Market abuse

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This overview is a guide to the Financial Services—Financial crime and sanctions—Market abuse sub-topic, and includes links to appropriate materials.

Overview

In the UK, there are two distinct regimes running alongside each other which regulate and enforce market abuse and market manipulation:

  1. •

    the civil/regulatory regime, governed by the Financial Services and Markets Act 2000 (FSMA 2000) and Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation) (UK MAR) under which the Financial Conduct Authority (FCA) can issue civil fines and penalties for non-compliance with safeguards to prevent such behaviour, and

  2. •

    the criminal regime under which offences can be prosecuted by the FCA among others, including offences under the Criminal Justice Act 1993 (CJA 1993), the Financial Services Act 2012 (FSA 2012), and FSMA 2000

Market abuse is defined in FSMA 2000, s 118 and UK MAR.

Market Abuse Regulation

The Market Abuse Regulation (EU) 596/2014 (EU MAR) strengthened the common European regulatory framework on market abuse originally established by the Market Abuse Directive 2003/6/EC. It extended the scope of the regime to

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Latest Financial Services News

PSR to revoke SD4 and SD4a on LINK infrastructure procurement

The Payment Systems Regulator (PSR) has decided to revoke Specific Directions 4 and 4a, which required LINK to competitively procure central infrastructure services beyond 2031. This decision follows Consultation Paper CP25/2 and reflects changes in market conditions. The PSR concluded that mandatory tendering is no longer the most effective way to address competition concerns. The move also provides regulatory clarity for LINK and its members, allowing them to focus on long-term sustainability and innovation in the UK’s ATM network. The revocation takes effect on 25 August 2025.

Financial Services weekly highlights—14 August 2025

This week's edition of Financial Services weekly highlights includes: HM Treasury publishes a policy statement setting out its approach to the regulation of Appointed Representatives; FCA publishes multi-firm review findings on transaction governance in wholesale banks, and EBA consults on revised guidelines on internal governance under CRD, plus dates for your diary over the coming week.

SRB launches consultation on updated bank separability and transfer guidance

The Single Resolution Board (SRB) has launched a consultation on its updated operational guidance for banks concerning separability and transferability in resolution planning. The update aims to enhance the effectiveness and efficiency of resolution planning by aligning the guidance with the existing framework for resolvability self-assessment and the SRB’s broader approach to crisis readiness. Key changes include a new annex focused on resolution testing and a new framework for Transfer Playbooks, aimed at refining existing practices without introducing additional deliverables. Responses are sought by 22 October 2025.

PSR revokes SD2 and SD2a—Bacs infrastructure procurement directions

The Payment Systems Regulator (PSR) has decided to revoke Specific Directions 2 and 2a, which required the operator of the Bankers' Automated Clearing Services (Bacs) payment system to procure any future contracts for central infrastructure services in a competitive manner. The decision follows consultation and reflects the rationale used to revoke Specific Direction 3 (SD3), aiming to support the development of the National Payments Vision (NPV). The PSR notes that removing mandatory tendering provides the necessary space and flexibility for infrastructure planning and governance reforms, enabling Pay.UK to focus on strategic delivery and innovation in the UK’s retail payments landscape. The PSR and Bank of England intend to maintain regulatory oversight of Pay.UK and support the establishment of the Retail Payments Infrastructure Board. The revocation takes effect on 27 August 2025.

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