has supported more than 1,000 innovative and growing firms.Notes to editorsThe FCA opened applications for solo-regulated firms to join the Scale-up Unit pilot in May. Applications closed on 22 June 2026.Read more about the Scale-up Unit.ClearScore, Modulr, and Zilch are part of the Unicorn Council for UK FinTech, a coalition established by Innovate Finance which brings together UK-based fintech unicorn founders and CEOs aiming to accelerate growth in the sector.The Scale-up Unit sits alongside the FCA’s existing programmes, including Innovation Pathways, Pre-Application Support Service (PASS) and Early and High Growth Oversight function, creating a clear pathway from start-up to scale-up.Early and High Growth Oversight identifies firms experiencing rapid growth at an earlier stage – including newly authorised firms, and those undergoing significant change – and provides proactive engagement to help them navigate key challenges as they scale.Between July 2025 and March 2026, the FCA engaged with 15 firms across asset management, wealth management and payments as part of an Early and High Growth Oversight pilot. This was to identify rapidly growing firms earlier and support them as they establish and evolve their business. The FCA assessed whether their governance, risk management and control frameworks were developing in line with their growth and has published insights from this pilot.

We are concerned about a number of risks among unregulated lenders, safe custody providers, money brokers and financial leasing companies (Annex 1 firms). Firms including unregulated lenders, safe custody providers, money brokers and financial leasing companies, need to be registered with us for anti-money laundering purposes.If you’re carrying out these activities without being registered, you should submit an application for registration.We are concerned about a number of risks we’ve identified among Annex 1 firms, in particular the potential for them to facilitate financial crime.We have seen firms rely too heavily on the financial crime controls of their parent company. Each individual firm within a group must assess whether these controls are appropriate for their financial crime risks, governance and operations. They also can’t rely on off-the-shelf procedures designed for a different company. Each must have controls tailored to the way they operate and the risks they need to manage.We are also concerned about the risks to consumers and markets from unregulated lending often conducted through complex structures, including special purpose vehicles. We recently highlighted the risks to regulated firms when doing business with Annex 1 firms. Regulated firms should continue to do their due diligence and understand the business of firms they are dealing with – including seeking direct confirmation of their registration status. To address these risks, we are closely scrutinising applications to register as an Annex 1 firm. Firms need to clearly demonstrate that they can comply with the money laundering regulations. Firms should expect registration applications to take longer.We have also sent an information request to around 900 Annex 1 firms to improve our understanding of their activities, business models and risks. This follows on from the work we did with 300 Annex 1 firms in late 2025 and means we will have contacted all registered Annex 1 firms.We will use this and other intelligence to identify and disrupt financial crime risks in this sector.

Firms tell us that complying with our requirements can be a burden. They have to keep up with changes, understand what we expect and embed new practices across multiple systems and teams. All of this takes time and resources.Of course, firms must meet their regulatory responsibilities – but we want to make it as simple as possible.That's why we're launching the FCA Handbook Application Programming Interface (API), so software systems can talk to each other and share information. With the Handbook available in a structured, machine-readable format, firms can access, understand and use our rules more easily.It’s another practical step in being a smarter regulator in a digital world.Making regulation easier for firmsThe FCA Handbook contains the rules, guidance and standards for the UK's financial services regulatory framework. For many years, firms could only get all this information through websites, monthly downloads and specialist compliance tools.The Handbook API gives them a different way to get what they need. It enables systems to access structured Handbook content directly, making it easier to integrate rules, guidance and updates into the tools they already use.Flexibility to choose what works for your businessWe know firms have different needs, technical capabilities and approaches to compliance. We’ve made the Handbook API flexible, so they can use it in the way that works best for them.Some firms might access the API directly and integrate Handbook data into their own systems. Firms with in-house technology teams can tailor the process to their business models and compliance processes.Other firms may work with technology providers or RegTech firms, who can use the API to develop tools that manage their regulatory obligations more efficiently.Meanwhile, some firms may prefer to use the Handbook website as they do today, if that suits their needs. We refreshed the website last year with new functionality, including advanced search capability, new track changes tools and improved context-setting across Handbook content.Real-world benefitsOpening up the Handbook data creates various ways for firms to reduce manual processes and manage regulatory change:Real-time rule mapping: The data from the API may help firms map rules to products, activities and customer journeys, making changes easier to assess.Keeping track of rule changes: Having access to current and future versions of Handbook content may help firms to track, compare and flag rule updates so that they can respond more quickly.Better RegTech products: Give providers authoritative Handbook data to build more efficient and consistent compliance tools.Supporting AI solutions: Provide trusted, up-to-date data to support more useful, accurate and transparent AI tools.Supporting growth through smarter regulationTechnology won’t solve every compliance challenge on its own. But making it easier to use regulatory information can make a big difference. Crucially, it means firms can spend more time on delivering good outcomes for consumers and markets, supporting innovation and driving growth.We look forward to seeing how firms, developers and technology providers use the Handbook API to create new tools and improve compliance processes. The ways they use it will help shape the future of financial services regulation.You can find out moreabout theHandbookAPI,including how to access it,inour FAQs.

Companies will benefit from easier initial public offering (IPO) listings thanks to changes to the rules from the FCA. This will allow the UK listings market to compete more effectively with global markets.The reforms will reduce execution risk for issuers, lower compliance costs and make it easier for companies to access public markets. As part of the changes, the FCA will remove the 7-day waiting period for connected research during an IPO and simplify information-sharing requirements for issuers and firms.These changes support the FCA's aim of enabling growth, investment and innovation, while continuing to uphold high standards of market integrity and investor protection.Jon Relleen, director of infrastructure and exchanges at the FCA, said:'We want the UK market to be an attractive place for companies to raise capital and grow. By making the UK listing regime more efficient, we are supporting the growth and competitiveness of UK capital markets.'Notes to editorsRead the Policy Statement, PS26/16, ‘Changes to information flows for UK equity IPOs’.Read the Consultation Paper, CP26/14, 'Changes to information flows for UK equity IPOs'.The new rules come into force immediately on 5 August 2026.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 Upper Tribunal upheld the FCA's decision to ban Richard Fenech and Heather Dunne from working in financial services. The Tribunal agreed that both acted dishonestly by providing a backdated appointed representative agreement to the FCA.The Tribunal found that Ms Dunne falsely claimed she had given advice to some pension schemes before she had done so. Also, that she had failed to take proper care when giving pension transfer advice. Meanwhile Mr Fenech failed to properly oversee her work.Ms Dunne advised about 92% of her clients to move out of defined benefit pension schemes between April 2015 and June 2017. This led to more than £126m being transferred, including when it was not in clients’ best interests.The FCA had based both fines on the finding that all of Ms Dunne's advice breached regulatory requirements. The Tribunal ruled that the fines should reflect its finding that 18% of Ms Dunne's clients received unsuitable advice. It also ruled that only the income Mr Fenech earned from his relationship with Ms Dunne should count towards his fine.Therese Chambers, the FCA's executive director of enforcement and market oversight, said:'We welcome the Tribunal's ruling, which supports our decision that Mr Fenech and Ms Dunne are unfit to work in financial services.'The Tribunal agreed that the FCA must be able to rely on those it regulates at all times, including in periods of stress and high pressure. These individuals failed that test and breached the trust placed in them.'Dishonesty and negligence have no place in our industry, and we will continue to take action against those who fall short of our standards.'The Tribunal agreed fines were appropriate but reduced these to £41,230 for Ms Dunne and £16,046 for Mr Fenech.Notes to editorsUpper Tribunal judgments: 27 April 2026 and 27 July 2026.Ms Dunne and Mr Fenech have 14 days from the date of the Upper Tribunal's decision to appeal.Decision Notice 2024: Heather Dunne.Decision Notice 2024: Richard Fenech.Ms Dunne traded as an independent financial adviser under Heather Dunne Independent Financial Adviser (HDIFA) and was a pension transfer specialist. HDIFA was an appointed representative of Financial Solutions Midhurst Ltd (FSML), which was owned and run by Mr Fenech.Information for customers wishing to make a complaint to the Financial Services Compensation Scheme.The FCA is committed to balancing thoroughness with speed, so that future investigations are both rigorous and timely. See: Change for the better: the FCA’s evolving approach to enforcement.In 2021, the FCA confirmed measures to improve the defined benefit pension transfer market. Read the finalised guidance. See the FCA’s defined benefit pension transfer advice checker to check if you received poor transfer advice.See the FCA’s work on improving oversight of appointed representatives.Decisions of the Upper Tribunal are published on its website. Read the FCA Press Notice, December 2024.Find out more information about the FCA.

Transaction reporting requirements become smarter, simpler and more proportionate under new rules from the FCA. Transaction reports are critical to the FCA’s ability to detect and investigate market abuse, monitor market functioning and supervise firms effectively.The new rules are designed to ensure the FCA continues to receive accurate, high-quality data while eliminating duplicative or low-value reporting. By removing unnecessary reporting the changes will reduce regulatory burden and support growth and competitiveness. The changes will save firms more than £100m a year.Therese Chambers, joint executive director of enforcement and market oversight, said: 'Transaction reports are the backbone of our market oversight work – they help us catch financial crime, monitor market stability and supervise firms effectively. 'By taking a smarter, streamlined approach to reporting, we're giving firms meaningful cost relief while ensuring we continue to receive the accurate, high-quality data that keeps UK markets clean and competitive.'Key changes include:Reducing the number of transaction reporting fields from 65 to 52.Removing foreign exchange derivatives from reporting requirements, reducing costs for over 400 firms.Removing reporting requirements for 7 million financial instruments including equities, bonds and certain derivatives that are only traded on EU trading venues. This will save firms approximately £32m annually.Reducing the period for correcting historical reporting errors from 5 to 3 years, lowering the number of transaction reports that need to be resubmitted by a third.The changes will take effect on 3 April 2028, giving firms adequate time to prepare, test and implement updated reporting systems. However, a flexible supervisory approach will allow firms that are ready to make certain changes sooner.The FCA will continue working closely with the Bank of England and the Treasury to harmonise transaction and post-trade reporting regulations.Notes to editorsRead PS26/15: Improving the UK transaction reporting regime.The current annual cost of MiFID transaction reporting to industry is £493m.The FCA estimates the changes we are proposing will reduce the cost to approximately £385m, resulting in a net annual cost saving to industry of £108m.To inform its long-term approach in this area, the FCA has established the cross-industry Transaction and Post-trade Reporting Industry Harmonisation Taskforce with the Bank of England. It held its inaugural meeting in July 2026.Read the FCA’s Consultation Paper CP25/32: Improving the UK transaction reporting regime (PDF).

The FCA has published a package of reforms designed to improve transparency, strengthen access to market-wide information and support confidence in UK equity markets. The package confirms the framework for a future equity consolidated tape, consults on targeted market structure reforms and introduces an interim market activity reporting tool for shares.UK equity markets offer investors a wide choice of trading options. The FCA's assessment is that competition and innovation have delivered significant benefits for market users, helping create liquid and resilient markets.However, greater choice has also increased fragmentation. Obtaining a complete picture of trading activity can be complicated and expensive, meaning market-wide data is often under-used. It also means the depth and liquidity of UK equity markets is often under-appreciated.A consolidated tape brings together trading information from across the market into a single source. This package puts us on a path to deliver an equity consolidated tape within 18 months, making market-wide data easier to access and use.In developing the proposals, the FCA carefully considered a wide range of views on market data, transparency and market structure. The final package improves access to information, reflects strong support from market users and promotes effective price formation and resilient markets.The FCA's assessment is that UK equity markets are functioning effectively. However, it is a complex ecosystem and markets evolve over time. The consultation therefore sets out how market quality will be monitored and seeks views on the indicators we should track and the tools that could be available if proportionate intervention is needed in future.While the equity consolidated tape is being developed, the FCA has launched a market activity reporter for shares. The reporter provides visibility of overall UK equity market activity each day, helping users see a full picture of trading volumes before the full tape is launched.The package follows the launch of the UK bond consolidated tape in June 2026, which has attracted more than 1.6 million licence subscriptions. Together, these initiatives form part of the FCA's wider programme of capital markets reform to improve transparency, access to information and confidence in UK markets.Simon Walls, executive director of markets at the FCA, said:'UK equity markets have evolved through competition, innovation and the choices made by investors and companies. These continue to be great foundations for a liquid and resilient market. A downside of choice can be complexity, but this needn't mean a lack of transparency. A consolidated tape will make it simpler and easier for investors to see the whole market picture. Today’s package settles the big design questions and sets the path to deliver the tape within the next 18 months.'The FCA is inviting feedback on both consultations, CP26/30 and CP26/31 until 16 October 2026.Notes to editorsRead CP26/31: The framework for a UK equity consolidated tape.Read CP26/30: Supporting equity market transparency and considering market structure developments.Market activity reporter for shares.The FCA will consider feedback on the consultations before beginning procurement for the future equity consolidated tape provider.Adam Farkas, chief executive Officer of AFME, said:'We welcome the FCA's proposals to improve transparency and access to market data in UK equity markets. The package recognises that UK markets are functioning effectively while taking practical steps to make market-wide information easier to access and use. This is a proportionate and evidence-based approach to market reform.'Hugo Gordon, head of capital markets at the Investment Association, said:'We welcome the FCA's package and the completion of the equity consolidated tape design. By bringing together both pre-and post-trade data from across the market into a single source, the tape will improve access to market-wide data and support more transparent and efficient UK capital markets. The focus can now shift towards successful delivery and implementation.'David Raw, managing director for markets at UK Finance, said:'We welcome the FCA’s recognition that UK equity markets are working well for investors. Competitive and diverse markets deliver deep liquidity, efficient execution and strong outcomes, and our members believe future reforms should build on these strengths to keep the UK attractive to global investors. Including both pre- and post-trade data in the UK equity consolidated tape is welcomed and will be important for improving transparency, strengthening price formation, and supporting greater investment in UK markets.'

On 30 July 2026, Lucy Beck attended Southwark Crown Court for a hearing in relation to unauthorised promotions on social media. Ms Beck entered a not guilty plea and the date of her trial has been set as 12 June 2028.It is alleged that Ms Beck promoted buying and selling Foreign Exchange Contracts for Difference through social media accounts and websites, without being authorised to do so, contrary to sections 21 and 25 of the Financial Services and Markets Act 2000.Notes to editorsLucy Beck’s date of birth is 30/04/1994.Anyone who believes they may have suffered loss in relation to this matter is encouraged to contact the FCA consumer contact centre on 0800 111 6768. Calls are free from UK landlines and mobiles.Fighting financial crime is central to the FCA’s 5-year strategy (PDF).Consumers can use the FCA’s Firm Checker to see whether a firm is authorised and has permission to offer the service it is promoting. The FCA’s InvestSmart website provides information to help people understand investment risks and make better informed decisions.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 30 July 2026, Blue Motor Finance Limited (BMFL) was placed into administration. Simon Edel, Richard Barker and Alan Michael Hudson of Ernst & Young LLP were appointed as joint administrators. BMFL (firm reference number 737682) operated as a motor finance lender.The firm had been running at a loss for a number of years and faced significant compensation liabilities it could not meet.Simon Edel, Richard Barker and Alan Michael Hudson have been appointed as joint administrators. They are now responsible for BMFL while it is in administration. They will contact all affected customers.BMFL in administration is no longer lending. However, all outstanding loan agreements remain in place and will continue to be serviced by BMFL in the short term. You should continue to make payments as usual.BMFL remains liable for any compensation it owes, including under the FCA's motor finance compensation scheme (the scheme).We are engaging with BMFL and the joint administrators to ensure the best outcomes for customers who are owed compensation. However, customers are unlikely to receive all the money they’re owed. We know this will be disappointing. Having become aware that BMFL was in financial difficulty, we have worked to make sure that the firm's decisions secured the best outcome for redress consumers. Alternative options would have reduced the likelihood of any redress being paid.Customers who are struggling financially can get free and impartial guidance from MoneyHelper.All customers should remain alert to the possibility of fraud.If customers get an unexpected phone call from someone claiming to be from BMFL, the joint administrators or the FCA, end the call and contact the relevant party directly.Find out more about protecting yourself from scams.If you're looking for an alternative firm to provide a loan, you should only deal with firms authorised by us. If you're unsure whether a firm is authorised, use FCA Firm Checker.

The FCA has censured Equity for Growth (Securities) Limited (EFG) for approving financial promotions relating to minibonds that were unfair, unclear and misleading. EFG approved financial promotions which failed to disclose very high commission fees charged by its appointed representatives and other introducers for marketing the minibonds to investors. Appointed representatives carry out regulated activities under the responsibility of an authorised firm, known as ‘the principal’.The promotions also failed to state that these fees would be deducted from investors’ money. This meant they could not make a fully informed decision before investing.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Investors cannot make informed decisions without key information. Firms must make sure that the financial promotions they are approving are transparent about the high commissions taken from people’s money and the impact those charges have on their investments.’On 25 March 2026, following an FCA petition and restrictions to prevent the firm from conducting regulated activities, the High Court ordered EFG to be wound up on the basis that it was insolvent.As a result, investor claims will be assessed by the Financial Services Compensation Scheme (FSCS). For more information about how affected investors can make a claim, see our press release on the winding‑up order.The FCA has decided not to impose a financial penalty because the firm is insolvent and being wound up, and any penalty would reduce the funds available to repay creditors. Had the FCA imposed a financial penalty, this would have been £386,467.Notes to editorsRead the Final Notice (PDF).Find more information on the relationship between principals and appointed representatives.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Think of the last time you made a payment, transferred money, used a banking app or logged on to online financial services. Did you give much thought to the infrastructure that makes those essential everyday transactions possible?Let’s be honest, you probably didn’t. Most people don’t – until something goes wrong.Financial services rely on a network of providers working behind the scenes – including technology, data and operational service providers.These are so important to the resilience of the financial system that the government granted us powers to implement a new oversight regime, and has now designated the first critical third parties (CTPs).That means, the Bank of England, PRA and FCA will together directly oversee these providers, with a targeted, proportionate focus on ensuring the services they provide to UK financial firms and financial market infrastructures (FMIs) are resilient.Our oversight aims to address system level risks, where many firms rely on the same services from common service providers. And improve coordination and information-sharing across the sector, particularly during major incidents. This complements the existing rules in place for regulated firms to manage the risks they individually face.Operational resilience has evolvedThe primary focus of our operational resilience regulatory framework has been on the ability of individual firms to prevent, respond to and recover from disruption to maintain financial stability and confidence – including from risks arising from their outsourcing and third party arrangements.That remains vital.What's changed is the environment in which those firms operate.Banks, insurers, payment firms and FMIs increasingly rely on a relatively small number of common third party service providers. These may be cloud providers, technology firms, data providers or other specialist service providers.The benefits of this approach are obvious: it can support innovation, boost efficiency, help firms improve the services they offer to millions of consumers and businesses, and contributes to the competitiveness and growth of UK financial services.But what happens if there’s a failure or disruption to the services that one of these third parties offer?Recent events have demonstrated how interconnected such modern services have become. The CrowdStrike outage in 2024 affected a wide range of organisations around the world, while cyber incidents affecting retailers such as Marks & Spencer and Jaguar Land Rover showed how disruption can quickly extend beyond a single organisation.These incidents starkly illustrate how operational disruption at one provider can affect many organisations simultaneously, including financial services.Taking a system-wide viewHaving more visibility across the system is becoming increasingly important, as the financial services landscape has changed. The numbers speak for themselves.In 2025, 27% of incidents reported to the FCA by firms were attributed to a third party issue, and 37% of those were cyber-related.Operational resilience can't solely be about understanding risks within individual firms. It is also about understanding how disruption at commonly used critical service providers could affect the wider system.The CTP regime adds this essential system-wide perspective. It’s not about replacing firms' responsibilities for managing their own operational resilience and third party arrangements. Nor is it about regulating every third party provider that firms use.Put simply, it's about making sure our oversight reflects the way the system actually works today.What this means in practiceThis regime can’t and won’t end all disruptions. But it is designed to make a practical difference, particularly when disruption occurs.For critical third parties, the expectations are clear. They must identify and manage risks relating to the critical services they provide. They need to test and improve their resilience arrangements, and engage openly with regulators and firms, especially during incidents.The regime also aims to promote greater transparency and stronger communication between critical third parties and their UK financial services clients, including through activities such as joint testing exercises and the sharing of self-assessments where appropriate.For firms, the regime should support better visibility of risks and improved communication during major incidents. When many firms are affected by the same disruption, timely information and effective coordination become even more important.And for consumers and businesses, the services they rely on every day should be more resilient to disruption and, where disruption does occur, be restored quickly.No framework can eliminate operational incidents entirely. But strengthening resilience across the wider system that supports financial services can help reduce the likelihood that disruption escalates or spreads unnecessarily.Building resilience togetherOne of the clearest lessons from recent years is that the operational resilience of the financial system is a shared mission. A more resilient system helps create the conditions for firms to innovate, invest and grow with confidence.Firms, regulators and third party providers all play an important role in maintaining the services that consumers, businesses and markets rely upon. The CTP regime reflects our connected reality. It recognises how the financial system operates today and ensures our approach to resilience evolves, so that the financial system can continue to safely serve businesses and consumers now and in the future.As the regime is now live, firms should continue to consider how they identify, test and manage dependencies on critical services. Designated CTPs should engage openly with regulators and firms, including through testing and information-sharing.You can find more information on critical third parties on the FCA and PRA’s website:Critical Third Parties: Strengthening UK Financial Services | FCA.Critical Third Parties (CTPs) | Bank of England.

Victims of convicted fraudster John Burford are set to recover the majority of the money they invested after the FCA obtained a confiscation order against him. In September 2025 Mr Burford, 86, was sentenced to 2 years in prison for defrauding over 100 investors out of £1m.He offered trade alerts and investment opportunities in managed 'funds', despite lacking FCA authorisation. The FCA found he repeatedly misled investors about fund performance, concealed losses and used their money for personal gain, including buying a property.At a hearing at Southwark Crown Court on 27 July 2026, Mr Burford was ordered to pay £655,951.40. This amount represents the total value of assets the court determined were available to be recovered. The funds will be returned directly to victims of his crimes.Together with payments previously made by Mr Burford to investors, nearly all the money, an estimated 99%, originally invested by the approximately 70 known victims will have been returned.Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Mr Burford scammed investors to fund his own lavish lifestyle. Clawing back stolen money from fraudsters and returning it to victims sends a clear message that crime doesn’t pay.'If Mr Burford does not pay the confiscation order within 3 months, he faces a default prison sentence of up to 5 years.The confiscation proceedings form part of the FCA’s ongoing work to deprive criminals of the proceeds of their crimes and get money back for fraud victims.Notes to editorsJohn Charles Burford’s date of birth is 23 February 1940.John Burford sentenced to 2 years in prison for £1 million investment fraud.Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower.Consumers are encouraged to use FCA Firm Checker to check if firms are authorised for the investments being offered.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

The FCA and Bank of England (Bank) have appointed members to their Transaction and Post-trade Reporting Harmonisation Taskforce. The taskforce will inform our long-term approach to harmonising transaction and post-trade reporting requirements across UK Markets in Financial Instruments Regulation (UK MiFIR), UK European Market Infrastructure Regulation (UK EMIR) and UK Securities Financing Transactions Regulation (UK SFTR).The taskforce comprises 3 separate working groups: a main Policy working group, supported by a Strategy working group and an Architecture working group. The objectives of the working groups were set out in the terms of reference.The Policy working group is chaired by Helen Packard (head of market oversight data & intelligence at FCA) and Julia Giese (head of financial markets infrastructure analytics at the Bank). The members of the Policy working group are:Giulia Pecce (head of secondary capital markets & wholesale investor protection at AFME)Adam Jacobs-Dean (managing director, global head of markets, governance and innovation at AIMA)Andy Leonard (regulatory reporting lead SME at Barclays Bank PLC)Hussain Abdullah (director, data & regulatory operations at Citigroup)Karen Stretch (partner at Dechert LLP)Emma Kalliomaki (managing director at ANNA & DSB)Paul Sedgwick (head of DDRL at DTCC)John Graham (senior director of regulation at Futures Industry Association)Greg Stevens (reporting operations director at ICE Futures Europe)Andrew Bayley (senior director, regulatory reporting transformation at ISDA)Tony Holland (director of market practice & regulatory reporting at ISLA)Stuart Cosgrave (operations director at J.P. Morgan Chase)Tim Hartley (global head of SME team & director, EMIR reporting at Kaizen Reporting Ltd)Zach Johnson (director at Kroll)Mark Burnal (managing director, head of fund regulatory reporting and infrastructure at Man Group)Ayo Fashina (executive director, shared services compliance at Morgan Stanley)Rav Saidha (director at Retail Derivative Forum)Will Williams (director, regulatory services at RBC Capital Markets)Rajan Mawkin (senior manager, compliance advisory, credit & equities at TP ICAP Group)James Southwick (trade & transaction reporting senior specialist at Vanguard Asset Management Ltd)Richard Young (industry affairs, regulation and symbology strategist at Bloomberg LP)The Strategy working group is chaired by Dominic Holland (director, enforcement & market oversight and wholesale sell side at FCA) and Nicholas Butt (head of market based finance at the Bank). The members of the Strategy working group are:Adam Conn (director, head of trading at Baillie Gifford Overseas Ltd)Alison Vickers (global head of trade and transaction reporting at BlackRock)Michelle Bedwin (group chief compliance officer at Capula Investment Management)Tanuja Sharma (chief compliance officer, EMEA at Citadel & Citadel Securities)Dawd Haque (market initiatives, regulatory transformation and strategy at Deutsche Bank)Mike Hsu (advisor, speaker, former acting comptroller of the currency at Independent)Luke Taylor (managing director, global banking and markets head of regulatory reporting at Goldman Sachs International)Suzanne Calcagno (global head of regulatory response and oversight, MSS operations at HSBC Bank Plc)Jonathan Armitage (head of regulatory reporting at LCH)Susan Heinrich (EMEA head of non-financial regulatory reporting at Macquarie Group Ltd)Gary Chia-Hsing Li (head of regulatory affairs, EMEA & APAC at MarketAxess)Sana Houari (head of UK compliance, technology and operations at Societe Generale)Dan Chambers (head of regulatory operations at Standard Chartered)Uwe Hillnhütter (regulatory affairs at Tradeweb Europe)Karen Miles (head of non-core legacy regulatory services at UBS)The Architecture working group is chaired by Richard Cutress (manager, data engineering & technology at FCA), Khalid Ledgister (manager, regulatory, business, enterprise & technical architecture team at FCA) and John Aveson (senior data scientist, financial market infrastructure data team at Bank). The members of the Architecture working group are:Andy Hughes (head of technical services at Derivatives Service Bureau)Mihir Trivedi (head of global regulatory change at Deutsche Bank)Alexander McDonald (CEO at EVIA)Eric Odotei (group head of regulatory reporting at Finalto Group)Stephen Mogie (director, business intelligence & regulatory reporting at ICE Clear Europe)Zeynep Shields (global regulatory reporting product owner at J.P. Morgan Asset Management)Michelle Zak (founder & CEO at Qomply)Christopher Hall (head of operations, technology AI strategy at Morgan Stanley)Miguel Munoz Royo (domain architect at SIX Group)Ashish Karandikar (director, regulatory change management at CIBC Capital Markets)Sumeet Agarwal (global lead of trade and transaction reporting technology at Citadel Securities)Pierre Khemdoudi (CEO & co-founder at Gentek AI)Catherine Ahnoff (product director, LSEG regulatory reporting at London Stock Exchange Group)Leo Labeis (founder & CEO at REGnosys)The working groups are supported by the Transaction & Position Reporting Team at the FCA and the Financial Market Infrastructure Data Team at the Bank.Members have been appointed in a personal capacity. Some of the firms listed above are authorised and/or regulated by the Bank, the Prudential Regulation Authority (PRA) and/or the FCA. Please see theFinancial Services Registerfor further details.

The Consumer Duty was designed to ensure firms were focussed on the outcomes that matter to their customers. Understanding the actual experiences of people and identifying potential harm are essential to delivering these improvements. So outcomes monitoring is at the heart of helping consumers to better navigate their financial lives.Understanding these outcomes is about more than collecting data or producing reports. It helps firms identify where customers may be struggling, spot emerging risks and take action before harm occurs. Doing this well helps build consumer trust in the firms and products that they engage with. This is why, over the past year, we’ve looked closely at how firms are approaching outcomes monitoring.Monitoring customer outcomes: what good practice looks likeOur review found that the strongest approaches were structured, evidence-based and focused on using information to identify risks.Firms that were most effective did not simply collect management information; they used it to understand what was happening across the customer journey, challenge performance and drive improvements for consumers. They understood that every part of the customer journey gives an important signal.But some firms need to do more to make monitoring proactive and outcomes-focused, demonstrate how information drives action and test whether interventions are effective.Building frameworks that drive better outcomesThe strongest firms had clear monitoring frameworks that defined what good outcomes looked like in practice and linked those to different stages of the customer journey.Rather than relying on broad statements or high-level metrics, they translated customer outcomes into measurable indicators and regularly reviewed whether they worked. Importantly, these firms could demonstrate a clear link between the information they collected, the decisions they made and the actions they took.We saw proportionate examples from smaller firms. Some identified a small number of key points where customers were more likely to experience harm, using existing indicators to assess whether customers were receiving good outcomes. This shows that firms do not need complex systems or large teams to monitor outcomes effectively, provided their approach is clear, risk-based and linked to action.But some firms’ monitoring frameworks were not sufficiently focused on customer outcomes or the risks of harm. They relied on high-level monitoring without a clear structure for identifying poor outcomes, understanding their causes or taking appropriate action.Using data to strengthen monitoring and supportThe firms with stronger approaches produced clear evidence that analysis helped to improve customer outcomes. They used data and management information to identify risks, make decisions and test whether interventions were improving outcomes. Some used indicators and thresholds to identify foreseeable harm, including customer vulnerability, unsuitable applications or financial risk.But there are still areas for improvement in how firms use and evidence management information.Some firms relied on reactive or poorly defined indicators, lacked clear audit trails, and could not demonstrate how data was used to identify emerging risks or assess customer outcomes. Firms should be able to show a clear link between management information, decision-making and improvements in outcomes. This includes explaining why metrics and tolerances were chosen and whether actions have been tested and are effective in reducing customer harm or friction.Strengthen approach to third parties and distribution chainsCustomers experience a product or service as a whole. They are unlikely to distinguish between the firms involved in delivering it.That's why effective arrangements with third parties and distribution partners remain important. Firms should understand the outcomes customers are experiencing, and get relevant information from third parties and distribution partners where needed.We've seen positive examples of firms using management information, regular reviews and targeted engagement with partners to identify and address issues. This aligns with the FCA’s recent proposals on information sharing across distribution chainsMake governance countWe've seen stronger board and senior management engagement compared with earlier reviews.Many firms now have clearer accountability, better action tracking and stronger governance arrangements.However, effective governance is about more than reviewing reports.We still want to see clearer evidence of challenge, discussion and decision-making. Boards and senior leaders should be able to demonstrate how they have scrutinised outcomes, challenged assumptions and driven improvements where needed. Focus on outcomes, not activityOne theme runs through the strongest examples we reviewed.They don't just show what they monitored. They show what happened as a result.They can identify an issue, understand its cause, take action and then assess whether that action improved outcomes for customers.As firms continue embedding the Duty, they should consider whether their monitoring gives them a clear enough view of customer outcomes and whether it leads to timely, effective action.The firms making the strongest progress aren't necessarily collecting more information. They're using it more effectively to understand their customers, identify harm earlier and drive meaningful improvements.And that's what outcomes monitoring under the Duty is intended to achieve.

Millions of car finance customers who may be owed compensation can get help making a complaint for free, as the FCA launches a national advertising campaign. Research by the FCA found that 27% of car finance customers lack confidence to make a complaint without using a claims management company (CMC) or law firm, despite free tools from the FCA being available.Sheree Howard, executive director at the FCA, said: 'Many people who may be owed compensation aren’t sure where to start or don’t realise they don’t have to pay someone to make a complaint. Our free tools are there to help people feel claim confident – so they can get any money owed back without it costing them a penny.'Many car finance customers are already acting – 59% have made or are considering a claim – but a significant group (23%) say they are unsure of their options.The campaign – running across TV, radio, print, billboards and social media until 6 September – directs people to a free template complaint letter on the FCA website. More than 80% of those surveyed said this would make them more confident complaining directly to their lender.Notes to editorsSee the TV advert.The FCA used Kantar to survey 1,000 motor finance customers online between 25 and 28 June 2026: UK adults aged 18+ who currently hold, or have held, a motor finance arrangement in their own name or jointly.The FCA has launched a £2m advertising campaign to help people concerned about their car finance feel confident making a complaint.More information for consumers can be found on the FCA website.The campaign runs from 27 July to 6 September 2026. Advertising will reach audiences across the country through video on demand platforms (expected to be seen almost 11 million times), alongside 2,180 outdoor placements, national radio stations, print titles with a combined circulation of nearly 3 million, and social media channels including Facebook, Instagram and TikTok.In March, the FCA launched a redress scheme, with consumers expected to be compensated £7.5bn. The scheme is currently partially suspended due to legal challenges. The FCA plans to defend it robustly.

Having just joined as the FCA’s new insurance director, it’s been great getting to know the team and see the variety of work they’re doing – whether that’s working with the industry to improve claims experiences for customers, consulting on simplifying our rules or supporting growth with a new regime for captive insurers.One item that has crossed my desk is vertically integrated business models, which we’re publishing information for firms on today.When a consumer buys insurance, they need to trust that the firm they're dealing with is genuinely working toward the best outcome for them – and that they’re not losing out due to conflicts of interest.This can happen when a single group of companies span multiple parts of the insurance chain: underwriting the policy, distributing it to customers, arranging premium finance, and providing other related services.It can also happen when firms are connected through ownership or financing relationships that may be publicly disclosed or private in nature.These arrangements can make good and efficient business sense. But they can also create conflicts of interest – particularly if they influence consumer journeys or potentially alter commercial incentives. This has the potential to shape decisions in ways that don't serve the customer.This isn't just a theoretical concern. We've taken enforcement action before against firms where conflicts of interest weren't properly managed, and where ownership or remuneration arrangements influenced customer outcomes.What firms should doHaving a conflict of interest doesn't automatically make a business model unacceptable. But you need to take these risks seriously.You must actively identify, manage and evidence those conflicts. That means effective governance, clear senior management accountability and controls that actually work in practice, not just on paper.Crucially, disclosure alone is not enough. Simply telling customers about a conflict doesn't remove your obligation to manage it properly.You should look at how you design products and panels, how you communicate with customers, how you structure remuneration, and whether your customer-facing information is genuinely transparent about commercial relationships that could affect a customer's decision.Wherever a firm happens to be in the chain it needs to assess and be able to evidence the value added in each link.If you're considering new ownership, investment or financing structures that could add complexity or create new conflicts, you should factor our expectations into that assessment from the start.What we’re doing We've written directly to some firms where we think their business models may be creating heightened risks of conflicts of interest.But we're also making our expectations clear to the whole market – because this isn't an issue isolated to a handful of instances.We are monitoring developments in this area, so you may receive ad hoc data requests. You should be able to show us how your arrangements deliver good outcomes for customers. Where business models are overly complex or difficult to supervise, we expect you to think seriously about simplifying them.Any material changes to your business model that affect conflicts of interest should be notified to us promptly.Our position is clear: Where we see firms acting in ways that could harm consumers, obscure accountability or undermine trust, we will act, starting with supervisory engagement, and with enforcement if needed.Getting this right will help give customers that extra peace of mind that insurance products are working for them.

The FCA has decided to ban a father and son from UK financial services after the High Court found that they had engaged in fraud and misused client money.

Anthropic will support the second group of firms in the FCA's Supercharged Sandbox. The Sandbox is a controlled environment where firms can safely experiment with advanced AI.Anthropic will provide access to Claude for participants – including Claude Code and Claude Cowork – to help speed up their development work.The second group of firms in the Supercharged Sandbox will explore a range of AI use cases. This includes testing solutions designed to:enable safer agent-led payments and commercedetect fraud and economic crime more effectivelystrengthen AI governance and accountabilitywiden access to financial services for vulnerable and underserved consumersstreamline compliance and business automation21 organisations, including Scottish Widows, Money Advice Trust and TrueLayer, will join the second group. The selection process followed strong demand, with a 51% increase in the number of applications compared to the first group.The Sandbox builds on existing support from NayaOne and NVIDIA.'The high level of interest in the Supercharged Sandbox demonstrates the demand for trusted environments where firms can experiment safely and responsibly,' said Jessica Rusu, chief data, intelligence and information officer, FCA. 'With the support of Anthropic, participants will benefit from the technology they need to accelerate innovation.'This is central to our commitment to supporting economic growth – enabling firms to make the most of technological advances while maintaining the UK’s position at the forefront of responsible AI adoption and innovation.'The FCA has also launched the new Agentic Academy, a 10-week specialist AI programme for selected firms which is delivered by the FCA and the Centre for Finance, Technology and Entrepreneurship (CFTE).Notes to editorsFirms accepted into the second cohort also include: calQrisk; Merx Digital Solutions Ltd (SmartDrops); Aegis Trace; Sardine AI Corp; Zquas; Trustie Labs; Welleness; IntelXview Ltd; RMI Agentic; Ubyx, partnering with Amazon; Deepflow; FSCom; GAI Labs; Condukt; Kaption; and Relace.In 2025, the FCA announced the launch of the Supercharged Sandbox, designed to help firms experiment with AI in a safe and controlled environment. It helps firms who are in the discovery and experiment phase with AI.The Supercharged Sandbox builds on the existing Digital Sandbox infrastructure provided by NayaOne, offering advanced compute power to accelerate AI innovation.Through a collaboration with NVIDIA, participating firms in the first group were given access to accelerated computing infrastructure and NVIDIA AI Enterprise software to support the development and testing of AI use cases. Firms in the second group will continue to have access to these capabilities.The second Supercharged Sandbox received 199 applications in total, compared to 132 in the first iteration.The FCA set out how we are working to accelerate digital innovation in our response to the Prime Minister’s letter (PDF), including that we would avoid additional regulations for AI by relying on existing frameworks.Read more about how FCA rules apply to AI.