Sophie Hutcherson has been reappointed as a Non-Executive Director to the FCA Board by the Economic Secretary to the Treasury. Following her reappointment, Sophie will continue to serve on the FCA Board for a second 3-year term to expire 16 April 2029. Her first 3-year term will end on 16 April 2026 before her new term begins.Sophie brings over 30 years’ senior experience in financial services, with previous roles at Wells Fargo, Deutsche Bank UK, and Lehman Brothers. She is a Fellow of the Chartered Association of Certified Accountants and also holds a number of other non-executive roles, all unrelated to her FCA Board position, including directorships at Yacht Fractions Ltd and Bellecapital.Ashley Alder, chair of the FCA said:'I'd like to congratulate Sophie Hutcherson on her reappointment. We will continue to benefit from her wealth of commercial experience and counsel as the Board focuses on delivery of the FCA's strategy.'Lucy Rigby, economic secretary to the Treasury, Lucy Rigby, said:'I am pleased to confirm the reappointment of Sophie Hutcherson to the FCA Board. Sophie’s extensive experience and skills will continue to support the FCA’s important work to reform regulation and support the government’s growth mission.'About the appointment processReappointments are not automatic, and each case is considered on its own merits. Sophie Hutcherson’s reappointment was made in line with the requirements of the Governance Code on Public Appointments.Sophie Hutcherson has confirmed that she has not engaged in any political activity in the last 5 years.

The FCA has confirmed changes to simplify its rules and lower costs for insurers, while maintaining appropriate levels of protection for smaller commercial customers. The final rules aim to give more flexibility and responsibility to insurance firms, such as determining the frequency of their product reviews and how much continual professional development (CPD) staff should undertake.The FCA will make further changes to its insurance rules and cut unnecessary requirements next year, including reviewing the international application of its rules and the Consumer Duty.Separately, the FCA has also published proposals that will benefit insurers and other firms, including a raft of technical changes to streamline its rules and reduce complexity following the introduction of the Consumer Duty. This includes proposals to:remove 3 further insurance data returnsreview eligibility and disclosure rules for packaged bank accounts (PBA)streamline and simplify rules on collective investment client assetsremove Handbook references no longer needed now the Consumer Duty is in force.The FCA has also set out wider plans to better support smaller financial firms by creating sector guides to help them apply outcomes-based regulation, starting with consumer credit firms next year. The pilot will inform the FCA’s longer-term approach to supporting smaller firms.Graeme Reynolds, director of competition and interim director of insurance at the FCA, said:'We’re simplifying and removing rules for insurers and brokers, reducing regulatory costs and helping them focus on delivering better outcomes.'Our focus on smarter regulation is not once and done, and by using the Consumer Duty we’ll continue to look at rules we may no longer need. We want firms to keep engaging with us on further simplifications for the insurance sector, so we can support growth and innovation.'Notes to editorsRead PS25/21: Simplifying insurance rules.Read CP25/37 on Technical Handbook updates (Consumer Duty Requirements Review).On 23 September Which? submitted a super complaint to the FCA about poor consumer outcomes in the home and travel insurance markets. The FCA has 90 days to respond to Which? setting out how it will deal with the issues raised and any action it will take.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’s application to seek court approval for its proposals to distribute funds recovered for the benefit of Asset Land investors will be heard in the High Court remotely. It will take place on 19 December 2025. The session will be online from 10.30am.Investors wishing to attend the hearing must provide an email address to the FCA to whom the court will then issue an invitation with instructions on how to join the hearing.If you are an investor and wish to attend the hearing, please provide your email address to the email address given below stating your full name, postal address and the site in which you invested by 4pm on 12 December 2025.AssetLand.Investors@fca.org.uk

The FCA has set out a suite of measures to empower retail investment, reinforce wholesale markets and maintain the UK’s position as a world-leading financial centre. With new rules for investment product information, the FCA is playing its part to build a stronger investment culture, supporting firms to innovate and make investing more engaging for consumers. And the FCA is seeking views to make sure regulation supports consumers to invest with confidence.Proposals to enhance how firms classify their clients will give confidence to firms when they deal with professional investors, drawing a line so wholesale markets can remain agile and innovative.The regulator has worked closely with industry and consumer groups to deliver practical policy that moves the dial on risk.Simon Walls, executive director of markets at the FCA, said:'Today’s measures support investment risk culture right along the spectrum. They ensure that firms can compete to give retail customers material that informs and engages them. They also draw a brighter line for professional markets, defined by contracting parties, informed consent and regulation that is proportionate to that.'Making it easier for consumers to understand investmentsIn retail investment disclosures, the FCA will make a decisive shift away from prescriptive and complex templates that consumers don’t find useful. This gives firms more freedom to put the consumer first, innovate, and help their customers understand potential returns as well as costs and risks. The FCA is also seeking views on how longer-term regulation can keep up with the evolving retail investment landscape and help shift the dial on risk appetite, to give consumers confidence to access investments that meet their needs and benefit from the potential returns. Distinguishing between professional and retailThe FCA is setting a clearer boundary between retail and professional investors, allowing firms to deal with professional investors with confidence operating outside retail regulations. This will free up firms to innovate and offer a more diverse range of products to truly experienced clients with the resources to bear more of the risks. The threshold to qualify as a professional investor will remain high, so only those with experience, advice or the ability to bear risk are taken out of retail protections, such as the Consumer Duty, that they don’t need. High standards in classification mean that wholesale regulation remains proportionate and firms are freed from unnecessary guardrails.Proposals remove some arbitrary tests and give firms more responsibility to get it right. This includes a new way for wealthy and experienced individuals to opt out of retail protections and streamline how firms assess professional investors.Notes to editorsRules for targeted support will be set out in the coming days. Elsewhere, the FCA supports the industry-led campaign that will help to explain the benefits of investing.CP25/36: Client categorisation and conflicts of interest: these proposals would allow firms to confidently operate with professional clients who don’t need retail protections. However, the regime only works if firms can demonstrate that their clients genuinely meet the threshold of a professional client and the clients give informed consent. The FCA has recently published findings from its supervisory work to ensure firms do this well, including:A warning for investors in contracts for difference.A review of client categorisation in corporate finance firms.The FCA is also streamlining our rulebook, removing duplications and simplifying our requirements.DP25/3: Expanding consumer access to investments: this paper seeks views from industry on what else can be done to ensure regulations help consumers take informed risks.PS25/20: Consumer composite investments: new rules to replace EU-derived packaged retail investment products (PRIIPs) and Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure requirements for packaged investment products with a more flexible regime for the UK built on the Consumer Duty.Statement on Consumer Duty expectations for firms working together to manufacture products or services: updated expectations to help firms interpret the Consumer Duty where they work together to create products and services. 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 has launched a consultation on proposals to reduce the administrative fee for overdue or late regulatory returns from £250 to £100. The changes aim to make it fairer and more proportionate, particularly for smaller firms and those with limited resources.Since the fee was introduced, we’ve made major changes to processes, including how fees are paid, as well as launching My FCA earlier this year. This has resulted in an increased compliance rate amongst firms and reflects the positive impact of our continuous improvements. My FCA has now been used by 80% of firms.Under our new proposals, we’re proposing to provide clearer guidance and improved notifications, helping firms understand the process and avoid unnecessary admin fees.We’re also proposing to remove 3 more data collections for insurance firms that are no longer needed.The consultation reflects our ongoing commitment on continuously improving regulatory processes. Our proposals demonstrate a smarter approach to regulation by streamlining compliance and reducing firm burdens.For more information and to respond to the consultation, please review theDecember 2025 QCP chapter on Late Fee Reduction.

A raft of measures designed to support the growth of the mutuals sector have been announced by the financial regulators. They include a review of credit union regulations and the launch of a Mutual Societies Development Unit by the FCA.The proposals form part of a package of initiatives, published in a joint report from the PRA and FCA.These include:A new FCA Mutual Societies Development Unit that will act as a central hub of expertise and insight helping mutuals navigate policy and legislative changes. It will support initiatives such as co-operative networks that enable mutuals to collaborate, grow and build resilience.A PRA and FCA review of mutual credit union regulations, considering more risk-based capital requirements for larger, complex firms and proportionality for smaller credit unions.Free pre-application support by the FCA for firms setting up as a mutual society, innovating their business models, or seeking guidance applying for targeted support permission.A cut in application times for new societies – from 15 to 10 working days, encouraging more society registrations through the FCA’s Mutuals Society Portal.Confirmation from the PRA that the Building Societies Sourcebook has been removed from the PRA rulebook with immediate effect.The FCA has also published its own report as registering authority assessing the mutual societies sectors.Nikhil Rathi, chief executive of the FCA, said:'The mutuals sector is remarkably diverse and rooted in the communities and members it serves. They support people buy a home, insure against the worst events, increase financial inclusion and bring communities together, whether in the club, pub or on an allotment. We want to help them grow, and our new Development Unit will provide dedicated support. We’re also making it faster for mutuals to start-up.'Sam Woods, CEO of the PRA and deputy governor at the Bank of England, said:'Mutuals are a vital part of our financial system. Today’s report examines how the financial mutuals sector is growing, and what we can do to help it thrive in the period ahead.'Economic Secretary to the Treasury Lucy Rigby said:'We have committed to double the size of the mutuals sector, and are pleased the regulators are taking concrete steps to support the sector’s growth so it can deliver better value for members and communities.'Mutuals form an important part of the UK’s financial and business landscape, supporting the savings, borrowing, pensions and more of millions of people.'The announcements build on existing regulatory initiatives to support mutuals and the wider financial sector, including:The regulators' joint proposals to streamline the Senior Managers and Certification Regime to support competitiveness.The launch of the Scale-up Unit, providing tailored support to firms with growth ambitions.The PRA's Strong and Simple rules, which simplify capital requirements for smaller firms.The PRA’s introduction of Solvency UK, which significantly cuts red tape for insurance firms.The FCA’s mortgage market reforms, taken up by 85% of the market including building societies, has led to lenders being able to offer around £30,000 more.Mutuals are owned by their members, typically to serve their owners’ needs and financial mutuals have over 30 million members across the UK. This includes 93 mutual insurance firms, 42 building societies and 350 credit unions.There are also 12 million memberships across over 8,400 co-operative and community benefit societies. Collectively, these hold more than £223bn in assets and include housing associations, social clubs and retail societies.The reports were launched at an FCA and PRA event on Friday 5 December in Rochdale, attended by Economic Secretary to the Treasury Lucy Rigby MP.Notes to editorsRead the joint PRA/FCA Mutuals Landscape report.Read the FCA’s Mutuals Registering Authority Report.Read the PRA’s Policy Statement on the Building Societies Sourcebook.Additional new initiatives announced for the mutuals sector today include:New straightforward guidance from the PRA on Part VIII transfers, which allow smaller mutual insurers to be consolidated into a larger firm.The PRA and FCA opening discussions with mutual building societies on how best to prepare for mergers and acquisitions, which are becoming increasingly popular in the sector.

The FCA has charged Mr Henrik Schliemann with 9 criminal offences, including fraud by abuse of position, fraud by false representation and forgery. Mr Schlieman was a director of a merchant bank regulated by the FCA. He was responsible for financial matters and held authority over company accounts.The FCA alleges that Mr Schliemann transferred around $1.45m and €3.1m from company accounts to his own and additionally paid himself over £1.3m in excess dividends.Mr Schliemann appeared before Westminster Magistrates’ Court and gave no indication of plea. The case was sent to Southwark Crown Court, and his next appearance will be on 5 January 2026. Mr Schliemann has been released on conditional bail.Notes to editorsHenrik Oliver Schliemann was born on 27 June 1964. He is a German national resident in the United Kingdom.Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006.Fraud by false representation is an offence under sections 1 and 2 of the Fraud Act 2006.Using a false instrument is an offence under section 3 of the Forgery and Counterfeiting Act 1981.Mr. Schliemann held the authorised Director, Compliance Oversight and Money Laundering Reporting Officer functions.

On1 December2025, ESE Capital LimitedenteredCreditors’ VoluntaryLiquidation. On 1 December 2025, ESE Capital Limited entered Creditors’ Voluntary Liquidation.Adam Price and Lane Bednash of CMB Partners UK Limited were appointed as Joint Liquidators of the firm.ESE Capital Limited is authorised by the Financial Conduct Authority (FCA) (Firm Ref No. 469499). The firm provides financial management services and specialises in alternative investment opportunities.On 11 July 2025, ESE Capital Limited agreed that it will not: take on any new customersaccept new funds from existing customersprovide any regulated services to any existing customersdiminish the value of any of its own assets, and any funds it holds, except for payments in the ordinary and proper course of businessThese requirements will continue to apply during the liquidation process.The Liquidators are responsible for managing customer claims against the firm and distributing funds back to customers where possible.If you have any questions regarding the liquidation process, please contact the Liquidators directly by emailing: ese@cmbukltd.co.ukThe FCA does not regulate liquidations or the Liquidators, but we will continue to engage with the Liquidator/s and take any necessary actions as appropriate.

We have reached an agreement to lift the freeze on the bond consolidated tape contract award. Once ordered by the High Court, the lifting of the suspension will clear a path to sign the contract with Etrading Software (ETS).This means we can move forward on delivering the tape and continue defending the legal challenge in tandem. We will continue to engage data contributors and users alongside ETS.This is an important milestone in our work to maintain the UK’s position as a highly competitive and compelling place to invest and grow.We will provide an update shortly on the progress we have made in establishing a bond consolidated tape provider.BackgroundWe recentlyfiled an application with the High Court asking to lift the freeze on the contract award.We aim to determine Etrading Software’s authorisation as soon as possible, ahead of the launch of the tape in June 2026.

The FCA has confirmed plans to streamline the way firms report complaints to them. The improvements will improve data quality and strengthen consumer protection across the sector.Five separate existing complaints returns will be replaced by a single consolidated return. This approach will simplify reporting for firms, reduce duplication, and support more consistent and comparable data collection.A key feature of the new process is the requirement for firms to report complaints involving customers in vulnerable circumstances. This will enable us to monitor outcomes for those at risk and ensure that firms are providing appropriate support to those customers.Sarah Pritchard, deputy chief executive of the FCA said:'These improvements are a significant step forward in ensuring transparency and consistency across the sector. By streamlining returns and introducing clearer guidance, we’re making it easier for firms to provide high-quality complaints data while strengthening our ability to protect consumers, particularly those who are most vulnerable.'We will also introduce improved guidance and fixed 6-month reporting periods for all firms. This will provide timely insights, drive better benchmarking, and help ensure that consumers and the market benefit from high-quality, actionable complaints data.These changes reflect the FCA’s commitment to protecting consumers and being a smarter regulator, while reducing unnecessary burdens on firms. We will work closely with industry to support a smooth transition to the new reporting process, with the first reporting period under the new process running from 1 January to 30 June 2027. For more information, view the full policy statement and updated guidance on our website.

The FCA is working with major firms to test AI in a safe place to better understand the potential benefits and risks. The AI Live Testing initiative is the first of its kind in the financial sector to help firms who are ready to use AI in UK financial markets. Participating firms receive tailored support from the FCA’s regulatory team and its technical partner Advai, to develop, assess and deploy safe and responsible AI.Gain Credit, Homeprotect, part of the Avantia Group, NatWest, Monzo, Santander, Scottish Widows, part of Lloyds Banking Group, and Snorkl are the first group to take part.AI testing is helping firms to address key questions around evaluation frameworks, live monitoring governance and risk management to ensure that AI is deployed safely and responsibly for consumers and markets.Many of the AI applications currently being tested as part of the project focus on retail financial services including use cases to harness AI to support debt resolution or provide financial advice. Applications are also exploring the potential for AI to help improve customer engagement, streamline complaints handling and help consumers to make smarter spending and saving decisions.Jessica Rusu, chief data, information and intelligence officer at the FCA, said:'Our new AI Live Testing service helps firms who are ready to use AI in live markets. By working closely with firms and our technical partner Advai, we’re helping to make sure that AI is developed and deployed safely and responsibly in UK financial markets.'The project will help the FCA better understand how AI could shape UK financial markets and inform its future approach to the technology.AI Live Testing complements the FCA’s Supercharged Sandbox which helps firms who are in the discovery and experiment phase with AI.Applications for the second cohort for AI Live Testing will open in January 2026 and participating firms will be able to start testing in April.Notes to editorsIn September 2025, we published a Feedback Statement on the potential benefits, opportunities and challenges raised by our proposal for AI Live Testing.We set out how the FCA is 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 our rules apply to AI.Advai is a UK-based AI company specialising in automated testing, evaluation and assurance of AI systems, providing independent technical evidence so organisations can deploy AI safely and confidently at scale.

We are lifting the pause on the handling of motor finance complaints on 31 May 2026. This timeframe enables us to finalise and begin implementing any compensation scheme, while giving firms a reasonable period to prepare. We paused the handling of some motor finance complaints in January 2024. This was to prevent disorderly, inconsistent and inefficient outcomes for consumers and knock-on effects on firms and the market while we assessed whether there had been adequate disclosure of commissions between motor finance lenders and brokers.We now have legal clarity from the Supreme Court and High Court to proceed with setting out how firms should deal with very large numbers of complaints and are consulting on a compensation scheme for customers who were treated unfairly. It is important that complaints are now dealt with promptly, not least as some consumers have been waiting almost 2 years for an answer. We are clear that complaints cannot be paused indefinitely. It is likely that we will go ahead with a scheme and complaints that fall within it will be dealt with under specific rules, which will include timeframes for them to be dealt with. We are consulting on these timeframes now and are receiving much useful feedback on what is needed to ensure a scheme runs smoothly.We are consulting on a scheme with a broad scope, so the number of complaints falling out of the currently proposed scheme should be relatively low. Those who have submitted such complaints should not have to wait longer than necessary.We have decided, therefore, to lift the pause on the handling of certain motor finance complaints on 31 May 2026. Ending the pause on 31 May 2026, rather than 31 July 2026 as originally consulted on, reflects our commitment to ensuring consumers receive fair and timely outcomes.It gives firms sufficient time to be ready to respond to complaints, whether inside or outside of a scheme, given they should already have been investigating them. It also takes account of the fact that firms will, in most cases, have up to 8 weeks after 31 May 2026 to send a response to complaints outside the scheme with the exact amount of time depending on when they received the complaint. In a letter (PDF) sent on 3 December, we have reminded firms again that they should be progressing complaints. This is to ensure firms are ready to start issuing final responses to complaints if they are not covered by any scheme. We have said we will publish final scheme rules in February or March 2026. If we go ahead with a scheme, we will consider how the rules interact with the end of the complaint handling pause, to avoid firms having to send final responses that would otherwise be dealt with in the scheme.In our final rules, we intend to set out how firms should respond to complaints involving both scheme and non-scheme elements, recognising that it may be simpler and less confusing for consumers if firms send a final response to any scheme and non-scheme complaints at the same time.

This marks the FCA's first enforcement outcome against a professional body supervisor. The FCA has censured the Institute of Certified Bookkeepers (ICB) for serious deficiencies in its anti-money laundering (AML) supervision.ICB is a professional body supervisor responsible for overseeing the AML compliance of over 3,000 bookkeepers under the Money Laundering Regulations 2017.Between January 2022 and July 2023, ICB breached key AML regulations relating to its role as an AML supervisor, thereby increasing the risks of financial crime amongst members.ICB failed to adopt an adequate risk-based approach to its supervisory functions and did not effectively monitor its members. The most serious breaches were caused or made worse by ICB’s decision to suspend all inspections - both onsite and virtual - for nine months. During this period, ICB’s ability to scrutinise members’ compliance with AML regulations was seriously undermined. The failings exposed the sector to greater money laundering risks.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Anti-money laundering rules stop criminals from exploiting the financial system and help protect people, businesses and wider market trust. Strong AML supervision matters because it ensures these safeguards work in practice.'This outcome demonstrates that the FCA is prepared to take enforcement action against professional body supervisors where their oversight of member organisations falls below the high standards weexpect.'The Government has recently announced planned reforms to make the FCA the Single Professional Services Supervisor, aiming to deliver a more effective approach to combatting illicit finance. These reforms will take time to implement. In the interim, OPBAS will continue to work with professional body supervisors to ensure compliance with AML regulations.More informationRead the Final Notice issued to ICB.ICB is supervised by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), part of the FCA.OPBAS was established to strengthen the UK’s AML supervisory regime.ICB breached certain provisions in the MLRs 2017, which set statutory obligations for AML compliance and supervision of relevant businesses.The FCA considers that a public censure is the appropriate sanction in this case. The FCA does not have power to impose a financial penalty under the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 (OPBAS Regulations 2017).The FCA enables a fair and thriving financial services market for the good of consumers and the economy.Find out more about AML supervision and OPBAS on the FCA website.

The FCA has published proposals to ensure that environmental, social and governance (ESG) ratings are transparent, reliable and comparable. The move is estimated to deliver around £500m in net benefits over the next decade.ESG ratings inform investment decisions, risk management and regulatory reporting. Global spending on ESG data, including ratings, is projected to reach $2.2bn in 2025.These proposals follow the decision by the government to bring ESG ratings within the FCA’s remit, supported by 95% of those who responded to its consultation. Introducing clear, proportionate rules for transparency and governance will help to build the market’s trust in ESG ratings and address concerns.The FCA’s research shows around half of those who use ESG ratings are worried about how they are built (55%) and how transparent they are (48%). The proposals aim to address this and focus on 4 areas:Increased transparency – allowing easier comparisons for the benefit of both those who use ratings and those who are rated.Improved governance, systems and controls – to ensure clear decision-making and strong oversight and quality assurance.Identification and management of conflicts of interest.Setting clear expectations for stakeholder engagement and complaints handling.There are also proposals on applying existing FCA rules to firms coming into the FCA’s remit. The proposed rules are designed to be proportionate to business size and risk.Strengthened market trust through proportionate oversight benefits business. This will reinforce the UK’s reputation as a global sustainable finance hub, supporting innovation and continued growth. It will also support the government’s commitment to sustainable finance in its industrial strategy.Sacha Sadan, director of sustainable finance at the FCA, said:'Our proposals will give those who use ESG ratings greater trust and confidence – supporting our goal of increasing trust and transparency in sustainable finance.'This will enhance the UK’s reputation as a global sustainable finance hub – attracting investment and supporting growth and innovation.'The proposals draw on the existing voluntary industry code of conduct and International Organization of Securities Commissions (IOSCO) recommendations to support consistency and international competitiveness.The FCA welcomes feedback on the proposals – the consultation is open until 31 March 2026.Final rules are expected in Q4 2026, with the new regime coming into effect from June 2028. The FCA will provide support for those firms wishing to become authorised as an ESG rating provider.Notes to editorsRead the consultation.Read the Research Note.ESG ratings are evaluations of a company, product or fund’s performance across environmental, social and governance factors. This follows the Government’s decision to bring ESG ratings within the FCA’s remit, as set out in legislation published in October 2025. The FCA proposals are aligned with international standards, including International Organisation of Securities Commissions (IOSCO) recommendations and the industry-led ICMA Code of Conduct.Our net benefit statistic and the underlying analysis, assumptions and methodologies can be found in our cost-benefit analysis (CBA).

As part of our aim to be a smarter regulator, we’re making it easier for firms to access FCA regulatory reporting systems. From 28 November 2025, access to RegData will be through sign in to My FCA.Over the coming months, this will also include Connect and Online Invoicing System, so that everything you need will be in one place.You don’t need to do anything. All RegData sign in links and bookmarked pages will automatically redirect to My FCA.After signing in, you will be able to view your firm's details and scheduled tasks along with the due date and status. There are also links to other resources in My FCA including system notices and regulatory updates.From the My FCA homepage, you will be able to navigate to all the systems you have access to without needing to sign in again, which we hope will save you time.Please keep sharing your feedback using the form at the top of the My FCA homepage, so we can continue to shape and improve My FCA.

An individual has been arrested on suspicion of market manipulation, fraud by false representation, and forgery. They were arrested at their London home, and a search was carried out under warrant by investigators from the FCA and the Metropolitan Police.The suspect was interviewed under caution by the FCA and released on bail. The FCA’s investigation into the case is ongoing.

Speech by David Geale, executive director, Payments and Digital Finance and Payment Systems Regulator (PSR) managing director, at City & Financial Global. On this day in 1922, Howard Carter became the first to enter the tomb of King Tutankhamun.He couldn’t see much, at first – he’d made a small hole in the door and had to peer through it using a torch. But it was enough for him to see something.People were divided on what happened when Carter opened the door.Some saw history being brought to life. Others believed it unleashed a curse.It sometimes feels that, with cryptoassets and stablecoins, we are standing at the same type of door.We saw the first glint of what was to come in 1990 with the launch of eCash. It hinted at a something that would define an age – the Carter moment for digital money, if you will.Less than 20 years later, Bitcoin flung the door wide open as the first true cryptoasset.And, like the one to Tut’s tomb, the door has stayed open.Today, cryptoassets and stablecoins are moving towards being mainstream.Over 90% of people in the UK have heard about crypto, and roughly seven million currently own or have owned it at an average of just over £1,800.Again, we find ourselves with two distinct schools of thought: One that believes we’re on the precipice of something great. Some have even called Bitcoin 21st-century gold.And another that sees an inherent danger in cryptocurrency due to its high volatility (as we are seeing again this week), difficulty in determining value and security risks.It’s true that crypto is currently largely unregulated in the UK and carries high levels of risk.But we also know that crypto is a broad term that encompasses a number of applications and use cases. For example, many would contend that stablecoins could bolster UK growth and competitiveness.I’m no Howard Carter, but I think there is a way to keep the door open and ensure consumers remain safe – supported by balanced and appropriate regulation.We already supervise cryptoasset businesses for anti-money laundering, counter-terrorist financing and financial promotions.Now, we find ourselves at a crossroads as the government works to bring crypto into our perimeter.

The FCA has started criminal proceedings against Bobosher Sharipov and Bekzod Avazov for insider dealing. Mr Sharipov worked at investment bank Jefferies International Limited (Jefferies) and advised GCP Student Living Plc (GCP) on a potential takeover. Mr Sharipov is charged with leaking confidential inside information about the takeover to his close friend and business associate, Mr Avazov.Mr Avazov is alleged to have used that confidential inside information to trade in GCP shares and spread bets to make a profit of almost £70,000. The alleged offending took place in 2021.The FCA’s specialist market monitoring systems identified Mr Avazov’s trades as suspicious given the timing and profit. FCA analysis of public records uncovered that Mr Sharipov and Mr Avazov were former colleagues and flatmates.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'We believe that Mr Sharipov took advantage of his position so he and his friend Mr Avazov could benefit through committing crime and gaming the system. The integrity and cleanliness of our markets rely on trust. It is right that this case is heard by the courts.'The case was formally sent to Southwark Crown Court. Neither defendant indicated a plea.Jefferies has co-operated fully with the FCA’s investigation.Notes to editorsBobosher Sharipov’s date of birth is 13 December 1981 and Bekzod Avazov’s date of birth is 18 June 1982.Jefferies International Limited is authorised and regulated by the FCA.Bobosher Sharipov has been charged with insider dealing contrary to 52(2)(b) of the Criminal Justice Act 1993 (improper disclosure of inside information).Bekzod Avazov has been charged with insider dealing contrary to section 52(1) of the Criminal Justice Act 1993 (dealing in price-affected securities in relation to inside information).The defendants had their first appearance today at Westminster Magistrates Court.Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment for offences that occurred during the period of these alleged offences. For offences committed on or after, 1 November 2021, the maximum sentence for insider dealing is a fine and/or up to 10 years’ imprisonment.Tackling financial crime is a priority under the FCA's5-year strategy.TheFCA enables a fair and thriving financial services market for the good of consumers and the economy.To report market abuse or to speak to someone about it,see our market abuse page.

The FCA has accepted RegTech platform, Eunice, into its Regulatory Sandbox to explore an industry-led solution to improve transparency of the UK's crypto markets. Eunice helps financial institutions, regulators and businesses navigate cryptoassets, tokenised assets and on-chain infrastructure. Working alongside some of the largest cryptoassets firms including Coinbase, Crypto.com, and Kraken, Eunice is designing and testing an innovative solution in the sandbox for disclosing important information about cryptoassets.This will help make digital assets safe and more secure for UK investors by ensuring consumers understand the risks before purchasing crypto.A working group convened and led by Eunice has developed standardised, industry-led crypto disclosure templates that will make it easier for firms to meet document requirements, to ensure investors have the right information to make well-informed decisions.As part of the FCA's Regulatory Sandbox, Eunice will experiment with the disclosure templates to achieve maximum transparency. The insights gained from Eunice's test will help inform the FCA's approach to disclosures requirements for cryptoassets.Yi Luo, CEO and co-founder of Eunice said:'The FCA Sandbox is where regulators and industry participants meet to build the foundations for a safer and smarter digital asset market. Leading the work around disclosures is a great point of pride for Eunice, which was founded to bring integrity and transparency to digital assets at a time when institutions are stepping into the space. We are excited to work with the FCA and the industry and look forward to making a lasting impact.'Colin Payne, head of innovation at the FCA said:'The FCA has a strong track record of helping firms launch products and services that benefit consumers and markets. Our Regulatory Sandbox accepts applications year-round from all types of firms who are looking to test their innovative ideas.'We encourage any firm to apply who are looking to test a similar solution to help inform our regulatory approach to cryptoassets.'This solution is in response to the FCA's Admissions and Disclosures Discussion Paper that was published last year and encouraged industry to share its expertise and help shape future rules.As part of the FCA's Crypto Roadmap, the regulator has set out its upcoming policy publications as it prepares to publish its final rules in 2026. Recognising the dynamic nature of the crypto sector, the FCA has encouraged industry to play a leading role in helping to shape clear crypto regulation.Clear crypto regulation will improve the integrity of the UK's crypto markets, help protect consumers and support the UK's growth and competitiveness, a central part of the FCA's strategy.Notes to editorsThe FCA's Innovation Hub provides support to firms to launch innovative products and services.Since 2014, the FCA's Regulatory Sandbox has provided a safe place for firms to test innovative products and ideas in the market with real consumers. It has since been replicated by over 95 global regulators.Read the FCA's Discussion Paper on Admissions and Disclosures and Market Abuse Regime for Cryptoassets.The FCA's Crypto Roadmap (PDF) sets out planned policy publications for cryptoassets.

Speech by Ashley Alder, FCA Chair, at the Investment Association Annual 2025 Conference: Scotland. It can’t have escaped your attention that a dominant contemporary theme for UK regulators is to do with our contribution to economic growth and UK competitiveness. And it’s not surprising that there have been some fairly intensive debates around this question ever since our secondary objective went live in 2023. Different viewpoints have centred on apparent trade-offs between growth and our consumer protection objective, and between growth and system resilience. Many have also pointed to successive cycles of regulatory tightening – usually in response to a financial crisis – which were then followed by periods of relaxation as memories fade and economic priorities change...until the next crisis.And back in February, the chair of the Treasury Select Committee, Dame Meg Hillier asked a fair question: ‘Rhetoric and vested interests aside, where is the proof that stripping away financial services regulation will generate meaningful growth?’ All of this set the scene for our new 5-year strategy published in March. The strategy is absolutely explicit about the connections between what the FCA does as a regulator and positive economic outcomes. For example, greater financial security for an aging population, fostering innovation and, for younger people, the ability to get onto the housing ladder. We were also clear about the trade-offs that must accompany the choices we make.This focus on regulation for growth is also happening amid a period of radical secular change, of a type which feels unprecedented and which, as a regulator, we must take into consideration.The risks and benefits of AI, distributed ledger and other technologies are all part of the daily conversation. And we can add to this heightened geopolitical and security risks as well as the short- and long-term effects of climate change. Now we could dwell on these issues all day. But for now, I would point to the fact that all of us are facing into at least 3 big themes:Low growth and productivity on the domestic front.Technology revolutionising how we operate in our business and personal lives. A challenging geopolitical environment requiring rapid adaptation. And we don’t underestimate the implications of all of this for your industry. After all, UK asset management is a world leader, influencing the allocation of vast pools of domestic and international savings. This fact has not been lost on policy-makers who, understandably, are keen to redirect more of the savings that you manage into domestic investment. That brings me to one of the main headlines with which we introduced our new 5-year strategy. This was 'rebalancing risk', intended to signal that in any market economy, risk is not to be avoided but is essential for fostering investment and innovation. 'Risk’ is, however, far from a straightforward concept. Effective management and understanding of risk spanning different markets and different participants – ranging from the sophisticated to the vulnerable – is critical to the healthy development of the financial system. It also underpins our work around more proportionate regulation as a smarter regulator.