FCA and PRA investigations, enforcement and discipline

Copyright © 2025 LexisNexis

This overview is a guide to the Lexis+® UK Financial Services content within the 'FCA and PRA investigations, enforcement and discipline' subtopic, with links to appropriate materials.

Stop Press: On 3 June 2025, the FCA published Policy Statement PS25/5, introducing the new Enforcement Guide (ENFG), which replaces the previous Enforcement Guide (EG) from 3 June 2025. This Practice Note is being updated to take account of this change. For further information, see: FCA publishes new Enforcement Guide, LNB News 03/06/2025 30.

Background to enforcement

The Financial Conduct Authority (FCA) is the UK’s regulator of conduct in retail and wholesale markets, supervises the trading infrastructure behind those markets and oversees prudential regulation of firms not prudentially regulated by the Prudential Regulation Authority (PRA). The FCA is responsible for the regulation of conduct across the financial services sector, in firms and markets of all sizes and in all sectors of the industry. Its responsibility spans wholesale and retail conduct, market integrity, protection of client assets and prevention of financial crime. Its wide-ranging remit means that it must respond to a range

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Existing user? Sign-in TAKE A FREE TRIAL
Powered by Lexis+®
Latest Financial Services News

Financial Services—other developments (28/10/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

PRA publishes near-final policy statements on SDDT capital regime, CRR restatement and Pillar 2A methodology retirement

The Prudential Regulation Authority (PRA) has published policy statement PS20/25—The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs)—near-final, alongside PS19/25—Restatement of CRR requirements—2027 implementation and PS18/25—Retiring the refined methodology to Pillar 2A—near-final. The PRA also updated supervisory statement SS31/15—The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP) and statement of policy SoP5/15—The PRA’s methodologies for setting Pillar 2 capital to reflect changes to Pillar 2A methodologies and the retirement of the refined methodology. The implementation date for final rules and policy materials is 1 January 2027, and firms eligible for the SDDT regime must notify the PRA of their intent to opt in by 31 March 2026.

FCA consults on reforms to improve UK short selling framework: CP25/29

The Financial Conduct Authority (FCA) has published consultation paper CP25/29 outlining proposed rules under the Short Selling Regulations 2025 (SSR 2025) to create a new short selling sourcebook and update its related handbook provisions. The proposals seek to maintain orderly and effective UK market functioning while reducing disproportionate costs for firms. Key changes include extending net short position (NSP) reporting deadlines to 23:59 T+1, simplifying market maker exemption notifications, publishing an anonymised aggregate net short position (ANSP) list and reducing the number of reportable shares. The consultation closes on 16 December 2025, with a follow-up policy statement expected two months before implementation.

FCA welcomes government legislation bringing ESG ratings providers into regulation

The Financial Conduct Authority (FCA) has welcomed government legislation to bring Environmental, Social and Governance (ESG) ratings providers under its regulatory remit, with the legislation now laid before Parliament. The FCA intends to consult on proposed rules before the end of 2025, with the regulatory framework focusing on four key areas: transparency, governance, systems and controls and conflicts of interest, informed by International Organization of Securities Commissions (IOSCO) recommendations. The FCA will also produce guidance to help firms assess whether their activities require authorisation under the new regime.

View Financial Services by content type :  
News
Practice notes
Precedents
Q&As

Popular documents

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an
If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application

Contributory negligence in personal injury claims

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an