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.

Under the Consumer Duty, firms must report annually on what their monitoring found about customer outcomes, and what actions they’ll take as a result.Good Consumer Duty Board reports provide clear evidence about outcomes – helping to turn governance into real change. Boards can ask better questions, hold people to account, and act quickly to make sure they aren’t causing harm or offering poor value. We’ve seen this lead firms to design better products, communicate more clearly and support their customers better. This means they fix issues sooner, and customers are more likely to get fair value and the help they need.With the third cycle of Consumer Duty Board reports on the horizon, now is a good moment to pause and reflect on what we’ve learned from year 2.The good news: the Duty is making a difference. Firms are continuing to mature in how they use data and insights to understand their customers' experiences. Boards are more actively shaping and scrutinising this work.Still, some areas need more attention to ensure reporting is genuinely outcome‑focused. Here’s where firms have made progress compared to our review of first year board reports, and where concentrating effort now will help them prepare for the next round of reporting.

The FCA has finalised a simpler UK short selling regime that reduces reporting burdens for firms, while maintaining regulatory oversight. Short selling plays an important role in financial markets by supporting price formation, providing liquidity, and facilitating risk management.The new rules follow legislative changes under the Government’s repeal and replace programme, which imply that the FCA will publish aggregated data showing the overall size of net short positions in each company rather than identifying individual short sellers.As well as implementing these changes, the new rules set out how the FCA will oversee short selling in a more proportionate and practical way.Firms will benefit from a more workable reporting timetable, with extra time to calculate and submit short position reports. In addition, rules for market makers have been simplified allowing eligible firms to make far fewer notifications to us about exemptions, replaced by an annual confirmation. This cuts administrative effort while retaining regulatory oversight.Jon Relleen, director of infrastructure and exchanges at the FCA, said: 'These changes give firms clearer rules and cut administrative burdens, while ensuring we have the information we need to keep the market fair. It is smarter regulation in action.'Notes to editorsRead the Policy Statement, rules and operational guidance.The FCA’s powers to intervene in exceptional market conditions, including through emergency measures, remain unchanged. The regulator set a high bar for the use of the emergency powers and only consider using them in exceptional circumstances.

Crypto will be regulated in the UK from October 2027. The FCA is finalising the wider cryptoasset regime, with rules to be published this summer. Parliament has now confirmed which cryptoasset activities will fall within the scope of regulation. Building on that, the FCA is consulting on new guidance to help firms understand how they might be affected by the regulatory regime for cryptoassets.The FCA is seeking feedback on its interpretation of the following regulated cryptoasset activities:issuing qualifying stablecoinoperating trading platformsdealing and arranging deals in qualifying cryptoassetssafeguarding cryptoassetsstakingThe proposed guidance supports the FCA’s aim for an open, sustainable and competitive crypto market people can trust.Crypto firms will be able to start applying for authorisation from September 2026. Ahead of this, the FCA is providing crypto firms with support on how to apply and to understand how the future regime could work.Until the new regime comes into force, crypto is largely unregulated except for financial promotions and financial crime purposes. As with all high-risk investments, people should only put in what they can afford to lose.Notes to editorsRead the full consultation.The consultation closes on 3 June 2026.This publication marks another step towards crypto regulation in the UK, following the making of the statutory instrument in Parliament on 4 February 2026.The FCA has set out the timeline for crypto regulation in its crypto roadmap.The FCA has consulted on stablecoin issuance and cryptoasset custody (CP25/14), prudential rules (CP25/15 and CP25/42), the application of the FCA Handbook (CP25/25 and CP26/4), regulating cryptoasset activities (CP25/40), and admissions and disclosures and market abuse (CP25/41).The FCA’s consultations on rules for the future cryptoasset regime are substantively complete, with policy statements to be published this summer. This perimeter guidance consultation complements that work by clarifying which activities fall within scope, with a final policy statement due in autumn.The authorisations gateway opens on 30 September. The FCA is hosting authorisation-focussed webinars to support prospective applicants, with an introduction to the upcoming regulatory changes and an intro to anti-money laundering regulations available on demand. The next webinar, on 29 April, focuses on the Senior Managers and Certification Regime.Later this year, the FCA will consult on decentralised finance (DeFi) guidance and separately on operational resilience guidance for firms using distributed ledger technology (DLT). It will also consult on updates to the Financial Crime Guide relevant to cryptoasset firms.Find out more about requirements firms must comply with.

The FCA has set out plans to take action against Hartley Pensions Limited and an individual involved at the firm. Hartley was a Self-Invested Personal Pension operator, which went into administration in July 2022. The FCA alleges that Hartley provided it with false and misleading information and improperly withdrew and invested substantial amounts of customers’ pension funds, without their consent, to benefit an individual at the firm.The FCA alleges that the individual dishonestly used the pension funds and made false representations to obtain money for a company that they owned. They then misled the FCA to conceal this misconduct.The issued Warning Notices are not the FCA's final decisions and there is a right to make representations to the Regulatory Decisions Committee. In the event that the FCA makes final decisions, it intends to make its findings public at the appropriate point, but it cannot provide any further detail beyond the Warning Notice Statement at this stage, including about any proposed sanctions.Notes to editorsWarning Notice Statement for Hartley Pensions Limited (PDF).Warning Notice Statement for individual (PDF).The FCA previously provided an update: Hartley Pensions Limited enters administration.In relation to the Warning Notice for the individual, subject to any written and/or oral representations to it, the Regulatory Decisions Committee may decide to take no further action, in which case the matter is discontinued, or to proceed with enforcement action, issuing a Decision Notice setting out the action to be taken. If a Decision Notice is issued, the subject may refer the matter to the Upper Tribunal. If it is not referred, or if the case is settled, the FCA will issue a Final Notice giving effect to the outcome.

Adverts which used edited, unauthorised clips of Martin Lewis to make misleading claims about average motor finance compensation and used the FCA logo without permission, have been banned by the FCA. Conclusive Financial Ltd (Conclusive), a claims management company (CMC), which also trades as PCP Refunds, was required to remove its advertising and update or take down its website until it complied with the FCA's rules. Conclusive has since removed the banned adverts.The FCA was also concerned that some of the firm’s adverts stated consumers would receive £1,846 on average for compensation for motor finance claims, with no explanation of how they reached this figure.Conclusive also promoted a 'No Win, No Fee' service on its websites, without a proper explanation of the fees, including any exit fees, people would be charged. It did not tell consumers that they could make claims for free to their lender or to the Financial Ombudsman Service without the need to use a CMC.Alison Walters, director of consumer finance at the FCA, said: 'Consumers should be wary of adverts that overpromise or give the impression they are endorsed by the FCA or well-known individuals. We will take swift action where rules are being broken.'Our scheme is free and people don’t have to use a CMC or law firm. If they do, it’s important that they can trust them.'A joint taskforce with the FCA, Solicitors Regulation Authority, Advertising Standards Authority and Information Commissioner’s Office was recently formed, which is the latest measure by the regulators to improve standards. Following FCA action, CMCs have removed or amended 899 misleading adverts since January 2024.Advice for consumersConsumers who have engaged with Conclusive and believe they have been misled by its advertising, should complain directly to Conclusive. If consumers are unhappy with the outcome, they can refer their complaint to the Financial Ombudsman Service.If a consumer, as a result of seeing these adverts, has signed up with a law firm, then they should complain to the law firm directly and the Legal Ombudsman if they remain unsatisfied.Notes to editorsFirst Supervisory Notice: Conclusive Financial Limited (PDF).Millions of car finance customers to get payouts this year as FCA goes ahead with compensation scheme.Consumers can make a motor finance claim for free. Check our website for more information.

Consumers and businesses could be given greater control over their financial data to help secure better deals, under a vision for open finance published by the FCA. Open finance will unlock the potential for people and businesses to share their financial data securely with a range of financial services providers, helping them access mortgages, investments, savings and pensions. This will give financial services firms a more complete picture of consumers’ and businesses’ finances, enabling more personalised and inclusive services, alongside more competitive pricing and stronger fraud protection.The FCA will prioritise exploring how open finance can help small and medium-sized enterprises (SMEs) improve access to credit and speed up loan applications. It will also examine how open finance can help consumers manage and improve access to mortgages.David Geale, executive director for payments and digital finance at the FCA, said: 'Open finance has the potential to transform how people interact with financial services. By giving consumers and businesses more control over their own financial data, we can help them access credit, secure better deals and receive more customised support – while fuelling innovation, competition and supporting economic growth.'To progress plans as quickly as possible, the FCA will engage with industry, consumer groups and fellow regulators in 2026 to develop a range of practical open finance use cases. This will be done through the FCA's Smart Data Accelerator and PRISM (Prioritisation and Real-world Insights Selection Matrix) Taskforce.Adam Jackson, chief strategy officer at Innovate Finance, said: 'Just as open banking has sparked the growth of many UK fintechs, so open finance can power a new wave of innovation. By unlocking high-quality data in a way that secures consumer trust, open finance can be a foundation for widespread adoption of agentic AI. We support collaboration between industry and the FCA to deliver the roadmap at pace, enabling agreement on priority use cases and datasets, and appropriate regulatory action to open these up to competition and innovation.'The FCA will work with HM Treasury on options for a regulatory framework for open finance by the end of 2027. Firms will be supported to introduce open finance products sooner where they are already able to access data and appropriate permissions are in place.Notes to editorsRead the roadmap: Open finance: our vision for a smart data future.The FCA’s Smart Data Accelerator allows firms to test emerging technologies and use cases for open finance in a secure space, supporting agile and dynamic policymaking.The FCA-led PRISM (Prioritisation and Real-world Insights Selection Matrix) Taskforce will create a clear, reusable framework for assessing the impact of open finance use cases.The FCA will consult on its proposed long-term regulatory framework for open banking before the end of 2026. Open banking is a secure and regulated way for people and businesses to share access to payments data from their bank account with trusted apps and services.Open banking has approximately 17 million users, representing nearly 1 in 3 adults in the UK.Research by Open Banking Limited and EY suggests that the economic impact of open banking and open finance combined could reach £7.4bn per year in 5 years. For more information, visit open banking and open finance.

How we're investing in data and analytics in consumer financeOur goal is regulation that is evidence-based, targeted, and achieves good outcomes for consumers. That’s why we’ve been using richer datasets and sharper data science to drive better outcomes in the consumer finance market, widen financial inclusion, and support economic growth.This blog post explains one way we've been doing that, in a proof-of-concept undertaken by the team of Isabela Barra, Daniel Bogiatzis-Gibbons, Lawrence Charles, and Wenjin Li (detailed results in the Technical Annex (PDF)).We draw on credit file information from a major Credit Reference Agency (CRA), an existing source of data that the FCA has been using since 2018. We apply novel advanced statistical methods to draw new insights from it on which consumers are likely to fall into distress on their credit products and at what time. We can do this given we have a wider market view than an individual firm’s data sources.This means we can:Spot patterns that reveal emerging or disproportionate harm among consumer groups based on past performance data.Sharpen our focus on affordability and vulnerability for consumers, separating momentary blips from ongoing strain.Get ahead of risks with earlier, more targeted supervision and timely engagement with firms.This focus gives us a market-wide view related to our rules on strengthening protections for borrowers in financial difficulty. These include requirements for firms to offer supports before customers fall into arrears, for it to be tailored, and to pay attention to customers with vulnerabilities.In future, we will use our product sales data (PSD) on credit agreements in data science projects. The PSD will further help us to plot trends in consumers' engagement across different credit products and identify triggers of financial distress across different consumer groups. The PSD will also have more comprehensive coverage than CRA data when fully operational.What we are doing: Looking at whole credit journeys, not just snapshotsNew datasets and uses of existing ones are driving exciting improvements in our analysis. Traditional credit indicators include delinquency rates, credit scores, and payment histories. They tend to flag problems after they have already crystallised.However, they often miss:Direction – whether a person’s financial position is getting stronger or weaker.Velocity – how quickly the stress is building.Persistence – whether early signs of stress fade or worsen.Combined signals – when several modest, individual changes that may be manageable on their own add up to increase risk.What’s different about our new approach is that it tracks how people move between different states of financial stability, emerging stress, and acute distress. By spotting those common patterns in consumers’ credit journeys early, it helps us prioritise groups of people and firms where financial stress is emerging.We assign each person to one of 5 segments at a given time:Distress (about 5% of users) – severe credit issues such as going bankrupt or falling more than 3 months behind on credit payments.At Risk (about 5% of users) – early warning signals (for example, recent missed payments, a high level of usage of their available credit limit, or multiple new unsecured accounts (like extra credit cards).Secured Credit Users (about 1 in 3 users) – at least one active mortgage and stable use of credit.Unsecured Credit Users (about 1 in 5 users) – active users of multiple unsecured products with stable behaviour.Low Credit Engagement (about 1 in 3 users) – limited or no use of formal credit.Using these definitions, we can see transitions between the 5 segments. See figure 3 in our Technical Annex (PDF). Most consumers remain stable, but there are clear flows from At Risk into Distress, and some recovery back to Unsecured or Secured.These transitions show that distress rarely just appears without warning signs. It usually comes after a period of instability, such as rising balances or missed payments. Equally, recovery is uneven. Some people stabilise quickly, while others remain in difficulty for longer.Identifying who is at risk is only part of the job. Timing also matters. We use what statisticians term 'survival analysis' to estimate how long someone is likely to remain financially stable and identify what factors change that timeframe.Using this analysis to take a forward-looking view across the entire consumer population shows that:Individuals in the Low Credit Engagement and Secured Credit groups remain financially stable the longest.The At-Risk group have the shortest period of financial stability.Having recent missed payments, multiple new unsecured credit accounts, or increasing use of a person’s available credit limit is associated with moving into the Distress group faster.What’s next: How analytics supports our consumer finance goalsBuilding on our work here, we will monitor how consumer journeys in credit develop over time. It will help us understand how people are accessing credit products. Then, we can proactively identify potential risks, allowing us to target supervision more effectively.That’s how we can help people weather changes in their financial circumstances and navigate their financial lives. For example, we recognise that consumers’ use of credit is evolving all the time. So, we will incorporate Deferred Payment Credit (DPC, often known as Buy Now Pay Later), products in future iterations of this analytical work.We’re keen to join forces with academics and tech innovators exploring credit file data to drive consumer outcomes. Please contact Lawrence.Charles@fca.org.uk. We also welcome continued input from financial firms and consumer groups through our Consumer and Practitioner Panels.Together, we can work to spot risk earlier, focus support where it helps most, and maintain credit markets that work well for consumers who rely on them.

On 21 November 2025, we imposed restrictions on Bazar Money Transfer Limited (BMTL), preventing it from providing regulated payment services. BMTL is registered with the FCA to provide money remittance services to retail and corporate customers.As BMTL was no longer meeting the conditions for registration as a small payment institution, we acted to impose restrictions to protect consumers, preventing BMTL from carrying out any regulated payment services.Following representations made by BMTL, on 6 March 2026, we issued a Second Supervisory Notice, keeping the restrictions in place.Anyone who needs to send or receive money should use an alternative authorised or registered payment services firm.Any BMTL customers who haven’t received expected funds should contact our Supervision Hub.BMTL is also not registered to carry on cryptoasset business and must not provide these services to customers.More informationYou can read the Second Supervisory Notice which outlines our concerns and the basis for imposing the restrictions.Find out more about the restrictions on the Financial Services Register.The FCA is the anti-money laundering and counter-terrorist financing supervisor of UK cryptoasset businesses under the Money Laundering Regulations (MLRs).Any cryptoasset exchange provider or custodian wallet provider which operates its business in the UK must be registered with the FCA – Cryptoassets: Who needs to register.