The Financial Conduct Authority (FCA) has published a speech by CEO Nikhil Rathi discussing international regulatory issues for investment management. Rathi looked in particular at liquidity risk management in relation to open ended funds following the ‘dash for cash’ in March 2020; leverage in non-bank financial institutions; and the valuation of collective investment schemes.

The chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, has written to the consumer financial body Which? in connection with a petition calling for changes to UK insurance practices that Which? says penalise the poor and fail customers.

The Financial Conduct Authority (FCA) has published a speech by CEO Nikhil Rathi on trends in financial crime, in which he said tackling it is now a matter of economic and national security, requiring shared responsibility, international co-operation and clearer policy decisions from government on the balance between growth, innovation and risk tolerance.

Scope of this Practice Note The Financial Services Authority’s (FCA) rules in chapter 4 of the Conduct of Business sourcebook (COBS 4) apply generally to firms when communicating with a client or potential client when carrying on designated investment business or MiFID, equivalent third country or optional exemption business and when communicating or approving a financial promotion in relation to investment business. This Practice Note explains the FCA’s form and content requirements for client communications, including financial promotions under the FCA's COBS. This Practice Note is part of a series that examines the rules in COBS 4 and should be read in conjunction with the following Practice Notes: • Introduction to the FCA COBS 4 rules • Application of the FCA's COBS 4 rules • FCA COBS 4 rules—Putting together financial promotions • COBS 4—Past, simulated past and future performance • COBS 4—Direct offers and cold calls • COBS 4—Approving and confirming compliance of financial promotions and record keeping • COBS 4—Promotion of restricted mass market investments and non-mass market investments Also, see Practice Note: Enforcement

Scope of this Practice Note The Financial Services Authority’s (FCA) rules in chapter 4 of the Conduct of Business sourcebook (COBS 4) apply generally to firms when communicating with a client or potential client when carrying on designated investment business or MiFID, equivalent third country or optional exemption business and when communicating or approving a financial promotion in relation to investment business. This Practice Note highlights issues that the FCA regards as significant in relation to the putting together of a financial promotion in order to ensure it is compliant with the regulatory requirements set out in chapter 4 of the FCA’s Conduct of Business Rules (COBS 4). For further information as to what constitutes a financial promotion, see Practice Note: The financial promotion regime—essentials. This Practice Note is part of a series that examines the rules in COBS 4 and should be read in conjunction with the following Practice Notes: • Introduction to the FCA COBS 4 rules • Application of the FCA's COBS 4 rules • FCA COBS 4 rules—Form and content of promotions • COBS 4—Past,

Introduction to the FCA's COBS requirements on distance communications, client agreements and cancellable contracts Introduction to distance communication requirements This Practice Note considers the regulatory framework and guidance in place governing the requirements relating to distance communications contained in chapter 5 of the Financial Conduct Authority's (FCA) Conduct of Business sourcebook (COBS 5). COBS 5 implemented provisions of the Distance Marketing of Consumer Financial Services Directive (Directive 2002/65/EC) (DMD) (as amended by the Unfair Commercial Practices Directive (Directive 2005/29/EC).. The DMD applied to consumer financial services, which it defines as any service of a banking, credit, insurance, personal pension, investment or payment nature. The DMD aimed to ensure that consumers who deal with a financial services firm using distance sales channels are not at a disadvantage to those using more traditional sales channels by ensuring that they are given minimum standard information about the firm they propose to deal with and the product or service being offered. Consumers also have to be given an opportunity to withdraw from the concluded contract

The Financial Conduct Authority (FCA) Chair,  Ashley Alder has delivered a speech emphasising the FCA’s 2025–2030 strategy of ‘rebalancing risk’, recognising risk as essential for investment and innovation rather than something to avoid. The speech also highlights the regulator’s role in supporting economic growth while maintaining consumer protection and system resilience. Key themes mentioned include adapting to technological change, geopolitical uncertainty and low domestic productivity. The FCA aims to shift from rigid rules to transparency and outcome-focused regulation, enabling firms greater freedom while safeguarding investors. High standards, trust and proportionate regulation will underpin this approach.

Law360, London: The Financial Conduct Authority (FCA) will seek to make fewer new rules on the sectors it regulates, its chief executive has said, amid political pressure on the FCA to do more to support UK economic growth.

Financial Services analysis: Following the Financial Conduct Authority’s (FCA) Access to Cash Statement of Policy in August 2023, the FCA launched consultation paper CP29/23: Access to cash, which proposed new rules to ensure that consumers continue to have access to cash. The FCA sought feedback from a range of organisations including from consumer groups and firms providing current account services to individuals and businesses. Rowena Wisniewska Sethi, barrister and Ilana Hirschberg, pupil at 4–5 Gray’s Inn Square examine the consultation and its implications.

Law360: The new Labour government and the Financial Conduct Authority (FCA) could be heading for a clash over what constitutes a vulnerable consumer and how the laws protecting them from abuse should be enforced.

The Financial Conduct Authority (FCA) has sent a Dear CEO letter to Annex 1 Financial Institutions, setting out its findings from its recent assessment of Annex 1 firms’ compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs). The FCA identified ‘basic failures’ of compliance with the MLRs which ‘must be addressed’. The FCA is increasing its proactive supervision of Annex 1 firms’ financial crimes, controls and procedures and tells Annex 1 firms to complete a gap analysis against each of the common weaknesses in financial crime controls identified in the FCA’s letter, within six months. Where a firm identifies areas where they are falling short of the FCA’s expectations, they need to act promptly to resolve them; failing to take suitable steps may result in regulatory interventions including the removal of their registration under the MLRs.

The Financial Conduct Authority (FCA) has written Dear CEO letters to banks and building societies, and to payment and e-money institutions setting out its expectations around firms compliance with the authorised push payments (APP) fraud reimbursement requirement which came into effect on 7 October 2024; the role of the Consumer Duty; and what firms can expect from the FCA’s data-led approach to monitoring progress. The FCA is asking firms to ensure that they have appropriate oversight, systems and controls in place to comply with these requirements.