Law360, London: The Financial Conduct Authority (FCA) has renewed calls for the government to extend its senior managers regime to regulated payments businesses and stock exchanges in its annual perimeter report.

This Practice Note provides an overview of the Financial Conduct Authority (FCA) authorisation regime for consumer credit firms. It explains the key differences between the FCA’s full permission and limited permission regimes, outlines how firms should prepare for authorisation and the application process, and sets out the main requirements applicable to authorised firms. Background to the FCA consumer credit authorisation regime The FCA consumer credit regime is governed by the Financial Services and Markets Act 2000 (FSMA 2000) and its secondary legislation, in particular the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). It is also shaped by the retained provisions of the Consumer Credit Act 1974 (CCA 1974) and its secondary legislation, as well as the rules and guidance set out in the FCA Handbook. Together these elements form the legislative framework within which the FCA consumer credit regime operates. It is important to bear in mind that the FCA authorisation regime has been tailored specifically for the consumer credit sphere, meaning there are differences between the standard FCA authorisation

Law360, London: The Financial Conduct Authority (FCA) is waiting for the government to clarify how much consumers can be exposed to risk in favour of more growth-focused regulation as the FCA faces pushback from the sector against its flagship consumer protection programme.

The Financial Conduct Authority (FCA) has banned Jon Frensham (formerly known as Jonathan James Hunt) from performing any regulated activity. The FCA found Frensham, an independent financial adviser and the sole director at Frensham Wealth Limited, lacks the integrity to work in financial services.

The Financial Conduct Authority (FCA) has fined Paul Taylor, former chief executive and executive director of Blue Horizon Asset Management Ltd (BHAM), £489,000 and Esmeralda Toni, former executive director of BHAM, £121,200, following findings that both breached Individual Conduct Rule 1 by failing to act with integrity. During two separate attempted acquisitions—of a UK bank and Reading Football Club—Taylor falsified, or arranged to be falsified, documents falsely claiming ownership of a bond portfolio worth approximately €200 million; Toni knowingly assisted by making misleading statements and helping falsify those documents, which both knew or understood would be relied upon by the FCA and the Prudential Regulation Authority (PRA). Both are prohibited from performing any function in relation to regulated activities under section 56 of the Financial Services and Markets Act 2000 (FSMA 2000), having been found not fit and proper persons. Financial penalties were imposed under section 66 of the FSMA 2000; both qualified for a 30% discount under the FCA's settlement procedures, reducing Taylor's penalty from £698,600 and Toni's from £173,100.

Law360: The Financial Conduct Authority (FCA) said on 12 May 2026 that it has fined a pensions adviser £755,000 and banned him from working in financial services for acting without integrity and putting customers at risk for personal gain.

The Financial Conduct Authority (FCA) has banned Steven Hodgson and Paul Adams from advising customers on pension transfers and opt-outs, and from holding senior management roles in regulated firms, due to their poor advice on individuals transferring out of defined benefit pension schemes.

The Financial Conduct Authority (FCA) has taken decisive action against Mr Ari Harris and his firm, Reeds Motors Ltd, where he was the sole director, following Harris' conviction for grievous bodily harm. The FCA cited Harris' lack of honesty, integrity, and reputation as key factors in its decision, emphasising the severe risk to public confidence in financial services posed by such conduct.

The Financial Conduct Authority (FCA) has issued a prohibition order in respect of Simon Oakley, a financial adviser who was convicted in 2017 of making misleading, false or deceptive statements in relation to two fraudulent investment schemes that resulted in more than £2.3m of losses. In a final notice, the FCA said that his conviction demonstrates a ‘clear and serious lack of integrity’ such that he is not fit and proper to perform regulated activities.

The Financial Conduct Authority (FCA) has published the final notice (dated 27 September 2021) it has issued to Colin Bermingham, a former Barclays Bank plc employee, prohibiting him from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

The Financial Conduct Authority (FCA) has banned Andrew Pearse and Surjan Singh, former managing directors at Credit Suisse, from the UK financial services industry due to their lack of integrity. This action follows their US convictions for arranging corrupt loans to the Republic of Mozambique. In July 2019, Pearse pleaded guilty to conspiracy to commit money laundering and wire fraud, admitting to accepting over $US 45m in unlawful kickbacks. Similarly, in September 2019, Singh pleaded guilty to conspiracy to commit money laundering, having accepted $US 5.7m in unlawful kickbacks. In October 2021, the FCA fined Credit Suisse over £145m as part of a $US 475m global settlement for serious financial crime due diligence failings related to the $US 1.3bn loans arranged for Mozambique, which were tainted by corruption. Additionally, Credit Suisse agreed to write off $US 200m of Mozambique's debt.

The Financial Conduct Authority (FCA) has published a policy statement (PS20/10) which sets out final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retail consumers. The ban will come into effect on 6 January 2021. The FCA is also warning UK consumers to continue to be alert for crypto-derivative investment scams.