We have set out plans for using AI to speed up authorisations, testing new tools to identify key risks earlier, with our people remaining at the heart of decision-making. The new authorisation tool is being developed internally and will be integrated into existing FCA systems.It forms part of our annual work programme 2026/27, which lays out how we’re accelerating our ambition to be a smarter, more data-driven regulator.We will also use generative AI to support our efforts to modernise regulation, streamline supervision and improve firms’ experience, by reducing unnecessary administrative burdens.We’re only proposing to raise minimum and flat fees by 1%, even after significantly investing in data analytics and digital tools to improve how we triage information and share intelligence more efficiently. This is the lowest rise in the fees budget since 2017/18 and well below the rate of inflation. It’s the lowest annual funding requirement (AFR) increase in a decade, at just 0.7%.Nikhil Rathi, chief executive, FCA, said:'This year’s programme builds on our ongoing drive towards smarter, more data-driven regulation, helping us identify risks sooner, make faster, more consistent decisions and reduce unnecessary burdens on firms. We’re focused on helping consumers navigate their financial lives, reinforcing trust in financial services and supporting growth and competitiveness while keeping our fee increases low.'

More people could access financial advice, under proposals set out by FCA. The FCA is consulting on how to make it easier for firms to give more simplified forms of individualised financial advice to consumers.Simplified forms of advice can help consumers with more straightforward needs and do not require a full assessment of all their financial circumstances, making it more accessible and affordable.Sarah Pritchard, deputy chief executive of the FCA, said:'For too long the support people need to make important financial decisions has been out of reach for many. 'A market that provides good quality, lower cost simplified advice alongside comprehensive financial advice and targeted support will better support people making decisions about their financial lives. We want to see more people getting supported, who aren’t currently, and a market that innovates and offers tailored services to meet differing consumer needs.'We welcome everyone’s views on whether our proposals will achieve our aim of building firms’ confidence to offer a wider range of advice and ultimately to help consumers navigate their financial lives.'Firms are already able to provide more simplified forms of advice but not many offer it. To encourage innovation and open access, the FCA is proposing to make small changes while maintaining appropriate consumer protections, which it believes can revitalise the sector, including:Simplifying and consolidating the suitability framework into one set of common rules and expectations.Clarifying existing flexibilities in suitability rules with an expectation that advisers consider ‘sufficient’ information.Rebalancing the role and purpose of suitability communications to support firms making them concise, consumer-focused and proportionate.Changes to give firms greater flexibility in how they design and deliver ongoing advice services. This includes moving from a fixed annual suitability review to periodic reviews based on clients’ needs.The FCA is starting a discussion about the future of trail commission to modernise the rules and to prevent potential consumer harm.Qualification standards for advisers will remain unchanged. The FCA is also not proposing to change the adviser charging rules. Advice will still need to be paid via agreed-upon adviser charges rather than provider-paid commission or through cross-subsidisation.The FCA has already acted to help consumers get more support. From April some financial firms will be allowed to offer targeted support and suggest products to consumers based on what they would recommend to those in similar circumstances.While targeted support will enable support to be given to groups of consumers, many consumers will need or value individual advice tailored to their specific circumstances.Other than updating our perimeter guidance, this is the final piece in the FCA’s policy work to make sure that the advice market works for the millions who depend on it for their financial futures.Notes to editorsRead the full consultation (PDF).The consultation closes on 22 May 2026.There are many situations in which simplified forms of advice may help. An example could be if a client wants to invest a one-off lump sum into a single investment. But where the financial situation is more complicated, such as deciding how to draw income in retirement from multiple sources, comprehensive forms of advice will likely be more appropriate as a firm will need to take account of more information.

We will set out our approach on motor finance redress shortly after markets close on Monday 30 March, having consulted on a compensation scheme in October 2025.

We are reminding regulated firms they need to undertake proper checks when dealing with unregulated lenders, safe custody providers, money brokers and financial leasing companies – also known as 'Annex 1' firms. There are around 1,200 of these firms registered with us for solely anti-money laundering purposes. Our powers are currently limited to looking at how these firms are meeting their anti-money laundering obligations and they are not subject to our wider rulebook. This regime is based on registration and is different from the authorisation regime under the Financial Services and Markets Act. For example, our wider conduct rules do not apply to these firms, nor are customers of Annex 1 firms able to access the Financial Ombudsman Service. When dealing with Annex 1 firms, regulated firms must do their due diligence to understand the firm’s business, in accordance with legislative requirements. This would include seeking direct confirmation from the firm of their registration status, conducting independent checks of the information they provide, and understanding and managing any risks, for instance those detailed in the 2025 National Risk Assessment. We raised concerns about anti-money laundering standards directly with the Annex 1 businesses in a letter to CEOs in 2024. We continued our proactive and reactive work in this area, which led us to follow up with 300 firms in late 2025. We are aware of some cases where consumers have been encouraged to set up limited companies to access lending, such as unregulated bridging finance from Annex 1 firms. It is important these consumers understand they will not have access to the Financial Ombudsman Service if things go wrong.

We have opened an enforcement investigation into Market Financial Solutions Limited (MFS). MFS is an Annex 1 business, which is solely registered with and supervised by us for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.Annex 1 registered firms are not authorised or subject to wider FCA regulation.MFS entered administration on 25 February 2026.

Speech by Nikhil Rathi, FCA chief executive, at the JP Morgan Pensions and Savings Symposium 2026. Last year, I spoke about the importance of getting on the right track.That if we want better consumer outcomes – as well as stronger capital markets to support growth – we need to think beyond individual products and look at the whole financial journey.How pensions interact with housing wealth…How savings interact with advice…And how all these decisions evolve across a lifetime.Over the past year, we have made good progress.Targeted Support goes live next month, helping bridge the gap between generic guidance and regulated advice.The ABI says this could be 'one of the most significant engagement shifts in pensions since auto-enrolment'.And with 75% of DC pension holders over 45 having no clear plan for taking their money at retirement, a big opportunity to help secure better outcomes at lower cost.For those wanting more personalised advice, we will be proposing next week to simplify rules – expanding access for consumers while reducing complexity for firms.Then there’s work on later life lending and pension transfers - which I will speak more on later.Alongside lending our support to the industry-led retail investment campaign going live shortly, and continuing work with the Investment Association and industry on making risk information more effective.So, a huge amount both delivered and underway, working closely with the Pensions Regulator, Government, and others.And it’s encouraging to see the level of attention pensions are receiving across the political system.But today I want to focus on how technology is changing the foundational context in which we are having this pensions debate.As technology makes people much more aware of – and able to act on – their financial wealth, what happens next?And is our pensions system ready for the potential demand and behavioural shifts that follow?

We have restricted Beauforce Corporation Limited from carrying out any regulated activities. This means it cannot provide regulated debt advice or debt management services to consumers. We have also ordered the firm to return money held in its bank accounts to its clients.We’ve taken this action following concerns about the suitability of the firm’s senior management and its conduct in dealing with us. Read the full Notice (PDF)

We’ve confirmed new rules to make existing incident and third party reporting clearer, more consistent, and easier for firms to follow. These new rules will help us respond quickly to disruption such as a cyber attack or power outage, give firms greater certainty on what to report and when and strengthen firm resilience to better protect consumers and markets.Cyber attacks are becoming more frequent and more sophisticated, and firms are increasingly reliant on third party providers. In 2025, over 40% of cyber incidents reported to us involved a third party and we have seen several recent high-profile incidents impacting the financial services sector including the Cloudflare and AWS outage. Clear and timely reporting will help us identify risks and respond effectively.What’s changingFirms don’t always report incidents consistently and industry have told us they want more clarity on what to report and what information to provide.In December 2024, we consulted (PDF) on clearer, more structured reporting frameworks. We listened to feedback and streamlined our final reporting requirements to reduce unnecessary burden, while also making sure we get the information we need to assess impact early and effectively respond to disruption.For both of our incident and third party reporting final rules, we have:Created a simple, streamlined reporting regime with the Prudential Regulation Authority (PRA) and Bank of England including a single reporting portal.Removed duplicative incident reporting for payment service providers and credit rating agencies.Refined the overall information required, allowing most of the firms we solo regulate to complete a short form to tell us about their incident.Added clearer guidance on thresholds, definitions and responsibilities. Mark Francis, director of specialists and wholesale sell-side at the FCA, said:'Resilience is being tested like never before, with firms facing growing cyber threats and increasing reliance on third parties to deliver the essential financial services consumers rely on.'These changes give firms clearer rules and practical guidance to better manage disruption, while supporting our ambition to be a smarter regulator, giving us better data to spot risks, share insights and strengthen sector-wide resilience.'Over time we will use this data to share insights and trends to help firms bolster their operational resilience and share relevant information with industry, where appropriate during widespread disruption, particularly in stressed market conditions.And where disruption occurs at a third party, the data will help us see through firms’ supply chains to identify which services are the most exposed and help us identify potential critical third parties to the UK financial system.A more resilient financial sector will help lay the foundations to support growth and deepen trust in firms and the services they provide.New finalised guidance Alongside our final rules, we are also publishing Finalised Guidance for both incident reporting (PDF) and third party reporting (PDF).This includes:Clear examples of what firms should report.Help applying the thresholds.Guidance on completing the incident form and third party register.This is in response to feedback that firms want greater clarity and practical support. What firms need to do nextFirms have 12 months to prepare before the new rules come into force on 18 March 2027.We are hosting a webinar on 29 April 2026 and invite firms to join us in finding out more about our new rules and ask questions. Please register to take part in the webinar.Two years after implementation, we will review the regime to ensure it works effectively for firms and delivers the outcomes we expect.

We’ve reached a significant milestone in our joint work with the Financial Ombudsman Service and the Government to modernise the redress systemso that consumers get fair outcomes quicker and firms have greater clarity about how issues will be handled.We’re delivering change at speed by acting now within our current powers, with a focus on improving how the system works in practice. This includes a new registration stage for complaints, updated dismissal grounds and clearer guidance on the fair and reasonable test.Throughout, our aim has been to improve alignment, predictability and early engagement across the system – while maintaining strong and effective consumer protection.

KasimGaripoglu has been banned from working in UK financial services. The FCA found he is not fit and proper because of his lack of honesty and integrity. Mr Garipoglu is the owner of a firm that provided online trading of foreign exchange and contracts.Between April 2012 and December 2022, including when Mr Garipoglu was the chief executive and director at the firm and an approved person, he repeatedly demonstrated a disregard for regulatory requirements, undermined compliance and anti‑money laundering controls, and positively encouraged serious misconduct amongst his colleagues.He repeatedly overruled those advising him that his instructions were illegal and in breach of regulatory requirements. He consistently prioritised commercial advantage over regulatory requirements, including by regarding the potential for regulatory fines to be a business risk worth taking.He also deliberately provided false and misleading information to the FCA and other regulators, instructed the forgery of a document to evidence that an employee lived at a UK address with him when neither of them did so, falsified a university degree certificate for himself and made inaccurate declarations to the FCA in an authorisation application for another firm which he owned. In one instance, he instructed a colleague to impersonate him in communications and a phone call to the South African regulator.In another instance, he had his staff take a required anti-money laundering test on his behalf and passed off the result as his own and later denied this to the FCA.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Mr Garipoglu has consistently shown a blatant disregard of regulatory requirements and chose to run his business in a way that carried significant risk that serious money laundering would be facilitated. He has consistently sought to evade accountability for this. His conduct fell far below the standards expected of individuals in senior positions. He poses an ongoing risk to consumers and to the integrity of the UK financial system.'Notes to editorsRead Final Notice 2026: Kasim Garipoglu (PDF)Fighting financial crime is a priority in 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 firm owned by Mr Garipoglu is no longer authorised by the FCA.This was a complex investigation covering many years of misconduct, during which Mr Garipoglu deliberately obstructed the work of regulators by providing false and misleading information. Mr Garipoglu also sought to oppose the prohibition and attempted to prevent his misconduct from becoming known, referring the FCA’s decision to the tribunal and then commencing an appeal in the Court of Appeal. Both Mr Garipoglu’s tribunal reference and his appeal have since been struck out.Whilst Mr Garipoglu has been prohibited, the FCA has not been able to fine him due to the length of time since he was an approved person.

On 9 March 2026, the High Court placed Concept Capital Group (CCG) into administration. BTG are the administrators of the company. In July 2025, the FCA announced High Court proceedings against CCG and others over an alleged unauthorised investment scheme. CCG has been under a court order that temporarily froze its assets since then.CCG had promoted investments in static homes. CCG claimed these would be let to social housing tenants placed by local councils. Investors were promised fixed returns and told the scheme was backed by the UK Government, claims the FCA considers were false or misleading.While the administration was not initiated by the FCA, it has put the FCA’s High Court proceedings against CCG on hold. The administrators will take control of CCG and investors’ claims will be handled as part of the administration process. The FCA will support the administrators as needed and will continue to communicate with them.The FCA’s claim against the other defendants - Ian Anthony Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo (also known as Ernest Moore), Raymondip Bedi (also known as Martin Swann) and Gateridge Consulting Limited - will continue.

Lenders and brokers in thesecond charge mortgagemarket need toconsiderhow theyadvise customers, assess affordability and charge fees. An FCA review has found that weaknesses in some firms’ practices could put borrowers, particularly those consolidating debt, at increased risk of financial harm.Second charge mortgages are often used by customers with high existing levels of debt and low financial resilience. The FCA’s review found examples of good practice across the sector but also issues that raise concerns about whether firms are meeting expectations, including under the Consumer Duty. The issues identified in the review include:Affordability assessments that appeared to overlook key living expenses.Advice that steered customers towards debt consolidation when it was not clear if it was appropriate.Inadequate record keeping. Unclear fees, often added to loans, making comparisons difficult.David Geale, executive director of payments and digital finance at the FCA, said:'The second charge market is relied on by people often already heavily in debt. It’s vital it works well, but we’ve found that standards are not always where they need to be. This needs to change.' The FCA is calling on all second charge firms to consider the findings carefully and take appropriate action. Brokers for the wider mortgage market should consider the findings, especially on record keeping and quality assurance, and whether they can make improvements.The regulator has continued its engagement with the firms included in the review to ensure shortcomings are addressed. While the regulator has already seen some of the market act on its calls to improve customer understanding, over the next year it will: Continue to work with firms to drive improvements across the second charge marketKeep monitoring second charge firms and take action where it has concerns – using the full range of regulatory powers where neededBegin to consider any mortgage policy changes needed to support good outcomes for consumers consolidating debt.Notes to editorsRead Second charge mortgages – improving outcomes for consumers.Second charge mortgages let homeowners borrow extra money using the equity in their home, without having to change their existing mortgage.Second charge mortgages make up a small proportion of the total mortgage market - typically less than 4% of regulated mortgage sales.We have publishedour new Regulatory Priorities Retail Mortgages report, which sets out key actions firms should take over the next year, plus the areaswe’llbe focusing on. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

On 23 January 2026, the FCA imposed requirements on Sendsii Ltd which prevent them from carrying out any regulated activity. The FCA has issued a First Supervisory Notice to Sendsii Ltd after HM Revenue and Customs (HMRC) suspended the firm’s registration on 9 October 2025. The suspension means that Sendsii Ltd no longer met the conditions required for its FCA authorisation under the Payment Services Regulations 2017.These requirements prevent Sendsii Ltd from carrying out any regulated activity, including money remittance, without the FCA’s prior written consent. The firm is required to return all funds held for or on behalf of existing customers in accordance with all relevant legal and regulatory requirements.Full details of the requirements can be found on the Financial Services Register.Consumers who need to send or receive money should use an alternative authorised payment firm. If you were expecting funds from Sendsii Ltd and have not received them, please contact our Supervision Hub.

Rajinder Gill and accomplices have been sentenced for their involvement in a sale-and-rent-back scheme. Mr Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages. As accomplices in the scheme, Amandeep Heer received a community order for 2 years with a condition of 250 hours of unpaid work, and Jetinder Sandhu has completed 100 hours' unpaid work over 12 months (as a condition of a 15-month suspended imprisonment, which was suspended for 18 months).Through Secure Property Consultants Ltd, Mr Gill targeted homeowners in financial difficulty, claiming he could sell their homes quickly, offering them cash advances and saying they could stay in homes as tenants. Victims were encouraged to sell their houses at less than market value, while he charged excessive, confusing or hidden fees – totalling £925,233. Some were evicted from their homes. Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Mr Gill and his accomplices preyed on vulnerable homeowners, turning financial difficulty into misery to fill their own pockets. Sale-and-rent-back comes with significant risks. If you are considering using it, always check the provider is authorised by the FCA.’In sentencing Mr Gill, His Honour Judge Weekes said 'there was a pattern of systematic exploitation’ and the 'victim impact [was] stark and troubling across the victims'. He added Mr Gill was 'dishonest and manipulative' and the sale-and-rent-back agreements 'particularly odious'.Once Mr Gill became aware of the FCA’s investigation he tried to conceal these activities and shut down the company, telling clients not to talk to the regulator.Mr Sandhu and Ms Heer, who was Mr Gill’s partner, supported the offending.Mr Gill pleaded guilty to 27 offences in relation to sale-and-rent-back agreements as well as credit agreements/mortgage contracts. He asked the court to consider a further 12 offences of the same nature at sentencing.Following a trial, Ms Heer was found guilty of committing 3 similar offences.The FCA has commenced confiscation proceedings to deprive the defendants of the proceeds of their crimes with a view to compensating victims.Mr Gill was disqualified from being a director of a company for 8 years.Consumers should check the FCA Firm Checker to make sure a firm and people they're dealing with are authorised.Notes to editorsRajinder Gill (date of birth: 27 October 1976) entered guilty pleas on 19 December 2025. Amandeep Heer (date of birth: 7 August 1980) was found guilty after a trial on 9 February 2026. They were both sentenced on 10 March 2026. Jetinder Sandhu (date of birth: 27 January 1979) was sentenced on 15 August 2024, having pleaded guilty on 7 June 2024 – this was previously subject to reporting restrictions.Mr Sandhu was sentenced on 15 August 2024 to 15 months’ imprisonment. This was suspended for 18 months with the conditions of completing 100 hours of unpaid work within 12 months and attending rehabilitation activity for up to 10 days.The misconduct occurred between 1 September 2014 and 7 November 2018.Sale‑and‑rent‑back schemes involve homeowners selling their property – often at a discount – with an agreement to stay in their home as tenants paying rent. They’re usually a last resort for people facing debt or repossession and are considered high risk, and firms offering them must be authorised by the FCA.In 2013/14, the FCA investigated Mr Gill for entering into sale-and-rent-back agreements with members of the public. In November 2013, Mr Gill signed an undertaking not to enter into, promote, administer, advise on or arrange sale-and-rent-back agreements, and agreed to remove all references to the products in adverts his companies placed in the media. In August 2014, he signed a further undertaking not to conduct any regulated activity without authorisation.Under Section 19 of the Financial Services and Markets Act 2000 (FSMA), a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt (this is the General Prohibition). Any person who breaches Section 19 of FSMA is committing a criminal offence for which the maximum sentence is 2 years’ imprisonment.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Speech by David Geale, executive director, payments and digital finance, and PSR managing director at the MoneyLIVE Summit 2026, London. ConsolidationRule 1 is ‘Out of clutter, find simplicity.’The Government announced its intention to consolidate the PSR into the FCA about a year ago. It was a decision we welcomed.Our work has always been complementary, and we made it work.As an economic regulator, the PSR is focused on getting the foundations right – the payment systems and infrastructure that enable the ecosystem to operate.And as the conduct authority, the FCA focuses on what sits on top – the delivery of the services and products consumers rely on.But, that separation was a product of its time. The world was different then – we needed the specific focus on competition, innovation and access in payments infrastructure that came from the PSR.Since then, both we and the market have evolved and grown. The ecosystem is too intertwined to treat parts in isolation.Consolidation helps us take a more joined-up approach.One of greater coordination, clearer responsibilities and smoother delivery for firms, who will no longer have to navigate two sets of front doors to get answers. And for us, one view across the ecosystem.Ahead of legislation, we have worked to find simplicity where we can.For example, many PSR colleagues have moved to the FCA as part of a phased transition and creation of new organisational structure. This allows us to maintain our momentum while realising the benefits of closer alignment.So that the regulation of payment systems continues, the PSR will stay in place, with its own governance, while its powers are transferred. We expect both the outcome of the Government’s consultation and a roadmap to the completed consolidation soon.However, already under our new structure, a single, joint payments horizon scanning team ensures our priorities across the FCA and PSR are aligned.So we can plan the work programme and areas of focus – together.This will change how we engage externally, but it is important to be clear: the PSR’s work will remain a core part of the FCA’s mission.And our objective to look across the ecosystem is as important as ever. Competition, access and innovation are essential components of making the market work well.And key in how we help the FCA be a smarter regulator and drive growth.

We have appointed 2 new senior leaders, further strengthening our capability across key areas of our remit. Chris Knight will join us in July 2026 as director of insurance within our Supervision, Policy and Competition (SPC) division. He joins the FCA from Legal & General, where he has been the group chief risk officer for the last 5 years and member of the Group management committee. Prior to this, he was CEO of Legal & General Retail Retirement for 3 years.David Lymburn joined the Payment Systems Regulator (PSR) on 23 February 2026 as interim deputy managing director. David brings over 15 years’ experience in financial services, including as chief operating officer and global payments programme director at Nordea Bank and payments roles at the Royal Bank of Scotland and Lloyds Banking Group. He will serve in this interim role while the permanent recruitment takes place.Sarah Pritchard, deputy chief executive, FCA, said:'We welcome Chris and David into their new roles. They bring considerable industry and leadership experience and will play a vital part in driving forward our strategic priorities – strengthening our capabilities, accelerating our journey to become a smarter regulator, and ensuring we continue to support economic growth and improve lives across the UK.'

We're concerned that HDH Investment Services Limited may have given unsuitable financial advice to some of its customers, potentially leading to financial loss. We recently placed restrictions on HDH Investment Services Limited (HDH). From 20 January 2026, HDH agreed to stop carrying out all regulated activities. This now means the firm can't give investment advice.HDH also agreed to write to all customers to explain what these restrictions mean for them. What customers should do nowIf you think you were given unsuitable advice, or you're unhappy with the service you received from HDH, you have the right to complain.We know this news may be worrying. If you have concerns, you can use our contact form to get in touch. If you're a customer of HDH and need financial advice, you should contact another FCA‑authorised financial adviser. You can find information on finding an adviser on MoneyHelper. You can also use the FCA Firm Checker to make sure a firm is authorised and has permission to provide the services you're looking for.Stay alert to scamsIf you're a customer of HDH, you may be contacted directly by the firm. However, if you're unsure whether a call is genuine, end the call immediately and contact them using the details on Firm Checker.You may also be contacted by the FCA. But if you're concerned about who you're speaking to, please do call us back on 0800 111 6768. Our team won't mind waiting for you to check. Find out more about how to spot fake FCA communications. People are being increasingly targeted by recovery room scams. This includes where fraudsters approach investors who have been given unsuitable advice, offering to help them for an upfront fee. Find out more about how to protect yourself from scams.

Speech by Lucy Castledine, director of consumer investments, at the TISA Inclusive Investing Conference 2026. Speaker: Lucy Castledine, director, consumer investmentsEvent: TISA Inclusive Investing Conference 2026Delivered: 4 March 2026Note: this is the speech as drafted and may differ from the delivered version.Reading time: 11 minutesKey points:Consumer investments are a cornerstone of the UK economy, with over 5,000 authorised firms and their representatives, serving 19 million adults – around a third of our population. Our sector safeguards the future of individuals and families up and down the country.Building a stronger investment culture is critical for consumers’ financial lives. We’re excited to work with firms on plans such as targeted support.For a strong investment culture, consumers need trust, confidence in good consumer outcomes, and reassurance in strong financial crime controls.Through all this, we recognise that the consumer investments landscape is changing – and we want to hear from firms.

John Wood Group PLC (Wood Group) has been fined £12,993,700 for publishing inaccurate information in its financial results. Following the poor performance of certain projects, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results. Wood Group did not have adequate systems, controls or procedures to prevent this from happening.This resulted in Wood Group publishing inaccurate information in its full-year 2022 and 2023 financial results and the half-year 2024 results. The company failed to take reasonable care to ensure that its announcements about those results were not false or misleading.These issues came to light from November 2024 onwards. Wood Group’s share price fell by 78% by April 2025 and its shares were suspended in May 2025.Steve Smart, executive director of enforcement and market oversight, said:'Investors rely on accurate information to make decisions. Wood Group failed to provide this and fell well short of the high standards we expect of listed companies.'The FCA opened its investigation into Wood Group in June 2025 and concluded it within 9 months. This is an example of how the FCA is improving the pace of its enforcement investigations.Wood Group accepted the findings and so qualified for a 30% reduction in its financial penalty.Notes to editorsFinal Notice 2026: John Wood Group PLC (PDF)Wood Group agreed to resolve the case at an early stage and qualified for a 30% discount on the penalty imposed. Without this discount, the FCA would have imposed a financial penalty of £18,562,500 on Wood Group.The FCA announced its investigation of Wood Group in June 2025: FCA Press Release.The FCA has imposed the financial penalty on Wood Group for the following breaches:Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information; andListing Principle 1 (a listed company must take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations)On 30 October 2025, Wood Group published its restated financial results for the full years 2022 and 2023, which included material adjustments arising from the misconduct described above.

We'd also streamline the scheme, so millions get compensation in 2026. We're considering over 1,000 responses to our proposals for a compensation scheme for motor finance customers who were treated unfairly.If we proceed with a scheme, we are likely to make several changes. If we do go ahead, we expect to publish final rules in late March. The timing of publication will be outside market hours and we'll confirm the date in advance. Final decisions on the scheme have not yet been made. But to help firms prepare and ensure consumers get any money owed promptly, we're setting out some details now on how we intend to streamline the consumer journey and make it smoother for firms to operate.Given the scale and complexity of the scheme and in response to feedback, we're likely to introduce an implementation period of 3 months, with up to 5 months for older agreements. Firms could choose to process claims under the scheme sooner.We would also streamline the process for consumers and firms.People who complain before the scheme starts would no longer be asked if they wish to opt out. Instead, within 3 months of the end of the implementation period, their lender would tell them whether they're owed compensation, and how much. Consumers receiving a redress offer would be able to accept it immediately, rather than waiting for a final determination. Firms would not be required to write to customers via recorded delivery. We would allow a range of channels that best meet consumers' needs with appropriate safeguards to prevent fraud. Even with an implementation period, streamlining the process means millions of people would receive compensation in 2026.Our advice remains that anyone concerned they weren't told about commission involved in their motor finance deal should complain now. Doing so means they should get any compensation sooner. There is no need to use a claims management company (CMC) or law firm, and those who do may lose over 30% of any compensation.We've cracked down on poor practice by FCA-regulated CMCs. Over 800 misleading adverts have been removed or amended since January 2024 and we've intervened with 5 CMCs causing harm: 2 reduced exit fees and 4 agreed to stop taking on new clients until they can show they comply with our rules.The likely changes to the scheme were supported by many consumer groups and firms that responded to our consultation. As well as providing a better experience for consumers, the changes would help keep the cost of delivering the scheme proportionate, supporting a well-functioning market for the millions of people that rely on it.