The FCA has published a consultation paper on proposed changes to its UK Listing Rules for closed‑ended investment funds, focused on the management of conflicts of interest. Closed‑ended investment funds have a distinct structure, operating as both listed companies and investment vehicles. Shareholders appoint a board, which in turn appoints and oversees the investment manager responsible for delivering returns. Shareholder rights are central to this model, enabling investors to hold boards to account and to influence key decisions.The review, announced in March as part of the FCA's ongoing work on the UK Listing Rules, considers how its rules support strong shareholder rights and effective management of conflicts of interest in a range of potential future scenarios. As part of good regulatory practice, the FCA has been stress testing how the rules would operate in different hypothetical situations to ensure they remain robust over time and as markets evolve.This has included exploring a range of plausible scenarios to test whether our conflicts of interest framework would operate consistently in future. As a result of this work, the FCA has identified a small number of targeted and proportionate adjustments to ensure its rules continue to apply consistently in all relevant scenarios. Specifically, they aim to:Ensure the same protections that apply to arrangements with an existing investment manager also apply when a new manager is being appointed, to ensure consistent protections for all changes to investment manager fees and strategies.Recognise the association between a director and a substantial shareholder that proposed them for a board appointment, to strengthen the integrity of boards acting independently of any investment manager.Recognise the conflict arising where a substantial shareholder is also an investment manager and votes on material changes to investment policies, to ensure that the rights of minority shareholders are appropriately protected.The FCA believes these changes are important given the central role of the investment management contract in shaping outcomes for shareholders.Jon Relleen, director of infrastructure & exchanges – supervision, policy & competition division at the FCA, said:'Strong shareholder rights and minimal conflicts of interest are crucial to well-functioning markets, including for investment trusts. These proposals are targeted, forward-looking changes to how conflicts of interest are managed, reflecting the central role of the investment management relationship for these companies. We intend to be very careful to not interfere with voting or shareholder engagement, and we want views on whether these changes strike the right balance.'The FCA welcomes views on whether these proposals strike the right balance by 14 August 2026 and aims to finalise rules before the end of the year.Alongside this consultation, the FCA is also publishing examples of good practice to support retail investors in exercising their voting rights, as part of its broader work to promote effective shareholder engagement.Notes to editorsRead the consultation paper.Read the good practice guidance.

CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime. The FCA has now secured over £57m in total for WealthTek clients in just over a year, with action taken against CACEIS UK, Sapia Partners and Barclays Bank UK.CACEIS UK became WealthTek's sub-custodian in November 2020, meaning they were responsible for keeping its client’s assets safe. WealthTek was then known as Vertus Asset Management LLP.On three occasions, CACEIS UK checked the Financial Services Register which showed that WealthTek wasn’t authorised to hold certain client assets but did not take sufficient action. The firm also did not spot that WealthTek was not allowed to hold client money. However, it went on to open client accounts for WealthTek to use, then failed to monitor those accounts properly by not promptly reviewing and resolving alerts raised by their system.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Strong financial crime controls keep clients’ assets safe. CACEIS UK’s failures exposed clients to serious risk.'The firm chose to do the right thing with extensive co-operation and agreeing to a substantial voluntary payment, and we decided not to impose a fine as a result.'The voluntary payment will be distributed to WealthTek clients who have not been able to reclaim their money in full.The FCA concluded its investigation in 13 months. This is an example of how it is improving the pace of its investigations.Notes to editorsFinal Notice: CACEIS UK (PDF).In November 2020, CACEIS Bank S.A. merged with KAS Bank N.V.WealthTek LLP was regulated by the FCA from 28 January 2020 until 4 April 2023 when the FCA took action to order the firm to cease operations and to appoint Special Administrators. Clients can see updates from WealthTek’s administrators here.Were it not for CACEIS UK’s co-operation and its agreement to make a voluntary ex-gratia payment of £31,714,068 for the benefit of WealthTek’s clients, the Authority would have imposed a financial penalty of £23,091,000 (after a 30% discount for agreeing to settle the matter).Of the £31.7m, WealthTek’s administrators will receive £30.9m, and the Financial Services Compensation Scheme (FSCS) will receive £800,000 (in accordance with its statutory duties to pursue recoveries where reasonably possible and cost effective). Once the FSCS has concluded any further recovery actions, it will proceed to make distributions of any surplus to WealthTek’s FSCS eligible clients, under the rules set out in the Compensation Sourcebook of the FCA’s Handbook.In December 2024, the FCA separately charged WealthTek’s principal partner with multiple criminal offences, including fraud and money laundering.A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought by the FCA against John Dance, the former principal partner of WealthTek LLP.The FCA fined Barclays Bank UK PLC £3,093,600 for poor handling of financial crime risks in relation to a client money account opened by WealthTek. Barclays also agreed to make a voluntary payment of £6,281,757 for distribution to WealthTek’s clients who have a shortfall in the money they have been able to reclaim.Sapia Partners LLP agreed to make a voluntary payment of £19,637,950 for distribution to WealthTek clients who have a shortfall in the money they have been able to reclaim, and the FCA has censured the firm.Find out more information about the FCA.

BNPL can help people to manage their cash flow. It can allow them to spread the cost of purchases and smooth their finances. But, as with any borrowing, BNPL also carries risks. Let me clear about this: BNPL has an important role to play. We don’t want to reduce or remove access to credit, but to ensure it is offered in a way that works for consumers. That's why we are introducing protections for consumers using BNPL. Consumers will benefit from clearer information before they borrow, proportionate affordability checks, and access to support if they get into difficulty with their repayments.They will also be able to complain to the Financial Ombudsman Service if something goes wrong, and in some cases the right to a refund from their lender under Section 75 of the Consumer Credit Act. At its heart, this is about people getting the protections they would reasonably expect when taking on any kind of credit.A proportionate, flexible approachWe have taken a deliberate and proportionate approach to designing the rules. Rather than creating an entirely new regime, we are building largely on existing consumer credit rules, including the Consumer Duty.Firms will be able to tailor their approach to affordability assessments depending on the product and the customer’s circumstances. This flexibility is important in a market where people use BNPL for a range of reasons.Access and affordabilityWe know that some customers who have regularly used BNPL may find it harder to access it once they have to go through an affordability check.We understand why that might make people concerned, particularly at a time when many households are managing higher costs. But it is important to be clear about what we’re seeking to achieve.Too often, we have seen people using BNPL repeatedly without a clear view of what they owe, leading to missed payments, late fees and, in some cases, worsening financial circumstances. Putting sensible checks in place will help prevent consumers from building up unsustainable levels of debt and experiencing harm in the longer term.Put simply, this is about making sure credit works for people – not against them.Support for those who need itRegulation is not just about preventing harm. It is also about ensuring that people are supported in the right way.If someone is struggling to repay BNPL, they should contact their lender as early as possible. Firms will be required to provide support that is appropriate to the customer’s circumstances, including for those in vulnerable situations. This could include accepting lower repayments or giving a customer more time to repay. More broadly, anyone worried about their finances should know they are not alone. Free, independent advice is available through organisations such as MoneyHelper, as well as a range of debt advice charities. We expect firms to signpost customers to this support where appropriate.Looking aheadWe will be monitoring how the market evolves once regulation comes into force, including how access to BNPL changes over time. Our regulatory reporting and Financial Lives survey will play an important role in helping us understand the impact on consumers.Our objective is a market where people can continue to benefit from BNPL that is affordable and appropriate, and can access the right protections if they get into difficulty or things go wrong.Bringing BNPL into regulation is a necessary step. It supports innovation and access to credit, while ensuring consumers are treated fairly, and gives them the right protections.

Speech by Alison Walters, director of consumer finance at the Credit Week: Powering the Future of Finance event. We all recognise that consumer credit plays a vital role in the real economy and in people’s everyday lives, supporting households, enabling opportunity, and helping people manage financial pressures. But the world around us is changing, the credit market is changing and so are consumer demands and needs. With that in mind, it is important to consider whether the market today is fit for the future.If the consumer credit market still feels like a caterpillar – complex, multi-limbed, a bit prickly and lumpy in places – then our shared task is to guide it through its metamorphosis, from chrysalis to butterfly.To become a butterfly, the credit market needs to transform from one that is less prickly for some, fragmented and with areas of brittleness, to one that is more cohesive, resilient, and trusted by the people it serves.That transformation into a butterfly requires a period of transition – a chrysalis phase – where the industry comes together to metamorphose into something stronger. It will require regulators, firms, trade bodies, policymakers and consumer voices to move forward with shared intent. And that is exactly the journey we are inviting you to be part of today.Our vision is a well-functioning credit market: not just in theory, but in practice. One that works for consumers in good times and bad, and one that we collectively help to shape.The question is not just where we are heading, but how we get there together.What needs to change?And what does success look like?We are keen to hear your views.

Speech by Nikhil Rathi, FCA chief executive at techUK's Agents of Change: Generative and Agentic AI in Financial Services 2026. On joining the FCA over five years ago, I said we would become as much a data and tech regulator as financial services regulator.Being invited to speak here today reflects that.We’re building the future together, and nowhere is that clearer than on AI.Studies suggest more than 80% of financial services firms are already adopting AI.So the question now is about scale.And if we are serious about being a leading AI economy, financial services have to sit at the heart of our approach.Only financial services can provide the investment, infrastructure, and trust that will accelerate AI adoption across the economy.But with the pace of change brought about by AI challenging many of the assumptions on which our markets and regulation were built, the question isn’t simply how we regulate for AI.It’s how do we preserve trust, competition, and resilience when technology is moving markets dramatically faster than the frameworks governing them?

The FCA is concerned 11 traders may have shared sensitive information or coordinated trades, potentially restricting competition. Following an investigation, the FCA is concerned 11 traders may have hindered competition in commodity futures markets and infringed competition law by exchanging potentially sensitive information about their trading and/or coordinating their trading strategies with each other.The traders have proposed commitments to change the way they handle sensitive information, undertake annual competition law training and arrange a £1m ex gratia payment. The money will be given to the Crisis and Resilience Fund, which provides support to low-income families and individuals in financial hardship.Graeme Reynolds, director of competition at the FCA said:'Competition law exists to ensure markets work well. We consider all competition concerns and, where appropriate, we investigate and take action.'The individuals under investigation were day traders in global commodity futures markets. Day traders play an important role in maintaining competition by providing liquidity and absorbing risk from other participants. For the markets to be competitive, trading decisions on commodity futures must be made independently.The FCA has reached no view on whether competition law has been breached. Offering commitments does not amount to an admission of competition law infringement and the traders have made no such admission in this case.The FCA considers the commitments offered by the traders address the competition concerns it identified. The financial commitment is likely to exceed any penalty the FCA could impose on the individuals following any infringement finding. Under competition law, financial penalties are capped by reference to the turnover of an individual or business in the financial year before any infringement decision.The FCA is consulting on the commitments package before reaching a final decision on whether to accept it and close the investigation. Notes to editorsRead the Notice of Intention to Accept Commitments (PDF).The consultation is now open and ends 14 July 2026.To speak with the FCA on the proposed commitments, please email: CA98.2023.01@fca.org.uk.Under the Competition Act 1998, firms under FCA investigation may offer binding commitments to address competition concerns. The FCA may accept them if satisfied the commitments address competition issues, after consulting affected third parties.Accepting commitments does not mean a breach has occurred, and no admission of infringement is made.Under the Competition Act 1998, the maximum penalty imposed on a firm or individual found to have infringed the Competition Act 1998 is capped at 10% of that firm or individual’s turnover in the year preceding any infringement decision.

On 18 June 2026, Monevium Ltd (Monevium) entered special administration. Adam Henry Stephens and Christopher Allen of S&W Partners LLP (S&W) were appointed as special administrators. Monevium is authorised by the FCA to provide payment services. On 28 February 2024, Monevium agreed to a voluntary undertaking, which restricted the activities it can carry out. See details on the Financial Services Register.

The FCA has set out plans to drive greater consistency of standards in self-invested pensions (SIPPs), while maintaining the flexibility and broad investment choice they offer. Most SIPP providers are already doing the right thing and providing a good service to their customers. However, the FCA has historically found cases of poor due diligence, weak record keeping and gaps in how firms protect money and assets. To drive greater consistency, the FCA is proposing clear standards of due diligence. This is intended to secure better outcomes for consumers by improving consistency and adequacy of due diligence across all SIPP operators.The FCA is also proposing stronger requirements for the handling of pension scheme money and assets. The targeted and proportionate proposals reduce the risk of consumer harm when firms fail or wind down.The proposals will bring greater certainty to the industry, improve confidence in the SIPP market and help ensure consumers can invest through SIPPs with greater confidence. They complement the Consumer Duty by making clear what good practice looks like.Charlotte Clark, director of cross-cutting policy and strategy at the FCA, said: 'SIPPs provide consumers with flexibility and choice. Many firms are doing the right thing, but we want to help consumers invest with greater confidence by ensuring standards are consistent.' Notes to editorsRead the FCA’s Consultation Paper - CP26/20: Adapting our rules for a changing market: self-invested personal pensions (PDF). The consultation closes on 24 August 2026.The FCA is committed to improving the regulatory framework in the SIPP market as part of broader work on modernising pensions and long-term savings under its Pensions Regulatory Priorities - Regulatory Priorities: Pensions report.Read the Discussion Paper on the proposed changes to SIPPs - DP24/3: Pensions: Adapting our requirements for a changing market.

For the first time, investors and market participants can access a single, real-time source of prices and trading activity across the UK bond market, following the launch of its bond consolidated tape, operated by ETS Connect UK. Until now, data on bond trades was scattered across multiple sources, making it difficult to get a clear and complete picture of market activity. The new service brings it all together in one place.The launch builds on changes to the UK's bond market transparency rules that came into force in December 2025. Those changes have already made a real difference. The share of corporate bond trades reported in real time rose from under 5% to over 75%, and for government bonds from around 30% to approximately 80%. In some smaller parts of the market, real-time reporting increased more than 50-fold. The consolidated tape is the final step, giving users a single, comprehensive view of all that data.The UK is the first country outside North America to launch a consolidated tape for bonds.Simon Walls, executive director of markets at the FCA, said:'Good markets run on good information. Today's launch of a consolidated tape gives investors a clear, reliable and comprehensive view of UK bond trading for the first time. The UK is a global leader in fixed income issuance and trading, and this is another important delivery in enhancing the competitiveness of the UK as a leading centre of finance.'The service launches with 98% market coverage of in-scope bond trading. The FCA will supervise ETS Connect UK throughout its 5-year contract to ensure data quality and reliability.Notes to editorsThe service covers post-trade transparency data for bonds admitted to trading on UK venues. Exchange-traded notes (ETNs) and exchange-traded commodities (ETCs) are excluded.ETS Connect UK was appointed following a competitive two-stage tender process launched in March 2025.A legal challenge to the contract award was discontinued by Ediphy in May 2026.The service operates under a 5-year contract, supervised by the FCA against standards on data quality, completeness and timeliness.The FCA is also working at pace to deliver a consolidated tape for equities, choosing to start with bonds following consultations with market participants. The launch forms part of a wider programme to improve transparency, data quality and access across UK markets and builds upon the delivery of the near-50 measures set out in January 2025 to drive growth.David Raw, Managing Director for Markets, UK Finance, said: 'UK Finance welcomes today’s milestone launch of the bond consolidated tape. As a leading global centre for bond markets, the UK stands to benefit significantly from this development. Our members have championed this consolidated tape which will strengthen bond markets by enhancing transparency, efficiency and liquidity. We stand ready to support the FCA with the future launch of an equity consolidated tape, an equally vital strand for UK capital markets.'Bryan Pascoe, chief executive of the International Capital Market Association (ICMA), said: 'ICMA welcomes the launch of the UK’s first bond consolidated tape. We have long supported the introduction of a consolidated tape as an accessible and affordable source of post‑trade data. It will support improved execution assessment, richer analytics and broader participation across UK bond markets. ICMA is very pleased to have contributed actively throughout the consultation and implementation processes and we look forward to continuing to participate as an observer member of the ETS Connect UK Consultative Committee.'Victoria Webster, Managing Director – Fixed Income at Association for Financial Markets in Europe (AFME), said: 'We welcome the UK bond consolidated tape as a major step for market transparency and access. It can improve price discovery, support liquidity and strengthen efficiency. With high-quality, usable data, it could become a cornerstone of a more transparent, efficient and globally competitive bond market.'Hugo Gordon, Head of Capital Markets at the Investment Association, said: 'The Investment Association welcomes the launch of the bond consolidated tape, a significant moment in the development of UK capital markets. This tape will enhance transparency and liquidity, and increase the ability of a wide range of bond investors to access the data they need to inform their investment decisions. We look forward to continuing to work with the FCA ahead of the future launch of the equity and ETF tape.'

Drax Group PLC (Drax) has announced the FCA has closed its investigation into the company.We undertook an extensive investigation following concerns raised regarding disclosures to the market about the sustainability of Drax’s Canadian biomass. We did not find evidence that justified any further action.Thousands of pages of complex material were reviewed as part of the investigation, and individuals from the company interviewed. Our focus was on areas within our remit, specifically whether Drax’s annual reports and accounts between 2021 and 2023 contained misleading statements or left out important information investors needed to know. Accurate reporting is crucial to the integrity of our markets, and vital so investors can make informed decisions.Where evidence supports proportionate action, we take it. Where it does not, we close cases as swiftly as possible.BackgroundThe FCA confirmed it was opening an investigation on 28 August 2025 following enquiries made in the wake of the announcement by Ofgem in August 2024 of its conclusions on Drax’s reporting of biomass profiling data.Drax is not a regulated financial services firm subject to all our rules. As a listed company it has specific rulebooks detailing listed companies’ continuing disclosure obligations.The FCA investigation’s scope was limited to examining Annual Reports and Accounts for 2021, 2022 and 2023.

Speech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at the International Bar Association (IBA) Anti-Corruption Conference. I’ve been practising law for over 3 decades now.Starting out, I thought every case would be like the ones on US television: dramatic, with a big reveal and resounding outcome, all packed into a single 30-minute episode. But real law looks nothing like television. Hollywood doesn’t show the months, if not years, of work before we even step into a courtroom. Or the drawn-out disclosure exercises!Like many of you, I have had cases that led to high-profile trials and newspaper headlines. Cases that exposed wrongdoing and visibly held people accountable, like:Fining Nationwide £44m for anti-money laundering failings.Securing €250m for investors from H2O Asset Management for their due diligence failures – and trying to conceal them.Another 7-figure fine and a ban for former Barclays CEO Jes Staley, who tried to mislead us about the nature of his relationship with Jeffrey Epstein.And convicting the Korfuzi siblings of insider trading, with a combined 11-year prison sentence.Although these cases took time, they were the right response – the kind that keep the system clean and build trust.But running alongside this is work that, while less obvious, matters just as much: the quiet prevention of harm. Every day, our teams are monitoring market integrity.Looking for a sign that something is wrong, long before it becomes visible to anyone else.Reviewing financial promotions and taking down misleading adverts before they reach consumers.And working alongside firms to help them deliver good customer outcomes.This kind of work is perpetual. And largely invisible. Let me give you an example.A life sciences company was attempting to raise funding.When we reviewed the prospectus, we realised it resembled a pump-and-dump scheme we were tracking that had already targeted other UK securities.The proposed structure would have concentrated shares in the hands of a few bad actors, who could artificially inflate the share price through misleading online ads.They would then cash out at the peak, leaving consumers exposed when the price suddenly collapsed.So we stepped in and put a pause on approval.Soon after, the company announced it was ending the fundraising entirely. We had cut harm off at the root.And yet… there was no press release. No headline.Does that concern you? Or does it reassure you?

Speech by Emad Aladhal, director of retail banking at the Later Life Lending Summit. IntroductionIn the years ahead, housing wealth will become an increasing part of how many people provide for their retirement. But it continues to be seen as an option of last resort, if thought about at all.Knowing I had this speech, as an experiment at a recent BBQ I had a conversation with my friends about retirement and savings – none of whom work in financial services. They talked about their employers’ pensions, SIPPs, ISAs, investments, and potential business ventures to supplement income in retirement. None brought up later life lending, or how they could use their home to help.I don’t believe my friends are unique in this.When consumers begin to consider their options for funding their retirement, they usually look to pensions: their state pension, workplace pensions, and personal pensions. The 3 pillars.But why should it stop there? Why should retirement planning focus only on these 3 pillars, and not on all assets available to the consumer?I am grateful for the opportunity to speak to you here today – you are the leaders from across the later life lending market, and through your actions the future of this market can be reshaped to meet the increasing needs of UK citizens. In this speech I want to deliver a simple message:There is an increasing generational and social need to provide greater funding in retirement.There is real opportunity to respond to this future demand by developing products people need, improving access to advice, and building trust.And the FCA will do its part to foster good outcomes for consumers and the appropriate growth of this market to meet future needs.But you need to step forward. Because if you don’t, I expect others will step in to define that future.A future where consumers think about their accumulated housing wealth as a fourth pillar for retirement funding, both by choice and necessity.

The High Court today confirmed the appointment of special administrators for Euro Exchange Securities UK Limited (EES). EES did not seek to overturn the court’s initial decision, which saw the firm cease trading with immediate effect last week.EES agreed it is not in the company’s interests to seek to return to normal trading and will work with the appointed special administrators to ensure client money is returned as quickly as possible.Duncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed as joint special administrators, under the Payment and Electronic Money Institution Insolvency Regulations 2021.Since being provisionally appointed last week, they have taken control of the firm, secured a significant amount of material and frozen funds.This is the first of its kind case for the FCA, and it will continue to use its powers to their fullest extent to protect consumers and the integrity of the markets. It did so after lengthy engagement with the firm and because of serious concern with the way EES operated its business, which indicated significant financial crime risk. The FCA acted with partners across government, including the Security Industry Authority, as part of joint strategies to disrupt financial crime.Matthew Long, director, payments and digital assets, FCA said: 'The risk of payment firms being used by criminals to launder cash to fund other offences is significant, which is why they must meet expected standards. Fighting financial crime is at the heart of our strategy – and that means using our powers to their fullest extent to protect consumers and the integrity of the financial system.'Notes to editorsOn 4 June 2026, the FCA required EES to cease carrying out any regulated electronic money or payment services and, on the FCA’s application, interim managers were appointed by the Court over EES.The FCA acted based on serious concerns around the way EES operated its business indicated there were significant risks of financial crime. This includes systemic weaknesses in the firm’s financial crime framework and safeguarding arrangements, alongside its ownership and governance.The special administrators are responsible for managing customer claims against the firm and returning funds to customers where possible.If you have any questions regarding the special administration process, please contact the special administrators directly by emailing EESUKCustomers@teneo.com.

On 9 June 2026, Amplifi Capital (U.K.) Limited (Amplifi) entered administration. Robert Spence and Gareth Slater of Interpath Advisory were appointed joint administrators. Amplifi is authorised by the FCA. Amplifi trades under the names Reevo Money and My Community Finance. Reevo Money provided personal loans to consumers. My Community Finance acted as a credit broker, introducing customers to credit unions; My Community Bank (MCB) and Castle Community Bank (CCB) which issued loans and savings products. All existing loan agreements remain in place and will not change because of the administration. However, Amplifi can no longer issue new loans.Loans or savings with MCB or CCB will not change because of the administration.Customers should continue to make repayments toward any outstanding loans held with Reevo Money, MCB and CCB as usual. Not making repayments is likely to impact your credit score and future borrowing ability.

Buying a home is different now to even a decade ago.People are living longer, the way they work has changed and, for many, how much they earn can vary month-to-month. People will also carry mortgage debt for longer and use it more flexibly across their lives.That’s why we’re proposing changes to help more people to access a mortgage – including first-time buyers, older borrowers and the self-employed.More flexibility for how people live nowWe want to give mortgage lenders the flexibility to take a rounded view of someone’s finances – so they can offer a mortgage that fits real people’s real lives, not a standard template. This should help unlock access for some people who can afford a mortgage but find it difficult to access one.It could mean people with variable incomes – like the self-employed – can get a mortgage with more flexible repayments.And older homeowners may find it easier to access wealth stored in their home for a more secure and comfortable retirement.Lenders will also be encouraged to assess affordability based on someone’s full and current situation, so they don’t dismiss people because of minor or past credit issues. They’ll also have more flexibility to offer interest-only lending where suitable.This is focusing firms on achieving the right outcomes for people.Addressing the risks head onAs we’ve set about reforming the mortgage market, some have asked if we are letting too much risk into mortgage lending.We’re being upfront: There are trade-offs that come with wider access.More people – particularly those with less certain incomes – being able to borrow inevitably brings with it the risk that they may be less able to deal with unexpected impact on their finances, if facing an issue such as unemployment or ill health. But the longer-term risks – to individuals and society as a whole – of people left unable to get on the housing ladder is, all too often, underpriced. Renting is usually more expensive and can be less secure than owning your own home. While renting into retirement brings its own challenges.Context is key. The market is resilient, thanks to core affordability requirements that will remain vital. Today, 99% of mortgages taken out since 2014 are on track. Arrears are at historically low levels, even with recent interest rate rises.Lenders must still make responsible decisions on who to lend to. Where people do run into trouble, lenders need to support them. And our Consumer Duty continues to raise standards.That’s why we’ve made a conscious choice that now is the right time to carefully rebalance the risks in the mortgage market. The feedback we’ve had so far, and our own research, suggests that any slight increase in risk is manageable, while delivering benefits to more consumers. We know, though, that financial regulation can only do so much. A mortgage market that meets the needs of a diverse range of people who want to own their own home relies on everyone in the system – national and local government, lenders, brokers, developers – working together to deliver it.Have your sayWe want your views. What will our changes mean for you? Are we going far enough and at the right pace?Are we balancing the risks in the right way? We want to hear from you. Consumers can now share their feedback directly with us using our online tool. The consultation is open until 28 July 2026. We want the mortgage market to reflect how people live – today and in the future. Now is the time to shape it.

First-time buyers, older borrowers and the self-employed could find it easier to get a mortgage, as the FCA sets out next steps to help reform the market. Its proposed mortgage rule changes would give lenders more flexibility to consider individual circumstances and develop products that better meet people's needs – while maintaining strong consumer protections.They include:Reducing barriers for lenders to offer flexible repayments for people with variable income, like the self-employed, and lend to those paid in foreign currency.Encouraging lenders to assess affordability based on a person’s full and current situation, rather than automatically excluding people because of minor or past credit history issues.Making it easier for older homeowners to unlock wealth built up in their property by updating affordability guidance for retirement interest-only mortgages.Updating rules on interest-only (or part interest-only) mortgages to give lenders more flexibility, while ensuring most borrowers have a clear plan to repay (unless they’re borrowing a smaller amount).David Geale, executive director for payments and digital finance, said: ‘We’re living longer and how many people work has changed. Our mortgage rules need to keep pace so those who can afford to repay can borrow. Stronger protections mean we can now safely widen access to mortgage borrowing for those that may be underserved.’The proposals are part of the FCA’s ongoing work to help consumers navigate their financial lives and support growth. In December 2025, it set out its plans to drive reforms to the mortgage market to better meet the needs of consumers today.The FCA has raised standards across the mortgage market over time, including through the Consumer Duty. The proposals build on that foundation by rebalancing risk to help more people access mortgages while keeping appropriate safeguards in place, including supporting consumers in understanding their options.As part of gathering feedback on the proposals, the FCA is using an online tool to hear directly from consumers about their experiences of the mortgage market. Alongside feedback from firms and others, this will help make sure consumers’ voices help shape the FCA’s approach.The FCA is encouraging consumers, firms and all interested parties to respond to the consultation and share their views by 28 July 2026.Notes to editorsRead the Consultation Paper, CP26/18: Mortgage Rule Review, Supporting first-time buyers and underserved consumers.The FCA’s 5-year strategy, published in 2025, aims to deepen trust, rebalance risk, support growth and improve lives. As part of this work, the FCA is reviewing mortgage rules to consider how to update its mortgage framework to support consumers in accessing the market.Despite the rise in interest rates and living costs, around 99% of mortgages taken out since 2014, when mortgage standards were tightened, are not in arrears.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 FCAhasstartedcivil proceedings against Mr Neil Woodford andW4.0.The FCAallegesthat Mr Woodford and W4.0 are providing regulated investment advice and making financial promotions through the subscription-based platform, www.w4pz.com, without authorisation.In the FCA’sview, the activitybreachessections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA).The FCA is seekingan injunction against Mr Woodford and W4.0 tostop them carrying on the potentiallyunlawfulactivities.W4.0 is the trading name of W Four Point Zero FZE LLCand is registered in the United Arab Emirates.

We set out next steps on issuing new rules and guidance on Money Market Funds (MMFs), following Government plans to replace the current rules. On 15 May, the Government set out its expectation that it will lay legislation that will replace the UK Money Market Funds Regulation. Read the Government statement.Money Market Funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors. However, recent periods of market stress have highlighted the need to strengthen the resilience of these funds.

The FCA has secured a confiscation order of £452,286.80 against convicted fraudster Daniel Pugh. Mr Pugh, 36, is serving a 7 years and 6 months prison sentence for defrauding investors out of £1.3m.Run from his bedroom in Devon, Pugh used Facebook adverts to target investors and promised them wholly unrealistic returns, claiming these would be generated by trading across various markets.Only 19% of the funds collected from investors were traded and the scheme was, in effect, a Ponzi scheme, which was run with another individual.At a hearing at Southwark Crown Court on 5 June 2026, Mr Pugh was ordered to pay £452,286.80. This represents the total value of the assets the court found available for recovery. The funds will be used to compensate the victims of his crimes. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Fighting financial crime is a key priority for the FCA and our message to fraudsters like Pugh is loud and clear. We will do everything in our power to deny them the profits from their crimes.'If Mr Pugh does not pay the confiscation order within 3 months, he faces a default prison sentence of up to 4 years and 9 months.The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes.Notes to editorsDaniel Pugh’s date of birth is 19 April 1990.The FCA has carried out extensive inquiries to identify all victims who are eligible for compensation. The FCA is now making a final call for any remaining victims to come forward. If anyone believes they are a victim of Daniel Pugh’s illegal activities and has not been in contact already, they should please contact the FCA with details of their dealings with Pugh as soon as possible and by 30 June 2026. The FCA is also calling for victims that have already been in touch, and confirmed they have lost money, to reach out to finalise their details.The FCA can be contacted in the following ways:Emailing: OpHainesConsumerContact@fca.org.ukCalling Freephone: 0800 111 6768 or 0300 500 8082Writing to: Financial Conduct Authority, Unauthorised Business Department, Operation Haines Case Team, 12 Endeavour Square, London E20 1JN.Daniel Pugh sentenced to 7 and a half years in prison for £1.3m Ponzi scheme.Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower. The court also made a Compensation Order under the Sentencing Act 2020 and ordered that all sums paid by the Defendant towards satisfaction of his Confiscation Order are to be paid as compensation to the victims. Consumers are encouraged to use FCA Firm Checker to check if firms are authorised for the investments being offered.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.