The Financial Conduct Authority (FCA) has published its annual report for 2023/24, setting out its progress and key achievements over the past year. It flags up a ‘significant improvement’ in the FCA’s authorisations service, with 98% of cases, including applications by wholesale market firms, now assessed within statutory deadlines, up from 89% in Q1 of 2022/23. In an introduction to the report, CEO Nikhil Rathi says the FCA also cancelled the authorisation of 1,261 firms in 2023/24, double that of the previous year, ensuring that only those firms which meet its standards continue to operate with its permission. The FCA has published a number of other reports alongside, including ones on market cleanliness and on enforcement data.

The Financial Conduct Authority (FCA) has issued a public apology to investors in the fraudulent peer-to-peer firm Collateral, acknowledging regulatory shortcomings in handling the case and urging those who have not yet complained to do so by 31 March 2025 to can receive an apology and compensation.

Law360: The Financial Conduct Authority (FCA) has apologised for an unnecessary extension of two years of publishing on its register a 'voluntary requirement' for a company indicating failure to meet standards after the Complaints Commissioner upheld a claim.

Law360: The Financial Conduct Authority (FCA) has applied its consumer protection framework to banks to ensure that they tackle authorised push payment (APP) fraud and reimburse victims, beyond the rules set by the Payments Systems Regulator (PSR), according to lawyers.

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.

The Financial Conduct Authority (FCA) has appointed David Geale as permanent executive director for payments and digital finance, as well as managing director of the Payment Systems Regulator (PSR). In this role, Geale will oversee the implementation of the National Payments Vision and advance the FCA’s work on open banking and digital finance initiatives. He will also play a key role in consolidating the PSR into the FCA, following the government’s announcement in March 2025, and will supervise payments and cryptoasset firms under the new regulatory regime. In addition, Emad Aladhal and Andrea Bowe have been confirmed in permanent roles as director of retail banking and director of the specialist directorate, respectively, as part of the FCA’s regulatory restructuring.

The Financial Conduct Authority (FCA) has appointed Sarah Pritchard as deputy chief executive to manage its expanding responsibilities, which now include oversight of the Payment Systems Regulator, regulation of stablecoin and crypto firms, and buy now pay later activities. Pritchard, who joined the FCA in June 2021, previously led the supervision, policy and competition division as well as the markets’ function, and has overseen reforms including the overhaul of the listing rules. In her new role, she will also be responsible for the FCA’s international work, supporting efforts to enhance UK growth and competitiveness.

The Financial Conduct Authority (FCA) has updated its webpage providing information for firms on motor finance complaints to announce that it has appointed a skilled person to review historical motor finance commission arrangements and sales across several firms. All firms participating in this work have now been informed. The FCA says it may carry out further sampling of other firms if needed.

Background to appropriateness requirements The Financial Conduct Authority’s (FCA) rules on ‘appropriateness’ and the appropriateness test (which are contained in chapters 10 and 10A of the FCA's Conduct of Business sourcebook (COBS 10 and COBS 10A) were originally introduced under the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) with the aim of increasing investor protection in the non-advised market. The objective of the test is to help firms determine whether their clients have enough knowledge and experience to understand the risks involved in a product offered or service demanded. Knowledge and experience have to be assessed in a way that is appropriate to: • the client in question • the service, and • the product MiFID (Directive 2004/39/EC) was replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II framework). Both the MiFID II Directive and MiFIR entered into force on 2 July 2014. As amended, the majority of the MiFID II framework has applied since 3

Law360: Aegon Asset Management announced on 19 March 2025 that the Financial Conduct Authority (FCA) had granted approval for the launch of the Carne Group Aegon Asset Management private credit Long-Term Asset Fund (LTAF), an open-ended fund vehicle, to offer investors like pension funds regulated access to illiquid assets.

The Financial Conduct Authority (FCA) has published a letter that its General Counsel and Chief Risk Officer, Stephen Braviner Roman, sent to the Supreme Court, on 2 December 2024 in connection with the applications made by FirstRand Bank and Close Brothers seeking permission to appeal the ruling in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases, that brokers (car dealers) receiving commission from lenders without customers' informed consent was unlawful. The FCA requests that the Supreme Court determines the substantive appeal as soon as possible to ensure certainty and stability in the market and enable it to pursue its work in the motor finance sector in respect of historical commission arrangements.

The Financial Conduct Authority (FCA) has published the findings of its thematic review of retirement income advice, and written a Dear CEO letter to financial advice firms asking them to review their processes when providing retirement income advice.