The latest FCA publications relevant to retail investment advice firms, pulled from the FCA's own RSS feeds.
News · 2026-09-25T12:23:00.000Z
On 25 September 2026, ITI Capital Ltd (ITI Capital) entered special administration. Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd (Teneo), were appointed as special administrators. ITI Capital is a FCA authorised and regulated brokerage company that helped customers invest in shares and bonds and looked after their investments.On 10 August 2025, ITI Capital agreed to stop carrying out most regulated activity (UK and overseas) and to stop accepting any new client money or custody assets.
News · 2026-09-25T10:24:00.000Z
Twenty-one Contracts for Differences (CFD) firms have closed since 2025, following a FCA crackdown. The FCA was concerned the firms were misusing their authorised status to mislead consumers. Three other firms are currently cancelling their permissions.The FCA has been challenging CFD firms that carry out little UK business but use their authorisation as a badge to make linked overseas companies look more trustworthy than they really are. This creates the misleading impression that consumers are dealing directly with a UK-regulated firm and benefit from UK protections when they do not.Firms have faced a range of actions, including restricting their trading abilities, requiring independent reviews of their business and opening enforcement investigations in the 2 most serious cases.Dominic Holland, director of sell-side supervision at the FCA, said:'Consumers need to know exactly who they're dealing with and what protections they have. When firms blur the lines between their UK-regulated activities and overseas businesses, we will step in. These closures show we're prepared to take action to protect consumers.'Consumers thinking about trading CFDs should remember that these products are complex and often involve high levels of leverage, meaning large losses can build up very quickly.Before opening an account, consumers should check carefully that they are dealing with a UK authorised firm if they want the protections that come with FCA regulation.Consumers should also use our Firm Checker to check they are dealing with a UK-authorised firm, and not an overseas firm with a very similar name to a UK firm. In the latter situation, UK regulatory protections are unlikely to apply.Notes to editorsCFDs are complex financial products used to speculate on the movement in prices on a wide range of assets. As a result, they carry a considerable risk of substantial losses.In 2019, the FCA restricted the sale of CFDs to retail customers.In 2024, the FCA set out priorities for the CFD sector (PDF).In 2025, the FCA warned investors in CFDs at risk of losing UK protections through redirection offshore.
News · 2026-09-24T11:59:00.000Z
We analyse the latest data from firms on the retirement income market, covering the year April 2025 to March 2026. ... We have collected data on the retirement income market since April 2015. The data helps us monitor market trends and developments. For example, it gives us insight into the actions that consumers take the first time they access a pension pot. We publish retirement income market data for the period 1 April 2021 to 31 March 2026. Data published before 1 April 2018 is available in separate tables. Up to 31 March 2018, the data was collected from a representative sample of firms. Since 1 April 2018, we have collected data from all regulated firms that provide retirement income products. Because of this change in methodology, you should take care when comparing data published before and after April 2018. Find out more about the source of the data.What’s included in the dataKey findingsFull data tablesInteractive dashboardsAbout the dataWhat’s included in the dataNumbers and types of pension plans accessed for the first time.Number of plans where the plan holder made a regular or ad hoc partial withdrawal.Use of advice when purchasing retirement products.Types of annuity options sold.Sources of business for retirement product providers.Number of defined benefit (DB) to defined contribution (DC) pension transfers received.Total value withdrawn by Pension Commencement Lump Sum (PCLS) and by all fully encashed plans.Stock data and advice on drawdowns. This can be found in the underlying tables 19, 19A, 19B, 19C and 20.Key findingsTotal number of pension plans accessed for the first time increased by 7.4% to 1,047,008 in the year ending 31 March 2026, compared with 974,990 in the previous year. Plans entering drawdown increased by 10.5% to 401,137 in the year ending 31 March 2026, compared with 362,946 in the previous year. In the year ending 31 March 2026, 64.5% of those who entered drawdown took a Pension Commencement Lump Sum, compared with 61.9% in the previous year, an increase of 2.6% percentage points. Annuity purchases increased by 13.2% to 100,144 in the year ending 31 March 2026, up from 88,430 in the previous year. The proportion of pension pots accessed through full encashment fell to 45.8% in the year ending 31 March 2026, compared with 47.4% in the previous year. Full encashment remained the most common way of accessing a pension pot but accounted for a smaller share of all pots accessed. The total value withdrawn from pension pots increased by 21.7% to £91,236m in the year ending 31 March 2026, up from £74,987m in the previous year. The proportion of pots accessed with a value of £250,000 or more also increased, reaching 8.6%, compared with 7.2% in the previous year, and 4.8% in the year ending 31 March 2024. In the year ending 31 March 2026, 30.8% of pension plans accessed for the first time were accessed by plan holders who took regulated advice broadly unchanged from 30.4% in the previous year. The number of DB to DC transfers continued to fall, decreasing to 6,083 in the year ending 31 March 2026, compared with 6,418 in the previous year. Chart tips: hover over the data series to view the data values and filter the data categories by clicking on the legend. ... Chart Data table Download *Full encashments by plan holders accessing their plans for the first time via small pot lump sum, drawdown or uncrystallised funds pension lump sums (UFPLS). Chart Data table Download Chart Data table Download ... Full data tablesOur downloadable Excel tables contain the data for the latest and previous periods. An issue was identified in Table 19a in the underlying data. It has now been corrected. We apologise for any confusion this may have caused. The data is also displayed in a series of interactive dashboards. About the dataData sourceWe have collected retirement income data from firms since the introduction of the pension freedoms in April 2015. For reporting periods up until 31 March 2018, we collected this from a sample of around 50 pension provider groups (estimated to cover around 95% of the defined contribution contract-based market at the time we started collecting the data).For reporting periods from 1 April 2018 onwards, we collected data from all regulated firms that provide pension and retirement income products. Firms report these using 2 regulatory returns:REP015 - retirement income flow data, collected twice a year for each 6-month period from the period 1 April to 30 September 2018 onwardsREP016 - retirement income stock and withdrawals flow data, collected annually at the end of each financial year from the period 1 April 2018 to 31 March 2019 onwardsThe 2025/26 publication includes newly published data for the year 1 April 2025 to 31 March 2026, alongside refreshed data for the period 1 April 2021 to 31 March 2025, and previously published data for the period 1 April 2018 to 31 March 2021.In relation to Table 10, a reporting issue was identified for the period April 2018 to March 2022. We advise users to be careful when comparing the data in Table 10 between this period with other data.Basis of the dataOur analysis reflects the data regulated firms submit to us using the above returns. We have carried out limited quality assurance checks on the data provided to us by firms. The data refers to the number of plans accessed, rather than the number of consumers accessing their plans, as some consumers have multiple pension plans.For fully withdrawn plans and plans accessed through partial UFPLS, the data includes only plans that had not been accessed before the reporting period. For drawdown and annuity purchases, the data includes all plans first accessed by those methods during the reporting period, regardless of any previous access through other methods.The notes to the underlying data tables provide further information based on the data in each table.Disclaimer The figures reported within this publication are based on submitted data as of 7 August 2026. Figures published prior to this publication may have changed because firms can resubmit their data. Any outcomes of this data using your calculations will remain your responsibility.CopyrightThe data on this page is available under the terms of the Open Government Licence.
News · 2026-09-24T11:58:00.000Z
This page displays interactive dashboards of the retirement income market, based on the data from 1 September 2021 to 31 March 2026. ... The interactive dashboard covers:Overview of pension pots accessed for the first timePension plans accessed by pot size and ageNumber of plans where the plan holder(s) made regular partial withdrawals by annual rate of withdrawal, pot size and age bandUse of advice and Pension Wise guidance when purchasing retirement productsOther metrics such as, the number of defined benefit (DB) to defined contribution (DC) pension transfers received, types of annuity options sold and sources of business for annuities and drawdown providers.Download the underlying data for the Tableau dashboards (xlsx)Note: March covers the period from 1 October to 31 March of the year indicated, while September covers the period from 1 April to 30 September. ... 1. OverviewChart tip: Use the ‘Select data or graphs’ filter to toggle between the data tables or graphs, or to select the dates. ... var divElement = document.getElementById('viz1727090397364'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='1687px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='1687px';} else { vizElement.style.width='100%';vizElement.style.height='3027px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); ... View the dashboard in Tableau2. Pot size and ageChart tip: Use the ‘Select data or graphs’ filter to toggle between the data tables or graphs, or to select the dates. ... var divElement = document.getElementById('viz1727184775183'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='959px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='959px';} else { vizElement.style.width='100%';vizElement.style.height='1477px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); ... View the dashboard in Tableau3. DrawdownChart tip: Use the ‘Select data or graphs’ filter to toggle between the data tables or graphs, or to select the dates. ... var divElement = document.getElementById('viz1665046812993'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='1191px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='1191px';} else { vizElement.style.width='100%';vizElement.style.height='2177px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); ... View the dashboard in Tableau4. Advice and Pension Wise guidanceChart tip: Use the ‘Select data or graphs’ filter to toggle between the data tables or graphs, or to select the dates. ... var divElement = document.getElementById('viz1665046958709'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='910px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='910px';} else { vizElement.style.width='100%';vizElement.style.height='2877px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); ... View the dashboard in Tableau5. Other metricsChart tip: Use the ‘Select data or graphs’ filter to toggle between the data tables or graphs, or to select the dates. ... var divElement = document.getElementById('viz1665047120133'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='100%';vizElement.style.height='1534px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='100%';vizElement.style.height='1534px';} else { vizElement.style.width='100%';vizElement.style.height='2077px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); ... View the dashboard in Tableau
News · 2026-09-23T12:17:00.000Z
Speech by Nikhil Rathi, FCA chief executive at TheCityUK dinner, sponsored by Nasdaq. Thank you to TheCityUK and Nasdaq for bringing us together this evening.It’s a fitting venue for us to discuss market transitions: the former HQ of Midland Bank, which of course became part of HSBC.And now HSBC Orion has become the first entrant approved to provide live Digital Securities Depository services.A useful reminder that financial infrastructure never stands still, and neither can we.A few years ago, discussions about digital assets were dominated by the technology itself. Could you tokenise a fund? Could you put a bond on a distributed ledger?Today, the conversations are about what the technology can enable, at what scale, and how fast…What this means practically for liquidity, capital formation, settlement.In other words: will these new technologies make markets work better? And how do we make that happen globally?
News · 2026-09-23T09:02:00.000Z
This review highlights key trends in money mule activity.
News · 2026-09-23T08:03:00.000Z
Financial firms are shutting down hundreds of thousands of suspected money mule accounts, but organised criminal groups are still shifting dirty money through multiple bank accounts before cashing out. An FCA survey found firms have closed an increasing number of suspected mule accounts over the last 3 years: 238,396 suspected mules had their accounts closed in 2025, up from 184,935 in 2023 and 233,269 in 2024.An increase in account closures could reflect broader customer growth alongside improvements in identifying and acting on suspected mule activity, rather than necessarily meaning mules make up a higher proportion of firms’ business.The National Crime Agency (NCA) estimates more than £100bn is laundered through the UK or UK corporate structures each year. Money mule activity is one way criminals move these funds, by using people’s bank accounts to receive or transfer money on their behalf.Account closures were highest among customers aged 26 to 39 (91,073), while the sharpest increase was among customers aged 40 to 49 (37,274 in 2025 up from 25,760 in 2024). Customers aged 25 and under (85,425) also represented a significant proportion of closures.The financial regulator also found evidence that criminals moved fraudulent funds through multiple accounts, usually cashing out between the second and fifth account. By this stage, payments are harder to detect and trace, and shows that firms need to crack down on activity as early as possible.Some accounts had been used repeatedly for mule activity before firms shut them down and had also been used for fraud. This points to an established criminal infrastructure rather than opportunistic, isolated incidents.The FCA, NCA, Home Office, the Treasury and industry are leading on 9 system priorities (PDF) as part of the UK’s response to economic crime. The FCA is playing a key role on the money mules priority by working with industry on an action plan to tackle the problem, including better ways for firms and law enforcement to share intelligence on suspected money mule activity.Steve Smart, executive director of enforcement and market oversight at the FCA, said:'Money muling is a crime and it's not victimless. It makes it harder to recover stolen cash and helps criminals move and hide the proceeds of serious offending. People should be wary of contact out of the blue, including via online channels, asking them to funnel money through their account as they could face prosecution.'It's good that financial firms are taking action on mules, but banks, law enforcement, technology companies and consumers all have a role to play in stopping people being drawn into criminal activity.'Notes to editorsRead our multi-firm review: Money mules: mule activity and cashing out findings.Alongside the National Economic Crime Centre, the FCA is alerting firms to its latest findings.Fighting financial crime is one of the FCA’s strategic priorities (PDF).The FCA surveyed 35 retail banks, building societies, challenger banks, payment institutions and e-money institutions. The FCA also established a public/private cell in 2025 – a working group with 22 regulated firms. The cell looked at 140 cases, covering 7 types of fraud.The FCA found card payments were the most common cash-out method and used to make lots of low-value transactions, or higher-value payments to local businesses and retailers. This can resemble legitimate consumer spending and be harder for firms to detect. Retail banks accounted for most transactions passing through mule accounts, whereas other firms experience lower volumes but higher-value transactions. This suggests different criminal behaviours, cash-out strategies and risk concentrations.The Home Office’s Fraud Strategy 2026 to 2029 recognises the role that money mule networks play in facilitating fraud and financial crime.This work follows previous publications on detecting and preventing money mules, and firms' use of the National Fraud Database (NFD) and money mule detection tools.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.
News · 2026-09-22T10:01:00.000Z
People seeking debt advice are being urged to watch out for red flags. Free debt advice is available to everyone. However, the FCA is concerned that some consumers are being steered towards fee-paying debt solutions that may not be suitable for their needs, sometimes through high pressure sales tactics, misleading information or being advised by firms that do not have the appropriate permissions.Red flags include:Pressure tactics: Feeling hassled, or repeatedly contacted, particularly after an online enquiry or unexpected phone call, and being pressured to agree to a debt solution quickly over the phone or via WhatsApp, without time to properly consider their options.Changing details: Being asked or encouraged to change details about income or outgoings on an application or assessment form, or being 'coached' to say certain things.Failing to disclose, or discouraging, fee-free alternatives: Being steered towards a fee-charging debt solution, such as Individual Voluntary Arrangements (IVAs) or some debt management plans, without alternative debt solutions being properly explained or offered first.Unclear identity: The person contacting the consumer does not explain who they work for, or their details do not match with the firm’s official details.Alison Walters, director of consumer finance at the FCA, said:'Anyone struggling with debt deserves advice that puts their interests first. Free, impartial debt advice is available to everyone, and no one should be pressured or misled into paying for a debt solution that may not be right for them.'The FCA recently took action against debt advice firm Curtis Faraday (PDF), after identifying serious concerns, which included leading customers to give answers that made them appear to qualify for a fee-charging IVA, rather than being offered impartial advice and a debt solution that may have better suited their circumstances. The FCA has stopped the firm from providing debt advice to new customers. The FCA has also recently banned Mr Howard Duckett, senior manager at debt advice firm Beauforce Corporation Limited, for a lack of honesty and integrity. The FCA is urging consumers who currently have a debt management plan arranged with Beauforce Corporation Limited to stop payments and seek alternative support. Notes to editorsRegulatory Priorities report: consumer finance (PDF)
News · 2026-09-21T12:57:00.000Z
The FCA has begun High Court proceedings against Osborne Baldwin Limited, which trades as Hunter Jones and Hunter Jones Group. The FCA alleges that Hunter Jones, which sells loan notes, carries out regulated activity without authorisation. The FCA is asking the court to stop Hunter Jones carrying out regulated activity and require money to be returned to investors.The proceedings are at an early stage. The court has not yet determined the claim and no trial date has been set.Consumers who deal with unauthorised firms are at greater risk and may lose access to important protections if things go wrong. The FCA strongly encourages consumers to use its Firm Checker.Anyone who has invested through Hunter Jones and is concerned about what this means for them, or has information to share with the FCA, should contact AvillConsumers@fca.org.uk.The FCA will provide more information for investors when it is able to do so.
News · 2026-09-21T11:04:00.000Z
The FCA is partnering across sectors to expand protection insurance coverage for millions of unprotected people. While the market is working well for consumers who have protection insurance, millions of people remain unprotected.Around 58% of adults have no life insurance, critical illness cover or income protection – and 59% of that group has never considered it. This means that millions could be left vulnerable in the event of a death in the family, serious illness or loss of income.To help more people consider whether protection insurance is right for them, the FCA will join forces with partners from industry, government and consumer groups. Actions include:The Money and Pensions Service and the Digital Property Market Steering Group will prompt people to think about protection at key moments - such as becoming a parent or buying or renting a home. The FCA is also exploring how other partners can help put protection on people’s radar when it matters most.The Protection Distributors' Group will lead a consumer awareness campaign, targeted at groups who are less likely to take out protection products.The Association of Mortgage Intermediaries will lead work to help advisers improve how they discuss protection with their customers.The work follows the FCA’s Pure Protection Market Study. The work will focus on groups who are disproportionately unprotected – such as renters, the self-employed and gig economy workers, those on lower incomes and people with pre-existing medical conditions.Graeme Reynolds, director of competition at the FCA, commented:'Competition in protection insurance works well for existing customers. But we’re working with partners to increase coverage – so that more people are protected when they or their families need it most.'The FCA wants to see greater innovation in this market. It will hold a webinar for firms to address any misunderstandings about its rules and expectations that may be seen as barriers. It will also work with the Association of British Insurers to reduce delays in obtaining medical records and is inviting firms to take part in a TechSprint - they should express their interest by 13 November. Wider issuesThe FCA has also published findings on switching, claims experiences, and fair value in the protection market. Generally it found that competition works well in the market, but it has reminded firms of requirements and good practice under the Consumer Duty and its product governance rules. It isn’t planning new market-wide measures, but will take action where firms fall short of requirements.Firms should review the examples and findings in the report and consider whether they need to improve how they deliver, and evidence, good outcomes for consumers.Notes to editorsRead MS24/1.5: Pure Protection Market Study Final report.
News · 2026-09-18T17:19:00.000Z
News · 2026-09-18T16:46:00.000Z
News · 2026-09-18T15:39:00.000Z
News · 2026-09-18T11:03:00.000Z
Speech by Lucy Castledine, director of consumer investments, at the 2026 Investor Summit. Speaker: Lucy Castledine, director, consumer investmentsEvent: Investor Summit 2026, LondonDelivered: 18 September 2026Note: This is the speech as drafted and may differ from the delivered versionReading time: 7 minutesKey points:How the FCA is supporting growth, innovation and wider access to investments.Why a wider range of support and clearer, simpler information is vital to helping people invest with confidence.How stronger action against scams and illegal promotions can build trust in markets.
News · 2026-09-17T13:02:00.000Z
Speech by Steve Smart, executive director of enforcement and market oversight, at the Law Society Economic Crime Conference 2026. IntroductionA few weeks ago, I visited the Bank of England Museum to see a new exhibition on financial crime. I had expected banknotes and gold bars – not bees.Rather than bullion, I saw a working beehive and learnt how colonies defend themselves by reading signals, sharing information and taking collective action.Every bee gets checked at the door. If something’s off, the colony responds – together, and quickly.That same instinct and partnership are what we need to fight financial crime.The criminals we’re up against don’t present themselves for checking, and the system we’re protecting is much larger than a hive.And with the threat of financial crime getting worse, the stakes are higher than ever.Fraud accounted for nearly half of all crime in England and Wales last year, and estimates suggest that over £100bn is laundered through or within the UK each year.Two sides of the same coin: fraud makes the money. Laundering moves and 'cleans' it.Increases in global instability and rapid technological change have made it easier than ever to commit both at scale.At the FCA, we disrupt financial crime every day across thousands of firms. And we are acting against the full spectrum of financial crime – from fraud and online scams to money laundering and insider dealing.But we still don’t have the whole picture, or all the answers.Nobody does.If we’re going to take this on, we have to do it together, and work across the system as partners.
News · 2026-09-17T11:31:00.000Z
The FCA and partners have taken further action against illegal peer-to-peer crypto trading in London. The FCA has carried out further operations with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations.Working with HM Revenue & Customs (HMRC) and the Metropolitan Police Service, the FCA targeted 3 premises suspected of illegal peer-to-peer crypto trading.Cease and desist letters were issued at all 3 premises, requiring traders to stop any suspected illegal crypto businesses.Peer-to-peer trading is when individuals buy and sell crypto directly with each other. Anyone doing this by way of business in the UK requires appropriate registration. There are currently no FCA registered peer-to-peer crypto businesses operating in the UK.Unregistered peer-to-peer crypto traders operating by way of business in the UK can provide a route for criminals to move and launder illicit funds. By operating outside the FCA’s registration regime, they avoid controls designed to detect and prevent money laundering.Steve Smart, executive director of enforcement and market oversight at the FCA said:'Working with partners, we continue to track and disrupt illegal crypto activity. Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.'Detective sergeant Sathish Alalasundaram at the Metropolitan Police Service said:'Law enforcement and partner agencies are working significantly hard to tackle criminal activity involving digital assets. The complex nature of cryptocurrency, combined with the speed at which funds can be moved across jurisdictions, presents ongoing challenges for those investigating.'As criminals continue to adapt their methods, the Met Police continues to evolve and adapt our investigative capabilities and disruption tactics to bring those who break the law to justice.'This operation follows action taken by FCA against illegal peer-to-peer crypto trading businesses in April. Evidence gathered during that operation is being used to support criminal investigations and other enforcement action.The FCA has a track record of tackling illegal cryptoasset activity, including prosecuting the operator of an unlawful crypto ATM network and supporting the arrest of two individuals suspected of running an illegal crypto exchange.The FCA continues to work with its partners across the UK and abroad 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.The action took place on 10 September 2026.Crypto is a high-risk investment and remains largely unregulated in the UK, except for anti-money laundering and financial promotion until October 2027.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.
News · 2026-09-17T10:36:00.000Z
Small and medium-sized enterprises (SMEs) could access finance more easily after the FCA sets out practical steps to help. An FCA review found no evidence that its regulation is a major barrier for SME access to finance. Many of the challenges identified relate to wider market, information and capability challenges.The review found that the challenges are often greatest for microbusinesses, which make up 95.5% of all SMEs and are less likely to use external finance. Limited awareness of finance options, complex application processes, duplicated checks, and difficulties accessing products suited to businesses with limited collateral or largely intangible assets were all highlighted as issues.As part of its commitment to supporting growth, the FCA is focusing its next steps in three areas to help reduce friction:Supporting a more proportionate regulatory regime through Consumer Credit Act reform.Helping unlock the benefits of open finance, including prioritising SME lending as a key use case.Monitoring industry work to explore whether digital verification could reduce duplication in customer checks, while maintaining effective financial crime controls.Graeme Reynolds, FCA director of competition, said:'Small businesses need to be able to access the finance they need at the right time to start up, grow and invest. Our regulation is not a major obstacle - that does not mean the system works as well as it could. We're focusing on where we can make a practical difference by reducing unnecessary friction, supporting a more proportionate regulatory framework and helping unlock the benefits of open finance.'The review complements wider government and regulatory work to improve access to finance for smaller businesses. Where stakeholders identified issues that fall outside the FCA's remit, such as on alternative lending, it has shared those findings with the relevant government departments and bodies best placed to address them.Notes to editorsThe FCA's review examined whether its regulation affects SMEs’ ability to access finance.It was carried out as part of the FCA's wider commitment to support sustainable economic growth and improve the effectiveness of financial markets.The review was informed by extensive engagement with SME representative organisations, lenders, trade associations, government departments and public bodies involved in SME finance, as well as academic research benchmarking SME lending in the UK against global comparators.The review considered both the role of regulation and wider market factors affecting access to finance for SMEs.The review focused on the part of SME lending most directly affected by FCA regulation, namely business lending of £25,000 or less to sole traders and small partnerships, which generally falls within the consumer credit regulatory perimeter. Much SME lending, including lending to limited companies, business lending above £25,000 and parts of the alternative lending market, falls outside the FCA’s remit.The FCA recently published its open finance roadmap and will continue developing proposals for the first open finance scheme. An upcoming discussion paper will outline options and considerations for the first open finance scheme, with SME lending one of two prioritised use cases. The FCA will continue engagement, further infrastructure testing and TechSprints.The Treasury is reforming the Consumer Credit Act to support a more modern and outcomes-based regime, while retaining key protections. Following legislative reform, the FCA will consult on the future regulatory framework, helping to address concerns about the cost and complexity of some regulated SME lending.UK Finance is supporting work on a voluntary digital verification service that could reduce duplication in customer checks. The FCA is monitoring this industry-led initiative to understand whether it could help reduce friction for SMEs while maintaining effective financial crime controls.
News · 2026-09-17T10:34:00.000Z
Our review finds FCA regulation is not a major barrier to SME finance, but highlights frictions we and others can help address. ... Read the Feedback Statement (PDF)Why we asked for feedbackSmall and medium-sized enterprises (SMEs) – businesses with fewer than 250 employees and an annual turnover under £44m – account for 60% of employment and 51% of turnover in the UK private sector. Their ability to access finance is, therefore, important for economic growth. Yet only 21% of the total value of UK business loans are provided to SMEs and 54% of SMEs are not using external finance in any capacity.Supporting SME access to finance aligns with our 2025 to 2030 strategy, including our commitment to support growth it is a key area of the Government’s growth mission. We therefore asked stakeholders whether our regulation creates significant barriers to SME access to finance and whether there may be opportunities to improve our regulatory framework.Findings and next stepsWe found no evidence that FCA regulation is a major barrier, though SMEs face demand-side and supply-side challenges, including some smaller regulatory frictions. We will be focusing our next steps on 3 areas of the FCA’s work, some of which is underway, which could help reduce regulatory frictions and some of the other challenges identified and promote economic growth:Monitor industry work to explore whether digital verification could reduce duplication in customer checks, while maintaining effective financial crime controls.Deliver a proportionate regulatory regime as part of Consumer Credit Act reform.Enable open finance to develop by prioritising high-impact use cases, including SME lending and consumer mortgages.We welcome stakeholders contributing to these different strands of work through engagement opportunities in due course. Where stakeholders identified issues that fall outside our remit, we shared those findings with the relevant bodies best placed to address them.BackgroundWe launched this work in March 2026 to understand how our regulation affects SME access to finance. We focused on business lending of £25,000 or less to sole traders and small partnerships, as this activity falls within our consumer credit regulatory perimeter. Around 60% of SMEs seeking finance in the last 3 years sought less than £25,000, so this perimeter is relevant to a large share of lower-value SME finance.We collected feedback through a number of channels – our informal call for input, to which we received 19 written responses; bilateral engagements with trade associations, SME representatives, intermediaries, and government bodies; and a roundtable attended by over 40 organisations.Our review complements wider government and industry action, including the Treasury's Consumer Credit Act reform, the Bank of England's work on access to finance for high-growth firms, and the British Business Bank's increased financial capacity of £25.6 billion. It also supports our 2025 to 2030 strategy commitment to unlock open finance, alongside our focus on promoting economic growth.
News · 2026-09-17T10:00:00.000Z
Read our findings on good practice and areas for improvement in payments firms’ approaches to supporting consumers in vulnerable circumstances. ... The Consumer Duty (the Duty) sets a high standard for retail consumer protection. We reviewed a sample of payments firms to assess how they are supporting consumers in vulnerable circumstances and whether they are delivering good outcomes. We found many examples of positive practice but also opportunities for firms to strengthen how they identify vulnerability, monitor outcomes and improve support.The examples we outline below are intended to help firms learn from the experiences of others. This publication sets out our findings and highlights practices which can help firms to meet their obligations under the Duty and support customers in vulnerable circumstances. What firms should do nowFirms should consider these findings when assessing whether their own approaches are effective. This publication does not introduce new requirements or prescribe a particular way to meet our expectations. Not every example will be relevant to every firm. What is appropriate will depend on the firm's business model, customer base, products and services, and the nature and level of vulnerability within its target market.Firms have flexibility in how to meet their obligations under the Duty. However, they should be able to show that they:understand their customers’ needsprovide appropriate supportdeliver good outcomes
News · 2026-09-17T09:00:00.000Z
During our review of consumer vulnerability, we saw how relatively simple changes can make a real difference. One payments provider serving small business customers found that some customers were struggling to set up and manage their accounts because of limited IT literacy.The firm responded by arranging callback support to help customers set up their accounts. As a result, customers were able to manage their accounts successfully, without needing to invest in expensive new systems or roll out elaborate new processes.
News · 2026-09-16T21:13:00.000Z
We are investigating potential offences by Euro Exchange Securities UK Ltd (EES). The reason for opening the investigation is that it appears to us that, between 1 February 2020 and 4 June 2026, EES may have committed offences under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).EES may have failed to take appropriate steps to identify and assess the risks of money laundering, including in relation to its customers, the countries or geographic areas where it operated, its services, its transactions and delivery channels, and sufficiently document and update that assessment.It may also have failed to establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering identified in the risk assessment (as above), including in relation to:customer due diligenceongoing monitoring controls internal governance and oversightresourcing and allocation of responsibilitiesrecord-keeping and escalation/reporting mechanismsWe have not yet reached any conclusions in this investigation as to what has happened or as to whether EES has breached any relevant requirements.More informationOur opening of this investigation is further to:Our announcement on 4 June 2026 confirming that we had required EES to cease carrying on any regulated electronic money or payment services and had successfully applied to the court for appointment of interim managers over EES due to the serious concerns around the way EES had operated its business indicating that there were significant risks of financial crime.Our further announcement on 11 June 2026 confirming the High Court appointment of special administrators, Duncan Perring and James Bennett of Teneo Financial Advisory Limited, under the Payment and Electronic Money Institution Insolvency Regulations 2021, who had taken control of the firm and had secured a significant amount of material and frozen funds.The First Supervisory Notice (FSN) published on 2 August 2026. The FSN of 2 June 2026 confirmed that EES could not carry on electronic money services or payments services. It also placed an assets requirement on the firm requiring it amongst other things to not return, transfer, or deal in electronic money and ensure that all relevant funds are appropriately ringfenced in a designated safeguarding account.
Guidance · 2026-09-16T11:00:00.000Z
New FCA guidance will help firms understand how the law underpinning the UK's future cryptoasset regime applies to their business. It also sets out which activities may require FCA authorisation. The regime comes into force on 25 October 2027. With applications for authorisation opening from 30 September 2026, firms need this guidance now to help them prepare. The guidance covers activities including issuing qualifying stablecoins, operating cryptoasset trading platforms, dealing and arranging deals, safeguarding cryptoassets and arranging cryptoasset staking.David Geale, executive director of consumers, payments and competition at the FCA, said: 'We are building a crypto regime that firms, consumers and international partners can trust. Getting ready for regulation starts with understanding how the regime applies to your business. This guidance gives firms the clarity they’ve asked for so they can prepare with confidence.'This guidance follows the FCA's extensive work to prepare for the new regime, including finalising its rules and guidance in June 2026. The FCA is supporting firms to prepare including through pre-application discussions and webinars.The Government has also made targeted changes to the law, including some limited exclusions and further clarity for certain technical services providers. These changes will not affect most crypto firms, which can use this guidance now to prepare for authorisation. The FCA will, however, consult in October on targeted updates to this guidance in light of these legal changes.Notes to editorsRead the policy statement on the cryptoasset perimeter guidance.This follows legislation set out by the Government in February 2026 to bring cryptoassets into UK regulation.The Government has published amendments to that legislation, introducing targeted exclusions and clarifications that provide greater certainty on the scope of the regulatory perimeter. The FCA will consult on changes to the perimeter guidance in October.The consultation in October will cover the targeted changes relating to UK qualifying stablecoins, proprietary trading and market making, certain technology providers, decentralised protocols, safeguarding arrangements involving central securities depositaries and financial promotions.The authorisation gateway for firms will open on 30 September 2026. Pre-application support meetings are available.The FCA is hosting webinars to help firms understand its rules and prepare for authorisation. An introduction to the UK’s new crypto regulatory regime is available on demand. The next webinars will cover: applying the FCA handbook; getting authorised and the prudential framework.Find out more about the requirements firms must comply with and how firms can prepare for crypto authorisation.
Policy Statement · 2026-09-16T09:00:00.000Z
We have published final guidance on when cryptoasset activities need FCA authorisation. ... Read PS26/18 (PDF)Why we are changingFrom 25 October 2027, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (the Cryptoasset Regulations) will introduce new regulated activities for cryptoassets into our perimeter. Anyone wishing to carry on these activities by way of business in the UK will need to apply for authorisation, unless there is a relevant exemption or they are able to use the savings or transitional run off provisions.Our guidance aims to help firms understand our regulatory perimeter and when authorisation may be required for cryptoasset activities. Who this is for This is relevant to: firms carrying out, or planning to carry out, regulated cryptoasset activities in the UK, such as safeguarding cryptoassets, operating a trading platform, or arranging deals or staking firms already authorised that may need extra permissions firms registered under the Money Laundering Regulations (MLRs) issuers of electronic money and payment service providers traditional finance firms exploring cryptoasset markets overseas firms providing cryptoasset services to UK consumers Next steps Read our guidance and work out whether you need FCA authorisation or a variation of permission. Existing registrations and permissions won't convert automatically. The application window opens on 30 September 2026 and closes on 28 February 2027 for firms wanting to use the transitional arrangements. Get independent legal advice if you're unsure how the rules apply to you.We'll support firms throughout, including through webinars and our pre-application support service (PASS). Dual-regulated firms should also contact the Prudential Regulation Authority (PRA). We plan to consult on further changes to our perimeter guidance in late 2026, following a Government statutory instrument amending the underlying regulations. We aim to publish that guidance in early 2027.Background We consulted on this guidance in April 2026 (CP26/13) and received 78 responses. Most respondents supported our approach. This guidance builds on our core cryptoasset regime and supports our aims of protecting consumers and keeping markets fair as the UK becomes a trusted home for cryptoasset innovation. On 30 June 2026, we published a series of policy statements on our cryptoasset regime. These policy statements set out our final rules and guidance on admissions and disclosures and market abuse (PS26/9), stablecoin issuance (PS26/10), regulated cryptoasset activities (PS26/11), prudential rules (PS26/12), and the application of the FCA Handbook (PS26/13).
News · 2026-09-15T10:13:00.000Z
The FCA has banned Nurul Miah, also known as Neil Mia and Neil Miah, from working in financial services. The FCA acted after the Solicitors Regulation Authority (SRA) found that Mr Miah, who was a non-legal manager at Kingly Solicitors Limited, dishonestly caused or allowed more than £28m of client money to be taken from client accounts without permission between April 2019 and July 2020.The SRA also found that more than £10m of client money was missing and had been used by Mr Miah for his own benefit.Mr Miah was approved by the FCA in 2016 to work in senior management roles at an unconnected firm, Oracle Consultants Ltd.The FCA has concluded that Mr Miah’s actions showed he lacked the honesty and integrity needed to work in financial services.Therese Chambers, executive director of enforcement and market oversight, said:'Mr Miah dishonestly used client money for his own benefit. He has no place in financial services.'We have banned him to protect consumers and help maintain confidence in the financial system.'Notes to editorsFinal Notice: Nurul Miah (PDF).The FCA is publicising this decision so consumers and firms know that Nurul Miah, also known as Neil Mia and Neil Miah, cannot work in financial services.See the Solicitors Regulation Authority's press release.
News · 2026-09-14T16:10:00.000Z
On 10 September 2026, Premier Payment Solutions Ltd, which traded as PPS Money and MTBS (together, 'PPS Money'), entered liquidation. Bai Cham and Gary Shankland of BTG Begbies Traynor were appointed joint liquidators. PPS Money is registered as a small payment institution under the Payment Services Regulations 2017 (the PSRs). The firm provided money-remittance services, primarily supporting money service businesses to make cross-border payments, including through its network of FCA-registered agents, which are businesses or individuals registered to provide payment services on its behalf. See a list of PPS Money’s current and former agents.PPS entered liquidation after the directors determined that the firm could no longer continue trading. The joint liquidators are responsible for assessing customer claims against the firm and distributing funds back to customers where possible.If you have any questions regarding the liquidation process, please contact: premier.ps@btguk.com.We will continue to engage with the joint liquidators and take any necessary actions to seek the best outcome for consumers.
News · 2026-09-14T14:47:00.000Z
Crispin Odey’s ban from the financial services industry has been upheld by the Upper Tribunal, which found he lacked integrity. Mr Odey was the founder and majority owner of Odey Asset Management (OAM). He faced an internal disciplinary process for breaching a final written warning relating to repeated and persistent inappropriate behaviour towards female employees.In response, Mr Odey bullied and threatened his executive directors. He then twice dismissed OAM’s executive committee (ExCo) when they did not give in to his improper pressure. Mr Odey was only willing to answer to a governing body that would make a decision he agreed with, which was not to sack him. By removing them, he brought the internal disciplinary process to a halt.Mr Odey’s only purpose was self-preservation and to avoid being held to account for his behaviour. He abused his power and disregarded the impact that his actions had on the firm and its employees – in particular women who had to work in a culture where his inappropriate behaviour had been normalised – sending a clear message that he was effectively untouchable.The Tribunal considered Mr Odey’s attempted justifications for removing the ExCos to be no more than a smokescreen. He thought he should have free rein to conduct himself with female staff according to his own impaired judgment as to what was appropriate.The FCA’s case against Mr Odey comprised of 5 allegations. The Tribunal fully upheld them all and agreed that each demonstrated his lack of integrity. Alongside the allegations arising directly from his dismissal of the ExCo's, the Tribunal upheld the allegations that Mr Odey’s dealings with OAM, its clients, its investors and the FCA lacked candour. This included false assertions to and threatening behaviour towards the FCA’s staff.The Tribunal found that during the trial, Mr Odey demonstrated a lack of insight into why his conduct lacked integrity, expressing no contrition for his behaviour and wrongly considering himself the victim. In multiple respects, the Tribunal found that Mr Odey’s evidence lacked credibility.Therese Chambers, executive director of enforcement and market oversight at the FCA said: 'Mr Odey clearly thought he could act with impunity. He twice sacked those tasked with protecting female employees from his inappropriate behaviour when they tried to hold him to account. He felt the rules shouldn’t apply to him and acted to save his own skin.'During the hearing he reinvented history, painted himself as a victim and displayed no contrition. That arrogant entitlement and the resulting complete disregard for proper governance means Mr Odey is unfit to work in financial services.'The FCA had proposed to fine Mr Odey £1.83 million alongside the ban. The Tribunal decided to reduce this to £1.53m.Notes to editorsUpper Tribunal findings.Notice of Decision for Robin Crispin William Odey.The fine was reduced after the Tribunal decided that there should be no uplift for aggravating factors that the FCA had applied as part of its calculation.
News · 2026-09-14T10:00:00.000Z
We’re seeking views on whether tokenising gold could improve how it is traded, transferred, pledged and held in UK markets. ... Read the Call for Input (PDF)Why we are consultingTokenisation means creating digital tokens that represent ownership of physical gold, which can then be transferred electronically. There is an opportunity for the UK to lead on the next generation of gold-market infrastructure in an innovative, responsible and risk-aware way.We want to understand whether tokenising gold could boost efficiency and competitiveness, while maintaining market integrity and protecting consumers.We’re particularly interested in understanding:use cases in wholesale marketsspecific areas which may prove challengingthe impact of perceived uncertainty around the collective investment scheme (CIS) and alternative investment fund (AIF) regulatory perimeter ... Who this is forGold market participants, including clearing members.Firms developing or considering tokenised gold products.Asset managers and firms operating gold CISs or AIFs.Technology and infrastructure providers working on digital asset platforms.Consumer groups and investors interested in gold-backed products.Stakeholders interested in tokenisation of other commodities. ... Next stepsRead the full Call for Input to understand the questions we're asking and the policy options we're considering.Send us your views by 23 October 2026. Email your response to tokenisedsecurities@fca.org.uk.We'll review all responses and use them to shape our future approach. This may include providing guidance, or considering a bespoke regime for tokenised gold. ... BackgroundWe are exploring gold tokenisation in line with our wider work on the future of tokenisation in UK wholesale financial markets. We are looking at the potential for distributed ledger technology (DLT) to support new growth opportunities.In May 2026, we published a joint Call for Input with the Bank of England on the future of tokenisation in UK wholesale markets. Respondents raised gold specifically, reflecting London's position as the world's largest centre for spot gold trading. This prompted us to explore tokenised gold in more detail.Gold tokenisation could make gold easier to transfer and use across digital markets, particularly as wholesale collateral. It may also support new forms of retail investment and product innovation. We want to understand whether tokenisation could strengthen the efficiency and competitiveness of UK wholesale markets while preserving the strengths of London's existing gold-market infrastructure.This work supports our objectives to protect consumers, and support healthy competition and the international competitiveness of UK markets.
News · 2026-09-14T09:00:00.000Z
We asked for views on tokenisation in wholesale markets. Read what we heard from industry and our next steps, including a new roadmap. ... Read the Feedback Statement (PDF)Why we are consulting In May 2026, we and the Bank of England published a joint Call for Input on the future of tokenisation. We wanted to understand industry views on the benefits, priorities and barriers for tokenised securities in UK wholesale markets, so we can give firms the regulatory clarity they need to invest and scale up. We received 123 responses, including from industry bodies, firms and legal academics.Respondents supported our proposed approach. Most agreed that post-trade is the main opportunity, particularly improving how collateral moves between parties.This feedback will help us build a practical roadmap to support safe and effective adoption.Who this is forThis publication is relevant to:banks, investment firms and asset managersfinancial market infrastructure providers, such as central securities depositories (CSDs) and central counterparties (CCPs)trading venues and post-trade service providersfintech and technology firms developing tokenisation solutions Next stepsWe’ll use this feedback to develop a joint tokenisation roadmap with the Bank of England, later in 2026. The roadmap will set out target dates for our work on wholesale tokenisation.We're also consulting on tokenised gold, following feedback from respondents.We plan to consult on rules for safeguarding relevant specified investment cryptoassets (RSICs) in the first half of 2027.We encourage firms to keep exploring business cases for tokenised infrastructure. Contact us about tokenisationIf you have questions or want to discuss any issues, contact us.Email: tokenisedsecurities@fca.org.ukWrite to: Matthew Thomson-Ryder, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN Background Tokenisation is the digital representation of assets and their ownership using distributed ledger technology (DLT). It could represent one of the most consequential changes to wholesale financial markets for decades.This work builds on the Treasury's Wholesale Financial Markets Digital Strategy (WFMDS) and complements work by the Wholesale Digital Markets Champion. The PRA has also published related guidance for banks on the prudential treatment of tokenised assets.We launched the Digital Securities Sandbox (DSS) – a live, regulated environment where firms can test the issuance, trading and settlement of tokenised securities.In April 2026, we also published Policy Statement PS 26/7, which set out a framework to move fund tokenisation from experimentation to wider adoption.Supporting safe innovation in wholesale markets is part of our objective to promote growth and competitiveness in UK financial markets.
Consultation Paper · 2026-09-11T09:01:00.000Z
We've reviewed our value measures rules for general insurance and are consulting on 2 minor changes to reduce reporting burden on firms. ... Read CP26/33 (PDF) Why we are consulting We've completed a post-implementation review of our general insurance value measures rules, first introduced in 2021. The review found the rules have improved transparency and helped firms meet fair value requirements, but reporting inconsistencies make the data harder to use and compare. We're now consulting on 2 minor changes to reduce the reporting burden on firms, ahead of a wider consultation on the rules expected in the first half of 2027.Who this is forThis applies to general insurance firms that report value measures data, including insurers, intermediaries and managing agents. It's also relevant to other stakeholders such as trade bodies, consumer organisations, research companies and price comparison websites.Next stepsOnline response form We're asking for comments on our proposals by 9 October 2026. You can respond using the online response form, or in writing, to Toby Stubbs, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN. Or email cp26-33@fca.org.uk.Following this consultation, we expect to consult on wider changes to the value measures rules in the first half of 2027.BackgroundWe introduced value measures rules in 2021, following our 2014 general insurance add-ons market study and a pilot scheme run from 2016 to 2020. Firms report annual data on a range of value measures such as claims frequency, claims acceptance rates, average claim pay-outs and claims complaints, and we publish some of this data by firm and product.Since then, we've introduced our General Insurance Pricing Practices rules and the Consumer Duty, which shape how firms assess product value and act to deliver good outcomes to consumers. In 2025, Which? submitted a super-complaint about poor outcomes in home and travel insurance, using value measures data. Our proposals would remove 2 reporting requirements: the amount that the top 2% of claim pay-outs are above, and the names of firms' 5 largest distribution arrangements for each product. We don't publish these data points and don't use it widely in our supervisory work, so removing them should reduce firm burden without reducing the usefulness of the data.We propose these changes take effect for 2026 and 2027 data submissions on a transitional, optional basis, becoming mandatory from the 2028 reporting year (due to be submitted in 2029).
News · 2026-09-08T10:40:00.000Z
The latest data from firms who have signed up to the Government’s Mortgage Charter. ... The Government’s Mortgage Charter, introduced in June 2023, contains commitments, over and above FCA requirements, made by mortgage lenders. There are 47 signatories, representing around 90% of the mortgage market.These commitments include:Not to force a borrower to leave their home without their consent, unless in exceptional circumstances, in less than a year from their first missed payment. To allow customers to lock in a new deal up to 6 months ahead of the end of a fixed rate deal, and to request a better like-for-like deal up until the new one starts, if one is available. Without assessing affordability, to permit customers who are up to date with their payments to switch to interest-only payments for 6 months, or to extend their mortgage term with the option to revert to their original term within 6 months.FCA rules to support Charter commitmentsSwitching to interest-only payments or reducing a term were possible under our rules, but only after an affordability assessment. We quickly introduced additional rules enabling firms to allow a customer to make reduced capital payments (including to zero and paying interest only) for up to 6 months, or reverse a term extension within 6 months of it taking effect, without undertaking an affordability assessment. ... Key findings In Q2 2026, 381,364 mortgages locked into a new deal up to 6 months ahead of maturity; this compares to 499,271 mortgages in the previous quarter, Q1 2026. Between July 2023 and June 2026, the monthly payments on around 354,000 mortgages were reduced as people switched to temporarily paying interest-only or extended their mortgage term. This is around 3.9% of regulated mortgage contracts. In Q2 2026, around 22,400 mortgages saw a reduction in monthly payments due to a temporary switch to interest-only or a term extension; this is a slight increase compared to the volume in Q1 2026 (approximately 20,100). Between July 2023 and June 2026, 376 properties were repossessed within 12 months of missing the first payment. ... What’s included in this data We asked signatory firms for information on the uptake of these options. Given the pace at which the Charter was implemented, we requested firms provide this information to the best of their ability, which is a different standard to routine regulatory data collections.We request quarterly data from all Charter signatories. We ask for information about the support provided during each month (for example the ‘flow’ data rather than ‘stock’ data). As we ask firms to provide this information to the best of their ability, there may be inconsistencies in how firms respond, and it is not subject to the same quality assurance as regulatory returns. For example, some may give account-level data while others provide customer data. Some firms may be unable to differentiate between Charter-specific support and business-as-usual variations which they would have offered anyway. Especially for the locking-in of rate switches, which has been standard industry practice for some time. It is difficult to estimate the total number of mortgages that have taken up one or more Charter options. There is likely to be some overlap between customers who have locked in a new deal and those who have extended their term or switched to interest-only payments. ... Latest data Chart tips: hover over the data series to view the data values and filter the data categories by clicking on the legend. Approximate figures (number of mortgages). The charts below show data under the Mortgage Charter (or business as usual, if unable to differentiate). ... Chart Data table Download Chart Data table Download Chart Data table Download Chart Data table Download Chart Data table Download ... Wider support Charter options form only part of the support which lenders provide borrowers seeking to manage their monthly payments.All borrowers can contact their lender and discuss their options. This support could, for example, include contract variations or appropriate forbearance measures. ... Next steps We will publish Mortgage Charter data quarterly while we continue to ask firms to report on Charter uptake.The next publication will cover the period 1 July to 30 September 2026. We will closely monitor the mortgage market, including through market and consumer level data and firm engagement. We will use data on uptake of the Government’s Mortgage Charter to understand how it has been used, and to inform our policy and supervisory approach.
News · 2026-09-08T10:39:00.000Z
We collect mortgage lending data via the Mortgage Lending and Administration Return (MLAR) which is submitted to the FCA by firms carrying out mortgage lending and mortgage administration. ... Statistics on mortgage lending: Q2 2026 editionThe latest commentary and full statistical tables are available below. The commentary includes technical information on the MLAR as well as analysis of the findings.Commentary on the statisticsMLAR statistics: summary tables (Excel)MLAR statistics: detailed tables (Excel)Technical notes (PDF)How the data is calculated (PDF)For any technical queries on the tables contact MLAR Statistics.An explanatory note detailing the relationship between this data and other mortgage statistics published by the Bank of England is available on their website.Latest findingsThe outstanding value of all residential mortgage loans increased by 0.8% from the previous quarter to £1,760.6 billion, and was 3.1% higher than a year earlier. The value of gross mortgage advances increased by 11.1% from the previous quarter to £77.4 billion, and was 31.7% higher than a year earlier. The value of new mortgage commitments increased by 1.4% from the previous quarter to £79.2 billion, and was 1.3% higher than a year earlier.Key informationSince the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators so this data publication is joint. We publish this data every quarter. What’s included in the dataThe data we publish includes:the outstanding value of all residential loanstotal gross advances by loan-to-value, income multiples and purpose of loanvalue of new commitmentsproportion of mortgage loans above Bank RatePrevious editionsSee our previous editions of the statistics on mortgage lending.Next editionThe next edition will be published here on 8 December 2026. Provisional dates will be confirmed or revised no later than a week before.
News · 2026-09-08T10:38:00.000Z
The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. We jointly publish the mortgage lending statistics every quarter. ... Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.Key findingsThe outstanding value of all residential mortgage loans increased by 0.8% from the previous quarter to £1,760.6 billion, and was 3.1% higher than a year earlier (Table A). The value of gross mortgage advances increased by 11.1% from the previous quarter to £77.4 billion, and was 31.7% higher than a year earlier (Table A and Chart 1). The value of new mortgage commitments increased by 1.4% from the previous quarter to £79.2 billion, and was 1.3% higher than a year earlier (Table A and Chart 1). The share of gross mortgage advances with interest rates less than 2% above Bank Rate decreased by 0.2 percentage points (pp) from the previous quarter to 94.5%, the lowest since 2023 Q1, and was 0.6pp lower than a year earlier (Chart 2). The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 90% increased by 0.4pp from the previous quarter to 8.4%, the highest share since 2008 Q2, and was 1.4pp higher than a year earlier (Chart 3). The share of gross mortgage advances for buy-to-let purposes decreased by 0.9pp from the previous quarter to 8.0%, the lowest since 2024 Q3, and was 1.2pp lower than a year earlier (Chart 5). The share of gross mortgage advances for house purchase for owner occupation decreased by 1.6pp from the previous quarter to 56.1%, but remained 0.1pp higher than a year earlier (Chart 5). The share of gross advances for remortgages for owner occupation increased by 3.1pp from the previous quarter to 31.2%, the highest since 2024 Q1, and was 2.2pp higher than a year earlier (Chart 5). The value of outstanding mortgage balances with arrears decreased by 1.9% from the previous quarter to £19.7 billion, the lowest since 2023 Q3, and was 7.3% lower than a year earlier (Chart 6). The proportion of total mortgage loan balances with arrears, relative to all outstanding mortgage balances, remained unchanged from the previous quarter at 1.1%, and was 0.1pp lower than a year earlier (Chart 6). Download the data from the charts below - MLAR statistics: detailed tables (Excel)Chart tips: hover over the data series to view the data values and filter the data categories by clicking on the legend. Table A: Residential loans to individuals, flows and balancesRegulated and non-regulated mortgages* - £ billions - Not seasonally adjusted Q3Q4Q1Q2Q3Q4Q1Q2 2024 2025 2026 Business flows Gross advances65.568.877.658.880.479.469.677.4New commitments66.169.468.378.279.469.978.179.2 Residential loan amounts outstanding Total Regulated and Non-regulated1,674.71,683.41,702.41,707.11,721.31,734.21,746.11,760.6*This data covers regulated mortgage lending, and non-regulated mortgage lending by firms which undertake regulated mortgage lending or administration of regulated mortgages. ... Chart Data table Download The value of gross mortgage advances increased by 11.1% from the previous quarter to £77.4 billion, and was 31.7% higher than a year earlier (Table A and Chart 1).The value of new mortgage commitments (lending agreed to be advanced in the coming months) increased by 1.4% from the previous quarter to £79.2 billion, and was 1.3% higher than a year earlier. ... Chart Data table Download The share of gross mortgage advances with interest rates less than 2% above Bank Rate (including at or below Bank Rate) decreased by 0.2pp from the previous quarter to 94.5%, the lowest since 2023 Q1, and was 0.6pp lower than a year earlier (Chart 2).The share of advances with interest rates between 2% and up to 3% above Bank Rate increased by 0.2pp from the previous quarter to 3.1%, the highest since 2023 Q1, and was 0.3pp higher than a year earlier.The share of advances with interest rates 3% or more above Bank Rate has stayed the same as the previous quarter at 2.4%, but remained 0.3pp higher than a year earlier. ... Chart Data table Download The share of gross mortgage advances with LTV ratios exceeding 90% increased by 0.4pp from the previous quarter to 8.4%, the highest share since 2008 Q2, and was 1.4pp higher than a year earlier (Chart 3).Within this, the share of mortgages advanced with LTVs over 95% has stayed the same as the previous quarter at 0.5%, but remained 0.2pp higher than a year earlier.The share of gross mortgage advances with LTV ratios exceeding 75% increased by 1.5pp from the previous quarter to 47.5%, the highest share since 2007 Q4, and was 4.2pp higher than a year earlier. ... Chart Data table Download Note on Chart 4: Gross advances by income multiple: The ‘Other’ category is used when the loan assessment is based, only partly or not at all, on one or more persons’ incomes. Further details can be found in the FCA Handbook.The proportion of lending to borrowers with a high loan-to-income (LTI) ratio increased by 0.9pp from the previous quarter to 46.0%, and was 4.6pp higher than a year earlier (Chart 4). Borrowers with high LTI ratios are defined here as:Borrowers with a single income and an LTI ratio of 4 or above. This proportion decreased by 0.3pp from the previous quarter to 11.8%, but remained 1.8pp higher than a year earlier.Borrowers with a joint income and an LTI ratio of 3 or above. This proportion increased by 1.2pp from the previous quarter to 34.2%, and was 2.8pp higher than a year earlier. ... Chart Data table Download The share of gross mortgage advances for buy-to-let purposes (covering house purchase, remortgage and further advance) decreased by 0.9pp from the previous quarter to 8.0%, the lowest since 2024 Q3, and was 1.2pp lower than a year earlier (Chart 5). The share of advances to owner occupiers was 92.0%.Of the 92.0% of advances for owner occupiers, the share of gross advances for remortgages for owner occupation increased by 3.1pp from the previous quarter to 31.2%, the highest since 2024 Q1, and was 2.2pp higher than a year earlier. The share of gross mortgage advances for house purchase for owner occupation decreased by 1.6pp from the previous quarter to 56.1%, but remained 0.1pp higher than a year earlier. Further advances and advances for other mortgages (including lifetime mortgages) decreased by 0.6pp from the previous quarter to 4.7%, and was 1.0pp lower than a year earlier.Of the 56.1% of advances for house purchases by owner occupiers, lending to first-time buyers decreased by 0.1pp from the previous quarter to 27.3%, the lowest share since 2024 Q1, and was 0.1pp lower than a year earlier. The share advanced to home movers decreased by 1.5pp from the previous quarter to 28.8%, but remained 0.1pp higher than a year earlier. ... Chart Data table Download The value of outstanding mortgage balances with arrears decreased by 1.9% from the previous quarter to £19.7 billion, the lowest since 2023 Q3, and was 7.3% lower than a year earlier (Chart 6). Arrears are defined as the borrower failing to make contractual payments where the balance owed is equivalent to at least 1.5% of the outstanding mortgage balance or where the property is in possession.Of the £19.7 billion of outstanding mortgage balances with arrears, the value of non-regulated mortgages (including buy-to-let loans and other residential lending to individuals where the property is not for use by the borrower or qualifying dependents) decreased by 3.4% from the previous quarter to £4.2 billion, the lowest since 2023 Q2, and was 12.7% lower than a year earlier.The proportion of total mortgage loan balances with arrears, relative to all outstanding mortgage balances, has stayed the same as the previous quarter at 1.1%, and was 0.1pp lower than a year earlier.The proportion of total outstanding balances with arrears that are new arrears cases decreased by 0.2pp from the previous quarter to 9.1%, but remained 0.3pp higher than a year earlier.The number of new possessions in 2026 Q2 decreased by 7.1% from the previous quarter to 2,058, and was 15.6% lower than a year earlier.The total stock of possessions decreased by 4.5% from the previous quarter to 8,825, the largest decrease since 2021 Q1, but remained 1.7% higher than a year earlier. ... CopyrightThe data on this page is available under the terms of the Open Government Licence.
Consultation Paper · 2026-09-04T11:01:00.000Z
Once a quarter, we consult on proposed miscellaneous amendments to our Handbook. These tend to be minor changes but we still want to get your feedback on our proposals. ... Read CP26/32 (PDF) ... What we are consulting on this quarterProposed changes:To amend the readily realisable security definition to include fractional shares.To remove an expired reference in BCOBS 2.3.9G and replace the reference in BCOBS 2 Annex 1, Note 1, to the latest ‘Annual Equivalent Rate (AER) Practice Note’ issued by UK Finance and the Building Societies Association.To make deferral arrangements for the admission process of qualifying cryptoassets on UK QCATPs, the execution venue requirements on UK-authorised dealers and arrangers, and the execution policy requirement for these firms.To remove data point DISP 1.10.1IR(2)(a) which is a data point on claims management fee cap redress erroneously duplicated in the Consumer Credit Reporting return (CCR).To update the definition of the Glossary term ‘firm’ for the purposes of DISP 1.10 and DISP 1.10A to capture all payment services and e-money firms for the purposes of complaints data publication.To remove reference to the 2-stage complaints process for the Society of Lloyd’s in DISP 1.11.8G.To update Money Market Fund (MMF) reporting requirements to ensure a proportionate approach that allows for effective monitoring of financial stability risks and is integrated into wider funds reporting requirements.To make minor amendments to Consumer Composite Investments rules in the DISC and COBS sourcebooks, following feedback to PS25/20. ... Who this applies toThis will be relevant if you or your firm has any interest in the subjects mentioned above. ... Next stepsOnline response formWe want to know what you think of our proposals. Please use this online response form or alternatively email: cp26-32@fca.org.uk.Comments should reach us by 12 October 2026 for Chapters 2 to 8. ... Further informationFor more information, please view the FCA Handbook.
News · 2026-09-03T10:27:00.000Z
Our outcomes report sets out the conditions participants considered necessary for open finance to improve mortgage journeys in practice. ... Read the full report (PDF)On 8 and 9 June 2026, we brought together around 80 stakeholders and experts from across the mortgage and open finance ecosystem for a policy sprint.The report reflects the ideas, proposals and issues explored by participants. It does not establish a final ecosystem design or represent confirmed FCA policy. ... Objective of the sprintThe sprint explored the conditions needed for open finance to improve mortgage journeys in practice. Participants considered where better use of data could help consumers, and the evidence, infrastructure, safeguards and participation arrangements that would be needed to support adoption.Why mortgagesMortgages were examined as a priority test case in our open finance roadmap because mortgage decisions draw on information held across multiple organisations and over long periods of time. Open finance could give consumers more effective ways to share relevant information and evidence at different stages of the journey, particularly for consumers who are underserved in the current mortgage market whose circumstances do not fit neatly within assessment models used in the market.High-level findingsOpen finance could improve consumers’ mortgage journeys. Relevant information and evidence could be reused more effectively across mortgage readiness, application and remortgaging, in-life management and later-life decisions.The value depends on data being usable as trusted evidence. Information would need to be accurate, current and reliable, and firms would need to be able to recognise and use it appropriately.Common infrastructure and clear safeguards would be needed. Participants highlighted interoperability, meaningful consumer control, clear accountability and redress as important conditions for adoption.Adoption would depend on the wider ecosystem. Participants highlighted the need for viable commercial arrangements and broad participation. They considered how voluntary approaches, alongside potential mandatory requirements, could support consistent participation and coverage.Success should be measured by consumer outcomes. This includes whether consumers make informed decisions, find it easier to obtain a mortgage, receive appropriate support when needed and can understand or challenge outcomes.Looking forwardThe insights generated through this policy sprint will contribute to a discussion paper on the key enablers for open finance. The Smart Data Accelerator next phase of work will focus on the enabling architecture for data sharing and what trust infrastructure is needed to enable the safe deployment of agentic AI in a smart data ecosystem.
News · 2026-09-03T08:01:00.000Z
Our research explores the UK's alternative investment fund (AIF) market using our regulatory data. ... Read the research (PDF) ... This research looks at the UK AIF market, how it has changed over time and how risks and vulnerabilities are distributed across the market.The UK AIF market has grown significantly, with the value of funds managed in the UK reaching £1.8tn in 2025. Growth in funds marketed in the UK has been broadly spread across fund types, although private credit has emerged as one of the fastest growing segments of the market.The findings have informed our proposals to modernise the UK Alternative Investment Fund Managers Directive (AIFMD). The findings provide a snapshot of the market before our proposed regulatory reforms, setting a baseline to help us evaluate future regulatory changes.Our other key findings include:Professional investors remain at the centre of the market.Leverage and liquidity risks are concentrated in certain fund types rather than widespread across the market.The AIF sector is characterised by specialist firms operating alongside a relatively small number of very large managers.The analysis draws on data that fund managers report to us under the AIFMD. It covers all AIFs available to UK investors between 2021 and 2025. When looking at UK-managed AIFs, coverage goes back to 2016.It's the first FCA publication to use regulatory data to build a market-wide picture of this sector. Public data on this market has been limited until now.AuthorsRachel Ennis, Fabian Garavito, Silvia Lozano Guerrero and Forhad Tanvir.(The analysis also draws on previous work by colleagues across the FCA, including Daniel Abreu, Sarah Alexander, Yordan Georgiev and Martin Edwards.)DisclaimerResearch contributes to the work of the FCA by providing rigorous research results and stimulating debate. While it may not necessarily represent the position of the FCA, it is one source of evidence that the FCA may use while discharging its functions and to inform its views. The FCA endeavours to ensure that research outputs are correct through checks, including independent referee reports, but the nature of such research and choice of research methods is a matter for the authors using their expert judgement. This paper is provided for general information only. The FCA does not guarantee the accuracy, completeness, or reliability of this paper. The FCA accepts no responsibility for any errors or omissions in this paper, any loss or damage arising from reliance on this paper, or for any action taken based on the information provided.
News · 2026-09-02T09:32:00.000Z
Read insights for firms on how frontier AI may affect cyber resilience, governance and vulnerability management for firms.
News · 2026-08-28T12:06:00.000Z
Newsletter for primary market participantsAugust 2026 / No. 65 ... In this edition, we cover:Our work to improve transparency and access to trade data in UK equity markets.Regulatory announcements being used as marketing materials.Sponsors taking increasingly tailored approaches to expert reporting.Our review of delayed disclosure of inside information.Explaining our emergency powers under the Short Selling Regulations 2025. New inside information declaration form for listings submissions via ESS.
News · 2026-08-27T11:03:00.000Z
Our data shows the number of new whistleblowing reports we received between April and June 2026, and existing reports closed during this period. ... The data shows: how we received the reportwhat the report was aboutwhat level of action we have takenWe assess every whistleblowing report we receive that falls within our remit, to inform our work and help us identify actual or potential harm. This could be harm to consumers, to markets, to the UK economy or to wider society.What we can shareWe know that greater transparency about the whistleblowing reports we receive is important and we are constantly trying to improve the information we make public.However, our reviews will usually involve confidential information restricted by the Financial Services and Markets Act 2000 (FSMA), including that relating to our supervision and enforcement work. This restriction may limit the information we can share with whistleblowers.Find out what we can shareWhistleblowing reportsOur whistleblowing team receives reports by telephone, email, our online reporting form and post.In this quarter (Q2 2026, April to June), we received 333 new whistleblowing reports.For the same period in 2025 the team received 315 reports.In Q1 2026 (January to March), we received 355 reports. Chart tips: hover over the data series to view the data values and filter the data categories by clicking on the legend ... Chart Data table Download Figure 1 shows that we received the biggest proportion of our new reports in 2026 Q2 via our online reporting form. ... Contact details for whistleblowersProtecting the identities of the whistleblowers who contact us is vital. We understand individuals may be hesitant to share their personal information with us when making a disclosure.It is helpful when whistleblowers provide us with an ongoing contact option such as a phone number and/or email address. This allows us to:re-engage and develop on disclosures ask further questionskeep individuals informed on how we can protect their identity whilst we carry out our workOur whistleblowing team reviews all reports to make sure we manage information from whistleblowers appropriately. We will redirect any information we get from consumers or firms to other relevant teams to consider, such as our Supervision Hub. ... Chart Data table Download Figure 2 shows that in most of the reports we received in 2026 Q2, whistleblowers provided us with their contact details. ... Whistleblowing allegationsEvery report we receive will contain one or more allegations of wrongdoing. The 333 reports we received this quarter contained 886 allegations in total, with the following top 10: ... Chart Data table Download In Figure 3 we list the top 10 allegations made in whistleblowing reports between April and June 2026. ... Closed whistleblowing reportsWe closed 395 whistleblowing reports between April and June 2026.Significant action to manage harm in 56 reports (14%) – this may include enforcement action, a section 166 skilled person report, or restricting a firm’s permissions or an individual’s approval.Action to reduce harm in 114 reports (29%) – this may include writing to or visiting a firm, asking a firm for information, or asking a firm to attest to complying with our rules.193 reports (49%) informing our work, including harm prevention, but no direct action.14 reports (3%) not considered indicative of harm, but the information was recorded and will be available for future reference.18 reports classified as other (5%).
News · 2026-08-20T11:59:00.000Z
We collect data from the firms we regulate on what products they are selling. Firms operating in the mortgages, retail investments or protection sectors submit product transaction data to us quarterly. ... View the 2025 PSD tables View the 2025 mortgage PSD interactive tables and visualisationsView the 2025 retail investments PSD interactive tables and visualisationsKey informationFirms report details of their sales of regulated mortgage contracts, retail investment products and certain pure protection products to retail and private customers. Firms report transaction-level data on both direct sales by their own sales forces and sales made by intermediaries.We use the product sales data (PSD) to assist us in regulation of firms and to spot trends in the products sold in the UK market. We publish the aggregated PSD each year so that consumers and market participants can see what firms are selling and understand the trends.In the mortgage PSD, we have provided geographic breakdowns for the UK nations and the 9 regions of England. To complement this, we have published interactive tables and visualisations of some of the key geographic breakdowns.For mortgages sales data, all home finance providers are required to submit their data. In the last year, up to end of December 2025, 142 firms provided mortgage sales data to us.For retail investment products, the following types of firms are required to submit this data to us:insurersmanagers of authorised alternative investment funds (AIF) or undertakings for collective investment in transferable securities (UCITS) schemesoperators of an investment trust savings scheme, or a personal pension schemea person who issues or manages the relevant assets of the issuer of a structured capital-at-risk productIn the last year, 183 firms submitted retail investment sales data to us.What’s included in the dataRetail Investments PSDWe collect product sales data on 29 retail investment products, in 8 product categories:endowmentsbondstrusts, OEICs and structured capital at risk products(stock and shares) ISAslong-term care insurancedecumulation productsoccupational pensionspersonal pensionsMortgage PSDWe collect sales data for all house purchases and remortgages. We publish the number of mortgage sales by a variety of characteristics, for example:sales channeladvice givenloan purposeloan-to-valuemortgage term (new in 2022)borrower characteristics (new in 2022: first-time buyer sales by customer age bands, sales by gross income bands)property characteristicsUnderstanding the dataOur product sales data does not cover all products and markets, so check 'What's included in the data' section above to understand what data is covered. Find out more details on each product sales data type.Since 2005 it has been a requirement that product sales data (PSD001) must be reported for all new sales of regulated mortgage contracts. There have been subsequent changes made to reporting requirements, meaning that internal product transfers and further advances must be reported in product sales data (PSD001) where they are completed on or after 1 April 2021. For the purposes of providing results that are comparable with previous time periods, figures for internal product transfers and further advances are not included in the main analysis. Instead, separate analysis can be found in the monthly data tables sheet. Business loans and second charge mortgages are also not included in the main analysis.We only ask firms to report completed transactions (where the funds have been transferred from lender to borrower). The data each lender submits for mortgage PSD is the same as the data it gives to UK Finance, for its Regulated Mortgage Survey. However, the figures published in that survey will differ from mortgage PSD because a small number of mortgage lenders do not submit data to the UK Finance.If you would like more information about mortgage sales, the FCA and Bank of England publish other sources of mortgage data, such as those derived from the Mortgage Lending and Administration Return (MLAR) which cover different areas. So please bear these factors in mind when comparing mortgage PSD with other related data. View the MLAR data.For investment products, we also publish further data on the retirement income market once a year. View the latest retirement income data.To find out what we mean by the terms we use in PSD, please see our glossaries of definitionsFor further information on the product sales data, view Interpreting the data. Future edition publication datePSD 2026: to be confirmedView previous data in the PSD archive
News · 2026-08-20T11:56:00.000Z
Due to technical issues with our Pure Protection Contracts Product Sales Data, we will publish this part of the data later. We will confirm the publication date shortly.