The Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) have modified their Memorandum of Understanding (MoU), bolstering their commitment to efficient collaboration in financial regulation and dispute resolution. The revised MoU delineates the guidelines for consultation and information exchange between the two entities, underscoring their distinct yet complementary functions.

The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint ‘call for input’ to seek views on how to modernise the redress system, so it better serves consumers and provides greater stability for firms to invest and innovate.

The Financial Conduct Authority (FCA) and HM Treasury have published a joint roadmap explaining how the Overseas Funds Regime (OFR) is intended to be opened to European Economic Area (EEA) funds authorised under the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive, following the government’s decision to grant equivalence in relation to those funds (excluding money-market funds). It sets out the key stages of the process, so that operators of EEA UCITS that wish to use the OFR as a gateway to the UK market can prepare. The timelines are subject to change.

HM Treasury (HMT) and the Financial Conduct Authority (FCA) have announced plans to reform UK retail disclosure rules and will temporarily exempt investment trusts from assimilated EU law requirements under the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation. The FCA intends to consult on proposed rules for the Consumer Composite Investments (CCI) regime in autumn 2024 and finalise the rules in H1 2025. HM Treasury will lay legislation as soon as possible to provide the FCA with the appropriate powers to deliver this reform. The new regime is expected to be in place in H1 2025, subject to Parliamentary approval and the FCA consultation process. The FCA has also published a new regulatory forbearance statement, following the previous November 2023 forbearance.

On 13 February 2025, the chairman of the House of Lords Financial Services Regulation Committee, Lord Forsyth of Drumlean, wrote to the chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, inviting the FCA to provide any further written evidence regarding the FCA's plans to support its secondary international competitiveness and growth objective. In response, Rathi shares the FCA's new five-year strategy, which runs until 2030. The strategy outlines four key priorities and emphasises the FCA's commitment to supporting the growth and international competitiveness of the UK's financial services sector over the next five years. Rathi also mentions several specific measures the FCA has taken or plans to implement to support growth. He states that in early April 2025, the FCA will publish its annual work programme for 2025-2026, outlining the specific measures it will deliver in the first year of its strategy, including the 50 or so measures outlined to the Prime Minister in January 2025.

The Financial Conduct Authority (FCA) has published a blog by its Chief Executive Nikhil Rathi and John Edward, the UK Information Commissioner. The blog sets out how the FCA and the Information Commissioner’s Office (ICO) are collaborating to support the responsible use of artificial intelligence (AI) by financial services firms while protecting consumer interests. The blog summarises joint initiatives which aim to clarify regulatory expectations and address issues such as data sharing, liability, and controllership in the AI supply chain. Looking ahead, the FCA and ICO plan to refine the regulatory framework by developing a statutory code of practice for AI and automated decision-making. They will continue to engage with industry stakeholders, including smaller firms, to provide clearer compliance examples and reduce uncertainty. Future efforts also include further roundtables and detailed analyses of agentic AI systems, enhancing cross-regulatory understanding to support innovation and economic growth.

The Financial Conduct Authority (FCA), in partnership with the Metropolitan Police Service, has arrested two individuals on suspicion of money laundering and operating an illegal cryptoasset exchange. As part of the operation, four premises across southwest London were searched and seven crypto ATMs were found and seized. The FCA stated that there are currently no legally operated crypto ATMs in the UK and that using one supports criminal activity. It is a criminal offence to operate a cryptoasset exchange or ATM in the UK without FCA registration or to fail to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs). The two individuals were interviewed under caution and released under investigation while enquiries continue.

The Financial Conduct Authority (FCA) has announced that, together with the National Crime Agency (NCA), it has conducted a major operation to arrest three London-based individuals on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organised crime.

According to provisions in Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000), any firm (whether a business, a not-for-profit or a sole trader) carrying out one or more regulated activities in the UK must be authorised or registered by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). Banks, credit unions, insurers and managing agents of a Lloyd’s syndicate need to apply to the PRA for authorisation. Firms seeking authorisation to carry out any other activities must apply to the FCA. This Practice Note explains the FCA and PRA authorisation process under FSMA 2000, Pt 4A. It does not describe the FCA's authorisation and registration processes in relation to consumer credit, payment services or electronic money institutions, which are covered in the following Practice Notes: • FCA authorisation of consumer credit firms • UK regulation of payment services providers—essentials • UK regulation of electronic money—essentials and EU regulation of electronic money—essentials For information on the authorisation process under the Alternative Investment Fund Managers

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have published joint consultation papers CP25/33 and CP23/25 respectively, seeking views on proposed changes to how they will raise regulatory fees and levies for 2026/27. The proposals cover updates to the FCA’s Fees Manual (FEES), Financial Ombudsman Service (FOS) and Financial Services Compensation Scheme (FSCS) levies, and joint amendments with the PRA to amend invoice due dates for firms which pay £50,000 or more in FCA and/or PRA fees in a year. Responses are sought by 9 January 2026 for targeted support proposals and by 16 January 2026 for all other proposals. Feedback will inform final FCA and PRA rules to be published in the February and March 2026 Handbook Notices.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are consulting on the Financial Services Compensation Scheme (FSCS) management expenses levy limit (MELL) 2024/25. FCA CP24/1 and PRA CP1/24 set out the proposals for how the MELL will cover the FSCS’s costs of operating the UK’s statutory compensation scheme. Responses are sought by 12 February 2024.

The Financial Services Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as referrals to the Upper Tribunal. This Practice Note deals with the disclosure issues that might arise during the course of an investigation by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). It sets out the rules governing the disclosure of confidential information, privileged and protected items and disclosure to third parties such as overseas regulators and potential litigants. It sets out the obligations on the regulators to disclose materials gathered during an investigation to the subject of the investigation, and to those with third party rights. It also considers changes to the FCA’s disclosure procedures implemented in response to criticisms by the Upper Tribunal in Seiler v FCA.