We reviewed how firms sell complex exchange traded products (ETPs) to retail consumers. Complex ETPs are a subset of the wider ETP market and include high-risk investment strategies that can be difficult for retail consumers to understand.We assessed how firms of different sizes and business models evaluate these products, communicate key risks and monitor outcomes under the Consumer Duty.Given the complexity and risk profile of ETPs, it is essential firms make sure investors have the knowledge they need to make informed investment decisions.We found some firms demonstrated detailed processes for:Defining target markets.Assessing customer knowledge.Monitoring outcomes.Others had weaker controls or limited assessments of a customer’s investment experience and knowledge. We also saw unclear disclosures, making it harder for consumers to understand risks.We want firms to put consumers first by making sure products and services meet their needs, and communications are clear to support understanding.What firms should doFirms should review their processes and make sure they are meeting the Consumer Duty requirements. This includes addressing gaps in appropriateness checks and clearly communicating risks to retail investors.The review supports our broader work to protect consumers and enable a fair and thriving investment culture in the UK.More informationETPs include a wide range of products, from more vanilla investments to high-risk offerings. For example, crypto exchange traded notes (cETNs), which are high-risk investments linked to cryptoassets, are a type of ETP.Complex ETPs are high-risk investments that make up a small subset of the wider ETP market. They include products with leveraged and inverse strategies.Complex ETPs contain unique features that can be difficult for retail consumers to understand, such as the potential impact of holding them longer than recommended holding periods.It will also be helpful for firms to understand our latest Policy Statement (PS25/22) and Discussion Paper (DP25/3), which aims to help firms make investments easier to understand and access.

The FCA has secured a confiscation order of £265,523.96 against Andrew Currie. Mr Currie was convicted in 2023 and sentenced to 2 years 6 months imprisonment for defrauding investors through the collapsed peer-to-peer lending platform Collateral (UK) Ltd.He diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain.At a hearing at Southwark Crown Court on 9 January 2026, Mr Currie was ordered to pay £265,523.96. This amount represents the total value of assets the court determined were still available to be recovered. The funds will be redistributed to the victims of his crimes.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Mr Currie sought to profit by defrauding unwitting investors. Today’s decision is a clear warning to fraudsters and scam artists that we will pursue them and ensure they don’t benefit from their criminal activity.'If Mr Currie does not pay the confiscation order within 3 months, he faces a default prison sentence of up to 3 years.The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes.Notes to editorsMr Andrew Currie (29/07/1965) is from Dumfries, but currently resides in Lancashire.On 14 July 2023, he was sentenced to 2 years 6 months imprisonment for fraud by abuse of position and 2 years 6 months for money laundering contrary to s.327 of the Proceeds of Crime Act 2002.Read the original sentencing press release: Andrew and Peter Currie sentenced to a combined 8 years for fleecing consumers through Collateral P2P platform.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.Defendants are required to pay back the amount they benefited, but this is always limited to their means. Payment of compensation to victims is a matter for the court and can only be paid after a defendant has made payment towards their confiscation / compensation order.The confiscation proceedings for Peter Currie were concluded in November 2024 and an order made in the sum of £5,000.Find out more information about the FCA.

Pension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to better schemes or driving improvements.The proposals aim to make it clearer how pensions perform, what they cost and the quality of service. So that people can get good value, and so that poor performing schemes are pushed to improve. Over 16 million workers have defined contribution (DC) pensions. Value for money makes a real difference for pension savers: over 5 years, a £10,000 pot could grow to £10,400 in a poor scheme or £15,100 in a high-performing one - 46% more.The proposals focus on long-term value and build on feedback from last year’s consultation, with new measures showing what returns and risks savers can expect over the next ten years. This latest consultation is for decision makers across the DC market, including trustees.Value for money assessments will be shown in a colour rating, with dark green for strong performance, light green for good value, amber for improvement, and red for poor value-making comparisons clear and easy.FCA deputy chief executive, Sarah Pritchard, said:'Good value isn’t just about low costs – it’s about strong performance, good service, and transparency. We want to see a focus on value. By working with government and The Pensions Regulator, we will help secure better returns for pension savers.'TPR chief executive, Nausicaa Delfas, said:'Millions of people rely on pension income to support them through later life. We have to make sure they get value for their money. This framework will empower decision-makers to either improve their scheme or consolidate out of the market. We want to hear the views of trustees to make sure we get this right and help transform pension saving for millions.'Minister for Pensions, Torsten Bell, said:'It is simply too difficult for people to know whether their pension savings are working for them. That's not right when we're talking about something as important as people's security in retirement.'These proposals change that. Pension schemes' performance will be public with a simple rating system. In future, savers will know if they are getting a good return or not. 'This is about being straight with people and making sure people’s savings work as hard as they did to earn them.'The framework also sets out:Stronger governance with clear expectations for trustees and providers.Clear steps to take when schemes are not giving members good value, including closing them to new business and moving members to better-performing schemes.These joint proposals are open for comment until 8 March 2025. Final rules will only be confirmed once responses have been considered and are subject to the Pension Schemes Bill receiving Royal Assent.Notes to editorsRead the Consultation Paper (PDF).TPR has a landing page for trustees which provides an introduction to the Consultation. See previous work from the FCA, DWP and TPR on Value for Money.The FCA regulates contract-based pensions, which involve a contract between an individual and the pension provider. TPR regulates trust-based pension schemes, which have a board of trustees overseeing the scheme.The UK government's Pension Schemes Bill 2025 is currently progressing through Parliament and includes the legislative powers to mandate a Value for Money (VFM) framework for trust-based schemes. FCA rules will introduce the framework for contract - based schemes. Timing of the framework is therefore subject to legislative agreement.The framework is one of a number of joint initiatives to deliver better outcomes for pension savers including Targeted Support and the Pensions Dashboard.The Consultation Paper is aimed at pension providers and aligns with the wider FCA objectives, including the Consumer Duty and competition.

This page contains information about fines published during 2026. The total amount of fines so far is £371,700. Firm or individual finedDateAmountReasonRichard Adam07/01/2026£232,800The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.Zafar Khan07/01/2026£138,900The Final Notice refers to knowing concern in breaches of Article 15 of the Market Abuse Regulations, Listing Rule 1.3.3R, Listing Principle 1 and Premium Listing Principle 2.

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision.As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'Those in positions of responsibility have a duty to keep the market accurately and adequately informed. With Carillion, we have seen the serious impact it can have when they don’t. The action taken against Mr Adam and Mr Khan demonstrates our commitment to preventing market abuse and upholding the standards we expect.’Notes to editorsRichard Adam Final Notice (PDF).Zafar Khan Final Notice (PDF).Carillion plc (in liquidation) Decision Notice (PDF).Mr Adam was finance director of Carillion from April 2007 to 31 December 2016. He received an initial Decision Notice (PDF) dated 24 June 2022.Mr Khan was finance director of Carillion from 1 January 2017 to September 2017. He received an initial Decision Notice (PDF) dated 24 June 2022.The FCA has imposed the financial penalties on Mr Adam and Mr Khan for being knowingly concerned in breaches by Carillion of:Article 15 of MAR (prohibition of market manipulation) by disseminating information that gave false or misleading signals as to the value of its shares in circumstances where it ought to have known that the information was false or misleading;Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information;Listing Principle 1 (procedures, systems and controls) by failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations under the Listing Rules; andPremium Listing Principle 2 (acting with integrity) by failing to act with integrity towards its holders and potential holders of its premium listed shares.The findings in Mr Adam and Mr Khan’s Final Notices are those of the FCA and are not the subject of any judicial finding. Carillion’s former chief executive officer Mr Richard Howson received a Decision Notice (PDF) in respect of related findings, many of which are disputed by him. Mr Howson made a statutory reference to the Upper Tribunal and the hearing of his reference is scheduled to start on 16 February 2026.

The FCA has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were told they could make a claim for free, and whether they were pressurised to sign up.Announcing the investigation allows TCPA customers to consider their options.The FCA has not reached any conclusions on whether TCPA breached any regulatory requirements.Notes to editorsThe FCA notified TCPA of its intention to announce that it had opened an enforcement investigation on 1 September 2025. The firm applied to judicially review the FCA's decision to announce the investigation on 8 September 2025. The High Court dismissed the firm’s application on 23 October 2025, and the firm was refused permission to appeal by the Court of Appeal on 19 December 2025. The High Court’s judgment was released in two parts on 23 October 2025 and 2 January 2026.Customers signed up with claims managers who have concerns or issues can make a complaint to the firm. If they’re not happy with the response, they can make a complaint to the Claims Management Ombudsman or Legal Ombudsman if they are signed up with a law firm. Customers wishing to cancel an agreement with a claims manager or law firm should check whether they have the right to do so under their contract and for any potential exit fees.TCPA has used/uses a number of trading names, including: My Claim Group, Martin’s Tips, Karen’s Claims, Express PCP, and The PCP Guys.TCPA advertises for motor finance claims and refers potential claimants to law firms for representation services.TCPA applied to the FCA for a Voluntary Requirements Application (VREQ), effective from 12 August 2025. As part of the VREQ, TCPA was required to stop onboarding new customers, stop publishing new financial promotions and withdraw all existing financial promotions.The FCA's enforcement guide sets out its policy on publicising investigations, stating that “the FCA will not normally make public the fact that it is or is not investigating…” but may do so in exceptional circumstances.The FCA considers that the exceptional circumstances test has been met in relation to this announcement, as it is desirable to maintain public confidence in the UK financial system or the market, protect consumers or investors, prevent widespread malpractice, and maintain the smooth operation of the market.In July 2025, the FCA issued a joint statement with the Solicitors Regulation Authority and sent a letter to claims management companies (CMCs) setting out some concerns.The FCA's increased proactive monitoring has led to the removal or amendment of more than 740 misleading adverts by FCA regulated CMCs since January 2024.In October 2025, the FCA published its consultation paper on a proposed motor finance consumer redress scheme (CP25/27) for motor finance customers who were treated unfairly. The consultation closed on 12 December 2025: CP25/27: webpage. The FCA expects to publish final rules in either February or March 2026.

On 21 November 2025, Michael Pettifer Insurance Brokers Limited, trading as MPI Brokers, entered creditors’ voluntary liquidation. Robert Cooksey of Bridgestones Limited has been appointed as liquidator. MPI Brokers was authorised and regulated by the FCA to sell and arrange insurance policies. The firm specialised in travel insurance.If you need to contact the liquidator, please contact Bridgestones using the details below:Email: mail@bridgestones.co.ukIn writing: MPI Brokers (In Liquidation) c/o Bridgestones Limited, 2 Cromwell Court, Oldham, OL1 1ETTelephone: 0161 785 3700

A growing number of investment schemes are being promoted unlawfully, are high risk and may even be scams. We've identified a growing number of investment schemes in holiday lodges and holiday homes being promoted to UK consumers by companies that are not FCA authorised.They may be unregulated collective investment schemes, where several investors invest their money. The schemes are being promoted unlawfully, are high risk and may even be scams. We remind consumers that if you invest in an unauthorised company, you're unlikely to be protected if things go wrong. For example, you're unlikely to be able to take a complaint to the Financial Ombudsman Service or make a claim through the Financial Services Compensation Scheme.Before investing, use the FCA Firm Checker to make sure a firm is authorised and has our permission to provide the services you're looking for.Find out more about unregulated collective investment schemes.

The FCA has removed all regulatory permissions from Verus Financial Services Limited requiring it to stop conducting all regulated activities and imposed a more stringent assets restriction. The action follows concerns that the firm has repeatedly breached an existing asset restriction, which prevented it from selling, transferring or diminishing its assets without our approval. It also failed to comply with a Financial Ombudsman Service decision. Following a review of the firm’s representations, we issued a First Supervisory Notice (PDF) on 27 October 2025, which outlines further details about our concerns and the basis for imposing the restrictions:Asset restriction breach – the firm has, by its own admission, repeatedly and deliberately breached an asset restriction the firm agreed to on 7 September 2023.Unpaid Financial Ombudsman Award – the firm has failed to comply with a decision by the Financial Ombudsman made against the firm and in favour of a customer contrary to DISP 3.7.12.1R, and Principle 6 (Customer’s interest).Uncooperative – the firm has not been open and cooperative with us.The firm must not conduct regulated activity and can no longer act as an independent financial adviser or provide financial advice. Customers should seek to find a new financial adviser – there is information on finding an adviser on the MoneyHelper website. There is no direct correlation between the restrictions imposed on the firm and the performance of underlying investments arranged by the firm.The FCA has also issued a consumer warning about a connected unauthorised firm, Verus Estates Limited.

People could find it easier to pay using contactless, thanks to greater flexibility and the removal of red tape by the FCA. Banks and payment providers with strong fraud controls will be able to set their own limit for contactless payments, allowing them to better respond to changing consumer demands, inflation and new technology. They are also being encouraged to let customers set their own limit, or turn contactless off altogether, as many high street banks already do. People are using contactless as the go-to way to pay. Research by Barclays found that almost 95% of all eligible in-store card transactions were contactless in 2024.Banks and payment providers must have strong fraud controls when processing contactless transactions. The greater flexibility will incentivise firms to step up their fraud prevention, giving consumers greater protection and peace of mind.Crucially, existing consumer protections remain in place. Consumers must be reimbursed in unauthorised fraud cases, such as if their card is lost or stolen.David Geale, executive director of payments and digital finance at the FCA, said:'Contactless is people’s favoured way to pay. We want to make sure our rules provide flexibility for the future, and choice for both firms and consumers.'Kate Nicholls, chair of UKHospitality, said: 'Making life easier for consumers is a positive for any hospitality and high street business, and I'm pleased the FCA is bringing forward this change.'Contactless has increasingly become the preferred payment method of choice for many people and lifting the limit can mean quicker and easier experiences for consumers. While many people still prefer to use cash or chip and PIN, this change adds much-needed flexibility for providers and consumers.'The new standards follow a public discussion and consultation around contactless payments, and how to make paying more convenient for consumers, while supporting growth. This work is one of around 50 measures that the regulator outlined in a letter to the Prime Minister in January to support economic growth and prioritise digital solutions.The rule changes take effect in March 2026, after which it will be up to firms if and when they take up the greater flexibility to change any contactless limits. Those that do, will need to communicate the changes clearly to their customers.Notes to editorsRead the Notice.In line with the Consumer Duty,firmswillneed to communicate any contactless limit changes to consumers.Based on industry feedback, the FCA understands that most banks and payment service providers are likely tomaintaintheir existing contactless limits for theforeseeable future, even after the changes come in.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

We confirm that the FCA has opened an investigation into WH Smith PLC. The investigation concerns potential breaches of UK Listing Principles and Rules and Disclosure and Transparency Rules in relation to the matters announced by WH Smith PLC on 19 November 2025.

We're expanding the significant work we had planned to improve standards in the home and travel insurance markets, following Which?’s super complaint. Read our response to Which? (PDF)While 79% of consumers who make an insurance claim are satisfied with how it was handled, our work shows there's room for improvement - with 3 in 10 (31%) saying there isn’t enough information to judge the quality of different policies. Over the next year, we will do more to: Improve claims handling, by reviewing firms' customer service and delivery and how they oversee third parties that handle claims. Improve consumer understanding of what their insurance covers, by analysing the different ways firms are selling products.We're already seeing industry act on our calls to improve customer understanding. We will use the findings from our reviews to continue working with firms, trade bodies and consumer groups, so people have the right information at the point of sale to make informed decisions. We will continue to act against insurance firms where we have concerns. Since our review of home and travel insurers in July, we have:Opened 2 enforcement cases.Stopped 1 firm from growing its business until it fixes the problems we identified.Launched 3 independent reviews into firms' systems and controls.Made 3 senior managers agree to fix problems and consider whether redress is due.We use the best tools available to us to deliver the fastest results for consumers. That isn’t always through enforcement or market studies, which inevitably take time.Graeme Reynolds, director of competition and interim director of insurance said:'We welcome Which? shining a light on issues we identified in home and travel insurance.'We’ve set out more detail on the action we've already taken to fix problems, and we're expanding our existing workplan to improve the claims process and consumer understanding of their cover.'We’ll be monitoring consumer outcomes and will continue to hold firms and their senior leaders to account for making improvements, to help build trust and make sure people get fair value insurance.'

The FCA welcomes the Government’s consultation on a new benchmarks regime for the UK. Since the introduction of the current regulatory framework, the financial landscape has evolved significantly. We now have an opportunity to build a regime that is more targeted to current market conditions and to reduce unnecessary burdens on industry, without compromising high standards. We are working with the Government to reform the current benchmarks regime to ensure that the regulatory framework remains proportionate, effective and tailored to UK markets.We will consult on the regulatory requirements in due course. As we develop our regime, we will engage widely to inform our approach, including with benchmarks administrators, users, and other regulatory bodies.Read the Government's consultation.

Open banking in the UK is growing rapidly. Latest industry figures show there are more than 16 million users now benefiting from the service. The number of open banking payments has soared by 53% year on year, reflecting a significant shift in how consumers and businesses manage their finances.See the API performance statsA key driver of this transformation is the rise of variable recurring payments (VRPs), which now account for 16% of all open banking transactions. VRPs allow consumers and businesses to set up flexible, automated payments tailored to individual needs, offering greater control compared to traditional direct debits.

We’re seeking feedback on whether tailored market risk rules for non-bank trading firms could remove unnecessary barriers, free up capital and attract new market participants, ultimately supporting economic growth. The rules in place today were originally designed for banks to ensure they held enough capital to absorb major trading losses and protect depositors.While that approach is sensible, it means non-bank trading firms face the same standards even though the potential harm from their failure is arguably lower.Rules designed for large global banks can place a significant burden on non-bank firms, potentially limiting their ability to provide liquidity.We want to ensure our framework remains fit-for-purpose and proportionate, while protecting market integrity and enabling sustainable growth.Our engagement paper explores different options for reform to boost market liquidity, foster innovation and strengthen the UK’s position as a leading financial hub.This is an open discussion to assess the practicality of different options, such as whether a more customised approach is needed and will inform our direction of travel for future proposals.This review delivers on our commitment outlined in our letter to the Prime Minister earlier this year. The window for feedback closes on 10 February 2026. Feedback will inform a more detailed consultation paper in 2026, followed by a policy statement, expected in 2027.We encourage all interested parties to engage with us and help shape the future of market risk regulation in the UK.We’ll continuously engage with industry throughout the engagement period, as well as host a roundtable at the end of January 2026. To register interest, email: MarketRiskReviewEP@fca.org.uk. You can also submit questions in advance for consideration.

We are asking for views on new proposals as the next step in shaping the UK’s crypto rules. These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. We want a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open.Our proposals apply a similar approach to crypto as we do in traditional finance: clear information for consumers, proportionate requirements for firms, and flexibility to support innovation.What we’re consulting onAdmissions and disclosures – Rules for listing cryptoassets and what firms must tell investors, so people have the facts before they invest.Market abuse– Measures to stop insider trading and manipulation, so markets are fair.Cryptoasset trading platforms – Standards for exchanges to keep trading safe and reliable.Intermediaries – Requirements for brokers and other intermediaries, so they act responsibly.Staking – Making sure the risks are clear when firms offer staking – a service that lets you lock up your crypto for a reward.Lending and borrowing – Rules to protect both crypto lenders and borrowers.Decentralised finance (DeFi) – DeFi lets people trade, lend and borrow using crypto without an intermediary. We’re asking if the same rules that apply in traditional finance should also apply here.Prudential requirements – Financial safeguards for firms, so they can better manage risk.These proposals build on feedback from earlier discussions and new research published today. They are aligned with new government legislation laid yesterday and reflect our commitment to getting the balance right.David Geale, executive director for payments and digital finance at the FCA, said:'Regulation is coming – and we want to get it right. We’ve listened to feedback, and now we’re setting out our proposals for the UK’s crypto regime.'Our goal is to have a regime that protects consumers, supports innovation and promotes trust. We welcome feedback to help us finalise these rules.'We’ve made significant progress in delivering our crypto roadmap and are helping firms meet our standards and become registered while we wait for further legislation.While we work closely with partners to deliver the UK’s crypto rules, people should remember crypto is largely unregulated – except for financial promotions and financial crime purposes.Consultation responses are open until 12 February 2026.To share your views, please see our CP25/40, CP25/41 and CP25/42 pages.Notes to editorsRead CP25/40, CP25/41 and CP25/42.Read our Cryptoassets consumer research 2025 and Cryptoasset regulation and consumer decision-making: Evidence from an online experiment research notes.These publications mark the next milestone in crypto regulation in the UK closely engaging with the Government’s proposals including the statutory instrument laid at the Parliament yesterday (15 December).We have considered how these consultation papers will apply the UK issuers of stablecoins and have introduced specific rules and guidance where necessary. UK issuers of stablecoins will not be able to pass interest from their own backing assets to holders; we are considering how further financial incentives could be shared with holders when UK issued stablecoins are used.The FCA has previously set out the timeline for crypto regulation in its crypto roadmap.Earlier this year, the FCA consulted on key topics such as stablecoins, cryptoasset custody and conduct of business and high-level standards. Soon, the FCA will consult further on Consumer Duty and other consumer protection matters for cryptoassets, including our approach to financial promotions.Find out more aboutexisting rules firms must comply with.If firms want to become registered under the Money Laundering Regulations 2017, we offerpre-application support. It’s a free meeting with a case officer who can talk them through any questions they might have. We also run webinars and in person events with industry and compliance teams to educate crypto firms specifically on our rules. There will be more of these in the coming months aimed at specific areas of our rules.We provide firms with lots of resources to help them understand our rules and how to meet expectations. Find out more.The FCA enables a fair and thriving financial services market for the good of consumers and the economy.Find out more about the FCA.

Earlier this year, we undertook a refresh of our Sustainable Finance Advisory Committee. In line with good governance, we planned to refresh the membership on a staggered basis, allowing us to bring in new expertise whilst benefiting from some continuity. Following this process, we are pleased to announce the appointment of two new members to the Committee:Elly Dowding, Director of ESG AccordFarnam Bidgoli, Independent AdviserThese appointments reflect our commitment to drawing on diverse expertise to support our work on sustainable finance.We would also like to thank Desiree Fixler and Harald Walkate, who are stepping down after three years of service, for their time and valuable contributions.The Committee continues to play an important role in advising the FCA on sustainable finance-related issues, including emerging trends and strategic developments, in line with our objectives.The Committee’s updated Terms of Reference can be viewed here.

An update on our investigation into Mirabella Advisors LLP. On 4 May 2021, we announced that we had opened an investigation into the oversight of Greensill Capital Securities Limited, an appointed representative, by its principal, Mirabella Advisors LLP. Our investigation reviewed the nature, conduct and scope of Mirabella’s business. We did not identify breaches by Mirabella that require further action. The investigation has therefore now closed. Mirabella applied to have its authorisation cancelled, and as of 12 September 2025, it no longer provides financial services.We will continue to work with counterparts in the UK and overseas with their own enquiries connected to Greensill. We reserve the right to review our decision and take action in the future if new information comes to light.

With over 20 years’ experience and responsibility for supervising 5,000 firms, I know that when an issue arises, the first question is often: 'What action will you take?'That’s a fair question – enforcement is one of the most visible ways we act. It often grabs headlines with big fines and publicity.But our role as supervisors is to exercise judgement - selecting the right tool to achieve the best and fastest outcomes for consumers and markets.While enforcement is a vital part of the kit, it’s not the first tool we reach for. By its nature, it can be time and resource-intensive. So we pick which cases to refer to enforcement carefully.

First-time buyers and the self-employed could get a step-up onto the housing ladder, under new plans from the FCA. Its priorities for reforms to the mortgage market also include helping homeowners unlock housing wealth for a more comfortable later life.The FCA will focus on 4 areas:First-time buyers & underserved consumers: Simplifying mortgage rules to allow more flexible products that reflect different working patterns and income levels at different stages of life.Later-life lending: Reviewing retirement interest-only requirements to make them more accessible. Exploring ways to improve advice to help people confidently plan for later life. Conducting a focused market study to ensure the lifetime mortgage market can meet the changing needs of future customers.Innovation & disclosure: Encouraging the use of data and technology, such as AI, to help brokers give better and faster advice while keeping a human touch. Looking at ways to make advertising and disclosure rules simpler, so consumers can understand information online more easily.Protecting vulnerable consumers: Working with partners to support people affected by financial abuse and help those using a mortgage to manage or consolidate debt.David Geale, executive director for payments and digital finance, said: 'We have worked at pace this year to improve outcomes for customers wanting a mortgage. We’ll use insight from consumers and industry to drive further reforms and rebalance risk – helping to widen access to affordable mortgages to meet the needs of consumers today.'Reforming the mortgage market can help address the fact that as a society we’re saving too little for later life, yet people have huge wealth tied up in property.'The FCA will start to consult the public on proposed rule changes in the four areas from early 2026 and aim to have the first rule changes in place later that year.The FCA will also launch a focused market study to consider how the later life lending market could develop to meet the different needs of future consumers. The market study will be forward-looking and consider how the FCA can support the market to adapt and innovate, so consumers can access fair value products that meet their needs. Terms of reference will be published in the first quarter of next year.In March 2025, the FCA reminded firms about flexibility in interest rate stress tests. The industry acted, widening borrowing options and easing affordability pressures, and is able to offer around £30,000 more to many borrowers.Despite the rise of interest rates and living costs, 99% of mortgages taken out since 2014, when mortgage standards were tightened, are not in arrears.Notes to editorsMortgage Rule Review Feedback statement and Roadmap for 2026.The FCA’s 5-year strategy published earlier this year, aims to deepen trust, rebalance risk, support growth and improve lives. As part of this work, the FCA is reviewing mortgage rules to consider how to update its mortgage framework to support consumers in accessing the market.Earlier in the year we reminded lenders of the flexibility in our stress testing rules. We’ve seen several lenders react to this, helping more customers to access mortgages.We then consulted and published final rules in July making it easier, faster and cheaper to make certain changes to your mortgage and improve choice in the market. We also retired outdated handbook guidance.Following FPC recommendations, we worked with the PRA to allow individual lenders to lend beyond the 15% LTI flow limit.The consultations will look for views on next steps in the roadmap. Some involve making balanced choices – for example, people taking on more risk or exploring new ways to engage with the market. Firms need to monitor this and maintain strong standards of conduct.FCA CEO Nikhil Rathi gave a speech on the future of the mortgage market at the L&G Mortgage Club.