Speech by David Geale, executive director, payments and digital finance and Payment Systems Regulator (PSR) managing director, at the Payments Regulation and Innovation Summit 2026. A payments system that works for everyoneJust before Christmas I was in Billericay for the opening of the 200th banking hub.I got to chat to local people and business owners about the difference the hub will make to their everyday lives. It was great.Although if I’m honest, the biggest talking point was probably the giant chocolate coins made specially for the occasion.Roman coins. Medieval coins. Old two shilling pieces. All the size of dinner plates.I think that’s the first time I’ve seen people genuinely happy to eat into their funds!As educational – and tasty – as the coins were, banking hubs aren’t about nostalgia for cash.They’re one part of making sure the UK payments system works for different people, different businesses, and different moments in life.Sometimes that will mean cash, so it’s positive to see the acceleration in delivery of hubs.That is alongside nearly 150 other cash solutions across the UK, and pledges from banks to maintain their networks - or even in some cases, to open new branches.But other times it might mean cards, digital wallets, open banking, or even stablecoin and tokenised deposits.In reality, all of these methods co-exist and need to work alongside one another.Our job as regulators isn’t to pick winners. It’s to make sure the system as a whole is trusted, coherent and future-proof, whatever form a payment takes.

Speech by Sheldon Mills, at the FCA's Supercharged Sandbox Showcase event. Before we begin, take a look around this room. This is the Supercharged Sandbox. 23 firms at the frontier of retail financial services, chosen from 132 applications. If anyone still doubts the pace of AI change in our sector, this room is the answer.The Board has asked me to lead the long-term review into AI and retail financial services. I will report to the FCA Board in the summer, setting out recommendations to help the FCA continue to play a leading role in shaping AI-enabled financial services. This will culminate in an external publication to support informed debate.Many of you know me from my work on competition and the Consumer Duty. Those seven years taught me something simple but crucial: the real challenge in regulation isn’t dealing with what we already understand – it’s preparing for what we don’t.And that’s exactly what this review is about. Designing for the unknown.

AI Live Testing now open for applicationsAt the FCA, we’re providing a structured but flexible space where firms can test AI-driven services in real-world conditions, all with our regulatory support and oversight and help from our technical partner, Advai. Collaboration and communication is at the heart of what we are doing.The first cohort joined AI Live Testing in October last year. We opened a second application window on 19 January 2026 and are now inviting applications.Moving on from 'POC paralysis'AI Live Testing is for firms with mature proof of concepts (POCs) who are ready to test in controlled market environments, with a view to imminent market deployment.Through live testing we want to help UK innovators move safely beyond 'POC paralysis', or what is often described as 'perpetual pilots'.What we’re actually testingWe’re often asked if we’re testing foundation models as part of AI Live Testing. We distinguish between the AI system and the AI model. That’s because we think the risks and benefits of an AI use case can only ever be understood in the context of its specific use case, ie at the enterprise level.We broadly define the AI system as: the actual AI model, information on the deployment context and core risks (in the deployment context); governance and human in-the-loop considerations, evaluation techniques as well as the input and output controls. This means AI Live Testing takes a holistic approach to AI design and deployment, at the level of the deploying enterprise, rather than a narrow focus on the model itself.How AI Live Testing works in practiceParticipating firms get AI technical and regulatory support, working with subject matter experts who know about financial services regulation, AI systems testing and validation. Participation includes 3 sequential phases:DiscoveryFramework validationAI system testing (including shared evaluation)We focus on both quantitative and qualitative factors to get a truly holistic understanding of the AI system.What’s in it for usIt’s clearly good business practice to test an AI system against its desired outcome. But, for us as a regulator, it also increases our understanding of the debate around safe and responsible AI. One of our key questions as part of AI Live Testing is how to translate principles into safe and responsible AI outcomes for financial consumers and markets. We can only do this by working with firms to establish a consensus on the way forward.AI Live Testing also allows firms to share with us any challenges they are having interpreting and aligning with the regulatory landscape. This gives us material intelligence into what’s happening on the ground, including key risks. This helps us productively adapt and evolve in response to real industry behaviour, which is vital for any major technology shift.How to apply

FCA stunt launches new Firm Checker tool as around 700,000 people lose money to investment scams. Morning commuters at London Waterloo got more than their usual caffeine hit today when a mysterious 'ATM' promising to 'give away a fortune' stopped them in their tracks – and revealed an unexpected surprise.As curious passers-by approached the machine, the screen slid open to unveil Emil the Seal, the FCA's finance-friendly mascot, delivering a blunt message about the dangers of investment scams.The playful stunt cut through the rush-hour chaos, cajoling commuters to engage with the ATM with the promise of receiving a 'fortune'. Instead, as they approached the ATM, Emil the Seal delivered a 'fortunate' message urging commuters to 'check it’s real before you seal the deal', making them realise that what you see isn't always what you get.The stunt is part of a new campaign from the FCA to promote its Firm Checker, a tool designed to help people quickly verify whether a financial firm is genuine and authorised before handing over their money.The light-hearted moment comes against a serious backdrop. In the 12 months to May 2024, according to the latest FCA data, around 700,000 adults experienced an investments-related fraud or scam.The FCA's pop-up ATM was designed to stop people in their tracks and challenge the instinct to rush into offers that seem too good to be true – a tactic scammers rely on to pressure victims into quick decisions.Sheree Howard, executive director of authorisations at the FCA, said:'Checking isn’t hesitation - it’s the new power move. Scammers thrive on urgency and excitement, which is why we’ve used Emil the Seal to break that spell and remind people to always stop and check whether a financial firm is genuine and authorised before sealing the deal. Our new Firm Checker tool gives consumers a fast and simple way to see if a firm is FCA-authorised and help avoid scams.'Despite growing awareness of fraud, and while most UK adults say they always or usually reject unsolicited contact about pension or investment opportunities (72%), check their bank and credit card statements regularly for any unfamiliar transactions (68%), or ignore unexpected website links, including those sent by family and friends (62%), the data on the number of people losing money suggests people are still skipping this final, crucial step.The FCA is urging consumers to make firm-checking a habit – just like locking the front door – before committing any money.The quick and easy-to-use tool helps people avoid scammers pretending to be genuine firms. It enables people to check the contact details of financial firms to make sure they match those listed on the Firm Checker.Bottom line: if the deal looks exciting, urgent or 'too good to miss', stop, check the firm, and only then decide whether to invest.Visit the Firm Checker to check the firm has the correct permissions and always use the contact details listed to ensure the firm is authorised.To support the campaign, media will be running on TV, radio and social media platforms.Notes to editorsAll statistics cited were sourced from the FCA Financial Lives report 2024 (PDF).

The FCA has called on the insurance industry to help more consumers access products that support them and their families if they become critically ill or die. The interim findings of its competition review of pure protection products found that, for those consumers that have taken out protection insurance, the market mostly works well. There are a wide range of products, most consumers can claim when they need to, and the costs of cover have remained stable in the last few years.But 58% of adults do not hold a pure protection product even though many could benefit from them. The FCA wants to help close this gap.Research suggests that the gap exists because consumers aren't aware of their needs and aren't prompted to consider them. Other issues include ability to pay, misunderstandings about the product or improvements needed in the sales process.The FCA is exploring what more can be done, working with industry and other stakeholders, to better support consumers.Graeme Reynolds, director of Competition and interim director of Insurance at the FCA, commented:'These insurance products play a vital role in helping families manage some of the most difficult experiences in life. While competition in the market is mostly working well for consumers, many more people could benefit from protection. We will work with industry to reduce this gap, to help consumers navigate their financial lives.'The FCA has seen examples of firms delivering good value for consumers and will look more closely with updated 2025 data ahead of the final report.The FCA will also consider ways to improve product switching, so firms make sure any switch clearly benefits the consumer and meets their needs.The FCA welcomes feedback on its interim findings by 31 March 2026. A final report will be published in Q3 2026, setting out final findings and an update on progress.Notes to editorsRead the interim report (PDF).Pure protection insurance refers to products that provide financial support if a specified event happens to the policyholder or their dependants. These products do not include any savings or investment component. Premiums are used solely to provide cover. Pure protection products typically include: a. Life insurance – pays out on death or terminal illness. b. Critical illness insurance – pays a lump sum if the policyholder is diagnosed with a specified serious illness. c. Income protection insurance – provides regular payments if someone is unable to work due to illness or injury. These products help consumers and their families manage financial shocks associated with bereavement, serious illness or losing the ability to work. Pure protection products are distinct from policies with an investment or savings element, such as endowments or investment-linked policies. Those products combine protection with a financial return; pure protection products do not.

We’re working closely with the Office of Financial Sanctions Implementation (OFSI), UK law enforcement, and our regulatory partners to tackle the abuse of cryptoassets and associated money‑laundering activities. Read the full blog on the OFSI’s website.

We have signed a contract with Etrading Software (ETS) to deliver the UK bond consolidated tape. A high-quality tape will provide investors with a comprehensive overview of the bond market and support price formation and liquidity. It will help maintain the UK’s position as a highly competitive and compelling place to invest and grow.ETS has now launched a website that sets out key milestones and provides technical information for data contributors and users. We will continue to support ETS and market participants ahead of the launch of the tape, which ETS plans to take place in June 2026.The High Court lifted a freeze on the contract award in December 2025. This allows us to move forward on delivering the tape while continuing to defend a legal challenge. Further information:We recently provided an update on the contract award.

The FCA has launched a review into the implications of advanced AI on consumers, retail financial markets and regulators. The Review will be led by Sheldon Mills and builds on the FCA’s existing work on AI. This includes its AI Discussion Paper, AI Sprint, and AI Lab including AI Live Testing and its groundbreaking Supercharged Sandbox supported by NVIDIA.AI is already embedded across financial services. Rapid advances in generative, agentic and emerging forms of AI mean the next phase of change could be profound, having the power to reshape markets, change the way firms compete and how consumers use retail financial services.Sheldon Mills said:'AI is already shaping financial services, but its longer-term effects may be more far-reaching. This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond.'By taking a forward-looking view, the review will help the FCA continue to support innovation while promoting the safe and trusted adoption of AI in retail financial services.'The FCA is seeking views on 4 interrelated themes:How AI could evolve in the future, including the development of more autonomous and agentic systems.How these developments could affect markets and firms, including changes to competition and market structure and UK competitiveness.The impact on consumers, including how consumers will be influenced by AI but also influence financial markets through new expectations.How financial regulators may need to evolve to continue ensuring that retail financial markets work well.While wholesale markets and broader societal impacts are out of scope, the Review recognises that developments in these areas may indirectly influence retail financial services and will be considered where relevant. The FCA is also separately doing extensive work on the impact of AI in wholesale markets, in particular through our live testing partnership.Feedback will shape a series of recommendations to be reported to the FCA Board in summer 2026, informing how the FCA can guide and respond to AI-driven transformation. This will culminate in an external publication.The deadline for comments is Tuesday 24 February 2026.Any other contributions can be sent to us at TheMillsReview@fca.org.uk.Notes to editorsThe engagement paper sets out the scope of the review and invites views from stakeholders including firms, consumer groups, tech providers and academics on 4 key themes.The FCA’s approach to artificial intelligence is grounded in its principles-based regulatory framework, including the Consumer Duty. This ensures outcomes-focused regulation that supports innovation while safeguarding consumers.The FCA launched its AI Lab in 2024 to deepen understanding of AI technologies and their implications for financial services. The Lab works with industry, academia, and other regulators to explore responsible AI adoption.This work forms part of the FCA’s wider commitment to leading thinking globally on the responsible adoption of advanced technologies in financial services, and to ensuring that the UK remains a trusted, competitive and resilient financial centre in the age of AI.The FCA does not plan to introduce AI-specific regulation. It will continue to rely on its existing, principles-based regulatory framework while considering how regulators need to evolve as AI becomes more embedded in financial services.Find out more information about the FCA.

On 21 January 2026, Guavapay Limited entered compulsory liquidation. The Official Receiver, an officer of the Insolvency Service, is its liquidator. Guavapay is authorised by the FCA to issue E-money and provide payment services to its customers.On 17 September 2025, Guavapay agreed to a voluntary requirement with the FCA, restricting the activities it can undertake. See details on the Financial Services Register.As liquidator, The Official Receiver is responsible for:Managing customer claims against the firm.Returning funds to customers where possible.Deciding whether an Insolvency Practitioner should be appointed as liquidator to replace the Official Receiver.If an Insolvency Practitioner is appointed to take over as liquidator, we will provide an update accordingly.As the firm continues to be authorised by us, we will engage with the liquidator to seek the best outcome for consumers.

The latest Accelerated Settlement Taskforce (AST) report updates on the significant progress made towards the move to T+1. Read the AST report.Jamie Bell, head of capital markets at the FCA, said:'T+1 marks a major milestone in our drive to support growth and innovation. Faster settlement cycles will reduce risk, free up capital for faster reinvestment and align with other major markets.'We are delighted to see the great progress made last year highlighted in the AST’s report. By the end of this year, we expect market participants to update their systems and processes and be ready to test those changes. A smooth transition to T+1 will be key to maintaining market integrity.'Read more about T+1

We urge consumers thinking of investing in high-risk securities, such as mini-bonds and loan notes, to continue to be cautious. On 19 January 2026, the Public Offers and Admissions to Trading regime came into force. The regime sets new rules and standards about when an offer of securities to the public can be made.A security is a financial instrument that represents some type of financial value (for example, shares, bonds and stock) that can be traded on a financial exchange.The types of securities within scope of this regime include transferable securities (such as shares on a stock exchange) as well as non-transferable debt securities (including mini-bonds and loan notes).

We are seeking views on further rules for cryptoasset firms as the final step in our consultations on our crypto rules. We have made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.We have set out our proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms. We are also seeking feedback on our proposed approach to international cryptoasset firms.These proposals continue our progress towards an open, sustainable and competitive crypto market that people can trust. The Consumer Duty sets appropriate standards for crypto firms by ensuring they deliver good outcomes for customers while supporting them to navigate their financial lives. At the same time, risks remain, and we want a market where innovation can thrive, but where people understand the risks. But regulation can’t – and shouldn’t try – to get rid of all risk. We want those interested in investing in crypto to understand that risk.This consultation follows a package of proposals set out in December on how we intend to apply a similar approach to cryptoassets as we do in traditional finance, with clear information for consumers, proportionate requirements for firms and flexibility to support innovation. While we continue to develop our cryptoasset regime at pace following the publication of draft legislation by the Government, people should remember crypto is currently largely unregulated – except for financial promotions and financial crime purposes. We're consulting on:Consumer Duty – how the Duty will apply to cryptoasset firms, supported by additional non-Handbook guidance, so firms deliver good outcomes for retail customers.Redress and Dispute Resolution (DISP) – our approach to complaints handling and redress, ensuring consumers have clear routes to resolve issues.Conduct of Business Standards (COBS) – applying key conduct rules to cryptoasset activities, so firms act fairly and transparently.Credit for crypto purchases – rules on using credit to buy cryptoassets, to reduce risks of harm from borrowing to invest.Training and competence – standards for staff knowledge and skills, so firms have competent people managing crypto services.Senior Managers and Certification Regime (SM&CR) – our approach to categorising cryptoasset firms under the Senior Managers and Certification Regime.Regulatory reporting (SUP 16) – requirements for firms to report data to us, so we can monitor risks and supervise effectively.Cryptoasset safeguarding – applying safeguarding rules to firms conducting multiple regulated cryptoasset activities, and our proposed approach to custody of specified investment cryptoassets.Retail collateral treatment in cryptoasset borrowing – how retail consumers’ collateral should be treated when they borrow cryptoassets, to protect their interests.Location policy guidance – clarifying our expectations on where cryptoasset firms should be based, to ensure effective oversight.

Speech by Sheree Howard at the FCA's Gateway to growth, Chicago Booth London Conference Centre. The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business.It is amazing, therefore, to think that right around this time in 1970, the first jumbo jet with fare-paying passengers landed at Heathrow.That flight unlocked global travel to and from the UK on a new scale – and turned Heathrow into a gateway to the world for the majority.But with this expansion came a new issue. Airport security – the gateway into the country itself – had to be reimagined. It needed to keep pace and process passengers on a larger scale and at speed without sacrificing safety.At the FCA, we are in the same business, in a way. We protect consumers and ensure the integrity of the UK’s financial market.And our gateway is the airport security and passport control of financial services.High standards are non-negotiable.Market participants demand them, just like we do as passengers, and they will stay away if it is not there.But our gateway must not be a barrier to growth.We know that a thriving, competitive financial services market is the bedrock of a growing economy. Especially ours here in the UK.So, I wanted to start by emphasising that we are open for business, and welcome new applications - including those from overseas.We are here to support firms – and those who advise them – as they embark on their journey to authorisation.Much like airport security, the FCA gateway is evolving to meet today’s challenges: innovative business models, international competitiveness and new technology.We are working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration.And, while I know that some in the room may have experienced lengthy assessments in the past, we are moving more quickly.

We have issued a joint statement with the Payment Systems Regulator (PSR) giving clarity on open banking pricing models. We and the PSR have issued the following statement (PDF).This confirms we will not, at this stage, prioritise a Competition Act 1998 (CA98) investigation into the centralised ‘access fee’ pricing model being developed by the UK Payments Initiative (UKPI) for commercial Variable Recurring Payments (cVRPs). cVRPs are an emerging open banking technology that allow consumers to give trusted third parties secure, recurring access to manage payments on their behalf. They have the potential to offer consumers and businesses control and convenience, while enabling lower-cost, more flexible payment options for businesses.After engaging with the funders of the UKPI, we and the PSR worked at pace to clarify our enforcement position on the UKPI’s proposal for a commercial model and consulted with the CMA about our planned non-prioritisation statement given concurrency arrangements. The statement will give UKPI certainty to continue developing its cVRP product – including for certain regulated financial services, utilities and public sector payments – without delay. This supports our strategy to make cVRPs a reality, giving people more control over their payments and lower processing fees for businesses. On 15 January 2026, we and the PSR wrote to the CMA (PDF) to set out our position. On 16 January 2026, the CMA confirmed to us and the PSR that, based on the information available to it, it does not intend to take a different position on CA98 prioritisation to that of us and the PSR. The CMA is keen to ensure that businesses are not deterred from collaborating in ways that may be beneficial to consumers or the wider economy because of uncertainty about how competition law applies. Bridge to a long-term frameworkThis is a temporary measure ahead of the government’s anticipated legislative framework, expected by the end of 2026. It applies until that framework is in place or until July 2027, whichever comes first.During this period, we and the PSR will continue to:Monitor market developmentsReview any changes to the pricing methodology.Expect UKPI to submit its finalised governance documents. All 3 competition authorities – the FCA, PSR and CMA – may revise their prioritisation approach if new information emerges or if the expected legislative framework is not implemented by July 2027.

We have opened applications for the second cohort of our AI Live Testing service. AI Live Testing is the first of its kind in the financial sector to help firms who are ready to use AI in UK financial markets. Participating firms receive tailored support from our regulatory team and our technical partner Advai to develop, assess and deploy safe and responsible AI.The service helps firms to consider key questions around evaluating AI including governance, risk management and monitoring to help ensure that AI is deployed safely and responsibly for consumers and markets.Working with us through AI Live Testing also helps us better understand how AI could shape UK financial markets and inform our future approach to the technology.AI Live Testing complements our Supercharged Sandbox which helps firms who are in the discovery and experimentation phase with AI.How to apply Please complete an application form by 2 March 2026. We’ll notify successful firms by mid-March. Testing starts from April 2026. Download our Terms of Referencee (PDF) for more details.If you have any questions about AI Live Testing, please contact us at: AILiveTesting@fca.org.uk.

The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal. The FCA's decision to ban Darren Antony Reynolds from working in financial services and fine him £2,037,892 has been upheld by the Upper Tribunal.Mr Reynolds was dishonest when he gave pension transfer advice and investment recommendations to his customers, causing them significant harm.Mr Reynolds showed a clear disregard for his customers’ interests. He encouraged British Steel Pension Scheme members to transfer out of their defined benefit pension scheme, despite knowing that the advice was wholly unsuitable. He also advised his customers to invest in high-risk and unsuitable products while at the same time hiding high exit fees and falsifying documents.Mr Reynolds’ misconduct exposed hundreds of people to serious financial loss. Over £17.6m has been paid in compensation to more than 470 affected customers, many of whom suffered losses in excess of statutory compensation limits.In addition, Mr Reynolds let 2 unapproved people give pension advice, putting customers at risk. When confronted with his misconduct he lied to regulators, allowed important evidence to be destroyed, and moved his family home into a trust to avoid paying his debts.Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA, said:'Mr Reynolds’ misconduct was the worst we saw out of all the British Steel Pension Scheme cases, and he caused untold damage to his clients. He acted in a way that was corrupt and dishonest, putting his own profits before people’s pensions and acting without integrity as he tried to cover his tracks. 'He has spent many years trying to evade responsibility for his actions. The Tribunal’s full endorsement of our findings now brings those efforts to avoid accountability to an end. We will pursue recovery of the penalty to the fullest possible extent and will not hesitate to bankrupt him if necessary. We will ensure that he does not retain a single penny of his corrupt profits.'The Tribunal noted that 'Mr Reynolds is clearly guilty of dreadful misconduct over a protracted period, which had very serious adverse impacts on a large number of retail customers. He is, as the Authority alleged, a corrupt and dishonest man lacking integrity.'Notes to editorsUpper Tribunal judgement (PDF)Final Notice 2026: Darren Antony Reynolds (PDF).Decision Notice 2023: Darren Antony Reynolds (PDF)In addition to the FCA’s enforcement action, Mr Reynolds was disqualified in May 2021 from acting as a company director for 13 years following an investigation by the Insolvency Service.A Defined Benefit (DB) pension is a valuable investment with advantages that cannot be replicated by other investments. Strong reasons are required for it to be suitable for a person to exit a DB pension scheme in favour of another investment.The Tribunal agreed with the FCA’s calculation of the financial penalty which reflects the seriousness of the misconduct and includes an uplift for the aggravating factors. No settlement discount was applied.British Steel Pension Scheme – our approach to enforcement.Information for customers wishing to make a complaint to the FSCS.Find out more information about the FCA.

On 16 January 2026, Logic Investments Ltd (Logic Investments) entered special administration. Alex Watkins and Ed Boyle of Interpath Ltd were appointed as joint special administrators. Logic Investments is FCA authorised and regulated to provide wealth management services. On 16 December 2025, Logic Investments agreed to an FCA requirement preventing it from accepting new clients, client money or assets; or moving existing client money or assets without FCA consent. This was done because of concerns over the firm’s financial position, and with the aim of protecting clients. The firm’s directors have concluded the firm is insolvent and applied to the court to place Logic Investments into special administration.The joint special administrators will: Manage client claims against the firm.Return client money and custody assets funds to clients, where possible. As the firm is still regulated by the FCA, we will work with the joint special administrators to seek the best outcome for clients.

On 19 December 2025 the High Court approved the FCA’s proposals to distribute funds to Asset Land investors. The Court has directed the FCA to pay funds to investors in the Asset Land schemes who provide valid bank account details to the FCA on or before 20 February 2026.Investors who have not received previous communications from the FCA or who have not updated their contact information are requested to immediately contact the FCA using the details below.Please ensure this is completed no later than 4pm on 30 January 2026 and include the following information:Full name.Current residential and email addresses.Residential and email addresses at the time the investment was made (if different from your current residential and email addresses).The name(s) of the site(s) and number of plots in which the investment was made, and the total amount invested.You should provide the above information, preferably by email to the following email address: AssetLand.Investors@fca.org.ukAlternatively, you can write to:Freepost RTZE–RHAL–URAJUnauthorised Business DepartmentAsset Land DistributionFinancial Conduct Authority12 Endeavour SquareLondon E20 1JN

The FCA has fined Russel Gerrity £309,843 for using inside information to net himself £128,765. As a consultant, Mr Gerrity had access to information about whether oil and gas had been discovered during the drilling of wells. Between October 2018 and January 2022, he took advantage of this and used inside information to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price. On another occasion, he used inside information to avoid a loss. He sold shares that he already owned ahead of an announcement that no oil or gas had been found, which then resulted in a price fall. The FCA was initially notified of some of Mr Gerrity’s trading through Suspicious Transaction and Order Reports (STORs) submitted by a firm, showing the vital role of industry in uncovering market abuse. During its subsequent investigation, the FCA’s systems detected further suspicious trades placed by Mr Gerrity, over multiple accounts with different brokers, while he was based outside of the UK. Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Mr Gerrity abused his position to line his own pockets. We will take action against those who damage the integrity of our markets, and seek to recover any ill-gotten gains.’Notes to editorsFinal Notice 2025: Russel Gerrity (PDF).Mr Gerrity engaged in insider dealing in breach of Article 14(a) of the UK Market Abuse Regulations. Mr Gerrity agreed to solve 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 £387,448.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. Find out more about the FCA.

The FCA, Bank of England and Prudential Regulation Authority have together signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to enhance cooperation and oversight of critical third parties (CTPs) that fall under the UK’s CTP regime.The MoU establishes a framework for coordinating and sharing information on the oversight of CTPs under the UK regime and critical third party providers (CTPPs) under the EU’s Digital Operational Resilience Act (DORA), including during incidents such as power outages or cyber-attacks.The MoU aims to manage potential risks to financial stability and market confidence, as well as strengthen international cooperation. It will also help reduce duplication and regulatory burden on CTPs and CTPPs.The UK’s CTP regime complements similar international standards and is designed to be compatible with DORA. The agreement demonstrates UK regulators’ commitment to cross-border cooperation and strengthening operational resilience to support growth and promote market stability.BackgroundIn 2024, UK regulators introduced new rules to bolster the resilience of critical third parties providing key services to the financial sector.These rules came into effect on 1 January 2025 and apply once a CTP is designated by the Treasury.The Treasury is responsible for deciding which third party service providers should fall under the new CTP regime. The rules will require designated CTPs to provide regular assurance, undertake resilience testing and report major incidents.The designation process has begun and the regulators will continue to work with the Treasury throughout the designation process.The regime does not reduce the responsibility of financial firms and Financial Market Infrastructures (FMIs) to manage their own operational resilience and third-party risks in line with existing outsourcing rules.