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.

Law360: The move by the Financial Conduct Authority (FCA) to restrict sales of guaranteed asset protection (GAP) insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinise other underperforming products, consultants say.

The Financial Conduct Authority (FCA) has started criminal proceedings against Daniel Pugh, who is charged with one count of fraud and three offences of breaching the Financial Services and Markets Act 2000 (FSMA). The FCA alleges that between 1 March 2019 and 31 August 2020, Pugh defrauded investors out of approximately £1.3m through an unauthorised investment scheme, known as 'Imperial Investments Fund'.

Forthcoming Change—On 15 July 2026, the FCA published consultation paper CP26/28: The UK AIFM Regime which proposed, among other things, to introduce chapter 11.2D into the Conduct of Business Sourcebook (COBS 11.2D) for authorised UK AIFMs and amend the current application of COBS 11.2 (Best execution for AIFMs and residual CIS operators). The proposals are not final. The FCA intends to publish final rules in 2027 and envisages implementation in 2028. See ‘Proposed UK AIFM best execution regime’ in the Application of best execution requirements section below. Background to best execution requirements This Practice Note explains the Financial Conduct Authority (FCA) rules for the execution of client orders, known as the best execution rules. These best execution requirements were introduced under the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) and form part of aset of common standards for investor protection throughout the EU which are designed to promote market efficiency generally and the best possible execution results for investors individually. MiFID has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU)

The Financial Conduct Authority (FCA) has published a blog by Jamie Bell, Head of Capital Markets, assessing market participant readiness for the UK's transition to a T+1 securities settlement cycle on 11 October 2027. The FCA found most participants have met expectations but some remain considerably behind. Buy-side readiness is flagged as a concern, consistent with the Value Exchange's Q1 2026 survey. Third-party providers are directed to share T+1 plans with clients immediately. The FCA states it will adopt an increasingly intrusive supervisory approach as the deadline approaches and may take action against inadequately prepared participants.

Law360, London: On 25 March 2025 the chief executive of the Financial Conduct Authority (FCA) called on MPs pressing for regulatory reform for clarification of how much risk is acceptable in the pursuit of growth as he warned of a potential rise in money laundering and property defaults.

Law360, Expert analysis: The UK Financial Conduct Authority (FCA) is planning to lift its ban on asset managers making joint or so-called bundled payments to broker-dealers for third-party investment research and execution services. The change is being fast-tracked and is likely to come into force in the second half of 2024. This article by Richard Frase, partner, and Simon Wright, counsel, at Dechert LLP describes how the FCA's original prohibition on bundling has gradually been called into question, its decision in April 2024 to reintroduce a bundling option, and what that new option will look like.

Insurance & Reinsurance analysis: The Financial Conduct Authority (FCA) business interruption insurance test case was instigated and heard with remarkable dispatch. The judgment, running to over 160 pages, was issued on 15 September 2020. It was widely hailed as a victory for policyholders, but the reality is more nuanced because of the myriad differences between policy wordings—both within and outside the representative sample of policy wordings that were considered in the test case.

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

The Financial Conduct Authority (FCA) is calling on insurers to ensure they demonstrate fair value and good customer outcomes. In thematic review TR24/2 on general insurance and pure protection product governance, the FCA says it is disappointed to see many insurance firms are not fully meeting their governance obligations. The FCA’s latest comments follow it agreeing a pause in February 2024 regarding the sale of guaranteed asset protection (GAP) insurance with a number of firms, following concerns the products were not offering fair value. The FCA has also published its second full year of general insurance value measures data, covering January to December 2023, which found that some products still do not appear to be delivering fair value as required by PROD 4 and the Consumer Duty.

Law360, London: The Financial Conduct Authority (FCA) can reverse its decision to fine a cum-ex trader £5.9m to avoid prejudicing Denmark's attempts to claw back the proceeds from an alleged sham trading scheme, a London tribunal has ruled.

Law360, London: The Financial Conduct Authority (FCA) is entitled to 'reasonable disagreement' with an official review that criticised its decision to exclude around 10,000 transactions from a compensation scheme for a bank mis-selling scandal, a court ruled on 7 March 2025.