On 25 September 2025, HMRC published newsletter 173 which explains how:tax legislation applies to tax free lump sums andthe tax implications when lump sums are returned to pensionsTo support firms' understanding of that statement, we are providing an explanation of how our existing rules on cancellation rights operate in these scenarios.Under our rules, consumers have the right to cancel certain contracts, typically within 30 days of entering the contract, if they change their mind.However, the right to cancel does not arise in all circumstances. A consumer accessing tax-free cash in itself does not trigger cancellation rights under our rules.Our rules do not exempt firms from HMRC requirements. This means firms should be mindful how they structure their contracts in light of the interaction between HMRC requirements and ours.FCA rules: the right to cancelOur rules, specifically COBS 15.2, ensure that a right to cancel applies when a consumer enters certain specified contracts. In the context of pensions and retirement, specified cancellable contracts include a pension transfer contract and a contract to join a personal pension scheme.A contract allowing a person to take a Pension Commencement Lump Sum (PCLS), sometimes known as a tax-free lump sum, is not listed as a cancellable contract in COBS 15.2 so a contractual term allowing someone to take a PCLS does not of itself trigger cancellation rights.Taking a PCLSWe do not tell firms how to structure PCLS in their contractual arrangements with customers. This is a design choice for firms. In making that choice, firms should consider the interplay with tax legislation.Taking a PCLS and designating funds for drawdown are two separate activities. They do not have to take place at the same time. Designation to drawdown can happen up to 12 months before or 6 months after a PCLS is taken, or without a consumer choosing to access a PCLS at all. Also, PCLS can be taken with an annuity.We understand that firms have adopted varying approaches to structuring PCLS. For example:The original pension contract may already enable a consumer to take a PCLS, designate funds to drawdown and make income withdrawals from the drawdown fund, all without needing to establish a new contract or vary a contract.A firm may choose to give effect to PCLS in a separate contract from the contract giving drawdown or annuity options. Or give effect to PCLS in the same contract but limiting cancellation rights to the drawdown/annuity options.In such cases, a right of cancellation does not arise for the PCLS.Or a firm may have chosen to deliver PCLS as part of a:contract to join a pension schemepension transfer contractcontract to vary an existing pension scheme the first time a consumer exercises an option to make income withdrawalsUnless limited to the activities expressly specified in our rules, the firm will be treated as voluntarily adding cancellation rights in relation to other rights arising under that contract, including those relating to PCLS. Our rules do not prevent a pension provider from choosing to offer cancellation rights in their contracts in additional circumstances beyond those set out in our rules. Firms will need to consider the implications of tax legislation when voluntarily offering cancellation rights.Where a consumer has taken a PCLS and then wishes to return that money to a pension, tax legislation will affect what firms and their customers are able to do and whether a consumer will incur a tax charge. HMRC’s newsletter provides more information.

We have received a legal challenge to our decision to award the contract for the bond consolidated tape provider. In response, we said:'We undertook a fair, competitive 2-stage process to ensure the provider could deliver a high-quality tape and the best value for money. 'This challenge means we can’t enter into a contract with the successful bidder as quickly as planned. We will do so as soon as possible and, in the meantime, continue discussions with market participants to prepare for the tape.'

Speech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at AFME's European Compliance and Legal Conference 2025. Speaker: Therese Chambers, joint executive director of enforcement and market oversightEvent: AFME's European Compliance and Legal Conference 2025Delivered: 22 September 2025Note: this is the speech as drafted and may differ from the delivered versionReading time: 10 minutesKey messages:Confidence is the foundation of competitive markets and economic growth. Tackling the financial crime that damages confidence in financial services is an FCA priority.That confidence comes from action across the whole system, not just enforcement. The FCA is playing its part to build confidence through empowering consumers, being more assertive in authorisations and supervision, and supporting innovation.The UK has considerable strengths and should feel confident about the future. From market reforms to proactive outreach and international cooperation, the FCA is strengthening the UK’s reputation for integrity and competitiveness in wholesale markets.

An individual has been convicted for breaching the Data Protection Act, but acquitted of fraud and unauthorised business offences, following a prosecution brought by the FCA. On Monday 1 September, Taunton-based Nicholas Harper, aged 26, pleaded guilty to encouraging or assisting an offence to be committed in breach of the Data Protection Act.Following a retrial at Southwark Crown Court, a jury today (19 September) found Harper not guilty of conspiracy to defraud and not guilty of an offence related to carrying out regulated activity in the UK without FCA authorisation.Harper was fined £100 and ordered to pay a £30 victim surcharge for the data protection breach.Raymondip Bedi and Patrick Mavanga were previously sentenced to a combined 12 years of imprisonment for their role in a scam which defrauded at least 65 investors out of £1,541,799.A further individual, Minas Filippidis, is wanted in relation to the same offences that Bedi and Mavanga were convicted for.Notes to editorsNicholas Harper’s date of birth is 21 December 1998.The FCA is unable to share further details about the breach of the Data Protection Act at this time.The individuals were charged in April 2023 - Four individuals face fraud charges.Harper was found not guilty of conspiracy to breach the general prohibition under the Financial Services and Markets Act (FSMA) 2000. Under Section 19 of the FSMA, a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt (this is the General Prohibition).Harper was found not guilty of conspiracy to defraud which is an offence under the Criminal Law Act 1977 and the Fraud Act 2006.Find out more information about the FCA.

Motor insurers have changed their settlement and compensation practices after the FCA found some insurers had short-changed customers on stolen or written off vehicle claims. It means that an estimated 270,000 motorists are expected to receive £200m in compensation for historic claims that were underpaid, breaching rules on handling claims fairly. Of this, £129m has been paid to date to almost 150,000 customers.The FCA has carried out detailed work with insurers, following an initial review last year, which found that in some cases, automatic deductions to payouts were made for assumed pre-existing damage. This particularly disadvantaged careful drivers who had looked after their vehicles and made it hard for them to buy like-for-like replacements. Insurers have now overhauled their claims processes in line with the regulator’s Consumer Duty.Sarah Pritchard, deputy chief executive of the FCA, said:'We’ll step in when consumers aren’t getting fair value - and we are pleased to see that the practices which led to some unfair payouts have already changed. This means thousands of motorists are getting back what their car was really worth, in cases where cars have been stolen or written off. If you’re owed compensation, your insurer will contact you, or will have already done so - there’s nothing you need to do.'If customers are due this compensation, they will be contacted by their insurer. For anyone else who is dissatisfied with how a claim is handled, they should speak to their insurer first and then contact the Financial Ombudsman Service if they are not satisfied with the response. Customers do not need to use a Claims Management Company (CMC) to complain or make a claim.The changes now made to claims practices follow action from the FCA on vehicle valuations:In December 2022, the FCA warned insurers not to undervalue cars and other insured items when settling insurance claims and set out its expectations for firms when handling claims.In March 2024, the FCA published a multi-firm review (MFR) which identified shortcomings in insurers' valuation of vehicles. It engaged directly with firms with issues and committed to investigating further. The MFR included 12 firms and the regulator engaged with a further 6 firms, covering around 90% of the market.These changes reflect the FCA's focus to drive improvements to support a well-functioning retail insurance market which helps consumers navigate their financial lives, provides peace of mind and supports growth through the effective management of risk.Notes to editorsIn June 2023, the FCA published a Voluntary Requirement (VREQ) in relation to vehicle valuations on the Financial Services Register. This required Direct Line Group to review five years of claims outcomes and pay redress where appropriate. The VREQ has since been removed.In August 2025, Admiral announced it had set aside £50m to compensate customers who were not given a fair settlement when claiming for stolen or written off cars.The FCA’s Consumer Duty requires firms to act to deliver good outcomes for retail consumers, and that they are supported while using a financial product, including when they make claims.Wider action from the FCA to make sure consumers get fair, competitive prices and claims are handled fairly and promptly includes:Pausing Guaranteed Asset Protection (GAP) insurance sales over fair value concerns. Firms made changes to commission structures, which will save consumers £70m.Reforming pricing rules so customers are no longer charged more for their insurance at renewal for being an existing customer.Reviewing the premium finance market.A review of home and travel claims handling.Scrutinising whether the pure protection market offers fair value.Analysis showing the rise in motor premiums has largely been driven by external costs that insurers cannot control.

The ribbon was cut on a new banking hub in Monmouth, Wales, marking the first anniversary of the FCA’s access to cash rules. The rules mean that before banks and building societies change cash services, such as closing a branch or ATM, they must assess the impact. If significant gaps in cash access are found, they must plug them. Monmouth is the 121st banking hub to open in 12 months. A further 93 cash deposit services – such as ATMs and Post Office counters - have also been set up. 20 of the banking hubs were established following requests from local communities for their cash provision to be assessed.David Geale, executive director of payments and digital finance at the FCA, said:'Cash still matters - for many consumers it’s a key budgeting tool, and for small businesses, a way to handle daily takings. We’re helping to keep cash accessible in communities across the UK.'Gareth Oakley, chief executive officer of Cash Access UK said:'We’re pleased to be bringing vital cash and banking services to communities where these are needed. Our shared banking hubs and deposit services, which serve the customers of multiple banks, can provide a sustainable solution in communities where essential cash services are needed. From banking hubs to cash hubs and deposit ATMs, our services come in different shapes and sizes to best meet the needs of each community, but whatever their format, they all provide easy and convenient access to cash and banking services.'John Howells, chief executive officer of LINK said:'While the way we pay for things is changing, around five million people still rely on cash or can't use digital alternatives. Cash also provides vital resilience when digital systems fail or are unavailable. Protecting access to cash therefore remains essential. One year on, the regulations have had a positive impact and build on LINK’s ongoing work to ensure every community can continue to access cash.'As part of its 5-year strategy, the FCA is focused on helping consumers navigate their financial lives, and for many this will include the use of cash. FCA data continues to show that more than 95% of the UK population can access cash within the distances set out by the government. Notes to editorsThe FCA collects data to monitor cash coverage at a national level and regularly reports its findings publicly.The FCA monitors and supervises how designated banks and building societies are complying with the rules protecting access to cash. The different cash solutions include withdrawal and deposit ATMs, banking hubs, and Post Office counters.Consumers and communities who are concerned about accessing cash in their area can request a cash access assessment.Discussions with key stakeholders on what is working well, and how else access to cash can continue to improve, will be held later in the year. The FCA says these initial forums will focus on access to cash, with future forums broadening the scope to also consider wider banking services. However, any changes to the FCA’s powers over access to cash or banking services would have to be implemented by the government.Cash Access UK provides cash and basic banking services to communities across the UK, including sourcing and opening shared banking hubs and deposit services. LINK helps to connect a reliable ATM network to banks and building societies and is also responsible for carrying out cash access assessments.

Speech by Jessica Rusu, FCA chief data, information and intelligence officer, delivered at Merchant Taylors’ Hall, Future of Fintech 2025. The invite for this conference highlights that is has been a momentous summer for regulation – I would agree.Technology and innovation are central to both the Government’s growth plans and our own 5-year strategy.We have history here – the UK remains a leading destination for global fintech investment, attracting more capital investment than France and Germany combined in the first half of this year. Our top 11 fintechs employ over 26,000 people.For over a decade, we at the FCA have helped firms navigate regulation, providing support through a range of world-leading services like Sandboxes and Innovation Pathways.

We have decided to take no further action against Wellesley & Co Limited (WCL) after our investigation found no evidence of serious misconduct. We announced the investigation into WCL in 2022 following Wellesley Finance Ltd (WFL), an unregulated entity, entering into a Company Voluntary Arrangement (CVA) with its creditors in October 2020. At the time of WFL’s CVA, around 12,000 investors were owed £134.7m. About £80m has been returned to investors but, unfortunately, some investors have lost all that they invested. The investigation's focus was whether investors had been given misleading information and defrauded by WCL. It found that the risks were fairly described to investors and there were no signs of fraud.Background to the investigation WCL promoted and arranged high-risk investments that related to property development. These products were not covered by the Financial Services Compensation Scheme (FSCS).WCL was responsible for approving financial promotions used to market certain products to investors. There were other unregulated companies within the Wellesley Group.The amounts returned to investors under the CVA varied according to the products held. While around 60% of the money invested has been returned, investors who received preference shares as part of the CVA lost all the money they invested. This accounts for about £10m of the total money owed to investors.On 30 April 2025, WCL entered administration.We launched an investigation into WCL, the only authorised entity in the Wellesley Group of companies, after concerns emerged through our supervision of the firm.

The FCA is seeking feedback on proposals on the minimum standards crypto firms will need to comply with. The proposals mirror many requirements which already apply to traditional financial firms, such as on operational resilience and systems and controls to fight crime.The rules aim to be proportionate, allowing UK firms to compete internationally.In recognition of some of the unique features of the cryptoasset market, the FCA has opened a discussion on how the Consumer Duty, which would require firms to act to deliver good outcomes for their consumers should apply to crypto. The regulator is also seeking views on how complaints should be managed, including whether consumers should be able to refer them to the Financial Ombudsman Service.David Geale, executive director of payments and digital finance said: 'We want to develop a sustainable and competitive crypto sector – balancing innovation, market integrity and trust. Our proposals won’t remove the risks of investing in crypto, but they will help firms meet common standards so consumers have a better idea of what to expect.'We are working now on what those standards should look like, ahead of legislation to bring it within our regulation.'The proposals follow HM Treasury’s (HMT) draft legislation published in April 2025. The deadline for feedback on the consultation paper is 12th November 2025. The deadline for feedback on the discussion paper is 15th October 2025. The FCA will publish final rules in 2026.Notes to editorsRead the consultation paper.The FCA rules will apply once the necessary legislation is in place.Find out more about existing rules firms must comply with.

Speech by Kate Collyer, FCA chief economist, at Warwick Business School, Financial Regulation in Support of the UK's Growth. Productivity in our sector has stalled over the past decade and UK economic growth has disappointed since the financial crisis.There are lots of ways to measure productivity. But if we look at the ten years since 2015, the annualised change in productivity was just 0.4%. That compared to 1.1% across the whole economy over the same period.And multifactor productivity in the UK financial services sector is more or less the same today as it was in 2006, despite the huge technological change that has taken place since then. The first iPhone launched in 2007 and in financial services, we’ve gone from 3 days to make international payments to being able to complete transfers almost instantly.And that raises a challenge for regulators: could we do more to adapt our approach, and so better promote productivity and growth within our sector?Risk is goodAppropriate risk-taking has an important role to play in both regulation and well-functioning markets, and it underpins economic activity and growth.There are risks in not taking risks.For consumers, the seemingly 'safe' option can mean missing out in the long run and can have life-changing consequences.For markets and firms, risk-taking can lead to both efficiency and dynamism. And regulatory risk-taking affects how markets function and adapt to change, it affects competition and innovation and ultimately, economic growth and competitiveness.So risk is good and is a critical feature of financial markets. What role can regulation play?

The FCA is launching a £1 million campaign, letting motor finance customers know they don’t need to use a claims management company (CMC) or law firm to access an industry-wide compensation scheme the regulator is proposing. As part of the campaign, which will feature radio and online advertising, the FCA is teaming up with influencers, such as Cameron Smith (@cazza_time), to get the message to consumers.New research commissioned by the FCA shows that 79% of motor finance customers are aware that they may be owed compensation and 61% of a possible compensation scheme.However, 41% of those aware they may be owed compensation didn’t know they would not need to use a CMC or law firm if a redress scheme is introduced. Using a CMC or law firm to make a motor finance claim could cost consumers around 30% of any compensation paid. Of motor finance holders aware of the possibility of being owed compensation, 25% have already made a claim and a further 39% intend to. Among those who have already made a claim, just under half (46%) did so using a CMC or law firm.Over the next 2 months, a number of influencers will be posting information for consumers on their social media channels, including Instagram and TikTok. Online video and radio ads will launch in October. Sheree Howard, executive director at the FCA, said: 'We’ll set out plans for a free, easy-to-access motor finance compensation scheme. We’re concerned a significant number of people are unaware you don’t need to use a CMC or law firm to claim compensation. If you do, you could lose over 30% of any money you’re owed.'The FCA has recently warned consumers about scammers pretending to be car finance lenders and falsely claiming that people are owed compensation, despite there being no car finance compensation scheme in place yet. Consumers should hang up immediately and not share any information if they receive calls like this.The FCA plans to launch a consultation on the compensation scheme in early October. If the compensation scheme goes ahead, the first payments should be made in 2026.The FCA recently issued a joint statement with the Solicitors Regulation Authority warning CMCs and law firms over poor practices in motor finance commission claims. Concerns include the volume and accuracy of marketing materials, and how information is shared or verified when clients are passed on from third parties.The FCA has also required CMCs to remove or amend 396 motor finance commission promotions between January 2024 and August 2025. Notes to editorsThe survey was conducted by Critical Research between 1 and 12 August. An analysis of the survey findings will be published when the consultation launches in early October. Respondents consist of previous and existing motor finance customers.Links to Cameron Smith’s Instagram, TikTok and Instagram video.Consumers who are concerned that they were not told about commission and think they may have paid too much for their motor finance should complain now. Consumers do not need to use a CMC or law firm to complain and doing so could cost them around 30% of any compensation paid.The FCA has posted a number of Instagram videos answering key car finance questions, including what consumers should do if they’ve already signed up with a CMC or law firm and want to cancel.

Speech by Steve Smart, joint executive director of enforcement and market oversight, at the 1LoD Financial Crime Summit. Financial crime is still too often seen as a lesser offence. A small-scale scam here, a phishing email there. Non-violent, technical, almost victimless.After more than 30 years in national security and law enforcement, I can tell you that’s a dangerous misunderstanding.I’ve seen up close how it directly fuels some of the most serious crime: human trafficking, terrorism, hostile state activity.And financial crime doesn’t just steal money – it also steals confidence. Research by Lloyds Banking Group found that nearly 40% of fraud victims had lost confidence in online platforms.When people lose money to fraud, they understandably become more cautious. They lose trust in the system.And that has consequences, because trust is the foundation of growth.Without it, fewer people invest. Innovation slows and markets suffer. Capital doesn’t flow where it’s needed.So if we want a confident, competitive economy, tackling financial crime isn’t optional – it’s a prerequisite for growth.It’s how we keep the game clean and attract new players.

Charles Hunter, Kayan Kalipha and Luke Desmaris appeared before Westminster Magistrates’ Court, each individually charged with an offence relating to their social media posts. The individuals – often referred to as ‘finfluencers’ – are alleged to have encouraged social media followers to invest in foreign exchange (forex or FX) trading through high-risk products known as contracts for difference, without having the authorisation to promote these investments.The charges follow the FCA’s announcement in June 2025 of a coordinated global enforcement action targeting illegal financial promotions by finfluencers across multiple jurisdictions. As part of that operation, the FCA authorised criminal proceedings against these three individuals.All three defendants pleaded not guilty and will appear at Southwark Crown Court for a hearing on 8 October 2025.Anyone who believes they have suffered loss in relation to this matter is encouraged to contact the FCA consumer contact centre on 0800 111 6768 (freephone).Notes to editorsThe defendants’ backgrounds are as follows:a. Charles Hunter (DOB 10/09/1996), from Exeter.b. Kayan Kalipha (DOB 30/01/1990), from London.c. Luke Desmaris (DOB 01/11/1994), from Harlow.The individuals are each charged with one count of communicating an invitation to engage in investment activity, contrary to section 21(1) of the Financial Services and Markets Act 2000.A person who contravenes Section 21(1) of the Financial Services and Markets Act 2000 can be punished on indictment by a fine and/or up to 2 years' imprisonment.These charges form part of the FCA’s wider crackdown on unlawful financial promotions by finfluencers. In June 2025, the FCA led a coordinated international enforcement effort involving nine regulators across six countries. The operation resulted in arrests, interviews, cease and desist letters, and over 650 takedown requests across social media platforms and websites.Finfluencers are social media personalities who use their platform to promote financial products and share insights and advice with their followers. Many are acting legitimately and not breaking any laws. Others are individuals who tout products or services illegally and without authorisation through online videos and posts, where they use the pretence of a lavish lifestyle, often falsely, to promote success.Contracts For Difference (CFDs) are high-risk derivatives. The FCA has previously said that 80% of customers lose money when investing in CFDs because of the risks. They are often highly leveraged, which means they use debt to try and amplify returns, which can result in investors losing more than they invested. In the UK, the FCA has imposed restrictions on how CFDs and CFD-like options can be sold and marketed to retail customers. The FCA has been carrying out work to address consumer harm in the UK in this sector.Consumers should use the FCA’s Firm Checker to find out if a firm is authorised and permission for the service it’s offering. The FCA’s InvestSmart page contains useful information to help people make better investment decisions.

We’re proposing to make further cuts to data reporting, that will benefit 11,000 retail intermediary firms. Regular submission of the Retail Mediation Activities Return (RMAR) helps support firms, understand consumer outcomes, and flags any issues that may come up with retail intermediary activities.Our analysis has enabled us to reduce the reporting frequency of selected RMAR sections.Jessica Rusu, chief data, information and intelligence officer of the FCA said:'We welcome the positive feedback from firms on our earlier data reporting consultations. This latest proposal cuts unnecessary reporting, focuses only on essential information, and reflects our role as a smarter regulator, maintaining strong oversight while easing the burden on firms.'We propose to amend the reporting frequency from quarterly and bi-annually, to annual for the following returns:Section E of RMAR (known as RMA-E) – Professional indemnity insuranceSection G of RMAR (known as RMA-G) – Training and competenceSection M of RMAR (known as RMA-M) – Pension transfer specialist adviceThe consultation closes on 15 October 2025 and forms part of our Transforming Data Collection programme, which is a joint venture between the FCA and Bank of England. The programme has already reduced data reporting burden for over 36,000 firms.

Consumers could benefit from the convenience of contactless payment when making larger payments, under proposals being consulted on by the FCA. The FCA wants to give card providers the flexibility to decide the right limit for them and their customers.Many card providers already offer customers the ability to adjust their personal contactless limits or turn off contactless functionality on their card altogether. The FCA is encouraging firms to continue to offer their customers this choice.David Geale, executive director of payments and digital finance at the FCA, said:'We‘re seeing smarter payment technology and more well-established fraud controls, so it’s the right time to let firms tailor contactless payments to fit their customers’ needs and drive innovation. While we wouldn’t expect to see immediate changes to limits by firms, they would have the flexibility to make payments more convenient for customers.'People are still protected; even with contactless, firms will refund your money if your card is used fraudulently.'Contactless card payments come with the same protection as any other card payment, meaning banks and payment firms must reimburse unauthorised fraud cases, such as when somebody’s card has been lost or stolen. UK Finance’s Annual Fraud Report 2025 estimates that contactless fraud rates are currently low at circa 1.3p per £100 spent on contactless transactions, compared to 6p per £100 for all unauthorised fraud.This work is one of around 50 measures that the FCA outlined in a letter to the Prime Minster in January to support economic growth and prioritise digital solutions.The proposals are out for consultation until 15 October 2025.Notes to editorsRead the contactless payments consultation in our Quarterly Consultation Paper (PDF)We received nearly 1,300 responses to the contactless paymentsEngagement Paper.Based on industry feedback, the FCA anticipates most firms will continue to implement the £100 limit in the time being.Contactless payment fraud is where a contactless card is lost or stolen and then used by someone other than the cardholder to pay for goods and services at a contactless terminal.With the Consumer Duty in place and in support of the UK government’s growth mission, the FCA is reviewing these rules as part of the nearly 50 fast-tracked measures to support innovation and growth and remove unnecessary regulatory barriers.

On 2 September 2025, Scott & Mears Credit Services Limited (SMCS), a debt collection firm, went into administration. Louise Longley and Julian Pitts of Begbies Traynor (Central) LLP were appointed as Joint Administrators. SMCS is authorised and regulated by the FCA to provide debt-collecting services. It has stopped trading.In their published frequently asked questions document (PDF) the Joint Administrators are encouraging customers to cancel any standing order or other payment arrangements with SMCS. They are also advising customers to contact their creditor (the company they owe money to) to arrange future payments.If you have any questions, please contact the Joint Administrators via email on scottandmears@btguk.com or by telephone on 0113 209 1040.We are in regular contact with the Joint Administrators to ensure customers are treated fairly.Customers who are struggling financially can get free and impartial guidance from MoneyHelper.

Responding to today’s launch of the consultation on future payment systems regulation, David Geale – FCA, Executive Director, Payments and Digital Finance and Payment Systems Regulator (PSR) Managing Director - said:'The Government’s consultation is an important next step in simplifying and clarifying payments regulation. The consolidation will ensure there is a clear, predictable and proportionate regulatory framework that supports the UK’s dynamic and fast-evolving payments landscape. We will continue to work with the Government and sector as plans for consolidation are finalised.We've already developed a more streamlined and joined up approach to payments regulation and removed some of the regulatory burden on firms, for example on our joint approach to open banking and our close partnership on delivering the NPV.'

John Burford has been sentenced to 2 years in prison in a £1 million investment fraud case, following a prosecution brought by the FCA. Mr Burford, who lives in Mansfield, defrauded over 100 investors out of £1 million between 2016 and 2021 through his firm, Financial Trading Strategies Limited, where he was the sole director.He offered trade alerts and investment opportunities in 3 self-named funds, despite lacking FCA authorisation. The FCA found he repeatedly misled investors about fund performance, concealed losses and used their money to buy property and support his lifestyle.Mr Burford attracted a range of investors through self-published articles, blogs, and a book to promote his trading credentials and broaden his reach. Investors of Mr Burford described placing considerable trust in him because of his purported expertise and many described the significant financial and emotional impact his offending had on their lives.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'John Burford deliberately misled investors, stealing their money to fund his own lifestyle. We will pursue those who abuse investors’ trust and ensure they do not profit from their criminality.'We are asking anyone who believes they have been affected by this investment scam to contact us.'The FCA is pursuing confiscation proceedings to deprive Mr Burford of the proceeds of his crimes and compensate victims.In sentencing, His Honour Judge Coles described the case as a 'sustained fraud causing much misery to investors,' noting that the defendant 'used other people’s hard-earned money as a cash fund to purchase a house and for living expenses.' He added that 'old age is never an excuse for avoiding punishment for serious offending.'To Mr Burford, the judge added: 'You marketed yourself as a highly skilled trader and tricked people into having confidence in you.'This case follows recent FCA enforcement action on investor fraud including securing a conviction against Daniel Pugh who set up a Ponzi scheme that netted over £1 million.Notes to editorsJohn Charles Burford was born on 23 February 1940 and resides in Mansfield, Nottinghamshire.Anyone who invested with Mr Burford and has not heard from the FCA should call 0800 111 6768 or email opwinonaexternal@fca.org.uk.Mr Burford pleaded guilty to 4 offences on 30 July 2025.The sentencing was made up as follows:2 years’ immediate imprisonment for Fraud by False Representation.1 year immediate imprisonment for each of the three Financial Services and Markets Act offences to be served concurrently with each other and with the sentence for fraud.The total sentence of imprisonment is therefore 2 years.Fraud by false representation is contrary to section 1 of the Fraud Act 2006. It is punishable by a fine and/or up to 10 years’ imprisonment.Carrying out unauthorised business is an offence punishable by a fine and/or up to 2 years' imprisonment.Fighting financial crime is central to our new strategy and we will take action against criminal behaviour which harms consumers and damages the integrity of our markets.

The FCA is investigating whether the London Stock Exchange Group and the landlord of the LSE data centre building have hindered competition for low latency connectivity services (LLCS) between certain trading venues. Currently, only LSEG can use the rooftop of the data centre building for radio equipment used for LLCS. To address our competition concerns, LSEG and the landlord have proposed to offer equal access to the rooftop to others. The FCA’s competition investigationsLLCS providers build and operate high-speed connections between trading venues, which allow trading firms to process trades very quickly. Offering very fast connections is key to competition, and to maximise the speed of their connections, providers must be able to place radio units close to trading venues.The FCA’s investigations under competition law relate to the supply of LLCS between the LSE trading venue in London and 2 other trading venues in the UK: Cboe Europe and ICE. Currently, LSEG has exclusive rights to locate radio units on the rooftop of the data centre building. We are concerned that these rights and LSEG’s rooftop policy at the LSE trading venue prevent rival LLCS providers from installing equipment on the rooftop, favouring LSEG’s own LLCS and so hindering competition.The firms’ commitmentsTo address our concerns, LSEG and the landlord have proposed: To end LSEG’s exclusive rights to the rooftop. In future, LSEG will only use part of that space for its equipment. To make an equivalent space on the rooftop available to third parties, on a fair and reasonable basis. Our consultationWe provisionally consider that the commitment proposals address our competition concerns. We are consulting on them before reaching a final decision on whether to accept them and close the investigations accordingly.Find more details in our Notice of Intention to Accept Commitments (PDF).The consultation runs from 11am on 5 September 2025 to 5pm on 29 September 2025. Any person wishing to comment on the proposed commitments should email: CA98.2023.02@fca.org.uk.Further informationIn investigations under the Competition Act 1998 (CA98), a firm under investigation can offer commitments (that is, binding promises relating to its future conduct) to address the FCA’s concerns. The FCA has discretion on whether to accept commitments. If the FCA proposes to do so, it must be satisfied that the commitments offered address its competition concerns.Under the CA98, we must consult third parties that are likely to be affected by the commitments before deciding on whether to accept them or not.We have reached no view, provisional or otherwise, on whether competition law has been breached. Offering commitments does not amount to a breach of competition law, or an admission of infringement by those under investigation and the parties have made no such admission in this case.

Matthew and Nikolas West have been sentenced for insider dealing, in a prosecution brought by the FCA. Matthew West has been sentenced to 15 months' imprisonment, suspended for 2 years, along with an unpaid work requirement of 200 hours. Nikolas West has been sentenced to 6 months' imprisonment, suspended for 12 months.The brothers were both seasoned traders with over 20 years of experience within the UK and overseas, with an extensive network of contacts across the investment community. The FCA uncovered their misconduct through its market surveillance tools used to detect suspicious behaviour. A subsequent investigation found that within minutes of receiving confidential information, the brothers had coordinated and executed trades, making a profit of nearly £43,000.However, the court has ordered them to pay back more than £280,000 – reflecting the full value of the shares traded through their criminal conduct, not just the profit they made. Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Greed got the better of them. The West brothers knew the rules and still chose to break the law.'This should serve as a reminder that the FCA will take action against those who abuse their position and break the law – including depriving them of their ill-gotten gains.'Matthew West, the initial recipient of the inside information, was regularly approached by brokers with investment opportunities, which were subject to strict confidentiality agreements. The opportunities often related to upcoming capital raising plans at companies listed on the Alternative Investment Market (AIM)- a sub-segment of the London Stock Exchange designed for smaller, high-growth businesses.While Matthew West received the inside information via legitimate broker communications, he unlawfully disclosed this information to his brother Nikolas.Messages between the pair revealed specific details of the confidential information being shared and showed them discussing how to secure the best profit before the announcements were made public.They then traded on the information, with most of the trading undertaken by Matthew West. Both were fully aware that their actions breached market rules and undermined the integrity of the financial system.In sentencing, His Honour Judge Christopher Hehir remarked:'Markets cannot operate fairly if they are rigged by dishonest operators. Grave economic harm may result, so deterrence is important.'This case follows other recent FCA enforcement actions on insider dealing, including the sentencing of Redinel Korfuzi and Oerta Korfuzi - reinforcing the FCA's commitment to tackling market abuse.Notes to editorsMatthew and Nicholas West pleaded guilty to 6 instances of insider dealing on 9 May 2025.Matthew West's date of birth is 14 March 1981, and he currently resides in Berkhamsted, Hertfordshire.Matthew West pleaded guilty to 4 counts of insider dealing on stocks himself:Proactis Holdings plc, between 3 and 11 November 2016 with profits of £5,912.Palace Capital plc, between 17 September and 10 October 2017 with profits of £2,737.Concha plc, between 18 and 23 September 2017 with profits of £12,713.11.Bushveld Minerals Ltd, between 21 and 27 March 2018 with profits of £2,432.25.And a further instance of disclosing inside information to Nikolas West: Asimilar Group plc, between 5 and 18 January 2020.Nikolas West's date of birth is 4 December 1978, and he is now based in Dubai.Nikolas West pleaded guilty to 1 count of insider dealing in relation to Asimilar Group plc, between 5 and 18 January 2020 with profits of £20,370.The total confiscation orders amounted to £181,615 for Matthew West, and £102,150 for Nikolas West.The Proceeds of Crime Act 2002 allows ‘benefit’ of crime to be calculated as propertyobtained in the course of the criminal conduct. In this case, the proceeds of insider dealing are calculated as including the full value of the shares traded (where stocks are purchased) and consideration paid, in addition to the profits made. The proceeds are adjusted for inflation to reflect the value as at the time of the order, ie in 2025, and therefore the sums involved include an uplift.Matthew and Nikolas West will have to pay the £280,000 in full within 14 days or face up to an additional 18 months in prison for Matthew West, and 12 months in prison for Nikolas West. They were also ordered to pay a contribution of more than £50,000 to the prosecution's costs.Matthew West and Nikolas West have been self-employed for several years, working as professional day traders.Brokers provide legitimate information via ‘wall crossing’. Wall crossing means providing non-public and price-sensitive information to a third party, and it is a legitimate practice in financial markets. When investors are ‘wall crossed’ there is a non-trading and confidentiality agreement in place, which reflects that improper disclosure is a criminal offence. Matthew West was approached as a potential investor.AIM is a sub-segment of the London Stock Exchange designed for smaller, high-growth companies. As of 2025, AIM has a combined market capitalisation of approximately £81 billion.As these offences predate 1 November 2021, when the maximum sentence available increased to 10 years, the insider dealing here is punishable by a fine and/or up to 7 years’ imprisonment.To report market abuse to us or to speak to someone about it, please see our market abuse webpage.