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.

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. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have a variety of powers under the Financial Services and Markets Act 2000 (FSMA 2000) to obtain information in both supervisory and enforcement contexts. This Practice Note provides an overview of the FCA’s powers to obtain information and the restrictions on its disclosure and use of information obtained. These powers include those under FSMA 2000, ss 165–169 enabling the regulators to require firms to provide information and reports, appoint investigators and assist overseas regulators. The PRA has an additional power to require information under FSMA 2000, s 165A, enabling it to require

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 fields including regulator, rule/legislation breach, keyword, sector, date, financial penalty, aspects of financial penalty analysis, outcomes including redress and prohibition orders, and other actions such as referrals to the Upper Tribunal. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are separate legal entities that operate with different objectives, with separate investigatory and enforcement powers, but with arrangements in place for investigations to be conducted jointly or in a co-ordinated fashion. This Practice Note considers the legal framework and arrangements under which joint PRA and FCA investigations, disciplinary and enforcement action, co-ordination and information sharing take place. It considers the Upper Tribunal’s recommendations to the regulators in the case of Stuart Forsyth and experience of joint investigations and enforcement actions to date. Key points Key points are as follows: • the FCA and PRA may work together on investigations

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 fields including rule/legislation breach, keyword, sector, date, financial penalty, aspects of financial penalty analysis, outcomes including redress and prohibition orders, and other actions such as referrals to the Upper Tribunal. In the UK, the regulation of the financial services sector is conducted by two separate regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), both of which have enforcement powers. The FCA relies on what it describes as a ‘judgement-based’ as well as a ‘risk-based’ regulatory approach, looking at a firm's role within the market at large with the aim of ensuring that ‘investor interests are front and centre of firm business models’ and at the same time securing an appropriate degree of protection for consumers. The FCA’s primary objective is to ensure that UK financial

The Lexis+® UK 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, prohibition order, financial penalty, and other actions such as referrals to the Upper Tribunal. Prohibition orders The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have power under the Financial Services and Markets Act 2000, s 56 (FSMA 2000) to prohibit individuals who are not fit and proper from carrying out functions in relation to regulated activities carried on by firms. The FCA or PRA may exercise this power where it considers that it is appropriate either to prevent an individual from performing any function in relation to regulated activities, or to restrict the functions which that individual may perform. A prohibition order may relate to: • a specified regulated activity • any regulated activity falling within a specified description of all regulated activities • firms generally, or • any firm within a

The disciplinary and enforcement powers of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) include powers to publicly censure individuals and firms that have contravened requirements under the Financial Services and Markets Act 2000 (FSMA 2000), regulatory rules made by the FCA or the PRA, or other relevant legislation. The Bank of England also has censure powers under FSMA 2000. Imposing public censures assists the regulators in raising awareness of regulatory standards and principles, changing the behaviour of the subject, and deterring others from engaging in comparable breaches. The regulators consider public censures to be a valuable disciplinary tool in appropriate circumstances. Public censures have been imposed where the imposition of a financial penalty would cause the subject serious financial hardship, and where the subject has taken significant and pro-active steps to remedy breaches and address consumer harm. The regulators may also issue a public censure alongside exercising other enforcement or disciplinary powers, such as a prohibition order. This Practice Note considers the definition of a public censure, the powers

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined Citigroup Global Markets Limited (CGML) £27,766,200 and £33,880,000 respectively, for failures in its trading systems and controls.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank plc (TSB) a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services. TSB was fined £29,750,000 by the FCA and £18,900,000 by the PRA.

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have written to the Chancellor of the Exchequer, Rachel Reeves, setting out how they intend to improve the speed, predictability and proportionality of their authorisations processes. The letters outline new statutory and voluntary targets intended to enhance the efficiency of the UK’s regulatory gateway while maintaining high standards. Both regulators highlighted the importance of retaining flexibility to avoid unintended consequences, such as an increase in refusals and committed to greater transparency through enhanced quarterly reporting from early 2026.