We’re asking for feedback on proposals for a new short selling regime. Short selling can play an important role by supporting price formation, providing liquidity, and facilitating risk management.Our consultation aims to support growth by removing unnecessary barriers which might inhibit or discourage short selling while retaining sufficient visibility and controls over short selling to manage any risks to support orderly and effective financial markets.Together with the government’s legislative framework set out in January 2025, our proposals include:Aggregated net short position disclosures: a new model will combine, anonymise, and disclose, all the individual positions reported above the 0.2% reporting threshold.Position reporting: extend the deadline for firms submitting position reports by reducing the time required for the regulator to process and provide guidance on how firms determine the issued share capital of companies to calculate their positions.Market maker notifications: streamline and automate our systems for receiving position reporting and market maker exemption notifications to make submissions easier, quicker and less burdensome.Simon Walls, executive director of markets at the FCA, said:'These proposed changes are another important milestone in our drive to become a smarter regulator and to support growth.'Aggregated net short positions and simplified processes for reporting will enhance and streamline the short selling regime in the UK, reducing burdens for capital market participants while ensuring the market still gets the transparency it needs.'

We welcome the government’s legislation to bring Environmental, Social and Governance (ESG) ratings providers into our remit. This marks a significant milestone in the UK’s commitment to enhancing transparency and trust in this market. ESG ratings continue to play a critical role in influencing investment and capital allocation decisions. The legislation, which was broadly supported by the industry, will provide us with the necessary powers to regulate ESG ratings providers – an important step towards ensuring that there are transparent, reliable and comparable ESG ratings.In parallel with the Government finalising its legislation, we have been developing our regime for ESG ratings. Now that the legislation has been laid before Parliament, we intend to consult on our proposed rules before the end of the year.We are committed to working with industry, government and wider stakeholders to ensure our approach to regulation is practical, proportionate and supports innovation. This is an opportunity to raise the bar for transparency and trust, while ensuring the market remains competitive and resilient.Our proposals, informed by the International Organization of Securities Commissions (IOSCO) recommendations, will focus on four key areas: transparency, governance, systems and controls, and conflicts of interest. We will also be producing guidance to help firms assess whether their activities will fall under regulation and require our authorisation.This will support our work to enhance the UK’s reputation as a global hub for sustainable finance – attracting investment and supporting growth and innovation.Further informationRead Government’s Statutory Instrument.

Consumers can now access crypto exchange trade notes (cETNs), with several products available. We lifted the ban on retail access to certain cETNs on 8 October. Retail consumers can now access cETNs when they are listed on our Official List and admitted to trading on a UK Recognised Investment Exchange.Prospectuses must be reviewed and approved before the products are available. We had already been reviewing retail crypto ETN prospectuses in preparation for the 8 October lifting of the ban.Crypto ETNs are complex products, and firms should ensure they have the correct permissions to offer them to consumers. Where they are planning to offer them, we ask firms to inform their FCA supervisory contact. These products are categorised as Restricted Mass Market Investments (RMMIs). Firms who offer them will need to comply with the financial promotion rules. This means firms must:Not offer any incentives to invest.Have robust appropriateness assessments, client categorisation and cooling-off periods.Highlight relevant risk warnings.Firms offering cETNs will also need to comply with other rules, including the Consumer Duty. This includes provisions requiring firms to:Act to deliver good outcomes for consumers.Enable and support consumers to pursue their financial objectives. Act in good faith towards consumers and avoid causing them foreseeable harm.Identify a target market of consumers for a cETN, design the product to meet the needs, characteristics and objectives of that target market, and take reasonable steps to ensure a cETN is distributed to the target market. Ensure that cETNs provide fair value to consumers in the target market.Make sure consumers are given the information they need, at the right time, and presented in a way they can understand. If a firm wishes to apply for authorisation or new permissions to offer cETNs, they can request a pre-application meeting through our pre-application support service.We have outlined our crypto roadmap (PDF), setting out plans to bring crypto assets into our regulation.More informationWe recently published a consultation (CP25/25) on proposals for the application of our Handbook to regulated cryptoasset activities.

On 24 October 2025, the Chancellor of the Exchequer, Rachel Reeves MP, announced the launch of the FCA and Prudential Regulation Authority’s (PRA) Scale-up Unit. The Chancellor announced the Scale-Up Unit at the FCA Forum in Leeds.The Scale-up Unit will provide growing financial sector regulated firms across the country with tailored support and guidance to help them test ideas, grow and succeed in the UK. It will also help firms by connecting them with a dedicated point of contact to support with challenges they face as they grow.By helping firms to scale, the FCA and PRA are supporting competitiveness, growth and innovation across the country.The Scale-up Unit will initially support firms who are regulated by both the PRA and FCA. The FCA will continue to work closely with industry to develop the Scale-Up Unit so that it can support firms who are only regulated by the FCA.The Scale-up Unit complements the FCA's existing support available that already helps firms to operate in the UK, launch new products or services or invest in the sector. It will also play a key role in supporting growth, a central part of the FCA’s 5-year strategy.Learn more about the Scale-up Unit on our website, and on the PRA's website.Read more in HM Treasury’s press release.

Speech by Ashley Alder, FCA chair, at Climate Financial Risk Forum's Symposium, London. This is a unique gathering, bringing together financial institutions, climate scientists, academics, regulators and innovators to tackle one of the most pressing challenges of our time: climate change and its impact on financial systems.It has long been clear that climate change is not just an environmental issue, but a financial one too. It is almost exactly 10 years since Mark Carney, in his role as Governor of the Bank of England and Chair of the Financial Stability Board, gave his ‘tragedy of the horizon’ speech.The risks are real, and they are growing. From rising insurance costs due to extreme weather events, to shifts in asset valuations and lending criteria, the effects of climate change are now being felt in real time across the financial sector.Yet amongst all the challenges lies the chance to innovate, to lead, and to build resilient systems that thrive not in spite of change, but because of it.Today I want to talk about the landscape we’re operating in, and tell you some of what we’ve been doing and what we are planning in this space – and then I have a request, something I want you to do, which will help us all.The landscape we’re operating inLeading climate research is abundantly clear that the physical risks of climate change, both acute and chronic, are getting more frequent, more severe, and are costing more and more to deal with.And make no mistake - many of these risks fall well within the current planning horizons for investors, insurers, lenders and beyond. Firms must be ready to tackle the climate shocks hitting us today, while building resilience to withstand even greater ones tomorrow.The owners of capital, such as pension funds, are still very much focused on this aspect of sustainability.And actuaries are moving beyond technical modelling to advocate for realistic risk messaging and policy reform, developing frameworks like Planetary Solvency, which assess the stability of nature as a foundation for economic and societal resilience.CFRF has been helping financial firms think about how they respond to the physical impacts of climate change – that is, the changes in frequency and intensity of weather events like storms, fires, and droughts.Last year, a Working Group highlighted that even a 1.5-degree rise in global temperatures is a scenario that demands adaptation in business models, planning, and investment.That’s not an adaptation to a ‘worst-case’ outcome, but rather to a baseline scenario many are preparing for.What does that mean? It means we need new information, new data, and new ways of thinking. There will be new opportunities, new risks, new winners and new losers.Of course, we also know that not all regions are aligned in their approach to climate risk. Some jurisdictions are moving faster than others, and global coordination remains a work in progress.Divergent approaches to net-zero and related climate policies have a knock-on impact across the world as businesses navigate a far more complex landscape.But this doesn’t alter the fact that a proper understanding of how climate risks and opportunities can be financially material is an essential aspect of responsible risk management.This isn’t a radical approach; it’s entirely consistent with historically conventional attitudes to financial regulation, and zeroes in on what truly matters to investors.And changes of emphasis in the broader debate doesn’t affect this equation. Whether energy security and adaptation are now referred to as much as net-zero ambitions makes little difference to disclosure standards based on financial materiality.Climate change affects credit risk, insurance risks, market stability, operational resilience, and a firm’s customers, and so a system-wide response is required.Qualities of the CFRFThat’s why forums like this are so important. The CFRF is an exemplar of how the market can come together, bringing diverse voices to find practical, actionable solutions, addressing common challenges which impact us all in different ways.Just to pick one example, the CFRF will be setting up a new working group to deliver a suite of transition finance metrics in line with the recommendations made by the Transition Finance Market Review.Global momentumWe’re also seeing momentum globally. During my time as Chair of IOSCO, we endorsed the ISSB standards, helping to establish a consistent and credible global baseline for corporate reporting. Asia is moving quickly in this space. Hong Kong, Singapore and Japan, for example, are rapidly building leadership in green and transition finance. The largest IPO in the world this year was a Chinese EV battery company, which raised over US$5bn.China’s green bond market continues to expand, with over US$555bn issued by the end of 2024 – and in April this year, China issued its first-ever overseas Renminbi-denominated sovereign green bond on the London Stock Exchange.Other markets are also stepping up. Brazil, Nigeria, and Malaysia are among the 36 jurisdictions now adopting the ISSB standards, helping to establish a global baseline for sustainability disclosures.In Latin America, Chile will mandate ISSB-aligned reporting from 2026, while in Africa, countries like Kenya and Ghana are finalising their frameworks.This global convergence is not just regulatory - it’s strategic; perceived as essential for attracting capital, and meeting investor expectations that companies identify and disclose sustainability risks.And from a UK perspective, the Government has made clear that it wants to stimulate billions of pounds a year of private investment to deliver its clean energy superpower mission, and make the UK the 'sustainable finance capital of the world'.As part of this growth, the government has emphasised the importance of proportionate transition plan reporting as a pre-condition for a flourishing sustainable and transition finance market.What the FCA is doingOur outlook at the FCA is both domestic and international, and we’re working across multiple fronts to ensure that our frameworks are fit for purpose in this changing world.Prospectus disclosuresAs we transition to a low-emissions economy, financial markets want more consistent and comparable information on how companies plan to adapt their business models, their operations and their products and services.And to repeat, they want this information because it’s financially material for decision-making. And climate disclosures deliver this information.So, as part of the new Public Offers and Admissions to Trading Regime – basically the framework governing how funds are raised through primary capital markets - we've included a new climate disclosure rule as well as measures to improve transparency about green bonds and sustainability-linked bonds.The new rule will allow companies to publish information under a new category of Protected Forward-Looking Statements.Companies will be able to describe their transition plans, net-zero targets, and other long-term ambitions with far greater confidence because the threshold for legal liability will be centred on whether the issuer was reckless or dishonest, as opposed to simply negligent.This shift should support better investor decision-making, which is so heavily dependent on the availability of the type of consistent and credible projections which lie at the heart of climate disclosures.Integrating ISSBWe’ll also be considering how to adopt the ISSB standards into our rules. The Government has now closed its consultation on endorsing the ISSB Standards to create new UK Sustainability Reporting Standards.So we will soon consult on how we will update our rules to apply these standards to listed companies. Ultimately, this work supports the integrity of sustainable finance and strengthens the UK’s role in shaping global standards.Technical assistance programmeIn that vein, we’ll shortly be sending a team to spend some time with our regulatory partners in two south-east Asian countries to support their development of sustainable finance.ESG data and ratingsAnd, finally, ESG ratings providers will be coming within our regulatory perimeter. Ratings are increasingly used by investors, but the market remains fragmented and can lack transparency.We will consult on a framework to ensure that ESG ratings are robust, reliable, and aligned with investor needs.Supporting innovationBeyond these technical areas, we’re also thinking about the broader role of regulation in supporting innovation. We want to ensure that we enable creativity and help market-led solutions emerge.That is why we have initiated a pilot, in partnership with the Prudential Regulation Authority (PRA) and the Green Finance Institute (GFI), to identify potential barriers to scaling finance for climate solutions, engaging with industry and stakeholders in government and business.ConclusionClimate change is reshaping the world and the financial landscape. Through collaboration, innovation, and smart regulation, we can build a financial system that is resilient and fit for the future.The good news is that the UK is uniquely well-placed to lead this global effort.We are home to the second-largest asset management centre in the world. We host the biggest commercial and speciality risk market. And we possess deep expertise in debt issuance.But our potential goes beyond what we already have. We can position the UK as the world’s sustainable finance centre, which is consistent with the ‘supporting growth’ pillar of the FCA’s 5-year strategy published in March.So here’s my ask of you: seek out the opportunities. Bring us your ideas, your challenges, and your ambition – and let us help you turn them into impact.At the FCA, we’re committed to clear, proportionate rules, global cooperation, and fostering innovation. We’re on the pitch – but we can’t play this game alone.

The FCA has fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from working for UK financial services. In 2022, Mr Dwane worked as an advisor for ITM Power Plc (ITM). Because of his role, Mr Dwane knew the details of an announcement ITM planned to make to the market on 27 October. Following that announcement, ITM’s share price fell by around 37%.The day before the announcement, Mr Dwane used the inside information and sold his own and a family member’s 125,000 shares worth £124,287. He took advantage of the subsequent fall in ITM’s share price to purchase 180,000 shares worth £140,700, gaining £26,575 from the price difference.Mr Dwane is an experienced financial professional and knew his conduct amounted to insider dealing, abusing his position of trust.Mr Dwane was required to obtain ITM’s permission before dealing in its shares, but he failed to do so.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'As an experienced financial professional, Mr Dwane’s dishonesty and greed fell way short of the standards we expect. Trading on inside information while in a position of trust rigs the system and undermines the integrity of the market.'The FCA continues to use its full range of powers to clamp down on all types of market abuse, using the most appropriate regulatory and criminal action to hold people to account.Notes to editorsFinal notice 2025: Neil Sedgwick Dwane (PDF)Mr Dwane agreed to resolve this matter and qualified for a 30% (stage 1) discount under the FCA’s settlement procedures. Were it not for this discount, the FCA would have imposed a financial penalty of £126,575 plus interest on the £26,575 benefit.Tackling financial crime is a priority under the FCA's 5-year strategy.The FCA enables a fair and thriving financial services market for the good of consumers and the economy.

Speech by Nikhil Rathi, FCA chief executive at the Corporation of the City of London’s annual City Dinner. Lord Mayor, this evening I want to discuss the role finance must play in our national security.Few have done more than you to put security and defence at the heart of the City’s conversation. You are, after all, the decorated chair of the Square Mile reservists – in which the Lady Mayoress herself serves. I can see what you’re thinking: Goodness, Nikhil, couldn’t you go for something a little lighter? Something less contentious, like how to define high commission on motor finance?You may rather I take up your call on risk warnings or talk about our supervisory approach and the need for more consistency and pace all the way through our organisation. Feedback we have heard and are responding to. You perhaps think I have nothing to offer but blood, toil, guidance and compliance.Not so. Security is bound up with the FCA’s duty to protect and enhance the integrity of our financial system.Conflict today hits balance sheets, funding, markets and consumers as much as any battlefield. And we are not prepared, tactically or strategically.Whether it’s a cyber-attack or a production shock – they move yields and test confidence. Protection gaps shake market integrity.Britain will not remain secure nor competitive if we treat finance as separate from our security – and if investors treat defence as separate from growth.With hard fiscal constraints and volatile bond markets, government cannot carry this responsibility alone.Finance must be the bridge between mission and means, technology and capability.

Speech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at the City & Financial Global FCA Investigations and Enforcement Summit. Speaker: Therese Chambers, joint executive director of enforcement and market oversightEvent: City & Financial Global FCA Investigations and Enforcement SummitDelivered: 20 October 2025Note: this is the speech as drafted and may differ from the delivered versionReading time: 14 minutesKey messages:We expect firms to do the right thing, and where they do, we will work with them.We are pragmatic in our approach, but dig in when necessary.We want to play our part in creating an environment in which consumers and firms thrive.

Responding to the Government’s decision on reforming anti-money laundering and counter-terrorism financing supervision, Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'We recognise the benefits of an improved regime for anti-money laundering supervision. These changes will simplify the supervision of professional services, ensure more consistent oversight and help us identify and disrupt crime.'The FCA will work closely with the Government, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Professional Body Supervisors, HMRC, the firms we will be supervising and others, as we work together to equip the UK to better fight financial crime. We can draw on our extensive expertise in this area to facilitate a smooth transition and ensure effective regulation.'The new regime will create enhanced opportunities for collaboration with key partners, including law enforcement, to tackle money laundering.'The FCA operates nationwide and we anticipate having a significant presence for this new regime in our offices outside of London.'

On 21 October 2025, the Financial Services Compensation Scheme (FSCS) declared Cheshire Neighbours Credit Union Limited in default, and it has stopped trading. Cheshire Neighbours Credit Union is a financial co-operative owned by its members. It is regulated by the Prudential Regulation Authority and the Financial Conduct Authority (FCA) as a deposit-taker under Firm Reference Number (FRN) 215692.Cheshire Neighbours Credit Union was in the process of winding down before being declared in default, and has attempted to contact all its members. Many members of Cheshire Neighbours Credit Union have already had their funds returned to them.The FSCS is stepping in to protect any members who've not already had their money returned by Cheshire Neighbours Credit Union. The FSCS will attempt to contact and return members’ money. Find out more on the FSCS website.Members who've not already received their funds from Cheshire Neighbours Credit Union and do not receive a payment from the FSCS by 30 October 2025 can contact the FSCS by: emailing enquiries@fscs.org.uk calling 0800 678 1100 (freephone) or +44 207 741 4100 (international) Lines are open Monday to Friday from 9am to 5pm. Be alert to scams All customers should remain alert to the possibility of fraud.If you are cold called by someone claiming to be from the credit union or the FSCS, please end the call and contact the FSCS directly using the contact details provided above.Find out more about how to protect yourself from the most common types of scams.

A recent survey found that two-thirds of corporate finance firms not required to submit financial crime returns may be falling short of money laundering rules. Corporate finance firms help businesses raise money by connecting them with investors or lenders and are vital to the growth and success of the UK economy – making effective financial crime controls essential.11% of responding firms reported having no documented business-wide risk assessment, which is a requirement under the Money Laundering Regulations. Without a business-wide risk assessment, firms are leaving themselves and the wider market vulnerable to money laundering, fraud and other forms of financial crime.Other findings from the survey that highlighted areas for improvement included:10% of firms stated they did not retain documented evidence of customer due diligence.29% of principal firms said they did not conduct financial crime risk assessments for their appointed representatives.6% of principal firms reported not monitoring their appointed representatives’ compliance with financial crime regulations or conducting on-site visits or audits.The FCA also identified examples of good practice. This encompassed firms regularly updating their business-wide assessments to reflect emerging risks, plus using detailed management information to strengthen financial crime controls. 97% of survey respondents also said that they regularly report financial crime concerns to senior management.Andrea Bowe, director of the specialist directorate at the FCA, said:‘Corporate finance firms play a vital role in the UK’s capital markets. Their exposure to money laundering risks means it is essential that they have strong, proactive controls in place. While some firms may be meeting expectations, many may be falling short of minimum regulatory requirements.'We are sharing our findings so firms can address any gaps in their control frameworks. We are also writing to potentially non-compliant firms to set out improvements they need to make.’The survey is part of the FCA’s wider strategy to fight financial crime. It is one of several initiatives planned over the next 5 years to strengthen oversight and raise standards across the financial services sector.Notes to editorsRead our survey findings (based on survey responses from 270 corporate finance firms).Under the Money Laundering Regulations, firms must maintain documented business-wide and customer risk assessments and ensure ongoing monitoring of client relationships.An appointed representative (AR) carries on regulated activity under the responsibility of an authorised firm, known as 'the principal'. Principal firms are responsible for making sure the AR is fit and proper and complies with our rules. They must have effective oversight of their ARs, and robust, documented controls that cover their ARs, including managing financial crime risks.In August 2022, the FCA introduced new rules to strengthen the appointed representatives regime, including stricter oversight, clearer supervision expectations and enhanced reporting. These came into effect on 8 December 2022.In September 2024, the FCA published examples of good and poor practice based on a review of how firms were applying the 2022 rules. The findings highlighted areas of improvement including self-assessments, annual reviews, onboarding processes and oversight of appointed representatives.Read more about responsibilities as a principal firm overseeing an appointed representatives.

Speech by Nikhil Rathi, FCA chief executive at Japan Weeks' opening reception. While most people might expect Japan and the UK to be quite different, I have found that we have quite a bit in common.Our countries share a love of timeliness, preparedness, queueing – and, apparently, Paddington Bear.The UK has loved seeing His Excellency Hiroshi Suzuki, Japanese Ambassador to the UK, bringing Paddington everywhere from London to Nagoya – via Shinkansen, no less.These are recent links.The relationship between the UK and Japan spans centuries.In 1858, we signed the Treaty of Amity and Commerce. I find that name fitting, as the spirit of friendship has endured.In the nineties, both countries held festivals showcasing the other’s culture.And during a recent visit to Japan, the Duchess of Edinburgh and Crown Princess Akishino planted an English oak tree at the State Guest House – one grown from a tree planted by Queen Elizabeth II in 1975.But the spirit of commerce has continued, too.Lloyd’s of London appointed its first agent in Japan in 1868.The Bank of Tokyo was the first Japanese bank to open in London, in 1884.In 1988, Sanko Gosei became the 100th Japanese firm to invest in the UK.In 1995, our then foreign ministers endorsed the UK/Japan Action Agenda, which offered concrete ways to bolster bilateral cooperation.It still underpins our relationship.In 2021, the UK-Japan Comprehensive Economic Partnership Agreement marked the UK’s first major trade deal as an independent trading nation.Today, Japan is one of the UK’s top investors, and trade between our countries has reached £31 billion.We welcome Japanese investment and participation in the UK’s global financial services centre, and honour the exceptional contributions made by Japanese firms throughout history.I believe we have the potential to become even greater partners, and the UK is committed to fostering our relationship.To instil in it chowa – what Hideaki Omiya described as ‘a spirit of harmonious partnership’ – by enhancing our financial cooperation across regulation, innovation and investment.

The FCA found examples of banks going to significant lengths to protect those at risk of romance fraud, but also uncovered missed opportunities to prevent these scams, which cost victims £106m last year. One of the cases the FCA reviewed involved a victim losing more than £428,000.Romance fraud is a growing financial crime, with cases rising by 9% last year. Victims are deceived into sending money to fraudsters who engineer false romantic relationships or friendships. Over 8 in 10 cases (85%) start online, particularly through social media and dating websites, suggesting platforms have a critical role to play in preventing fraud and reducing harm.In its romance fraud review, the FCA has set out measures banks and other payment firms can take to protect their customers. These include better detection and monitoring systems, staff training, early identification of signs of vulnerability, and compassionate aftercare.Key findingsIntervention and prevention are made difficult for firms because victims may be 'under the spell' of the fraudster and reluctant to accept they are being defrauded. In nearly half (42%) of the cases the FCA reviewed, victims did not disclose the true reason for making a payment when asked.Despite examples of good practice, there were multiple instances of firms missing opportunities to identify seemingly suspicious transactions. This indicated that firms could calibrate their monitoring systems to be more effective.A key area of improvement is for firms to ensure their staff are trained to spot red flags and critically probe customer explanations. This was not consistent across all firms.Many firms are providing a high level of support, occasionally exceeding the FCA’s expectations, through compassionate and tailored engagement, although this wasn't consistent across all firms.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Romance fraud is a vicious crime. All too often it is the vulnerable that fall victim. The impact – financially and personally – can be devastating. We recognise the challenge banks and payment firms have in combating this complex crime and this review aims to help them stay one step ahead of the criminals.'We also all need to be on guard so we can protect ourselves and loved ones by recognising the romance fraud red flags.'In one case in the FCA’s review, the victim made 403 payments to a fraudster over the course of a year, resulting in losses of over £72,000. The firm’s investigation acknowledged that it had not identified the sustained, out-of-character activity.Another case involved a victim telling bank staff they intended to send cryptocurrency payments to Iraq, claiming it was the only method accepted by their 'partner' in the military.The FCA also saw positive examples of banks and payment firms going above and beyond. One firm made 11 calls over a 6-week period to support a victim, demonstrating a commitment to breaking the fraudster’s hold and restoring customer confidence.Another responded with care to a victim who had recently divorced and was supporting a child undergoing cancer treatment. They proceeded to closely monitor the victim’s account.Romance fraud red flagsAlarm bells should ring if someone you’ve only met online asks for money or suggests investments. Never send money (or crypto assets or vouchers), no matter how sad their story.Look beyond the online profile. If someone asks you for lots of personal information, yet is unable to meet in person, then that could be a red flag. And use image checkers to see if their pictures can be found elsewhere.Get a second opinion from a family member or friend if the other person’s behaviour seems suspicious and you are being asked to make financial commitments you aren’t comfortable with.If you think you’ve fallen victim, report it to Action Fraud or Police Scotland if you live there. Speak to your bank as you may be able to get a refund of money you’ve sent – up to £85,000 – and it can help to prevent further losses. Notes to editorsRead the FCA's review on romance fraud.The FCA reviewed a sample of 6 firms, including retail banks and payment firms - some well-established and others newer to the market.Figures from City of London Police show that more than £106m was lost to romance fraud in the UK in the 2024/25 financial year. It is estimated that, on average, victims lost £11,222 each.Report scams to Action Fraud on 0300 123 2040 or via the Action Fraud website. If you live in Scotland, you should report to Police Scotland by calling 101, or contact Advice Direct Scotland on 0808 164 6000.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

We have opened an investigation into the Moneda Capital Group and a number of people associated with its companies. The group includes:Moneda Capital PLCMoneda Capital Asset Management LtdMCAM LtdVSD Capital LtdAnyone who has invested with these firms, and has not previously contacted us, should call our helpline and explain you are calling about Moneda Capital.

On 14 October 2025, the Gibraltar Financial Services Commission (GFSC) announced that Premier Insurance Company Limited (Premier Insurance) had entered administration. To avoid future potential claims not being fully covered, customers of the firm should consider securing alternative motor insurance as soon as possible.Read the GFSC announcement.Premier Insurance is an insurer authorised and regulated by the GFSC. It operated in the UK on a freedom-of-services basis which means some UK customers hold policies with the firm. Policies were sold in the UK through various insurance brokers via the firm’s UK-based intermediary, Premier Underwriting Ltd.On 14 October 2025, the company was placed into administration, following an application to the Supreme Court of Gibraltar.Freddie White and Bradley Chadwick of Grant Thornton have been appointed as joint administrators for the company.The company, which predominantly wrote car and motorcycle insurance policies for UK customers, stopped writing new insurance in January 2025.All customers continue to have motor insurance cover currently. However, depending on the type of policy you hold, some claims may not be covered to 100%.

The FCA is streamlining the rules on regulatory capital, also known as own funds, for investment firms. These rules make sure investment firms can absorb losses and maintain financial resilience during periods of stress.This move is set to help reduce regulatory burden and make it easier for firms to comply with the rules around regulatory capital. The rules do not change how much capital firms must hold.The FCA has removed outdated banking provisions and reduced the volume of legal text by 70% from approximately 44,100 to 13,200 words. These changes will better help firms understand their obligations and focus more resources on their core business, rather than navigating complex capital definitions. The changes take effect on 1 April 2026.The FCA is grateful for the positive support and engagement from industry to its consultation on the changes.The reforms align with the government's regulatory reform agenda, including the Edinburgh and Leeds Reforms and deliver on commitments made when the Investment Firms Prudential Regime was introduced in 2022.This work is part of the FCA’s wider strategy to support growth and underpin the continued competitiveness of the UK’s world-leading financial services. It is also part of the actions the FCA set out to support growth in its letter to the Prime Minster.

The FCA has secured US$101m in redress to UK and other non-US investors in a fund sub-managed by BlueCrest Capital Management (UK) LLP (BlueCrest) and imposed a public censure. Between October 2011 and December 2015, BlueCrest failed to manage fairly a conflict of interest created by its role in managing both an investment fund exclusively for the benefit of its partners and employees and a flagship fund available to external investors.BlueCrest’s management approved UK-based traders being moved from the external fund to work on the internal fund, in which they were personally invested and where they stood to benefit personally from those decisions. Disclosures to investors were insufficient and, at times, misleading. Investors were not told that a significant number of traders were moved to work on the internal fund. This affected investors’ ability to make informed decisions.The firm’s failure to manage fairly the conflict led to a sub-standard service for the external fund and its investors.Asset managers are trusted to make decisions for their clients. It is vital they have appropriate systems and controls in place to ensure conflicts of interest are managed fairly.Therese Chambers, Joint Executive Director of Enforcement and Market Oversight, said:'This redress scheme brings a positive end to a long-running case. BlueCrest put its own interest ahead of the external fund and provided a substandard service, which meant that investors lost out.'After many years of legal challenge, the FCA has now successfully secured a substantial US$101m for affected investors.'The redress scheme will be overseen by BlueCrest. Affected investors will be contacted on next steps by BlueCrest or a scheme administrator if it chooses to appoint one.Notes to editorsFinal Notice 2025: BlueCrest Capital Management (UK) LLP (PDF).Redress Scheme Rules. The redress requirement imposed by the FCA seeks to redress non-US investors that were not eligible to be compensated by the SEC’s Fair Fund.On 22 December 2021, the FCA published a decision notice against BlueCrest for conflicts of interest failings, which BlueCrest referred to the Upper Tribunal on 22 November 2021. That Decision Notice has now been superseded by the Final Notice above.On 21 June 2023, the Upper Tribunal granted BlueCrest’s application to strike out the FCA’s case on redress. The Upper Tribunal also refused permission for the FCA to introduce certain new allegations and issues in response to arguments raised by BlueCrest.On 20 July 2023, the Upper Tribunal granted permission for the FCA and BlueCrest to appeal its decision.On 2 October 2024 the FCA won its case in the Court of Appeal, which upheld the FCA’s power to require redress from firms and allowed the FCA to amend its case at the Upper Tribunal.On 15 January 2025, the UK Supreme Court granted BlueCrest permission to appeal the Court of Appeal’s decision. BlueCrest’s appeal was due to be heard by the UK Supreme Court on 12 and 13 November 2025. That appeal has been withdrawn.On 8 December 2020, the SEC announced that BlueCrest Capital Management Limited, without admitting or denying the SEC's findings, had agreed to settle charges arising from inadequate disclosures, material misstatements, and misleading omissions concerning its transfer of traders between two of its funds. BlueCrest Capital Management Limited agreed to pay disgorgement, prejudgement interest and a penalty, which was to be returned to US investors (plus any interest or earnings, less certain administrative costs).On 18 February 2022, the SEC issued its approved plan of distribution for the purpose of establishing a Fair Fund comprising the disgorgement, prejudgement interest and penalty which BlueCrest Capital Management Limited had agreed to pay to compensate US investors for management fees paid in connection with investments in BlueCrest Capital International Master Fund Limited’s two unregistered feeder funds, BlueCrest Capital International Limited and BlueCrest Capital L.P., between 1 October 2011 and 31 December 2015.The FCA would like to thank the SEC for their assistance in this matter.The redress scheme covers UK and other non-US Investors, meaning any person, or their lawful successor, who held shares, units and/or an interest in the external fund during the relevant period 1 October 2011 to 31 December 2015, excluding any person who was covered by the SEC’s redress scheme and other investors such as certain BlueCrest Executives.The FCA’s Principles for Businesses.

The FCA has set out plans to support tokenisation, to drive innovation and growth in asset management. The plans include guidance to provide firms with additional clarity to aid adoption of this new technology.The UK is a leading asset management hub, with around 2,600 firms managing £14 trillion of assets for UK and global clients. The FCA is committed to supporting innovation to help the sector continue to grow, as set out in its strategy.As the way people invest changes in the future, tokenisation – digital representation of assets on distributed ledger technology – can help asset managers to innovate and stay competitive. Tokenised products could drive competition and increase choice for consumers – and open up new ways to distribute funds, including to those new to investing.Tokenisation also has the potential to broaden access to private markets and infrastructure investment and ultimately help consumers access more cost-effective and personalised investments.It offers further opportunities to improve efficiencies and reduce the costs of fund management, for example, by lowering the costs of sharing and reconciling data between firms involved in operating or distributing the fund. The FCA has been actively working with industry to deliver these benefits for asset managers in the UK.Simon Walls, executive director of markets at the FCA, said:'Tokenisation has the potential to drive fundamental changes in asset management, with benefits for the industry and consumers. There are many things that firms can do under our existing rules and more that become possible with the changes we propose enacting now. We stand ready to design the next stage with the industry – this publication suggests a path. The UK has the opportunity to be a world-leader here and we want to provide asset managers with the clarity and confidence they need to deliver.'The FCA’s proposals include:Guidance on operating tokenised fund registers under current FCA rules through the UK Blueprint model.A streamlined, alternative dealing model for fund managers to process buying and selling of units in authorised funds, whether traditional or tokenised.A roadmap to advance fund tokenisation and address key barriers like using public blockchains and settling transactions entirely on the blockchain.A discussion on how tokenisation models could evolve and how regulation may need to change.This consultation also supports the delivery of the FCA’s roadmap for digital assets.Notes to editorsRead CP25/28: Progressing fund tokenisation.The roadmap for digital assets meets the commitment we set out in our letter to the Prime Minister on growth.Tokenisation is a method of digitally representing an asset or its ownership by recording it using distributed ledger technology (DLT). DLT is a system that stores transaction records across multiple locations at once, rather than relying on a single, centralised database.Read more on the FCA’s work on fund tokenisation.

We've been working with the industry to deliver open finance, which will give people control over how they manage their money and plan their finances for the future. In our letter to the PM in January, we committed to completing a variety of work to help accelerate digital innovation. This included using our powers to develop open finance, potentially prioritising small and medium-sized enterprise (SME) lending.To support this work, ahead of launching the open finance roadmap and strategy, we are announcing a major new partnership and launching 2 TechSprints.Smart Data AcceleratorWe asked KPMG and Europe Economics to carry out pieces of work on the benefits open banking and open finance could bring for consumers and the financial services sector.Open banking has laid important groundwork to make everyday banking and payments more diverse and accessible. Open finance has the potential to extend this to more financial services products and services.The report acknowledges there would be trade-offs regulators will need to consider, to balance the benefits and risks. These include data sharing arrangements, having the right technology in place to do so, and systems and procedures that encourage innovation while ensuring consumers remain protected.In September we launched our Smart Data Accelerator. This is an extension of our sandbox which will allow us to test real uses of open finance in practice.We are now collaborating with Raidiam to use their testing environment. This will allow firms participating in the Smart Data Accelerator to simulate and test data sharing. With this, firms will be able to develop smart data solutions that are safe, secure, and designed to benefit people and communities.SprintsWe are running 2 sprints between 17 November 2025 and 12 February 2026. One will focus on mortgages, and one on finance for SMEs.The sprints are now open for registration, so firms, industry, policymakers and international partners can register by 2 November at the links above.This follows on from the ‘Open Finance Sprint’, we ran in March, which brought together regulators, fintech companies, technology providers and consumer advocates. We developed ideas for how open finance could benefit consumers in everyday life and reported the outcomes in July.More informationRaidiam has been behind significant sharing developments around the world, including enabling open finance and open insurance in Brazil. Through the partnership, Raidiam will provide our Smart Data Sprint participants with access to a stable testing environment that mirrors real-world conditions.We support the government’s National Payments Vision (NPV) and ambition for the UK to be a world leader in open finance and open banking. We will continue to work with all the relevant stakeholders, including the government, and will set out a roadmap for open finance by March 2026.

Why T+1 mattersThe UK’s transition to a T+1 settlement cycle on 11 October 2027 will mark a fundamental shift in how financial transactions are settled.Under T+1, certain trades must be settled just 1 business day after execution. The change is designed to improve market efficiency, reduce risk and align the UK with global settlement standards.While the initiative is market led, we’ll play our part in making sure firms and trading venues are prepared. We’ve engaged with a range of market participants – including buy-side and sell-side firms, financial market infrastructures, and trade associations – to understand how preparations are progressing and where challenges remain.T+1 will reduce the time you have to process your transactions by around 80%.Planning early will be crucial. Many of the key deadlines to put recommendations from the Accelerated Settlement Taskforce (AST) into action are in 2026.