FCA and PRA investigations, enforcement and discipline

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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 of issues which

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Latest Financial Services News

FCA applies to lift suspension on bond consolidated tape contract award

The Financial Conduct Authority (FCA) has confirmed that it has applied to the High Court to lift the suspension on awarding the bond consolidated tape contract. If the suspension is lifted, the FCA will be able to finalise its contract with Etrading Software (ETS), allowing work on the tape to progress while it continues to defend the ongoing legal challenge. The tape is intended to provide a single and reliable view of the UK bond market, enabling more informed investment decisions. The FCA is expected to submit its formal defence by the end of the week and will continue to engage with data contributors and users, alongside ETS.

ESAs publish list of critical ICT third-party providers under DORA

The European Supervisory Authorities (ESAs), comprising the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), have published the list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (Regulation (EU) 2022/2554) (DORA). The designations were made in accordance with the methodology mandated by DORA. The designated CTPPs provide a range of ICT services, from core infrastructure to business and data services, supporting financial entities of varying types and sizes across the EU. Through direct oversight engagement, the ESAs will assess whether these providers have appropriate risk management and governance frameworks in place to ensure the resilience of the services they deliver. The ESAs will continue to engage with CTPPs as part of upcoming examination activities.

ECON and LIBE publish draft report on extension of SME measures to small mid-cap enterprises

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) have published a draft report on the European Commission’s proposal to amend Directives 2014/65/EU (Markets in Financial Instruments Directive MiFID II)) and (EU) 2022/2557 (Critical Entities Resilience Directive (CERD)). The proposal seeks to extend certain mitigating measures available for small and medium-sized enterprises (SMEs) to small mid-cap enterprises (SMCs) and to introduce further simplification measures.

PRA publishes policy statement on depositor protection

The Prudential Regulation Authority (PRA) published Policy Statement PS24/25 on depositor protection, responding to the feedback received on the consultation paper CP4/25. The Policy Statement confirms that from 1 December 2025 the Financial Services Compensation Scheme (FSCS) deposit protection limit will increase from £85,000 to £120,000 per depositor, per authorised firm. Firms are required to update related systems and disclosure materials by 31 May 2026. The increase reflects updated inflation data and forms part of the PRA’s programme to ensure the rulebook remains current.

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