The FCA is reviewing whether Annual Percentage Rates (APRs) help consumers understand borrowing costs andis seeking views on whetherit should changehow these are communicated in credit advertising. APRsindicatethe yearly cost of borrowing, including interest and fees. A representative APR means at least half of consumers receive that rate or better. Current rules require representative APRs in most credit advertising.Research, published today, shows APRs are useful for comparing products, butadditionalinformation like total repayment figures can also help consumer understanding.But providing different information tailored todifferent productscan sometimes make comparison harder and confusing.Theresearch showed that, among those shown APR alone,80% of people correctlyidentifiedthe cheapest product when the lower APR meant a lower repayment. Fewer than 1 in 5 did so when the lower APRdidn'tmean cheaper borrowing.Proposals to simplify parts of the Consumer Credit rule book on credit advertisinghavealso been published.Theseaimto remove duplication and outdated requirements where the Consumer Duty already sets clear expectations for firms to support consumer understanding.AlisonWalters, director of consumer financeat the FCA, said:'Clear information advertising credit helps people shop around. But there’s evidence that APRsdonot always allow people to understand thetrue costof credit. To help people navigate their financial lives,we’reasking for views on whetherthere’sa better way.'The Discussion Paper published today, alongside the Consultation Paper on stripping back overly prescriptive requirements, focuses on whether more flexible ways of presenting loan costs could help borrowers make better informed choices.The Discussion and Consultation Paper closes on 17June 2026.Notes to editorsRead the Consultation and Discussion Paper.This discussion paper is supported by two research papers:Abehavioural experimentconducted by the FCA’s behavioural economics teamwith consumers,which examines howdifferent typesof cost-of-credit information affect consumers’ ability to both understand and compare the cost of credit products.PwC’s consumer researchcommissioned by the FCAexamineshow credit consumers engage with information communicated to them across the consumer journey and consumer credit products. The research explores consumers’ understanding of APRs and how consumers use APRs to compare and choosedifferentcredit products.Most of thefinancialpromotionsrulesintheConsumer Credit rule bookpre-date the FCA taking over regulation in 2014, with some going back to 2004.TheConsultation andDiscussionPaperisin response to our commitment in the Feedback Statementon the Consumer Duty rule review (FS25/2) to simplify our requirements on firms, including a review of the advertising rules for consumer credit.

On 28 April 2026, LCM Family Limited (LCM) went into administration. Louise Longley and Gary Shankland of BTG Begbies Traynor (Central) LLP were appointed as joint administrators of the firm. The joint administrators are responsible for managing the affairs of the firm during the administration process.LCM (previously known as LCM Wealth Management Limited) is authorised by the FCA and provided financial advice and related investment services. LCM is also regulated by the Solicitors Regulation Authority (SRA) to provide legal services. On 14 April 2026 LCM agreed to a voluntary requirement with the FCA, restricting the activities it can undertake.The FCA continues to supervise LCM and will work closely with the joint administrators. Below we set out:What to do if you are concerned about your investments.How to contact the joint administrators.How to protect yourself from fraudsters claiming to act on behalf of the firm or the joint administrators.

Speech by Sarah Pritchard, FCA deputy chief executive, at the BSA Annual Conference, Edinburgh. As a history lover, it’s thrilling to be in a city like Edinburgh – called a ‘hot-bed of genius’ during the Scottish Enlightenment.What defined the Enlightenment spirit was the refusal to settle, and a determination to make things better for the future.It’s the kind of approach I’m taking to this moment of regulatory reform.Working with others to solve difficult problems, protecting trust and good outcomes, and modernising where we can – so the framework supports growth and innovation.Both now, and in the future.Everyone in this room is well-placed to help shape what comes next.You’ve already laid a strong foundation, bringing diversity, competition and resilience to the financial sector.And helping consumers build their financial confidence, buy their first homes and find community.Now is the time to build on that foundation and create the space to grow.

Help us develop a proportionate reporting regime for ESG ratings. Register your interest by 13 May 2026. We're inviting ESG rating providers to join a pilot to inform future regulatory reporting once the regime is live.Our aim is to avoid unnecessary reporting burden for firms over time.The pilot aims to help us assess whether the proposed metrics for ESG ratings reporting are:clearfeasibleproportionate across different business modelsuseful for supervisory purposesParticipants will have a direct opportunity to inform:the design of the future reporting frameworkregulatory reporting requirementsBased on your feedback, we may revise the metrics for the eventual reporting regime.

Open finance has vast potential. It promises to transform financial services for millions of people through firms using customers’ data in bigger and better ways. But to make that promise a reality, we need to look at how it works in practice. How does sharing data solve real problems for people and businesses?That’s the question we want to answer with our Smart Data Accelerator, which enables firms to showcase open finance solutions in a digital testing environment to help shape policy making.Between November 2025 and February 2026, we ran 2 TechSprints. We worked with 17 firms to develop technical prototypes to solve challenges that are integral to people's lives – mortgages and small and medium-sized enterprise (SME) finance. We saw how sharing data can lead to genuine benefits, and what needs to happen to create these opportunities on a larger scale. In mortgages, that means improving consumers’ readiness, helping customers make smarter overpayment decisions, and supporting people’s longer-term financial planning.In SME finance, it means improved cashflow management, and better tools for assessing firms’ growth potential and lending readiness.Open finance is an ecosystemOne message cut through consistently: open finance is going to develop as an ecosystem, not a series of isolated use cases. This means firms don’t create value merely by accessing more data. Rather, true value emerges when trusted data is combined, structured and applied to improve financial decision making for consumers, businesses and the market. Where people might have used separate products to manage their finances, these could now be integrated into a single user journey that helps them better understand their needs and solve real life financial challenges.The TechSprints showed the way forward – firms building end-to-end journeys for different customers and situations using the same core datasets, rather than bespoke one-off use cases.The advantages of reusable dataThe benefits of reusable data packages were clear. Firms combined datasets in different ways to produce more insightful and tailored solutions for their customers. In other words, data becomes the context that helps firms understand their customers better. This in turn enables an integrated and interoperable approach to building products, allowing them to scale faster and more easily. But this can only happen with strong data standards, digital verification and trusted infrastructure. These elements will be the bedrock for AI to deliver smarter, highly personalised benefits.What this means for how open finance developsBecause of this interdependency, developing open finance won’t come down to a single policy intervention or technical change. Its value only truly emerges through the varied interactions between datasets, firms, infrastructure and users.This means the benefits are unlikely to arrive all at once, or evenly across the market. Some use cases might mature faster than others. In other cases, we might only see the real benefits once multiple components are all in place – a combination of data, standards, infrastructure, adoption and trust.The TechSprints confirmed that firms are already moving from early experimentation to integrated solutions based on clear user benefits. They also showed where further work is needed to meet all the conditions for success.Collaboration for the futureThese insights are the foundations of the open finance regulatory roadmap. Next, we’ll host a mortgages and open finance policy sprint in June 2026, bringing together stakeholders to define the regulatory conditions for open finance to improve consumers’ access to mortgages.There’s a clear connection between experimentation, technical insights and policy making. The Smart Data Accelerator builds on this to transform how we design policy and make decisions. The process becomes smarter, faster and more effective.For open finance, the scale of the challenge is matched only by the size of the opportunity. Realising it requires a radical shift in approach, one that brings regulators, industry and innovators together to turn promise into practice.Innovation flourishes when we create the conditions for it. By encouraging experimentation and shared learnings, we’re building the foundations.Our doors are open to new ideas, genuine collaboration and data-led insight. Work with us to accelerate the journey from promise to reality, and to set a new benchmark for how innovation and policy can succeed together.

Our scheme is the quickest, fairest and most efficient way to compensate consumers. It is disappointing that some have decided to challenge it and delay consumers getting their money back, when for many the payouts would be very welcome this year as they face rising household bills. This also prolongs the uncertainty for all involved, which is not good for investment or a healthy motor finance market.We are considering our approach and will set out more later this week.

The FCA is seeking views on proposals to change rules that govern the publication of research during the initial public offering (IPO) process. The FCA is consulting on removing the requirement for a 7-day delay before connected research on an IPO can be published. It also consults on removing rules that require firms to provide independent analysts with the same information as their own research analysts.These rules were introduced in 2018 to encourage the production of unconnected research, but they have not achieved that aim. However, feedback from the market suggests that they have also added complexity, risk and cost to the IPO process, and have put the UK at a competitive disadvantage compared with other international listing venues.Removing these requirements would simplify the IPO process and improve the conditions for listing in the UK. This would support the FCA’s work to strengthen the UK’s capital markets and to support growth and competitiveness.Jon Relleen, director of infrastructure & exchanges, supervision, policy & competition division, said:'Market feedback has been clear that these rules can introduce additional risk, cost and complexity without delivering the intended benefits. We are committed to reducing friction, supporting growth, and ensuring the UK remains a competitive and trusted place for companies to raise capital.'No other rule changes are proposed at this stage. However, the paper includes discussion questions on whether further reform of the 2018 IPO information flow rules may be appropriate.This consultation helps to deliver one of the commitments set out in the FCA’s letter to the Prime Minister in December 2025.The FCA welcomes feedback by 29 May 2026.Notes to editorsCP26/14: Changes to information flows for UK equity IPOs.Find out more information about the FCA.

The FCA Board appoints new members to decision-making committee. The Board of the FCA has appointed Jonathan Peddie and Raymond Cox KC as new members of the FCA’s Regulatory Decisions Committee (RDC).The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement action. Committee members bring a broad range of professional experience to support fair, independent and evidence-based decision-making.Alison Potter, the chair of the RDC, said:'I am delighted to welcome our new members to the committee. Both Raymond and Jonathan bring significant legal and financial services expertise and regulatory enforcement experience, which will complement existing committee members and enhance the overall capability and effectiveness of the RDC.'Notes to editorsMore detail about the work of the RDC is available on the FCA website, including the biographies of all committee members.The RDC is an FCA Board Committee that is operationally separate from the rest of the FCA. The FCA Board appoints the RDC chair and members, who are drawn from across a spectrum of business, consumer and industry backgrounds.Find out more information about the FCA.

The FCA has led international action to stop illegal finfluencers putting consumers' money at risk. Seventeen regulators worldwide took part in the 'week of action' which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly. Activity started on 20 April 2026.In the UK, the FCA:Secured a guilty plea from Geordie Shore’s Aaron Chalmers for illegal promotions on social media. Criminal proceedings have been commenced against a further 2 individuals for similar offences. Sent 4 targeted warning letters to individuals suspected of engaging in unauthorised financial promotions.Issued 34 warning alerts against unauthorised firms or individuals, and updated an additional 14 warnings.Made 120 account takedown requests to social media platforms hosting illegal finfluencer content. Within these accounts, the FCA identified 1,267 illegal financial adverts, which reached a minimum of 2,338,372 UK accounts. 66% of these adverts were from firms or individuals already on the FCA's Warning List.The financial regulator is calling for social media platforms to step up and play a more proactive role in stopping illegal financial promotions at source. Social media platforms are not doing enough to uphold their own policies to block illegal content.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'This collective push with international partners is vital in helping to protect millions of consumers from harm. We will only make real progress in the fight against financial crime if every part of the system plays its role - including social media firms.'The FCA's latest activity follows a previous international week of action with 8 other regulators in June 2025.Consumers are encouraged to use the FCA Firm Checker to confirm if a firm is authorised for the services being offered and reduce their chances of falling victim to a scam. The tool also shows unauthorised firms and individuals on the FCA’s Warning List to avoid.Notes to editorsThe following regulators participated in the week of action:Australia, Australian Securities & Investments Commission (ASIC)Belgium, Financial Services and Markets Authority (FSMA)Brazil, Comissão de Valores Mobiliários (CVM)Canada, Autorité des marchés financiers (QAMF)Canada, BC Securities Commission (BCSC)Canada, Ontario Securities Commission (OSC)Denmark, Danish Financial Supervisory Authority (DFSA)Hong Kong, Securities and Futures Commission (SFC)India, Securities and Exchange Board of India (SEBI)Ireland, Central Bank of Ireland (CBI)New Zealand, Financial Markets Authority (FMA) Norway, Finanstilsynet (NFSA)Qatar, Qatar Financial Centre Regulatory Authority (QFCRA)Qatar, Qatar Financial Markets Authority (QFMA)Singapore, Monetary Authority of Singapore (MAS)United Arab Emirates, Capital Market Authority (CMA)United Kingdom, Financial Conduct Authority (FCA)Finfluencers are social media personalities who use their platform to promote financial products and share insights and advice with their followers. Many financial social media content creators are acting legitimately and not breaking any laws. There are other finfluencers that tout products or services illegally and without authorisation through online videos and posts. They use the pretence of a lavish lifestyle, often falsely, to promote success.Millions of consumers increasingly turn to social media for financial advice. However, dealing with an unauthorised firm or individual increases the chances it is a scam and means consumers risk losing access to protections, such as the Financial Ombudsman Service and Financial Services Compensation Scheme.The FCA issued 2,329 warnings about unauthorised or potentially scam firms and individuals in 2025.The content the FCA identified is not allowed under social media platforms’ own rules. All large social media platforms have policies that financial services ads targeting UK consumers should only be made by FCA authorised firms, or ads that have been approved by an FCA authorised firm.The data on illegal financial adverts, UK account reach and adverts which were from firms and individuals already on the FCA's Warning List was specific to Meta platforms.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from WealthTek’s activities.The FCA found Sapia did not put enough safeguards in place to protect this money.Sapia has admitted that it failed to properly separate key roles within its business relating to client money. People who could make payments from client money accounts also carried out the checks of those accounts required by FCA rules. This lack of separation increased the risk that client money could be lost because of, for example, misuse or poor management.The voluntary payment will be distributed to WealthTek clients who have a shortfall in the money they have been able to reclaim.In December 2024, the FCA, separately, charged WealthTek’s principal partner with multiple criminal offences, including money laundering and fraud.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Poor safeguards around client money create opportunities that bad actors can exploit. Sapia’s failures exposed clients to an unacceptable risk of losing their money.'We decided not to impose a fine on Sapia because of its exemplary cooperation and its acceptance that it should make a voluntary payment to affected customers.'The FCA concluded its investigation in 12 months. This is an example of how we are improving the pace of our investigations.Notes to editorsFinal Notice 2026: Sapia Partners LLP (PDF).From incorporation on 24 May 2010 and until 13 January 2021, WealthTek LLP was called Vertus Asset Management LLP.WealthTek LLP was an appointed representative of Sapia from 2017 until becoming directly authorised 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.Were it not for Sapia’s agreement to make the voluntary payment of £19.6m (with the assistance of its ultimate parent company), to be distributed to WealthTek’s clients with a shortfall in the money they have been able to reclaim, and Sapia’s cooperation throughout the investigation, the FCA would have imposed on Sapia a penalty of £7,412,000 (after the 30% discount for agreeing to settle the matter).Of the £19.6m, WealthTek’s administrators will receive £19.1m and the Financial Services Compensation Scheme (FSCS) will receive £500,000 (in accordance with its statutory duties to pursue recoveries where reasonably possible and cost effective). Once FSCS has concluded any further recoveries 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.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 WealthTek LLP principal partner.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 £6.3m for distribution to WealthTek’s clients who have a shortfall in the money they have been able to reclaim.Firms need to comply with Principle 10 of the FCA’s Principles for Businesses and follow the client money rules in FCA’s Client Assets Sourcebook (CASS) to ensure they arrange adequate protection for client money. This applies to client money received from a firm’s own activities or from those of its appointed representatives.Find out more information about the FCA.

We’ve no vested interest in setting up a motor finance redress scheme. What matters to us is getting fair compensation for consumers as quickly as possible and supporting a healthy motor finance market for the future.That's what our scheme will do, and it's free for consumers to use.Learn more about our motor finance redress scheme.Any law firm or claims management company (CMC) involved in a potential challenge against the scheme that also has clients making motor finance claims should consider their position and that of their clients carefully.At the very least, they should write to those clients to explain they’re involved in a challenge that’s likely to delay compensation.They should give those clients the option of exiting the contract and strongly consider waiving any fees.Our scheme will put £7.5bn back in people’s pockets. Some have already waited over 2 years for a response to their complaint. With pressure on household bills rising, they shouldn’t be made to wait longer.Over 12m agreements made between 2007 and 2024 are eligible for compensation under the scheme. Our analysis shows millions of those did not involve the particularly serious misconduct identified in the case considered by the Supreme Court.Advice for consumersIf you’ve used a CMC authorised by the FCA, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Claims Management Ombudsman.If you’ve used a law firm regulated by the Solicitors Regulation Authority, and you're unhappy with how it's handled your case or the fees it’s charged, you should complain. If you’re dissatisfied with the response, you can take your complaint to the Legal Ombudsman.Our compensation scheme is free to use. Consumers do not need to use a CMC or a law firm, and those who do may lose up to 36% of any compensation. If you decide to go through the courts, this may cost you more.Don’t sign up to multiple CMCs or law firms to represent you. Doing so may lead to multiple fees.Be cautious of potential scammers who may try to contact you via cold calls, texts or emails, claiming you are owed motor finance commission compensation or offering to check eligibility.Report nuisance calls and texts to the Information Commissioner’s Office (ICO).Report misleading advertising to the Advertising Standards Agency (ASA).

We have published findings from our Financial Adviser Survey. The findings provide an updated picture of how the UK financial advice market is evolving and what this means for firms, consumers and future growth. The survey brings together responses from more than 4,100 financial advice firms; alongside analysis of data we already hold on around 31,000 advisers.Overall, it shows a market that remains broadly stable and continues to support millions of clients, even as firms adapt to consolidation, new business models and technology.Key findings include:Firms responding to the survey advise on around £1 trillion of assets for more than 4.1 million clients, highlighting the scale of advice being delivered.Large firms account for around 50% of assets under advice, all firms play an important role through relationship led and local advice.Adviser numbers have remained broadly steady at around 31,000 since 2023, despite a 15% fall in the number of authorised advice firms since 2021. This points to consolidation across the market rather than a reduction in advice provision.Women account for around 18% of financial advisers, despite being part of around 60% of advised client relationships, highlighting an opportunity for the sector to better reflect the consumers it advises by strengthening recruitment, retention and progression.Financial advice remains concentrated among older and wealthier consumers, with regulated advice currently reaching only around 9% of UK adults. Nearly a third of firms are considering offering a form of simplified advice propositions to help expand access, particularly for mass affluent consumers.The survey also shows positive engagement with the Consumer Duty, particularly in pensions and retirement advice, which account for 69% of clients’ main advice objectives.We are publishing this analysis to help firms benchmark their practices and to inform our supervisory and policy work, as we continue to take a more data led and proportionate approach to supporting good consumer outcomes.

The FCA is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022, and we are renewing the membership in line with our terms of reference.The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, fixed income and commodity derivatives.The committee’s task is to:help develop reforms that improve market competition, increase consumer protection and enhance the integrity of marketsidentify market changes that may affect the proper functioning of secondary marketsprovide data and analysis to support policy reformsThe committee is chaired by the FCA and is composed of 25 senior individuals from firms active in financial markets, who are experts in how secondary markets function.Members are appointed in a personal capacity.We will aim to have a balanced representation across the different types of firms active in wholesale markets.We will also seek to ensure appropriate diversity of the membership of the committee, in line with our commitment to promote diverse and inclusive financial services.What to expectThe appointment lasts 2 years, and it can be renewed.The committee meets on a regular basis, normally quarterly, but can meet more frequently, if necessary, to carry out its functions.How to applyMarket participants who are interested in joining the committee are invited to apply.Email the Second Markets Advisory Committee at smac@fca.org.uk with your:CVcover letterThe deadline is 18 May 2026.Please read the terms of reference before applying.Next stepsMembers appointed to the committee will be announced once in place.

Speech by Sheree Howard at the APCC Spring Conference 2026. This weekend, tens of thousands of runners will line up in Greenwich Park for the start of the London Marathon.Well done to them – a Netflix marathon is much more my speed.Unlike what’s needed to prepare for a Netflix marathon – opening a bag of sweet and salty popcorn – Sunday’s runners will have been training for months. Many even years.And nearly all will have had support along the way, whether from a coach, physio or friend at a parkrun.What strikes me about that relationship is where the responsibility sits.A coach designs the programme, corrects the technique and knows how to get a runner to the start line in the best possible shape.But they’re not the ones lacing up their trainers. The runner is.Getting authorised is more like a marathon than it might seem.Filled with documents, deadlines and – let’s be honest – a fair amount of adrenaline, it can feel like that final sprint down the Mall for many firms as they reach the end.And you are their support system, helping them get authorisation-ready.That preparation genuinely matters.Because gaining the right to be a regulated financial services firm isn’t easy.Nor should it be.

The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations. Working with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted 8 premises suspected of illegal peer-to-peer crypto trading. The FCA issued cease and desist letters at each site, notifying traders to stop illegal activity immediately. Evidence obtained during the on-site inspections is supporting a number of ongoing criminal investigations.Peer-to-peer trading is when individuals buy and sell crypto directly with each other, rather than using a centralised exchange and requires appropriate registration. There are currently no FCA registered peer-to-peer crypto traders or platforms operating in the UK.Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them.'Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.'DI Ross Flay of SWROCU said: 'By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.'The FCA has previously taken action against unregistered cryptoasset activity in the UK, including prosecuting an individual operating an illegal network of crypto ATMs. In June 2024, the FCA worked with the Metropolitan Police Service to arrest 2 individuals suspected of running an illegal cryptoasset exchange.The Government’s National Risk Assessment of Money Laundering and Terrorist Financing outlines how cryptoassets are increasingly used to launder the proceeds of crime. The FCA continues to work with domestic and international partners to fight financial crime and protect consumers.Consumers can check whether a crypto firm is correctly registered with the FCA using the FCA’s Firm Checker.Notes to editorsAction was taken under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.Crypto is a high-risk investment and remains largely unregulated in the UK, except for anti-money laundering and financial promotion.Use the FCA’s Firm Checker to check a firm’s permissions.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Firms willbenefitfromreduced costs andgreater flexibility, andfind it easier tocomply with the Senior Managers and Certification Regime (SM&CR),following reformsset outon 22 April by theFCA and Prudential Regulation Authority (PRA). The changes, which come as the first phase of a multi-stage package of reform from the Government and regulators, will maintain the core principle of senior leader accountability, and will benefit firms by:Giving more time to submit senior manager applications when there has been an unexpected or temporary change.Removing the need to certify people to hold multiple overlapping functions, which will reduce the total number of certification roles required by around 15%.Helping to streamline annual checks to certify individuals as ‘fit and proper’.Making only larger, more complex firms meet enhanced standards, by raising many of the enhanced firm thresholds by 30%.Helping to better understand the definition of certain senior management roles.Allowing more time to report updates to senior manager responsibilities.Increasing how long criminal record checks for senior manager applications are valid for, prior to application submission.Giving more time to update the directory, which lists certified staff.The Government’s further changes to the regime, published in its consultation response on 22 April, follow its consultation in 2025. Proposals include removing the Certification Regime, which applies to less senior roles, from legislation. The Government also proposes giving more flexibility to the regulators to further reduce the number of senior management functions (SMFs) which require pre-approval.The regulators plan to consult on wider changes, taking advantage of any increased legislative freedom later in 2026, as part of the Leeds reforms to halve the SM&CR’s regulatory burden on firms.Lucy Rigby, Economic Secretary to the Treasury, said: 'The UK has some of the highest standards for financial sector governance in the world. They protect consumers, strengthen market integrity and are emulated internationally, helping make our financial services sector one of the great jewels in our economic crown.'We are committed to preserving those high standards – while making regulation simpler and easier to navigate. By working with regulators to streamline the Senior Managers and Certification Regime, we are cutting unnecessary complexity, halving the administrative burden, and building a simpler, faster and more competitive system.'Sarah Pritchard, deputy chief executive at the FCA, said: ‘These joint reforms will keep consumers and markets protected while making the regime more proportionate. We’ve also used our current powers to streamline the regime now, so firms can benefit before future legislation unlocks even more efficiencies.'David Bailey, executive director for prudential policy at the PRA, said: ‘The SM&CR plays an important role in ensuring accountability in the provision of financial services, but it is right that we work to ensure it is well-targeted and efficient. Today’s reforms are an important first step in allowing firms to focus on what matters most, and we will continue to deliver further improvements to the regime as part of the wider reforms being made by the Government.’The announcement builds on work already done to speed up SM&CR approvals:The FCA’s most recent published quarterly metrics show 99.7% of applications were determined within the current 3-month statutory deadline, with 94.7% determined within the Government's proposed new 2-month statutory deadline.The PRA’s most recent quarterly metrics show 100% of applications were determined within the current 3-month statutory deadline, with 98% determined within the Government's proposed new 2-month statutory deadline.Notes to editorsThe SM&CR ensures accountability among senior managers within financial services firms and maintains standards of behaviour and competence across the board.Read the FCA’s Policy Statement, PS26/6: ‘Senior Managers and Certification Regime review’. Read the PRA’s Policy Statement, PS12/26: Senior Managers & Certification Regime review.The Treasury has also published a consultation response to support a further phase in which the regulators would be able to make additional changes if legislation is made. This includes developing a more proportionate replacement for the Certification Regime and significantly reducing the number of roles requiring regulatory pre-approval. Read the Treasury’s consultation response.Firms now have up to 12 weeks to submit a senior manager application, rather than needing FCA approval within that period.The Certification Regime is part of SM&CR that applies to staff who are not senior managers, but whose roles could still cause significant harm to consumers or markets – known as Certified Individuals.In December 2022, the Government announced, as part of the Edinburgh Reforms, that the Treasury, FCA and PRA would begin reviews of the SM&CR. In March 2023, the FCA published a Discussion Paper with the PRA, inviting views on the regime’s effectiveness, scope and proportionality, and on potential improvements that could be made. The Treasury launched a Call for Evidence on the regime alongside this.In July 2025, the regulators published phase 1 proposals to reform the SM&CR. To help accelerate through phase 2, the FCA also sought views on potential changes for phase 2 – as well as inviting any other ideas of reducing burden while maintaining the benefits of the SM&CR.See the FCA’s latest authorisation operating metrics (Q3 2025/26) and the PRA’s authorisations performance report (Q4 2025/26).Enhanced scope SM&CR firms are the largest and most complex firms. The financial thresholds for becoming an Enhanced SM&CR firm are being updated for inflation since their introduction in 2019, by 30%.

Speaking at UK FinTech Week, Jessica Rusu, chief data, information and intelligence officer at the FCA, has confirmed the second group of firms selected to join AI Live Testing. Eight new firms, including Barclays, Experian, Lloyds Banking Group (Scottish Widows), and UBS, have been chosen by the FCA to live test AI applications to support safe and responsible deployment.The FCA is working with its technical partner Advai, a London-based specialist in automated AI assurance, to provide AI Live Testing. This initiative helps successful applicants explore key questions around risk management and live monitoring to support the responsible deployment of AI for consumers and markets.Applications reflect the fast-evolving nature of the technology, with a diverse range of AI models underpinning use cases – from agentic AI and small language models to emerging solutions such as neurosymbolic AI. Firms in the second group are testing both customer-facing and business‑to‑business use cases, including AI-enabled targeted support for investments, credit score insights for consumers, agentic payments, anti-money laundering detection, and Know Your Customer.'We’re continuing to collaborate with firms to support the safe and responsible development of AI in UK financial markets,' said Jessica Rusu, chief data, information and intelligence officer at the FCA. 'With tailored support from the FCA and Advai, the initiative reflects our commitment to supporting the pace of change in AI, whilst demonstrating how regulators and industry can work together to harness innovation responsibly.'The FCA will also publish a good and poor practice report for AI in financial services later in 2026 to support firms in the safe and responsible adoption of the developing technology.The announcement coincides with the publication of the FCA’s Innovation Insights report, which highlights how fintech innovation is evolving in the UK and what the regulator is learning from firms engaging with its innovation services.The FCA’s Regulatory Sandbox and Innovation Pathways saw a 49% increase in applications on the previous year.The report also shows that fintech market activity closely matches demand for the FCA's innovation services, particularly in fast-growing areas like AI.Applications for the AI Live Testing second cohort opened in January 2026, with firms beginning testing in April. Testing will conclude by the end of the year, with an evaluation report published in Q1 2027.Notes to editorsThe full list of firms in the second cohort are as follows: Aereve, Coadjute, Barclays, Experian, Go-Cardless, Lloyds Banking Group (Scottish Widows), UBS and Palindrome.In September 2025, the FCA published a Feedback Statement on the potential benefits, opportunities and challenges raised by our proposal for AI Live Testing.The FCA set out how we are working to accelerate digital innovation in our response to the Prime Minister’s letter (PDF), including that we would avoid additional regulations for AI by relying on existing frameworks.Read more about how FCA rules apply to AI.Read Jessica Rusu's speech at UK FinTech Week.In January, the FCA launched a review led by Sheldon Mills into the implications of advanced AI on consumers, retail financial markets and regulators.Advai is a UK-based AI company specialising in automated testing, evaluation and assurance of AI systems, providing independent technical evidence so organisations can deploy AI safely and confidently at scale.Firms in the first group included: Gain Credit, Homeprotect, part of the Avantia Group, NatWest, Monzo, Santander, Scottish Widows, part of Lloyds Banking Group and Snorkl.The Innovation Insights report aims to support earlier regulatory engagement and strengthen evidence‑led policy and supervision under the FCA’s Strategy 2025–2030.

Speech by Jessica Rusu, FCA chief data, information and intelligence officer at IFGS. Key pointsAgentic commerce will change how financial decisions and transactions are made, demanding a fundamentally new approach.We are expanding practical support for firms through the next phase of our AI Lab.Open Finance will provide the foundations of a more intelligent financial system.We are supporting solo-regulated firms scale, with our Scale-Up unit open for expressions of interest.

Help shape financial regulation from the perspective of consumers. We are recruiting 2 new members to the Financial Services Consumer Panel, an independent statutory panel that represents the interests of consumers of financial services to the FCA.Panel members provide constructive challenge and expert advice to help ensure the consumer perspective is fully embedded in the FCA’s policy development and implementation. Members engage regularly with senior FCA colleagues, including the chair, chief executive and Executive Committee, and contribute across a wide range of current and emerging issues affecting consumers.We are looking for individuals with strong expertise and experience in areas such as consumer policy, behavioural insights, innovation and technology, fintech or digital markets, retail banking, investments and payments.We welcome applicants with a clear commitment to representing the interests of consumers from across society.The closing date for applications is 15 May 2026.Find out more and apply via the FCA Careers website.

On 16 April 2026, HDH Investment Services Limited (HDH), which advised on and arranged deals in investments, entered Creditors’ Voluntary Liquidation (CVL). Dina Devalia and Tom Parish of Quantuma Advisory Limited (Quantuma) have been appointed as joint liquidators.On 20 January 2026, HDH agreed to stop carrying out any regulated activity. This was because we were concerned that HDH may have given unsuitable financial advice to some of its customers, potentially leading to financial loss.HDH remains subject to supervisory oversight and our rules, and we are working closely with the joint liquidators.